Deciding when to buy land in Lagos is not the easiest decision to make.Buyinglandrequires a huge financial commitment which appreciates after a number of years. With the current economic downturn in Nigeria, investing in real estate isn’t the most practical option.
1. You’re Nigerian Ever heard the saying, “everyone is a Lagosian?” Anyone can ownacquireproperty in Lagos and if you’re Nigerian, evenbetter.Lagosis the friendliest state to do business even if you don’t live in Lagos. In 2015, the UN projectedLagos to have an annual growth rate of 6-8% per annum, making her the 11th Mega City in the World. There’s more, statistics from the Nigeria Immigration Service (NIS) indicated that the number of foreigners that come into the country is more than those that left the country within the last five years. A more detailed report stated that 86 people migrate to Lagos every hour. Of course, the explicable reason for this gross influx of peopleis the ease of doing business in Lagos.
How can these numberspay you? As a landowner in Lagos, your land appreciates in values twice as much than any other state in Nigeria. Areas like Ikoyi, Ibeju-lekki and its environs reap even higher value appreciation.
2. You Have Money in Your Savings Account
“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.“ – Robert G. Allen
While buyingland is a huge financial commitment, it pays enormously in the long run. It might seem a clever idea to hold on until you’ve saved enough but, the realityis the cost of land always tend to rise in the long run.So, while youwait, landgets more expensive plusyou’d have to factor in inflation rates.
What does this mean to you? You can start with what you have right now to get your own land. You don’t necessarily need to start with the extremely high-end lands. You begin with growing outskirts like the Ibeju-Lekki region. Thisregionhas high growth potential. If you’re looking for a rapid turnover, here’s your chance.
3. You Have Investment Plans Investingis the quickest way to buildwealth. However, every form of investmentinvolvesrisks at varyingdegrees. Fortunately, investing in real estate isthe safest investment option in Nigeria. The best part is, anyone can invest in real estate. You don’t have to be a land expert to buyland. Your main concern should be the location of the land for sale. Buyingland allows you to buildequity in invaluable assets, which can be sold for cash,used as collateral or used to fund other projects. Once you’ve found suitable land for sale with valid land documents, make the move!
4. You Need A Retirement Plan As you get older, you’d need a steady flow of income. Being a landlord in Lagos givesyou this much needed financial leverage. The cost of housing in Lagos is one of the most expensive in West Africa. Frequent spikes in rents are triggered by the high demand for houses and land.
Most influential families with properties in V.I, Ikeja, and Ikoyi, etc. currently benefit from the proceeds on their properties. Evenbetter, it serves as an incredible way of passing something on to your children.Let’s just say, unless you’ve mapped out or hoarded for yourselves the absolute retirement fund, you should consider venturing into property acquisition.
5. Youhave a luxury car or two Nigeria is the number one buyer of cars in Africa, with Lagos incubating majority of these cars.I once saw a social media meme that read, “If youlive in Lagos, you’d think a Range Rover is N 250, 000.” If you can afford a luxury car then, you can afford to buy landed property and you should.
Quick math: The depreciation value of an average brand-new car is up to 40% by the end of its firstyear and this number increases to about 60% by the time the caris three years old. Of course, these statisticsvary depending on the brand, mileage and other factors. Let’s compare this to buying a plot of land at Ibeju-Lekki.(I continually mention this region due to its high rate of value appreciation.)
Three years ago, an average600sqmeters with a C of O was sold at 2.8 million. Last year, this price went up to N3.5m and today, the lowest you’d getisN5m. See the difference?
Got Questions? Great! We’d loveto help Call us today to find out more about investing in real estate in Nigeria. You can call us right now to book a land inspection at 09081234564, 09095757575 or Send us an email at firstname.lastname@example.org
Ibeju-Lekki is the fastest growing commercial and residential hub located in the Epe Division of Lagos State, Nigeria. Ibeju-Lekki is undoubtedly one of the hottest locations to invest in Lagos. Here are our top 10 benefits for moving into Ibeju-Lekki:
1. Beautiful landscapes and Amazing beaches
Ibeju-Lekki is home to one of Nigeria’s most palm-fringed beaches. Its beaches, landscapes, and lagoons make this area a prime tourist spot. Most of the indigenous people make a living from fishing. It’s quite common to see children swimming in the ocean or the grown-up’s cozying to a bowl of special fish soup locally called ‘ Imooyo’.
Ibeju-Lekki offers the perfect escape from the rowdy, crowded parts of Lagos. To top it all, LekkiVale Estate strategically located in Ibeju-lekki offers you just the perfect home; allowing you to explore and experience a better work-life balance, access to great outdoor activities and cheaper living costs.
2. The convenience of Well Paved Roads
Most of Ibeju-Lekki is connected to Lekki and other areas of Lagos by the Lekki-Epe expressway. It’s easy to move around Ibeju-Lekki using public transportation or a private vehicle. LekkiVale Estate is located along the Lekki-Epe expressway allowing you easy access. It takes approximately 45 minutes to get to LekkiVale Estate from Lekki phase one.
3. Endless Entertainment Options (Even on Weekdays)
Ibeju-lekki is a growing town and has attracted a good number of hotels, resorts, and lounges. This budding town offers you a wide array of fun activities. You can visit the white-sandy Eleko beach or give your family a treat at Funtopia, Tickle Bay, Omu Resort, La Tropicana, and many others. There’s something for everyone and if you love fresh fish then, you should definitely reside here.
In addition, LekkiVale Estate offers for you and your entire family fun outdoor activities like a tennis ball court, basketball court, swimming pool, and a clubhouse.
Ibeju-Lekki is home to mouth-watering seafood cuisine on this side of the West. As a new resident, your taste buds would be wowed. Ever had the real fisherman’s soup? Keep your fingers crossed.
Several shopping complexes are located across Ibeju-Lekki to cater to the shopping needs of the residents. Shoprite, as well as a number of other multinational retailers, are currently under construction to cater to the anticipated 800, 000 people expected to move into Ibeju-Lekki by 2020. Just to add, the community is every mother’s dream, they have the cheapest fresh foods.
5. Low Crime Rate
Ibeju-Lekki has lower crime rates compared to other areas of Lagos. The possibility of robbery and other crimes are relatively low. Life on this side of town is more peaceful and generally calm. If you intend on raising a family in a serene and tranquillity, then this is the pristine region for you.
6. Less Crowded
Ibeju-lekki is spread across 455km2 (176 sq mi) and has an estimated population (2006) of 117,481. This means you wouldn’t have to deal with all the congestion that comes with living in crowded areas. LekkiVale Estate offers you and your family ample parking space and a large backyard, where your kids can play in the sun. You can say goodbye to neighbour squabbles over parking space.
7. Better Job Opportunities
Ibeju Lekki has attracted massive industrial projects like the Dangote refinery and fertilizer plant at the Lekki Free Zone area, a petrochemical and power plant, a deep-sea port, the fourth mainland bridge, the New International Airport, a blossoming tourism sector, and even the Pan-African University all make this area the new commercial hub of Lagos.
Ibeju-Lekki is also one of the locations for the Lagos Smart City deal with Dubai. With the actualization of this blueprint, this region would become a central hub for business, manufacturing, warehousing, and logistics and will create many job opportunities.
In Ibeju Lekki, the Dangote Refinery is expected to be the world’s biggest single-train facility and estimated to cost $9bn. It covers a total area of 2,635ha on the Lekki Free Zone near the Lekki Lagoon, enabling easy shipment of refined petroleum products to international markets.
Nigeria currently has about 37 billion barrels of oil reserves, however, most of our refined products are imported due to the lack of adequate domestic refining capacity. It was due to this pressing need that birthed the Dangote Refinery. The refinery is expected to double Nigeria’s refining capacity, largely to accommodate the pressing demand for fuel and export to foreign markets in and out of Africa. A fertilizer plant is also included in the refinery complex, to fully utilize the raw materials released from the refinery.
This project is projected to generate more than 9,500 direct and 25,000 indirect jobs.
The Lagos Free Trade Zone
A Free Trade Zone is an area free from the intervention of customs authorities, where goods may be landed, handled, manufactured or reconfigured, and re-exported. The Lagos Free Trade Zone initiated in 2002 is the first private owned free trade zone in Nigeria and the biggest in West Africa.
It is located at the Ibeju-Lekki Local Government Area, covering about 155 square kilometres. This zone was strategically chosen based on its integrated hub of active roadways, rail and sea links, eliminating all accessibility barriers. The core objective for this Lekki Free Trade Zone is to provide an ideal platform to expand the investment potential, business activities and tourism sector of Nigeria by eliminating trade barriers, while developing the export-oriented industries, increase foreign exchange earnings and generate employment opportunities.
Ongoing Developments in Ibeju Lekki
Already, the LFTZ has facilitated massive investments like the Dangote Refinery and Petrochemical plant. The Lekki Free Zone’s completion date is set in 2022, and it’s projected to create 300,000 direct jobs and 600,000 indirect jobs.
The Lekki International Airport
The Lekki International Airport project was initiated to lessen the pressure on the Murtala Muhammed Airport (MMIA) in Ikeja. The master plan of the new airport shows that it’s designed to cater to wide-body, double-deck, and four-engine aircraft with the capacity for up to 500 seats. For a start, the Airbus A380 is expected to carry two million to five million passengers per annum with future prospects of expansion to cater to the increasing aviation needs of the rapidly developing Lekki area and its environs.
The airport’s site is on a 3,000-hectare piece of land off the Lekki-Epe corridor; about 10km from the Lekki Free Trade Zone (LFTZ). It’s strategically located to serve the fast-growing residential and industrial Lekki hub.
The Deep Seaport
The new multi-purpose Deep Sea Port, dubbed as the deepest port in Africa is located at the heart of the Lagos Free Trade Zone. It is spread over 90 hectares of land, approximately 65 km East of Lagos City. The Lekki Deep Sea Port is designed to provide enormous value and support to the burgeoning commercial operation across Nigeria and the entire West African region; with a contract term of 45 years. This project is expected to create about 170, 000 direct jobs and grow to about 2.7 million and 4.5 million TEUs when the project operations fully commence. Also, note that the deep sea port location was strategically located based on the inter-connected road network like:
Lagos is the commercial heart of Nigeria and West Africa; with this comes massive economic opportunities, rapid population growth rate and infrastructural pressure like the need for bigger, better roads. The 4th mainland bridge was proposed to curb the increasing pressure that threatens to paralyse the city’s circulation. The new bridge is expected to improve the natural flow of people and vehicles.
The bridge is designed as a 2 level bridge that simultaneously allows the smooth movement of large numbers of people. The bridge when completed will be 38 kilometres long and would run pass Lekki, Baiyeku towns and Langbasa, serving as an alternative route from Lekki to Ikorodu, Ikeja to Ajah and an additional alternative to the Eko, Carter and 3rd Mainland Bridge.
The 4th mainland bridge is a four-lane dual carriageway designed to have eight interchanges to facilitate effective inter-connectivity between different parts of the state. This project is projected to cost N844billion and is expected to be delivered in three years.
The Dubai Smart City Deal
To crown it all, the Chief Executive Officer of Smart City Dubai LLC, Mr. Jabber Bin Hafez signed the MOU, which would make Lagos the home of the very first Smart City in Africa. The event was presided and witnessed by the Lagos State Governor, Mr. Akinwunmi Ambode. The Chairman of Dubai Holdings, His Excellency, Ahmad Bin Byat who is also the Deputy Prime Minister.
The Smart City deal is expected to draw from the success of Dubai’s innovative knowledge-based industry clusters, to empower business growth for companies and knowledge workers all over the world including our very own Ibeju-Lekki axis. The deal establishes this axis as a strong convergence for technology, economic development, and governance.
Real Estate Forecasts for Ibeju-lekki
Besides all these massive industrial developments currently on-going at the Ibeju-Lekki axis, one factor that makes investing in real estate at Ibeju Lekki an absolutely ultimate deal is the growing Lagos Population Growth.
Lagos state’s population growth rate is rapidly growing now reaching 21 million from just 1.4 million as of 1970. One report stated that about 6000 people move into Lagos daily. Unfortunately, this migration isn’t followed by adequate housing infrastructure. In fact, Lagos needs about 3 million housing units to cater to its existing population.
Other minor facts are:
Lagos is the most expensive city to rent a house in West Africa.
It is also home to the highest number of millionaires in Lagos and West Africa.
If you’re a savvy investor, you must have gotten it already.
With the high demand for labour at Ibeju-lekki, expect a huge urban migration to this region. Coupled with a stable source of income, you’d have ready and willing people to pay good money for accommodation by 2022.
Knowing where to invest is one thing, choosing the team to work with to realize your investment goals is another. Here at Sevic PDC, we ensure your investments are 100% secured by offering you the following:
The best, strategically located estate at Ibeju-Lekki. LekkiVale Estate is located along the Lekki-Epe Expressway approximately 45 mins from Lekki Phase 1 and 10 mins from the new airport.
LekkiVale Estate has a valid, verifiable C of O land document. We encourage all our clients to thoroughly verify land documents before buying land, and we assist them through the whole process.
LekkiVale Estate is spread across 6 hectares of dry land. You don’t have to spend an extra naira on landfilling.
All our land prices are extremely affordable, with the added advantage of a flexible payment plan to suit your budget.