By By Dennis Isong
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. 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.
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 20 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 the 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, a winner of Big Brother Nigeria, Mercy Ekeh 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 60 million 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 30 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 five-minute drive from Ajah roundabout, also known as Abraham Adesanya Road. A plot of land on this road now is around 30 to 50 million naira. Presently, a lot of big guns in the sector have made the place a business place to be.
These places mentioned should be worked toward when investing in Lagos.
Dennis Isong helps individuals invest right in Real estate. For questions on this article or enquiring about real estate, follow him on YouTube https://www.youtube.com/landpropertyng, Email [email protected] or Whatsapp/Call +2348164741041
