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Real Estate Player, TINUOLA MONIQUE Explains
There was a time when telling someone you had bought land in Ibeju-Lekki came with a familiar response: “But where exactly is that?”
Today, the conversation is changing. The same axis that many Lagos residents once considered too far away is now sitting at the centre of some of the biggest industrial, infrastructural and real estate developments in Lagos State. The Dangote Refinery is operating within the Lekki Free Zone. The Lekki Deep Sea Port has changed the commercial profile of the area, while the wider Lekki-Epe corridor continues to attract industrial, residential and commercial developments. And property buyers are paying attention.
For some, it is about buying land before the area becomes significantly more developed. For others, it is about securing a home in an emerging part of Lagos. There are also investors looking beyond residential property towards the businesses, workers, logistics operators and commercial activities that a growing economic corridor is attracting.
But what exactly is making Ibeju-Lekki so attractive to property buyers?
Tinuola Monique, General Manager of Terra Developers, has watched the conversation around the area change. Speaking to City People, she explains that buyers are increasingly looking at Ibeju-Lekki not simply as a place to buy land and wait, but as an emerging part of the Lagos property market with a clearer economic and lifestyle future. “The way people look at Ibeju-Lekki has changed,” Tinuola tells City People’s Emmanuel Daniji. “There is now a bigger understanding of what is happening around the area and what that means for real estate.”
And a lot is happening. The Dangote Refinery has given the area a major industrial anchor. Located within the Lekki Free Zone, the refinery sits on a massive site and has a stated production capacity of 650,000 barrels per day. The Lekki Deep Sea Port has also added another major economic dimension to the corridor. Then there is the wider Lekki Free Zone, where industrial and commercial activities are gradually creating an ecosystem around these major projects.
For property investors, this matters because real estate does not develop in isolation. Where there is industry, people need accommodation. Where there are workers, businesses emerge. Where businesses emerge, there is demand for offices, retail, hospitality, logistics and other services. That is one of the reasons Ibeju-Lekki is increasingly being viewed differently.
According to Tinuola, buyers are becoming more deliberate about what they want from property. “They want to know what is coming into the area. They want to understand the infrastructure, accessibility and the kind of community that is being created around the property,” she explains. It is no longer enough for someone to simply tell a potential buyer that an area will appreciate. Buyers want to see the reason behind the potential. They want to know what is driving the growth, what is being built around them and whether the infrastructure will support the kind of community they are investing in. And this is where the growth of Ibeju-Lekki becomes particularly interesting. Lagos has always expanded.
Victoria Island and Ikoyi once represented the height of prime Lagos real estate. Lekki became the new frontier. Then came Ajah, Sangotedo and other parts of the Lekki-Epe corridor. Now the expansion is moving further towards Ibeju-Lekki and Epe. The difference this time is the scale of economic activity accompanying the residential expansion. A refinery does not simply bring a refinery. A port does not simply bring ships. Industrial zones do not simply bring factories. They bring people, businesses, services and housing requirements. That creates a different kind of property market.
And while some people are buying because they believe land values will rise, others are beginning to see Ibeju-Lekki as a place where they can actually live, work and build businesses. This is particularly evident in areas such as Lakowe. Lakowe has developed a reputation for residential communities, golf, leisure and waterfront living, while remaining connected to the wider Lekki-Epe growth corridor. This is where Terra Developers’ Nathan’s Bay enters the story.
Terra has positioned Nathan’s Bay as a waterfront development, with 40 per cent of the estate dedicated to green spaces. The development is part of the growing residential and lifestyle appeal of the Lakowe area. But Terra is not stopping there. Tinuola reveals to City People that the company is set to launch *Reserve X by Nathan’s Bay*, a private waterfront enclave designed around exclusivity, privacy and premium living.
“We are very excited about Reserve X,” she says. “It is something we have been very intentional about because we are seeing a market that is changing.”
Reserve X is particularly interesting because it reflects the changing profile of Ibeju-Lekki itself. For years, much of the conversation around the axis was centred on land banking. People bought plots, held on to them and waited for the surrounding area to develop. Now developers are introducing more sophisticated residential offerings aimed at buyers who want lifestyle as well as investment.
Terra’s current description of Reserve X presents it as a private waterfront enclave with one-, two- and three-bedroom terraces with BQ, private waterfront access and an exclusive island-living concept. The development is currently being advertised from ¦ 129 million. So why would a developer introduce a premium waterfront development in this part of Lagos?
For Tinuola, the answer lies partly in the changing expectations of buyers. “As the infrastructure improves and more economic activity comes into the corridor, you are going to have different categories of people looking at the area,” she explains. “Some people are looking for investment, some are looking for homes, while others want a premium lifestyle.”
That is perhaps one of the clearest signs that the Ibeju-Lekki story is evolving. It is no longer only about cheap land on the outskirts of Lagos. It is increasingly about what kind of Lagos is being created in that part of the state. The economic developments are creating one side of the story. The residential developments are creating another. Together, they are changing the perception of the corridor. But there is still an important warning for anyone looking to buy.
The growth of Ibeju-Lekki does not mean that every property in the axis will automatically become a gold mine. The corridor is vast, and location matters. So do title documentation, accessibility, infrastructure, the reputation of the developer and what is actually happening around a particular property. Tinuola believes buyers need to ask the right questions before committing their money.
“You have to understand the property you are buying,” she tells City People. “You have to look at the location, the title, the infrastructure and what is happening around it. You should not just buy because somebody tells you an area is going to boom.”
It is advice worth considering as the rush towards the corridor grows. For some buyers, Ibeju-Lekki represents an opportunity to get into the market before further development changes the cost of entry. For others, it represents a chance to own a home away from the increasingly congested parts of Lagos. For developers, it represents something even bigger: a new market with the infrastructure and economic activity to support different kinds of communities. And perhaps Reserve X by Nathan’s Bay captures that transition perfectly.
A premium waterfront development being launched in Lakowe would have seemed like a very different proposition when Ibeju-Lekki was still largely viewed as a distant part of Lagos. Today, it makes more sense. The refinery is there. The port is there. The Free Zone is growing. New roads and infrastructure are improving connectivity. New residential communities are emerging. The question is no longer whether Lagos will eventually reach Ibeju-Lekki. Lagos is already there. The bigger question is what this rapidly changing corridor will look like when the developments now taking shape have fully matured.
