Notwithstanding rising inflation and Naira’s depreciation against the US dollar, real estate professionals believe that this is the ideal time to invest in Lagos’ real estate market.
Their recommendations are based on the increasing land values and property prices throughout the Lagos market, particularly in the surrounding areas of Lekki-Epe and the Lekki Free Trade Zone (LFTZ).
They pointed out that investors in this corridor are finding real estate to be an increasingly alluring asset class as a way to hedge against inflation and earn respectable rates as a result of the rising inflation.
They claim that as a result of this appeal, investments in real estate, particularly residential real estate, have increased.
According to research by the Nigerian Tribune, numerous developers in the axis have started revising the pricing of their plots in the neighborhood upward due to the rise in land values in the Lekki FTZ and surroundings.
Professor Timothy Nubi of the University of Lagos’ Department of Estate Management Science, Professor Leke Oduwaye of the Department of Urban and Regional Planning, Mr. Richard Olodu, Mr. Dotun Bamgbola, and Executive Secretary of the Association of Housing Corporation of Nigeria (AHCN), Mr. Toye Eniola discussed the appeal of real estate in a separate interview with the Nigerian Tribune in Lagos.
Professor Nubi thinks that the increase in land prices along the Lekki-Epe axis was unavoidable.
He pointed out that land values/ prices in LFTZ would continue to increase due to what he called, the ‘envisaged’ population and massive investments in the area.
“When you look at the magnitude of the refinery and the Free Trade Zone, you expect that a lot of population would move to the location.
“The values of land will increase not only in Lekki but as far as Epe and Ijebu Ode. “There’s is a massive infrastructure and there is a massive project. That is one of the biggest projects going on in the world today.
“There are other developments coming up along the FTZ and there is a lot of people that are going to live there in the nearest future.
“So when there’s envisaged influx of population to a particular area, there will be speculative purchase, certain people begin to circulate and buy. So there will be a lot of high prices,” the professor of estate management said.
For these reasons, he said one should not compare the property market of LFTZ to other parts of the country, where such a rich influx of population is not envisaged.
He noted that land values have also been increasing. Mowe corridor and other locations but not at the pace of Lekki -Epe axis.
If you want to become a landlord in Ibeju-lekki with peace of mind, visit our head office, Suites 201 and 202 Akord shopping mall, Bogije