Article summary
- Ikeja is the capital of Lagos State and one of the busiest areas in the city, with a mix of residential and commercial properties.
- The presence of government buildings and the Murtala Mohammed Domestic and International Airports has encouraged the development of hotels and hospitality establishments in Ikeja.
- The average land price in Ikeja has grown at a rate of 8.96% over the past five years, with a significant rise in 2018-2019, and a positive market forecast.
Ikeja currently serves as the capital of Lagos State. Located within Lagos mainland, Ikeja is one of the busiest areas within the city. It is among the oldest and most developed areas of the city composed of both residential and commercial properties. As a busy district within the state, the price of land in Ikeja is lower than that in Ikeja GRA.
As the state capital, Ikeja plays host to an array of government buildings including the Lagos State Governor’s House and the Murtala Mohammed Domestic and International Airports. The location of the airport has encouraged the presence of hotels and hospitality developments within its environs such as: Radisson Blu, Best Western Plus Hotel, Presken Hotel, Sheraton Ikeja, and Lagos Airport Hilton Hotel.
The average land price in Ikeja is lower than that in Ikeja GRA but higher than land in Yaba. Based on the data we have, the average price of land in Ikeja has grown at a rate of 8.96% over the past five years. There was a significant rise in the price of land in Ikeja between 2018 and 2019 during the buildup to elections and after road fixes in key areas, but it has stayed relatively constant since and records a positive market forecast.
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Author – Bisi Adedun
