4 Best Places for Real Estate Development in Lagos

Lagos has become a place where real estate development is making a significant difference. The real estate sector keeps surviving the bad economy year in and year out. The effect of the pandemic still lingers even after a year and some months.

Nonetheless, the real estate business is still standing tall. If you don’t know your way, it’s crucial to ask people that have been there. Buying land is good but buying in a place where you are sure to get a massive profit return is better.

Lagos is a city where real estate development business is highly profitable and can bring you a fortune.

What is Real Estate Development?

Real estate development is building new structures and modifying existing ones to increase the property’s value and develop the property into commercial or residential buildings—ranging from apartment complexes and multi-family homes to restaurants, offices, and retail spaces.

4 Best Places for Real Estate Development in Lagos

Real estate developers handle the project from start to finish: They plan, design, and finance the venture, as well as assemble a team to execute the plan. Once the project is completed, the developer usually sells the property to a real estate investor. A real estate developer could sell to the consumer if the project is individual houses.

In the real estate development sector, it can be a costly mistake to assume, “If You build it, customers will come.” Real estate developers should pursue projects driven by current market needs—not by hoping to create a demand.

To get a good read on the real estate market, real estate developers evaluate the trade area and a wide variety of factors, including

  • Economic
  • Educational
  • Employment
  • Environmental Considerations

However, in some places in Lagos, real estate investors should look out for more. We will highlight these areas in this article.

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Ibeju-Lekki

Despite the cheap land in Ibeju-Lekki, it still sells faster than any other location in Lagos. Land in Ibeju Lekki sells between 3 million to 20 million, depending on the location and title of the land. You can make inquiries concerning that.

If you are a real estate player and don’t have land yet in Ibeju Lekki, then you are missing out because that’s where the money lies. Ibeju-Lekki is one of the LGAs for planned Lekki City.

With the actualization of the blueprint, Ibeju Lekki is expected to become a central hub for

  • Business
  • Manufacturing
  • Warehousing, and
  • Logistics

With these developments, there will be an increase in commercial activities in the area, which will help in job creation and enhancement of booming business activities.

In Ibeju Lekki, there are ongoing and proposed industrial developments, such as the Dangote Refinery, which is expected to be the world’s most extensive single-train facility and is estimated to cost 9bn dollars. It covers a total area of 2,635 ha on the Lekki Lagoon, enabling easy shipment of refined petroleum products to international markets.

The refinery is expected to double Nigeria’s refining capacity, primarily to accommodate the pressing demand for fuel and export to foreign markets in and out of Africa. A fertilizer plant is also included in the refinery complex to utilize the raw materials released from the refinery fully.

Also, there is the Lekki International Airport project which was initiated to lessen the pressure on the Murtala Muhammed Airport (MMIA) IN Ikeja. The master plan of the new airport shows that it’s designed to cater to wide-body, double-deck, and four-engine aircraft with up to 500 seats.

For a start, the Airbus A380 is expected to carry two million to five million passengers per annum with prospects of expansion to cater to the increasing aviation needs of the rapidly developing Lekki area and its environs.

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It also has tourist attractions and parks, which include LUFASI nature park, which keeps some widely known endangered species and Lekki Conservation Center, which has one of the best overhead walkways in the world.

Orchid Road, Lekki

Do you know there is a place in the Lekki axis where top real estate developers now play big in real estate development?

Orchids Road is one of the busiest, full of real estate activities. It’s one of the longest roads on the Lekki axis. Orchid is opposite the popular housing estate of Lagos billionaire, Chief Rasaq Okoya, called Oluwa Ni Nsola Estate.

Also, the winner of Big Brother Nigeria, Mercy Eke, bought her house (Victoria Crest Homes). A massive brand like Mercy Eke purchasing a property there has further exposed the area.

You can also find another extensive real estate development on that road, Cooplag Estate, owned by Shell Nigeria. It’s an estate developed to house the staffers of Shell Nigeria. It’s situated after the second toll gate if you come from Lekki Phase 1.

The bus-stop leading to this road (Orchid) is called Eleganza Bus Stop. Presently, a plot of land on this road goes high as 50 to 60 million, and these have become another destination where big guns in the sector choose their ideal location.

It’s a place Nigerians living abroad can consider when investing in property in Nigeria.

Sangotedo

Sangotedo is a town buzzing with so many real estate developments. Currently, a plot of land in Sangotedo is as high as 30 million naira and above.

One of the critical attractions of real estate investors in that area is Novare mall, which houses one of the most popular retail malls in Africa, Shoprite. And that mall is the biggest in Nigeria in terms of the Landmark.

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Real estate development companies have one or two properties there as of today. Sangotedo is one of the prime locations to do business for any real investor or a potential buyer.

Sangotedo town is a 10-minute drive from Ajah and closer to Lagos business school. It’s a developed area, and almost all the land has been fully booked.

Ogombo Road, Ajah

One of the hottest locations in Lagos where the real estate development business is booming is Ogombo road. There are many top real estate companies on this famous road. Ogombo is a town after Ajah. It’s a five-minute drive from Ajah roundabout, also known as Abraham Adesanya Road.

The land on this road now is around 30 to 50 million nairas. Many big guns in the sector have made the place a business place.

These places should be worked toward when thinking of real estate development and if you are planning to invest in the real estate business in Lagos.

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Dennis Isong Helps Individuals Invest Right In Real Estate. For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng. You can follow me onYouTube. WhatsApp Or Call +2348164741041
4 Best Places for Real Estate Development in Lagos

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