Ajah is a low to middle-income neighbourhood that spans from Victoria Garden City (VGC) to Abraham Adesanya roundabout on the Lekki-Epe Expressway; and is also closely associated with the Badore and Langbasa areas. It borders Victoria Garden City (VGC) to its East, Sangotedo to its West, the Lagos Lagoon to the North, and the Ikota areas to its South.
A popular feature that marks the Ajah area is the Jubilee bridge; a flyover bridge that spans from Ajah bus stop to some meters just before the Abraham Adesanya bus stop.
The Ajah residential market is growing rapidly with several completed projects and a handful that are still under construction. Softer pricing and prospects for growth are some of the factors that are driving activity in the Ajah Residential Market. Most of the investors who have land within the neighbourhood are increasingly developing with the hopes that the neighbourhood will grow in a similar manner to Lekki Phase 1 over the next decade. So far, Estate Intel is tracking a total of 2,421 residential units with 984 completed projects and 1,437 pipeline projects. Some of these projects include:
- Urban Prime I Lavida Estate
- Abraham Adesanya Estate
- Lagos Homs Apartment, Ajah
- The Ambiance Estate, Ajah
- Emerald Housing Estate
- South Drift Court
Based on the data that we have gathered from the market, the average rent for a 3-bed apartment is ₦1,816,667 and the same currently sells for ₦39,000,000 representing a yield of 5.28% per annum. Rents and sale prices in the area have grown by 9.4% and 0.8% respectively over the past 5 years. Based on our data for Ajah, we believe the Market Direction over the next year is neutral.
Click here to view the Ajah Residential Market Analysis which gives a more in-depth analysis of other market data that we track including; sales and rental rates, yields, supply drivers, stock breakdown, occupancy rate, and information on key contractors who are active in the market.
What are your thoughts on the Ajah residential market, let us know by sending an email to research@esateintel.com
