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But there’s more to real estate in the South West than the ‘centre of excellence’ and its satellites. Savvy investors are finding opportunities elsewhere, including locations outside of Lagos’s northern fringes. In this article, we’ll journey through five other places that yield brilliant returns for real estate investors in southwestern Nigeria.
Ibadan
A city with a proud history, Ibadan is home to well over 3 million people—third in this respect, just behind Lagos and Kano. For decades, it has attracted fortune seekers from across the region and other parts of Nigeria. This has produced a sustained demand for living and working spaces and made it a certain market for the construction, renting and sale of a property. Prime spots for investment include the Bodija, Oluyole Estate, Agodi GRA, Iyaganku GRA, and Onireke GRA. Jericho, Kolapo Isola and Moniya are also worth checking out.Abeokuta
As the administrative capital and chief commercial centre of Ogun State, Abeokuta enjoys privileges from its status that have made it attractive to real estate investors. It’s already one of the most populated cities in the region. And the number of its inhabitants keeps growing; the influx of new residents may accelerate in the coming decades, as Ogun State begins to take up persons seeking less expensive alternatives to Lagos. This trend is true for some of the other places on our list, as you’re about to find out.Sign up for the Connect Nigeria daily newsletter
Sagamu
Located 52 kilometres north of Lagos, Sagamu is one of the larger towns in Ogun State. It is the administrative centre of a Local Government Area that bears the same name. Partly because of its proximity to its large neighbour further south, Sagamu is starting to catch the attention of individuals and organizations searching for the next best places for real estate investment. Several manufacturers have set up in and around the town, and workers at these production sites have moved in from across the country. We can expect this trend to continue, as more businesses look to have a presence in the area.Mowe-Ibafo
This isn’t really a single city. It’s a collection of towns and villages (including Mowe and Ibafo) which are merging into one extensive and continuous conurbation, centred along the Lagos-Ibadan expressway. Many know this area for hosting the massive ‘retreat grounds’ of some of Nigeria’s largest churches. But its location on the Lagos-Ogun boundary has made it a preferred residential and commercial district for people seeking a less expensive alternative to Lagos. Not surprisingly, land and property prices in this location are climbing pretty fast, as developers rush to secure a portion of what is becoming the next best thing after Lagos-proper.Sango-Otta
Also in Ogun State, Otta owes much of its urbanization to its proximity to Lagos, and its physical link to the city via the Lagos-Abeokuta expressway. There’s a decent concentration of manufacturers, as well as a large market which serves the communities in the surrounding districts. Other prominent locations there are the Olusegun Obasanjo Farms and the headquarters of one of Nigeria’s biggest evangelical churches. Real estate prices in this area are higher than the average in Ogun State but are still fair for the many residents who spend much of the day working across the state boundary in Lagos.Register to attend the CN Business Mixer
Final Words
If you’d like to invest in real estate and your preference is Southwestern Nigeria, you should consider the towns and cities we’ve talked about here. They hold a lot of promise and could generate impressive returns over the coming years and decades. Featured Image Source: DradrockGot a suggestion? Contact us: editor@connectnigeria.com
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