Owning a home is the dream of many Nigerians particularly urban dwellers. However, according to the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Nigeria has a 17 million housing deficit and the government alone cannot meet this demand. The efforts of several private players in the real estate industry to draw down this figure particularly in urban areas, cannot be overlooked.
In Lagos, several real estate firms offering both landed properties and built-up homes are jostling for the attention of middle to upper-class earners, with packages that enhance affordability for clients. Among these property firms are Lagos New Town, a development of Mixta Africa; RevolutionPlus; Adron Homes; Merit Abode; Richfield Limited; and Greenville Estate among others.
The properties offered by these firms are spread out across the different parts of Lagos. Some of them will be explored in this article.
Lekki, Ajah axis
A prospective client looking to buy land in the Ajah axis of Lagos state can target fast-growing areas such as Ibeju Lekki, Lakowe, Abijo, Awoyaya, Sangotedo, Ajah, Lekki Phase 2, Ikota and other suburbs within the Lekki Peninsula.
At Cherish Estate, Musoyo, Ibeju-Lekki, the cost of land (600 sqm) goes for N4.5 million and payment can be spread for a maximum of 12 months.
Also at Okegun, along Lekki Epe Express Road, After Eleko Junction, a plot of land goes for between N4.5 million and N6 million, and they come with Approved Excision.
Land in Ikorodu is also relatively cheap, particularly in Ogijo, Imota, Ijede, Igbogbo, Imowonla, Igberigbe, Igbolomu and Isawo areas.
For instance, in Morekete, Igbogbo, a plot of land now sells for between N3.5 million and N4.5 million, while a plot costs N3.5 million in Gberigbe. At Bayeku, a plot sells for N1.5 million.
There are good prospects for a rapid appreciation of properties located in these areas as well. Aside from the high demand for land in Lagos state, there is an ongoing road expansion project being carried out by the Lagos State Government in that axis, which is expected to be completed by August 2022. This access road is sure to increase the value of properties in the area once completed.
Isheri North (close to Channels TV)
The price of land in this area falls between N3.5 million and N5 million, depending on the proximity to the main Isheri North road. Also, 600 square metres of land at Diamond Estate, within OPIC Estate and close to Channels Television, goes for N4 million.
There are vast opportunities for real estate development in Epe and land in the area is still quite cheap. Some lands are still sold for as low as N1 million and as high as N4 million depending on the area. For instance, 600 sqm of land in Golden Castle Estate is sold for N1.5 million.
Before purchasing any property, particularly those in the Lagos Island axis, it is important that you conduct a thorough investigation to ascertain the lawful owner(s) of the property and ensure that the property is not under government acquisition. The title documents for the property should also be vetted (preferably by your lawyer) for originality.
Finally, you are better off buying a property that is not in any form of legal or family dispute to avoid inheriting problems that could cost you an unbudgeted extra sum of money to solve.