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For Many Real Estate Players
Over the past decade, the Ikorodu axis has gained significant attention, with many Real Estate investors viewing it as a promising area for both immediate profit and long-term growth.
The region is becoming increasingly attractive as road networks have drastically improved in the last 3 years. Currently, numerous completed roads connect most parts of Ikorodu, and several ongoing road projects—once finished—will further enhance accessibility and development opportunities. Over the last 10 years, many investors have acquired large parcels of land in these undeveloped areas with the intention of future growth. Some of these estates have already begun development. The recent surge in development is largely driven by rising housing demands in Lagos, prompting many real estate players to shift focus to this axis for major projects.
Did you know that Ikorodu remains a top, rapidly growing real estate hub in Lagos, offering affordable residential land, commercial opportunities, and high rental yields? Its popularity is fueled by industrial expansion in places like Odogunyan, agricultural development, and rising residential demand in areas like Ijede, Igbogbo, and Ebute, attracting long-term investors. Ikorodu’s central and strategic location makes it ideal for business, relaxation, leisure, and living.
Investors can benefit from quick property value appreciation, rental income as a retirement plan, increased tax deductions, tax write-offs against other income, and tax-free cash flow. These are some of the advantages of investing in this area.
Some of the reasoms for the sudden developments are: (1) Steady Population Growth. Of what relevance is population growth to buying the right land? That’s definitely the question on your mind right now. Here it is! As people flock into a particular location, existing housing units become insufficient and thus present a future opportunity. Studies reveal Ikorodu is currently experiencing dramatic growth.
Over the past 40 years, her population has continued to soar as a result of migrations from neighbouring communities of Ogun State. Also, some Lagosians prefer residing in this city in a bid to avoid the effects of overpopulation in the other parts of the state which is constantly leading to the hike in the cost of living compared to Ikorodu where rent is cheap and affordable and there is a vast expanse of land.
(2) Projected Increase in Manufacturing Activities: one of the reasons you should buy land in Ikorodu is the increasing industrialization of this city. Ikorodu is home to several famous manufacturing firms. In 2021, the Lagos State Governor, Babajide Sanwo-Olu, flagged off the construction of the Imota Rice Mill, an agricultural plant planned to be the largest in Sub-Saharan Africa and numbered among the largest in the world.
As projected by the Lagos State Government, the plant will require 1,500 workers in addition to the possibility of 25,000 indirect job opportunities. This development is indeed a good reason to go for land in this city. Soon, as evidently deduced from this data, 1,500 workers will soon be on the inevitable search for land to build their houses or apartments to rent.
(3) Proximity to Ogun State: Another interesting fact about Ikorodu is its proximity to neighbouring Sagamu, Ogun State; the largest Kolanut collecting centre in the country and home of Cement production. With the emerging concerns of atmospheric impurities, several people are seeking to stay some distance away from this obvious bodily harm.
Hence, Ikorodu is witnessing rapid immigration from several Sagamu residents either to completely safeguard their health and that of their family or for commercial activities in Nigeria’s economic hub. Buying a land in Ikorodu right now is inarguably the wise decision anyone hoping to save future costs or looking out for a profitable investment should make.
(4) Home to Several Educational Institutions: Amazingly, Ikorodu houses several citadels of higher learning which include Lagos State University and Caleb University. The implication of this is the sure possibility of an economic boom due to the population of both staff and students of these higher institutions.
Students all over the country who come to school in this city will definitely need shelter as they pursue their academic dreams. Hence hostels and other facilities such as hotels, recreational and amusement parks, as well as restaurants and churches will continue to evolve.
Thus, acquiring land in Ikorodu either for resale in the nearest future or for building construction is a profitable investment anyone with an eye for emerging opportunities should consider
Good Road and Water Transportation Network: Ikorodu communities are connected by a very good road network and multichannel water transportation means. While few of the neighbourhood roads are presently in a crude state, one can only anticipate how good it will be in the near future. People want to be able to arrive at different locations through multiple access routes; this is exactly what Ikorodu offers her residents.
Residents can either decide in favour of water transportation from Ebute to several locations on the Island – most especially, the sand-filled Victoria Island or from Ijede to Ajah as they find best.
Moreso, the big city is accessible via good and motorable roads from Ojota and Sagamu; and an inter-state road, Agric-Isawo-Konu-Arepo Road under construction. The Lagos State Government says that this road when completed will have a link bridge to connect the state to the Ogun State boundary, and then link the Lagos-Ibadan Expressway.
Amongst other projects is the proposed construction of the 4th mainland bridge. The 38 km long bridge is projected to connect Lagos Island through Langbasa to Itamaga in Ikorodu.
Ikorodu is a burgeoning real estate market with immense potential. Its growing population, affordable housing, infrastructure development, and economic growth prospects make it an attractive destination for investors. Whether you’re a first-time homebuyer or a seasoned investor, Ikorodu offers a range of opportunities for investment and growth.
