Go To AGBARA Estate In LAGOS
And Discover The Untapped Property Market There
As one of the major segments of the much talked about Lagos-Ogun Property Market, the entire Agbara axis Property Market is one that is waiting to be fully harnessed by potential real estate investors and first time home owners. Here is a review of what the Agbara axis property market presents to savvy real estate investors who may be willing to put in their money now.
LOCATION:
The Agabra Property Market can be accessed from two major parts of Lagos. The first part is the Badagry area just after Adeniran Ogunsanya College of Education in Ijanikin, while the second point of access is from Sango-Ota via Atan after the Winners Church Camp Ground. The entire Agbara property market covers the following areas: OPIC industrial and residential estate in Agbara, OPIC Estate in Iperin, Lusada, Igbesa and Atan down to parts of Owode Idi-Iroko. The farther you go into these markets the cheaper plots of land and prospects of becoming a landlord become. From Mile 2 in Lagos State, a drive to Agbara through Iyana-Iba, Okoko and Ijanikin without traffic will take an average of 1hour, while it will take an average of 1hour 45minutes if the journey were to be made from Oshodi via Sango-Ota without traffic.
LEVEL OF DEVELOPMENT:
Except the main parts of Agbara which includes the OPIC estates, many of the parts of the Agbara property market are fast developing into densely populated areas with large tracts of land waiting to be bought. The Lusada area has a large retail market which areas in many of communities around it come to patronize for household items and foodstuffs. Infrastructure like road network in these areas are not totally in good shape but savvy real estate investors who are familiar with real estate trends in the area assure that their efforts by the Ogun State Government and Community Development Associations in the areas to improve the level of infrastructure especially road networks. Most of the area are however connected to public power supply which is relatively stable when compared to some parts of Lagos.
LAND PRICES:
A plot in the main parts of Agbara (OPIC industrial and residential estates) down to areas like Iperin sell currently for between N1.5million-N2.5million. In Lusada a plot of land sell for between N700k and N1million, Igbesa for between N500k-N700k, Atan for between N700k-N1million, and while in areas towards Owode Idi-Iroko a plot of land still sell for between N300k-N500k. It is important to mention however that in these areas, land prices are largely determined by how close it is to the road and the type of title on it. Plots can be in the same area but carry different prices because of differences in land title. A plot with a C of O for example naturally carry higher price tags.
INVESTMENT PROSPECTS:
Investment prospects for the entire Agbara Property Market can be understood from how land prices have risen over the last five years in the area. According to real estate pundits in the area, land prices in the area have risen by over 300% in the last five years and there are tendencies of even higher increases in the coming years. A clear indication to this fact are the number of private real estate developers situated in the area. In the Lusada and Igbesa area, there are currently more than 100 privately developed estates in the area and more are being unveiled. The speculation is based on the fact that as more and more investors (private developers) move into these areas, virgin plots will become and scarce and will ultimately see rise in their prices.
KEY ATTRACTIONS:
The major attraction for the Agbara Property Market is the ongoing construction of the Lagos-Badagry Expressway into ten lanes with BRT and Mono-Rail Tracks. It is believed that at completion of the project, travel time from Lagos through the road will be around 45minutes as against the almost 2hours currently. Although the first phase of the project is expected to terminate in Okoko, residents of Agbara would be able to connect to the Mono-Rail, BRT or even the road when driving their private cars in less than ten minutes. Top educational institutions are also now located in the area; one of them is Crawford University and not far away is the Covenant University in Ota.
Send Us News, Gist, more... to citypeopleng@gmail.com | Twitter: @CitypeopleMagz
