The real estate business in Lagos has become the game of the fittest. It’s one sector that has survived the bad economy that has affected the nation.
The COVID-19 pandemic is having a far-reaching impact on all sectors of the economy locally and globally; as the spread of the virus has grounded economic activities, the real estate sector inclusive.
But a major player in the property business has offered an insight into how the sector can overcome the negative effect of the pandemic.
This week, we bring you 5 locations in Lagos where real estate activities are booming.
(1) OGOMBO ROAD, AJAH
One of the hottest locations in Lagos where real estate business is booming is Ogombo road. There are many top real estate companies on this popular road.
Ogombo is a town after Ajah. It’s a five-minute drive from Ajah roundabout. The road can also be called Abraham Adesanya road.
A plot of land on this road now is around 28 to 30 million naira. Presently, a lot of big guns in the sector have positioned themselves there and they are seriously doing well. Some of them include LandWey Investment, a real estate company owned and managed by a versatile young man, Mr Olawale Ayilara. Others include The Pennek. That’s also a location where Oonirisa landed property is located and currently, the lands are being sand-filled. Don’t also forget the late Buruji Kashamu has a large expanse of land on that road and many others.
Land in the Ibeju-Lekki axis is relatively cheap but it’s selling faster than any other location in Lagos. You can ask any practitioner in the sector. Land in Ibeju Lekki sells between 1 million to 3 million depending on the location and title of the land.
Almost every player in the sector has one or two landed properties there. If you are a real estate player and you don’t have land in Ibeju axis, then you are missing a lot. Because that’s where the money comes from.
Ibeju-Lekki is one of the LGAs for planned Lekki City. With the actualization of the blueprint, Ibeju Lekki is expected to become a central hub for business, manufacturing, warehousing, and logistics. Forecasts have been made about an increase in commercial activities in the area as a result of these developments which will create thousands of jobs and make the area a major business location in the country.
In Ibeju Lekki, there are on-going and proposed industrial developments such as the Dangote Refinery which 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. 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.
Also, there is the Lekki International Airport project which 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. There is also the Pan-African_University, Lekki Deep Seaport, Lekki International Golf Course and Eleganza Industries. These are among the many other industrial developments at Ibeju-Lekki. It has also tourist attractions and parks which includes LUFASI nature park which keeps some widely known endangered species and Lekki Conservation Center which has one of the best overhead walkways in the world.
Talk of a town with so much real estate activity, Sangotedo would be one of the locations. Currently, land in Sangotedo is as high as 30 million and above per plot. One of the attractions of real estate players to that area is because of Novare mall which houses one of the most popular retail malls in Africa, Shoprite. And that malls is the biggest in Nigeria in terms of the landmark. More than 50 real estate companies have one or two properties there as at today. For any serious real estate investor or potential players, Sangotedo is one of the prime locations to do business. Sangotedo town is five minutes drive from Ajah and 2 minutes drive from Lagos business school. It’s a developed area and almost all the land in the area have been fully booked.
Abijo is another location where real estate activity is booming. A lot of players in the sector have moved over there for a big investment. Abijo shares boundaries with Sangotedo. It’s a town after Sangotedo if you are coming from Lekki, Lagos. Currently, a plot of land in Abijo is above 30 million depending on the location and title of the land.
(5) ORCHID ROAD, LEKKI
Have you driven along Lekki-Ajah Expressway in recent times? Do you know that there is a place in the Lekki axis where top property developers now play big when it comes to housing development?. Do you know there is a place in Ikota (Lekki) called Orchid road? Let’s quickly tell you about it!
Orchid Road is one of the busiest roads, full of real estate activities. It’s one of the longest roads in the Lekki axis. Orchid is opposite the popular housing estate of Lagos billionaire, Chief Rasaq Okoya, called Oluwa Ni Nsola Estate.
Let’s also tell you that’s the same road (Orchid), where the winner of Big Brother Nigeria, Mercy Ekeh bought her house, (Victoria Crest Homes). The acquisition of the property by this big brand has further opened up the area.
Another big estate on that road is Cooplag Estate, owned by Shell Nigeria. It’s an estate developed to house the staffers of Shell Nigeria. It’s immediately after the second toll gate if you are coming from Lekki Phase 1. The bus-stop leading to this road (Orchid) is called Eleganza Bus-Stop.
Presently, a plot of land on this road goes as high as 50 to 60 million and these have become another destination where big guns in the sector choose as their ideal location.