On average, it takes about 1hour 45mins to go to the Murtala Muhammed International Airport (MMIA). If you live in Lagos unless you’re driving by 3 am, you might get stuck in traffic. Lagos is home to 21 million people, making Lagos the most populous city in Africa and home to many multinational corporations.
Naturally, there’s a large influx of people streaming in and out of town. Due to the pressure on the only existing airport, former Governor Babatunde Raji Fashola initiated the new international airport project at Ibeju-Lekki. The new airport expected set to lessen the pressure on the dilapidated federally owned Murtala Muhammed International Airport and serve the fast-growing industrial Lekki hub, the Lekki Deep Seaport and Dangote’s 650,000bpd refinery, among others.
Other than serving its primary purpose, the new airport will boost residential as well as commercial infrastructure. Ibeju-Lekki has already bagged massive projects like the Free Trade Zone, taking it a step closer to becoming the next commercial hub of Africa.
What do all these mean for you?
Firstly, if you’re a frequent traveller, living near an airport is the superb choice for you. Owning a home in LekkiVale estate offers you accessibility and a chance to skip traffic and parking space issues at the airport. You get to fly in and out of town with ease without having to plan a whole day around it. No more fear of missing your flight should ‘Lagos roads’ get crazy. The areas surrounding airports enjoy well-paved roads and connectivity. This is an excellent place to mention the fourth mainland bride scheduled to commence development by the end of the year, December 2018. This region will attract a huge population influx all prying to take advantage of its endless opportunities. Equally, proximity to an airport speeds up the level of development of the neighbourhood. Ibeju-Lekki is bound to emerge as a commercial destination, witnessing explosive expansion in infrastructure and developments like retail outlets (ShopRite is currently building an outlet at Ibeju-Lekki), malls, hotels (same as the Oriental hotel), schools, entertainment zones and restaurants. This level of development guarantees a high standard of living and access to premium services and amenities. LekkiVale Estate guarantees world-class amenities like a community centre, swimming pools, sports arena, gym and green zones.
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It presents an opportunity for an assured sustainable investment. But before you go signing checks, you need to understand the importance of land titles and pricing. 90% of the lands located close to the airport do not have a C of O land title. Usually, most of the titles you’d see there is either excision in progress or Gazettes. This explains the gross price discrepancies between different real-estate companies. Before paying for any plot of land at Ibeju-Lekki, make sure it has a valid C of O title. Granted, your agent might tell you that a Gazette or excision in a process is a ‘done deal’ and that you have nothing to worry about, however, if you’re familiar with how the system works in Nigeria you’d understand that unless you have valid documents there’s no guarantee.
Properties located at the outskirts of an airport appreciate by to 40% value appreciation in the first few years after the completion of an airport and the rate goes up to about 80% when its activities fully commence. LekkiVale Estate is strategically located close enough for you to reap all the benefits associated with living close to an airport yet far enough to avoid the downsides of living too close to the airport like noise pollution and potential health side effects. The added advantage of convenience boosts housing costs. An example worth noting is Southlake, Texas, one of the nation’s wealthiest communities and home to high-ranking corporate executives, media personalities and professional athletes. Here, the average home price is about $800,000 and the DFW runway – sitting a mere 230 yards away – is one of the community’s big draws. “These executive and other white-collar workers are purchasing homes with quick access to the airport because they are air travel intensive,” John Kasarda, an airport business expert and consultant, also told Forbes. “People in finance, auditing, marketing, consulting, media, they’re the people that are clustering near the airport.” While noise pollution and potential health side effects are worrisome, it’s helpful to consider the advantages of living near an airport as well. Perhaps the biggest perk of all is that you will be – at the risk of sounding obvious – close to the airport. This means your travel time to any domestic or international destination will be reduced, something especially coveted by frequent fliers.
The Bottom Line
Living near an airport has its pros and cons. On the plus side, air travel will be very convenient and you’ll be able to save substantial time. On the downside, noise, pollution and health risks could be very real concerns, depending on the proximity to the airport, how busy it is the flight paths and even the type of aircraft used. LekkiVale estate at Ibeju-Lekki gives you a one-time offer to join the rise of the new set of millionaires, billionaires and Landlords in Lagos. Once again, do not miss this AMAZING opportunity.