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In The LAGOS/OGUN Axis
The five most affordable locations in the Ogun and Lagos axis have been identified! These areas are becoming popular among prospective homeowners in both states. Real estate investors have also recognized the potential of these locations, with many already developing estates there. These axis offer lower housing costs and land prices compared to Lagos axis, making them attractive to budget-conscious residents and investors, especially due to their proximity Lagos.
During and after the demolition of houses in Lagos, many people flocked to these areas to start anew, drawn by the affordable land prices.
This week, City People presents five places where people are rushing to build homes and invest.
One of the key cities connecting Ibadan and Lagos is Sagamu, which has become a focal point for both prospective homeowners and real estate investors. Numerous real estate developments are taking place in Sagamu due to its strategic location as an industrial and commercial hub, with easy access to major cities like Lagos and Ibadan. Its rapid growth, thriving environment, and potential for high returns on investment attract developers and investors, particularly because of its excellent soil for agriculture and development.
Sagamu is situated between these two major cities, making it appealing for both residential and commercial development. It is located along key expressways, facilitating transportation and logistics.
Sagamu is an industrial center with a high concentration of factories and companies, creating a large workforce and a demand for housing and related services.
The area is experiencing significant development, making it a prime location for investors seeking high returns on their investments.
Sagamu has fertile land that supports agriculture and allows for the growth of various crops, further enhancing the local economy.
Sagamu is emerging as a major commercial and industrial hub, with numerous real estate projects underway to meet the increasing demand for housing, commercial spaces, and other amenities.
Another notable area is Mowe, Ogun State, where many real estate developers and investors are focusing their efforts. Mowe is becoming increasingly attractive as it offers an accessible and affordable alternative to Lagos, with strong potential for high returns on investment (ROI).
Mowe provides land with reliable titles at lower prices compared to similar properties in Lagos, contributing to its higher potential ROI. Its location along the Lagos-Ibadan Expressway makes it convenient for those commuting to Lagos, while ongoing infrastructure improvements are enhancing connectivity and driving property values upward.
The presence of major companies in the Mowe-Ofada area creates a strong demand for housing, ensuring stable rental income for investors. Additionally, the naturally dry land in Mowe helps to reduce construction costs.
Isaac Abimbade
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Due to high costs and congestion in Lagos, many people and businesses are relocating to more affordable areas like Mowe, leading to increased demand for property. This population growth has spurred the development of schools, hospitals, and other facilities, making the area even more appealing.
New homeowners, particularly those looking for properties near the Redemption Camp, are attracted by its proximity to the large gatherings, the growing infrastructure, and the potential for high returns on investment. The location offers opportunities for property development that can cater to the needs of camp attendees, including those seeking short-term accommodations or long-term living spaces. Developers can also benefit from high rental yields.
The presence of the Redemption Camp, with its large and frequent events, creates consistent demand for nearby housing. Developers can build properties that meet the needs of both visitors and residents. Real estate near the camp is viewed as a high-return investment due to the limited supply of properties and the steady influx of people, leading to reliable rental income year-round.
The camp’s location off the Lagos-Ibadan Expressway provides access to several amenities such as parks, shopping malls, and a secure environment, making it an attractive area for development. As the camp has evolved into a bustling “Redemption City,” the development of infrastructure and other socio-economic facilities continues to encourage real estate investment.
Another notable location is Isheri. Many individuals looking to build new houses with limited resources are gravitating toward this area. Investors are attracted to Opic, Isheri, due to its strategic location and easy access to key areas such as Lagos. The area offers affordable housing options, modern infrastructure, and a secure, serene environment. Its appeal is further enhanced by ongoing development and the potential for a high return on investment (ROI).
Opic is situated on the Lagos-Ogun state border, providing convenient access to Magodo, the Alausa Secretariat (the seat of power in Lagos), Ikeja, and major expressways like the Lagos-Ibadan Expressway. Additionally, it is a relatively quick drive to Murtala Muhammed International Airport and the business districts of Victoria Island and Ikoyi.
The area is known for its modern infrastructure, including a reliable power supply and well-planned amenities. It is considered one of the fastest-developing areas on the mainland, continuously attracting investment and development. Properties in this area often come with clear titles, which simplifies the conveyancing process and facilitates financing options.
The last area to consider is Epe. Many real estate investors are drawn to Epe due to its proximity to major projects like the Lekki Free Trade Zone and the proposed international airport, both of which are driving significant infrastructure development. Land prices in Epe are more affordable compared to other parts of Lagos, creating a lower barrier to entry. This potential for high returns on investment makes it an attractive market for growth. Moreover, its beautiful scenery and growing population add to its appeal.
Why many people consider Epe is because;
Proximity to Major Developments: Epe is close to the Lekki Free Trade Zone, the new international airport, and a deep-sea port, positioning it as a gateway for future growth.
Government-Led Infrastructure Projects: These initiatives are fueling rapid industrialization and increased commercial activity.
Great Connectivity: The Lekki-Epe Expressway provides a vital link to other key areas of Lagos.
Affordability and ROI: Land in Epe is significantly cheaper than in established areas like Lekki and Ikoyi. This affordability allows for easier market entry, with the potential for high returns as the area develops. Some properties have even experienced a 90-100% appreciation rate in a single year, making it a hotspot for investment.
Growing Population: The increasing population is driven by a combination of commercial activity, infrastructure improvements, and affordable housing options. A growing population creates a larger market for both residential and commercial properties.
