Read more about Real Estate
That last word—construction—is an important part of its existence. There’s a big deficit of housing and commercial property in Lagos. As a result, there’s plenty of demand for real estate. That demand has driven property prices up, pushing them beyond the reach of much of the city’s inhabitants. But some locations still offer up relatively inexpensive land for various uses. If you’re keen on remaining in Lagos State but would like to secure a property that’s priced within your limited budget range, you may find options in this article. Here they are.
Ikorodu
Located on the North-Eastern outskirts of the state, Ikorodu is a large town composed of several smaller districts. The degree of urban development differs across the area. Consequently, land prices vary widely. In the Agbowa district, you may find land selling for under ₦1 million per plot; in the Agric area, you could find a plot selling for over ₦5 million. Residential land in Igbogbo may go for as much as ₦4 million per plot. The further into the Ikorodu region, the lower the prices tend to get. Other places within Ikorodu worth checking out include Ibeshe, Imota, Ipakodo, Ita Oluwo, and Oke Eletu. There are also several residential estates being developed, with lands available at decent prices.Ifako-Ijaiye
Ifako-Ijaiye sits north of the Lagos metropolitan area and is connected to the latter by the Lagos-Abeokuta expressway. Over the past couple of decades, the Local Government Area has become a dwelling place for people who work further south in the city proper, but can’t find affordable accommodation there. If you’re prospecting for property in Ifako-Ijaiye, you can find land prices in the ₦3 million-₦4 million range, especially in the Alagabdo area. The cheaper lands tend to be located close to the Lagos-Ogun State boundary. Similar-sized landed property in the Meiran Ijaiye, Alakuko, and Ojokoro areas often have an asking price in the ₦5 million range. However, specific prices differ depending on the nature of the sites, and the preferred quote of landholders.Ikotun
Ikotun is in the North-West of Lagos State. The districts around it are Idimu (north), Egbe and Ejigbo (east), and Ije Ododo (south). It borders Ogun State to the west. Land prices in some of these other places are just as high as you’d expect for a Lagos suburb. However, they tend to be cheaper in the Ijegun area of Ikotun. There’s a reason for this: a lot of the area is swampy, so buyers aren’t as keen on paying a premium for lands there.Sign up to the Connect Nigeria daily newsletter
However, you can find good dry plots of land in Ijegun for as low as ₦3 million each, if you search carefully enough. And in Abaranje, a plot of land may go for at least ₦4 million.
Badagry
Badagry is in the westernmost section of Lagos State, considerably removed from the core of Lagos. This partly accounts for the relatively low land prices in the region. However, a significant number of its inhabitants work closer to the city proper and have to commute to and fro on weekdays. Some of the land there may be acquired for agricultural purposes. In the Age Mowo and Ajido areas, you’ll find land in this category selling for between ₦3 million and ₦5 million. And in the Ilogbo Eremi district, there’s mixed-use land available for ₦1 million or less. Other places within Badagry you can explore include Magbon, Oko Afo, and Aradagun.Epe
Real estate investors who purchase land in the right spots in Epe could see a huge return on their investment over the next several years, as Lagos’s urban development moves Eastwards beyond the Ibeju Lekki area. Until recently, Epe has been one of the least densely populated areas in Lagos State. This, as well as the low demand for property in the area, has meant that real estate prices have remained generally low for decades. But this is starting to change with the commercial construction projects going on in neighbouring Ibeju Lekki. Commercial and residential lands in many parts of Epe have a price tag of less than ₦1 million. If you’re looking for land in a developing estate, you can find one for less than ₦2 million per plot at the Evergreen Estate and about ₦1.5 million at Chrystland Estate.Final Words
Lagos’s housing and commercial property deficit could persist for a while yet; the city’s population is still growing, and its real estate sector is struggling to keep up with it. As such, prices will continue to rise over the foreseeable future. The locations we’ve reviewed here are something of a haven for people looking for affordable lands in Lagos. It’s not clear how long this will remain the case. If you’re interested in acquiring property in these places, you’ll want to do that soon. Featured Image Source: ThinkMint NigeriaDid you find this article useful? Contact us: editor@connectnigeria.com
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