Key Locations where Real Estate is Booming in Lagos, Nigeria - Adesina Mobarak

Lagos has become a place where real estate is making a significant difference. The sector keeps surviving the bad economy year in and year out.

If you are a player in the real estate sector and you don’t have land yet in Lagos, then you are missing out good money.

The effect of the pandemic still lingers even after a year and some months.

 Nonetheless, the real estate business is still standing tall.

If you don’t know your way, it’s crucial to ask people that have been there.

Buying land is good but buying in a place where you are sure to get a huge return of profit is better.

Lagos is a city where real estate is highly profitable and can bring you a fortune. However, there are some places real estate investors should look out for more.

These areas will be highlighted in this article:

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1. IBEJU-LEKKI

Despite the land being cheap in Ibeju-Lekki, it still sells faster than any other location in Lagos. Land in Ibeju Lekki sells between 3 million to 25 million depending on the location and title of the land. You can make inquiries concerning that.

If you are a player in the real estate sector and you don’t have land yet in Ibeju Lekki, then you are missing out because that’s where the money lies.

Ibeju-Lekki is one of the LGAs for planned Lekki City. With the actualization of the blueprint, Ibeju Lekki is expected to become a central hub for business, manufacturing, warehousing, and logistics. With these developments, there will be an increase in commercial activities in the area which help in job creation and enhancement of booming business activities.

In Ibeju Lekki, there are ongoing and proposed industrial developments such as the Dangote Refinery which is expected to be the world’s biggest single-train facility and is estimated to cost 9bn dollars. It covers a total area of 2,635 ha on the Lekki Lagoon, enabling easy shipment of refined petroleum products to international markets. The refinery is expected to double Nigeria’s refining capacity, largely to accommodate the pressing demand for fuel and export to foreign markets in and out of Africa. A fertilizer plant is also included in the refinery complex, to fully utilize the raw materials released from the refinery.

Also, there is the Lekki International Airport project which was initiated to lessen the pressure on the Murtala Muhammed Airport (MMIA) IN Ikeja.

The master plan of the new airport shows that it’s designed to cater to wide-body, double-deck, and four-engine aircraft with the capacity for up to 500 seats.

For a start, the Airbus A380 is expected to carry two million to five million passengers per annum with prospects of expansion to cater to the increasing aviation needs of the rapidly developing Lekki area and its environs.

It has also tourist attractions and parks which include LUFASI nature park which keeps some widely known endangered species and Lekki Conservation Center which has one of the best overhead walkways in the world.

2. ORCHID ROAD, LEKKI

Do you know that there is a place in the Lekki axis where top property developers now play big when it comes to housing development?

Orchids Road is one of the busiest roads, full of real estate activities. It’s one of the longest roads on the Lekki axis. Orchid is opposite the popular housing estate of Lagos billionaire, Chief Rasaq Okoya, called Oluwa Ni Nsola Estate.

Also, the winner of Big Brother Nigeria,

Mercy Eke bought her house (Victoria Crest Homes). Having a huge brand like Mercy Eke buying a property there has further exposed the area.

You can also find another big estate on that road which is Cooplag Estate, owned by Shell Nigeria. It’s an estate developed to house the staffers of Shell Nigeria. It’s situated after the second toll gate if you are coming from Lekki Phase 1.

The bus-stop leading to this road (Orchid) is called Eleganza Bus Stop.

Presently, a plot of land on this road goes high as 50 to 80 million naira and these have become another destination where big guns in the sector choose their ideal location.

It’s a place Nigerians living abroad can put into consideration when investing in property in Nigeria.

3. SANGOTEDO

Sangotedo is a town buzzing with so much real estate. Currently, a plot of land in Sangotedo is as high as 40 million naira and above.

One of the key attractions of real estate players in that area is because of Novare mall which houses one of the most popular retail malls in Africa, Shoprite. And that mall is the biggest in Nigeria in terms of the Landmark.

Real estate companies have one or two properties there as of today. Sangotedo is one of the prime locations to do business for any real investor or a potential buyer.

Sangotedo town is 10 minutes drive from Ajah and closer to Lagos business school. It’s a developed area and almost all the land in the area has been fully booked.

4. OGOMBO ROAD, AJAH

One of the hottest locations in Lagos where the real estate business is booming is Ogombo road. There are many top real estate companies on this popular road.

Ogombo is a town after Ajah. It’s a four-minute drive from Ajah roundabout, also known as Abraham Adesanya Road.

A plot of land on this road now is around 30 to 60 million naira. Presently, a lot of big guns

in the sector have made the place a business place to be e.g Lekki Pride 2, Lekki Pride 3, Meridian Boulevard etc.

5. EPE, LAGOS.

This list would never be completed without mentioning Epe. 

Epe is one of the major divisions in Lagos state located on the northern side of the Lekki lagoon and few kilometers from Ibadan City. 

Investing in  meal estate in Epe is now a clarion call to investors who want to make orcreate wealth from property investment in Nigeria has It has been projected that by 2023, Epe will emerge as Lagos industrial hub and mega smart city. Prices of land in Epe are fast appreciating, no brainer why a lot of Real estate developers are migrating to Epe now.

Also note, that Epe is the only area where affordable real estate is and the last chunk of Lagos available to be shared. After Epe...it's Ijebu Ode in Ogun state 

REASONS WHY YOU SHOULD BUY A PROPERTY IN EPE, LAGOS :

1) Epe is part of the location that is not far from the Lekki free trade zone. The Lekki free trade zone is one of the major conservation foundations which covers a large hectares of land. Its function is to reduce the trade barriers between Nigeria and other countries. 

2) The free zone is authorized by both the Federal Government of Nigeria and the Lagos state government. In lieu of this, properties in Epe are fast appreciating because several companies are investing due to the proposed and ongoing development. Also, Epe is favorably situated close to the city center, The Alaro city which covers more than 2000 hectares of land in the Lekki free trade zone.

 3)The Alaro city has areas for warehousing, schools, hotels, offices, and healthcare facilities

Epe boasts of colleges and universities which gives investors an idea of what they can do with the property. 

4) The famous Yaba College of Technology has a campus in Epe, Augustine University, Michel Otedola college is also located in Epe. This has led to the construction of educational-related infrastructures like hostels, restaurants, and many more by investors. 

5) Epe also boasts of good road networks: Epe road network is known to connect to Ikorodu,  Itokin  and also to Ijebu Ode. The road construction and design projects in Epe were handled by Craneburg and lasted for 16 months. There is also currently on going road expansion from the Eleko junction to Epe, by the time this road infrastructure is fully completed in about 12-18months time, believe me it will cost an arm and a leg to own a plot in Epe axis.

6) Epe homes various resorts center and recently a lot of wellness and relaxation projects like Ìsimi Lagos, Dukia Africa and the likes.

You can see that owning a property in Epe is a keystone to wealth creation.

Land in Epe is currently cheap: Since Epe is a developing area of Lagos state with good road networks, tollgate, landed property is fast appreciating. If you are willing to invest her you can get still get a property with as low as 1,000,000 Naira.

👉 Owning a cheap or expensive property is a good investment because the development in this location is still positively affecting properties. So the best time to own a property is now.

These places mentioned should be targeted when investing in profitable real estate in Lagos, Nigeria.

Thank you !

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Adesina Mobarak helps individuals and corporate bodies invest right in Real Estate. He has over 14years of practical experience in the industry and has helped thousands of Nigerians home and abroad invest in profitable real estate investment.

For questions on this article or enquiring about Real estate. 

Follow him on Youtube: https://www.youtube.com/c/THEREALESTATEDOCTOR 

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