Epe is one of the fastest growing neighbourhoods in Lagos State and in terms of land price. This region has grown in popularity amongst land agents in Lagos State, who commonly refer to it as an upcoming hub of Lagos State.
The area is situated next to the Ibeju Lekki axis, and is up to 67 km away from Lekki Phase 1, a prime area in Lagos State. Despite the length in distance from Lekki Phase 1, these two areas are connected by a major road known as the Lekki-Epe Expressway. Epe also shares a border with the Ijebu-Ode area in Ogun State.
Overall, land prices in the area have been growing at an incredibly fast rate in the last 5 years.
One of the major causes of this new shift and focus to this area is the location of some pivotal projects and infrastructures pushed by the State government. These include the new Lekki Free Trade Zone area located in the heart of Epe. The zone is set to have benefits for organisations, such as tax-free operations, amongst others. These benefits have led to the location of some other major projects such as the: Dangote Group’s refinery and Petrochemical park, Dangote Fertiliser Plant, Lekki Deep Sea Port, as well as the proposed International Airport.
The State government has also recently finished the Ibeju Lekki-Epe Expressway road which is a notable addition to the infrastructures in the area.
In response, property developers have also been acquiring land in the area and its environs to provide residences for the projected populace to come. Some of these projects include:
- the over 2,000-hectare Alaro City Mixed-Use project by Rendeavour located in the Lekki Free Trade Zone area,
- the over 305 acres Isimi Lagos project by LandWey Investments Limited
Based on the data Estate Intel is tracking, land prices in Epe are currently selling at an average of NGN 10,156.34/sqm. These lands are usually sold in various sizes ranging from 150sqm to 300sqm, to 450sqm, to 600sqm. The area has an average 5 year growth of 103.38%, with prices being around 900/sqm in 2017. This jump is due to the recent infrastructure as well as rise in demand for the area, as there have been predictions of growth.
As a result, we estimate that the general market direction for land prices in Epe over the next year will be positive.
For further details, click here to view the Epe Land Price Market Analysis which gives a more in-depth analysis of additional market data such as; sales rates, yields, supply drivers, and information on key real estate market participants who are active in the market.
What are your thoughts on the Epe land price market, let us know by sending an email to insight@estateintel.com.
