Buying land and other similar properties can be very demanding as it requires a tough decision-making process. Securing a landed property is not as easy as strolling into a supermarket to get a box of chocolates off the shelf.
For the latter, all one needs to do is to pick the chocolate box one desires and make the payment, but for the former, there are various important factors a smart person should consider before making a purchase.
The most important factor is the location of the property in consideration. After determining the location, every other decision revolves around it.
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Ibeju Lekki: Real estate companies, investors, business owners and prospective homeowners have made Ibeju-Lekki their preferred destination.
- One only needs to pay a casual visit to the area to see how buildings and construction sites aggressively spring up everywhere. Compared to other areas in Lagos, the pace at which development is taking place in Ibeju-Lekki is staggering.
- It was created out of the old Epe local government area in 1990.
- Our analysts, who visited the area, observed that in the nearest future, it will be a hub for different industries as various companies are currently developing their facilities there.
The selling points: The biggest factor behind the rapid development in the Ibeju- Lekki axis is the Lekki Free Trade Zone, home to the Dangote Petrochemical Refinery (one of the biggest refineries in Africa), and several industries. The refinery is expected to take off in a few years and spur massive growth in the area.
- Seaside view Apart from the fact that Ibeju-Lekki is poised to become a commerce hub, it also attracts tourists, since some parts are located close to the Lagoon and beaches which include Alpha Beach and the popular Elegushi beach. Land by the sea or lagoon always goes for a premium.
- Estates in the Area: Since Ikoyi and Victoria Island are way out of price, Ibeju-Lekki is the next best place to buy land for the upwardly mobile. Already, it has several popular luxury estates, such as Oxford Estate, RichLife Estate, Rehoboth Lakeshore Estate, etc.
- A destination for schools: Ibeju–Lekki accommodates some of the best schools in the country. Some of them are Debiruss School, Caleb British International School, Abcel Academy, Laura Stephens School, Albesta Academy, The Livingsprings Schools, Greensprings Schools, Ibeju High School, and Pan African University.
- Healthcare facilities: The quality of health facilities in the area are remarkable. Some of them are General Hospital Ibeju Lekki, First Graceland Hospitals, Vedic Lifecare Hospital, Luscent Hospital, Healing Stripes Hospital, Mosunmola Ajayi Hospital, etc. Many luxury hotels have also made the area their home.
Professional View: Nairametrics learnt that real estate firms and developers are using the prospects of the area as a marketing strategy to lure the public to invest in landed property. For them, the idea is to invest in the area now that it is less-developed and relatively affordable, as against when it will be fully-developed and more costly to secure a property there.
- Realtors’ views: Precious, a representative of Adron Homes and Properties, one of the leading real estate firms in Nigeria, who spoke to our research team said that Ibeju-Lekki is not only a centre of attraction for Nigerians alone, but for Africans at large.
- Precious, a staff of Adron Properties revealed that the company campaigns for its properties in the area with Dangote Refinery, Lekki Deep Seaport, Lekki Free Trade Zone, Lekki Smart City Project, amongst others.
- She said, “It is going to be more of an industrial/commercial area. They are spending billions of dollars every day in that axis.”
- When asked if returns on purchased properties were considerable, Precious made reference to a property sold by her company for N2.5 million about 5 years ago. “As I speak to you now, we have a similar one that is going for nothing less than N20 million.”
- Also, the Managing Director/Chief Executive of Vine Realtors, Binalaifa Bolarinwa, said investors were making a smart move, as returns were certain.
- According to Bolarinwa, prices of land in the area range from N600,000 to N15,000,000. According to her, she sold a piece of land at Amen Estate, Eleko for N10,000,000 last year, and now she’s selling a similar property for not less than N20 million.
- She disclosed that lands close to Dangote Refinery are selling for N6-7 million, while they sold for N1.2-1.5 million last year.
- Giving a nod to Bolarinwa’s statement, representative of Rendeavour, Tim Beighton said properties situated in Ibeju Lekki keeps appreciating every day.
- According to him, Rendeavour which is one of the largest city developers in Africa cut its 7 new cities project across the area because of the investment prospects in Ibeju Lekki.
- Beighton maintained that Rendeavour’s Alaro City project is serving the needs of property buyers in the Ibeju Lekki area.
Our research team also engaged a real estate firm on Twitter, @cwrelagos, and the company said that prices of land have doubled the amounts they used to be five years ago. This implies that investors get impressive returns on their properties, which increase with the passing of time. Some residents who own the houses they live in confirmed that the value of their properties has doubled for them.
Risky Business: While there are numerous opportunities for individuals to purchase real estate properties in Ibeju-Lekki, there are also risks to be wary of; many buyers regret that they didn’t carry out due diligence when making their purchase.
- The infrastructural development that will be introduced to the area in the nearest future would occupy some spaces which are government reserved areas, unknown to many individuals.
- One of such places is Ode-Omi. Despite the highly publicised development that will take place in the area, many are unaware that former Governor of Lagos State, Akinwumi Ambode’s Smart City Initiative is designated for the area.
- One of the landlords in the area admitted that he was aware that the place is designated for the Smart City but expressed hope that he would be lucky enough not to be affected.
- The landlord, who pleaded anonymity, also lamented how people had been falling prey to fraudsters while purchasing lands in the area.
- Some lands at Sangotedo, located in the Ajah-Ibeju Lekki axis have also been allocated for government schemes.
- Bolarinwa, the real estate developer, who toured the area with our research team lamented that some, in the haste to become landowners in the area, had unwittingly purchased committed lands.
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Our research team also learnt that some lands in Kaiyetoro of the Ibeju-Lekki area marketed by real estate agents, fall within the proposed Iberekodo Government Scheme. Those interested in buying land here must be very careful in order to not purchase land that has been marked for government use.
Illegal reselling: It is common knowledge in the Ibeju-Lekki area that there are fraudulent activities perpetrated by some land sellers.
- Land in Ibeju- Lekki is largely held by various families, then sold in bits to individuals and companies.
- During our visit to the area, we couldn’t find a victim to interview but we learnt from reliable sources that some buyers paid twice for their lands twice as a result of dispute.
- According to a bricklayer who was spotted at a construction site, there had been incidents where people purchased lands wrongly. “I have witnessed a situation where a particular man purchased land here from someone who presented himself as the head of the family that owned the land, and on the day he started developing his property, some persons came and presented themselves as the rightful owners of the land by inheritance.”
Finally, Ibeju-Lekki is evidently an area of promise for property developers and aspiring landowners. It is profitable to get in on it while the area is still growing, but prospective buyers should ensure that they proceed with caution to avoid losing money.