For Real Estate Players
In recent months, real estate activities in Oyo and Ogun States have seen a significant increase. Real Estate investors and city dwellers are increasingly considering these states as viable alternatives to Lagos due to their strategic locations, more affordable property prices, and ongoing infrastructure development. Ogun State, in particular, offers a balance between proximity to Lagos and a more relaxed lifestyle with lower living costs. Oyo State also presents similar advantages.
Ogun State, especially in areas like Sagamu, Mowe, and Sango-Ota, is well-connected to Lagos via major expressways, making it convenient for those working in Lagos but seeking a more affordable and less crowded environment. Oyo State, particularly Ibadan and its surroundings, is regarded as the hub of activities in Yorubaland, with property prices in both states remaining relatively low compared to Lagos.
Lagos is known for its high property values and rental costs, while Ogun State offers significantly lower land and property prices. This makes it attractive to both investors and individuals looking to buy homes.
Infrastructure Development
Ogun State is experiencing notable infrastructure development, including the expansion of road networks and the establishment of industrial parks. These improvements further enhance its appeal as a destination for real estate investment.
One of the main reasons players in the sector are shifting their focus to Ogun and Oyo corridors is the perception of safer investments compared to the Lagos market over the past five years. In Lagos, there have been instances where genuine land titles have been withdrawn from the original owners or where the government has claimed ownership of land after projects are completed, causing significant issues for investors.
Other factors contributing to the interest in Ogun and Oyo States include:
Growing Population and Economy:
Ogun State has a rapidly growing population and economy. As the population increases, so does the demand for housing and commercial properties, creating a significant opportunity for real estate investors to acquire properties at lower prices and potentially sell them at higher prices in the future. Additionally, the growth of the economy has led to an increase in businesses and industries in the state, resulting in a higher demand for commercial properties.
Strategic location
Ogun State is strategically located between Lagos and Abeokuta, making it a great location for real estate investment. The state is also close to major transportation routes, such as the Lagos-Ibadan Expressway, which makes it easily accessible to other parts of the country. This makes it a great location for commercial properties, as businesses can easily reach their customers and suppliers.
Affordable prices
Compared to other states in Nigeria, the prices of properties in Ogun State are relatively affordable. This makes it a great place for people who are just starting to invest in real estate. Additionally, the prices of properties in Ogun State are expected to increase in the future, which means that investors can make a good return on their investment.
Government support
The government of Ogun State is actively promoting the development of the real estate sector in the state. The government has implemented policies and programs to encourage investment in real estate, such as tax incentives and grants for developers. This support from the government makes it a more attractive place to invest in real estate.
Diversified Investment opportunities
Ogun State offers a wide range of investment opportunities, from residential properties to commercial properties, and even industrial properties. This diversity of investment opportunities allows investors to choose the type of property that best suits their investment goals and risk tolerance.
