Do not buy property in Lagos before reading this article!
After beating the competition for real estate expansion from oil-rich Port Harcourt and state-sponsored Abuja, Lagos has continued to evolve into one of Africa’s emerging mega-city.
This is achieved through infrastructural and ambitious real estate developments that have yielded remarkable returns on investment (ROI) within the last five years.
As it stands, one of the most lucrative business ventures in the center of excellence right now is hot-selling real estate.
As a result, properties for sale are springing up almost everywhere with new extensions adding to the ever-expanding city.
Real estate developers and big players are dumping properties in Abuja for those in the fast-moving hotspots in Lagos.
This is because of the faster pace of business and its remarkably higher ROI.
Before You Buy Property In Lagos…
Wait!
Before you jump into buying properties in Lagos, you need to know exactly where to put your money.
These are areas that haven’t gotten to their peak appreciation rate yet..
But appreciation and huge returns on investment are certain if you invest right.
Appreciation is just building up and this makes properties in these locations still affordable, unlike prime locations that now cost an arm and leg.
The secret to real estate investment is to watch out for fast-developing areas and plug in early and sell off at price (value) peak points.
The metrics around these locations determine how profitable your Investments will be.
These metrics include new and existing infrastructural development, nearness to or location on the island, access roads, nearness to the expressway, and nearness to social amenities such as parks, shopping malls, airports, migration rate, government presence, the influx of businesses, and industries.
1. Ibeju Lekki (Consider here When Buying Property In Lagos)
This location is fast rising as a commercial power in the heart of Lagos because of the various government, international and private projects going on there.
These include Dangote Refinery and Petrochemical Company, Lagos and Dubai SmartCity project, Dangote Jetty, Lekki deep seaport, Lekki-Epe International Airport, Shoprite Malls, Luxury Resorts centers, Ariel Foods, and ASB Valiant by Universal Homes just to mention a few.
No doubt the presence of these projects which are both national and international coupled with the number of employees they will take on will make the value of properties in Ibeju Lekki grow in an unprecedented way.
I usually tell people that Ibeju Lekki is a great place to invest in real estate…
But not all land in Ibeju Lekki is safe and profitable since most are under government acquisition and some committed.
So many people have poured and are still pouring water in baskets thinking they are investing.
It’s just a matter of time before they realize it wasn’t an investment but waste of time and resources.
Don’t let that be you.
The help of a professional is needed before you invest in Ibeju Lekki and any other location that is mentioned here.
2. Epe
With multiple access roads from other parts of Lagos State and neighboring states, wise investors are already positioning themselves for huge returns on investment in Epe…
Because as development grows in Ibeju Lekki it will definitely span to Epe which is the next town.
Properties in Epe are still very affordable now compared to Ibeju Lekki and the good roads in Epe are way better than roads in some prime locations in Lagos state.
Very soon Epe will compliment Ibeju Lekki perfectly because as Ibeju Lekki grows into a commercial and industrial hub, Epe will be a calm and serene place for more of residential living.
Right now, properties in Epe still sell for as low as 750,000 naira per plot.
The estimated return on investment is projected to be above 7,500,000 Naira in the next five years.
If you want to buy properties in Lagos, come here.
3. Ajah (All The Way To Eleko Junction In Ibeju Lekki
These include: Abraham Adesanya, Sangotedo, Abijo, Lakowe, Bogije, Awoyaya.
These areas are located off the Lekki Epe expressway and have also become the top pick.
Sandwiched between the premium Lekki city and Ibeju Lekki, these locations have witnessed an influx of people.
Most of whom can’t afford the main Lekki area for investment but wouldn’t want to go as far as Ibeju Lekki.
The good thing is development in the main Lekki area and ongoing developments in Ibeju Lekki are positively affecting the appreciation growth rate of these locations.
Not only do they benefit from most of the infrastructural development of Lekki, but also, Ibeju Lekki.
The need for residential, commercial, industrial, and administrative buildings is shooting real estate demand to the roof.
More so, they are highly residential locations that house some of the most expensive estates in Lagos.
This includes Emperor estate, Sangotedo and Amen estate, and Eleko junction.
These areas, according to me, have been termed the “home of developers”.
I doubt you will find anywhere else to buy properties in Lagos state with as many developers working on various developments as we have in these locations.
This should tell you something, I hope you figure it out.
As of the time of writing this, with as low as 9 million Naira, you can get a plot of land with a Certificate of Occupancy (C of O)
10 years ago, was the best time to invest in any property, today is the next best day; take advantage of it.
4. Lekki
Now, I mean the main Lekki City.
From Lekki phase one all the way to VGC.
With the constant migration of the creme de la cream into Lagos Island, almost every piece of real estate at Lekki keeps appreciating at an unimaginable rate.
BUT, you get the juice out of your investment in this location when you buy properties in Lagos with your eyes on rental income on buildings or flipping and not capital appreciation on land.
If you are thinking of buying land in the main part of Lekki in 2021.
Or if your goal is to get capital appreciation on the land you bought without any improvement, you are years late already!
Please visit Ibeju Lekki, Epe, or anywhere after Ajah.
Why would I say so?
This area is almost at the peak of appreciation.
In Lekki, it is better to consider rental properties, not just land investment.
With most of the properties in Ikoyi at their peak prices already, Lekki properties are the hottest for those who know how to flip the cash with rentals.
With the proposed Lekki International Airport and all the other infrastructural development going on within and around the Lekki Free Trade Zone…
There’s no stopping Lekki from being the real deal in real estate as far as Lagos is concerned.
5. Badagry
By recently joining the oil-producing communities in Nigeria, Badagry has turned itself into a new Jerusalem.
At least for real estate investors.
Due to the ongoing reconstruction of the Lagos – Badagry expressway, the area has just opened itself up.
Especially to bigger players in the property industry who are hungry for stable, dry, and affordable land.
Part of the factors favouring Badagry right now as a hot zone to buy properties in Lagos is the proposed Badagry Deep seaport.
It promises new jobs, infrastructural developments, and better commercial activities.
The Lagos Badagry 10 lane expressway with the monorail transport is under construction.
This will connect the area to other parts of Lagos; Badagry is worth your investment.
6. Ikorodu
Due to the capital intensiveness of housing and property on Lagos Island; some are turning to parts of the mainland close enough for housing.
This makes Ikorodu one of the next big things in Lagos real estate investments.
With the mile 12 – Ikorodu Expressway expansion, the traffic around is no longer horrible.
There is easy access to several ferry services and large safe boats to the island within 10 – 30 minutes.
Not only that, the proposed 4th mainland bridge will be connecting Ikorodu to the Island making the offer even juicier.
You cannot afford not to buy property in Lagos, let me help you.
7. Isheri north
Located off the Lagos-Ibadan Expressway, Isheri North is benefitting from the rivalry between the Lagos State Government and the Ogun State Government in property development along their boundaries.
Since the land in Isheri North was allocated by the government, the documents for these properties are complete and genuine.
Also, problems with the notorious “Omo-Onile” are non-existent if you invest right.
Buying in this relatively affordable location right now will be a very good investment decision for short-term and long-term returns.
This is based on the development track record and price history of Isheri North.
The gap between these locations is expected to close up soon; especially as the federal government is already in the advanced stage of its plan to expand the expressway.
Because of its proximity to developed cities like Ikeja, Omole, Magodo, and other developments; properties in this location will appreciate fast and high.
So, Are You Ready To Buy Property in Lagos?
Personally, among the best places to buy property in Lagos, my top pick is Ibeju Lekki and Epe.
This is because the return-on-investment on properties in Ibeju and Epe can’t be compared to any other location.
This is due to the express growth rate and impeccable track record of development.
Why do think wealthy men like Dangote, Otedola, Cocharis, and even state governors are investing in Ibeju Lekki?
Do you see?
But like I said earlier, you need professional help when investing in any of the locations above.