Read more about Real Estate
In reality, your earnings from real estate will depend on the quality of your investment. That’s because the worth of land and property varies across the board. Your earnings from a couple of plots in some remote village in Katsina won’t match returns from similar-sized land in Abuja. This is true of land in Lagos. If you’d like to invest in land or property in Lagos, here are five places that could give you good yields on every naira you put into them.
Ibeju LekkiIf you’re familiar with the real estate scene in Lagos, you’ll know that this expansive region of the state has been hotcake for years now. And that’s because it’s the next stop for a rapidly expanding Lagos. There’s a lot of development going on there, and more mapped out for the coming years. They include the Dangote Refinery, the Lekki Free Trade Zone, and an airport. Prices here have risen quite sharply. Forecasts suggest they’ll continue to do so. If you’re looking for specific places to invest, have a look at Sangotedo, Abijo, and Bogije.
LekkiLekki has been the top-tier property developer’s favourite for quite a while, and the property boom there isn’t fading away any time soon. There are still a lot of businesses and upper-middle-class families moving into and around the area, so realtors have remained busy. As of the first half of 2020, average rents per annum for a three-bedroom apartment in Lekki Phase I was about ₦2.23 million (according to Knight Frank, a global real estate agency). That’s a lot more than what you’ll get in most of the Mainland. Again, these prices have climbed over the past several years, and there’s good reason to think they’ll continue to do so. If you’d like to examine prospects neighbouring Lekki, think Chevron, Osapa, Ikate, and Agungi. They could all achieve good returns for investors in the next several years.
Ikeja GRAIkeja GRA is one of the more upscale districts in Lagos. As is the case with such locations, we can expect prices there to rise considerably in the future. After all, prime real estate is a good hedge against things like inflation. Real estate valuations here currently rival those on the Island proper. Average rents for a three-bedroom apartment are well over ₦2 million. You could find them breaking the ₦4 million barriers elsewhere in Ikeja. The region around Ikeja GRA is worth viewing too. Look out for Maryland and Mende.
MagodoAnalysts say real estate activity around Magodo GRA slowed down somewhat in 2020. Prices in some areas have fallen recently. We probably have a few disappointed realtors there. But if the population of Lagos continues to grow, interest in Magodo is likely to rise significantly. In the future, there will be fewer places that offer the same sort of things this place does. So the recent dip in prospects is likely to be just a blip on an upward drive.
EpeThe New Lagos will embrace most of Ibeju Lekki. It will eventually touch the rims of Epe, a large region to the East and North of Lagos proper. For most of its existence, Epe has carried on as a place with greater affinity to semi-urban areas of Ogun State than Lagos. But as development probes further into Lagos, more realtors will find it enticing. Although the movement happening here isn’t comparable to what we’re seeing in Ibeju-Lekki, this will almost certainly change in the next few years, as the workers in tomorrow’s new business district look for affordable homes.
Final WordsThe locations we’ve covered here—and some of the areas adjoining them –will remain profitable for a long while yet. If you want good returns on investments in Lagos’s real estate scene, you should consider staking your money on any of them. Featured Image Source: The Guardian NG
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