Hidden Opportunities in Lagos: The Ibeju Lekki Real Estate Market


The Lagos real estate market is home to many luxuries and locations that are great for rentals. While many are well known, there are plenty of hidden investment opportunities as well and that is what today’s article is all about.

One such place is the Ibeju Lekki real estate market. If you don’t know about the Ibeju Lekki city of Lagos state, read the Ibeju Lekki Comprehensive Review.

To uncover the investment potential of this city in the Lagos real estate market, we will answer the following questions today:

How is the Ibeju Lekki real estate market performing?
What are the reasons why real estate investors should invest in this market?
What are the best neighborhoods for buying Ibeju Lekki real estate?

READ ALSO: Best Places to Buy Real Estate in Lagos this Year

Now, let’s tackle the first question…

How is the Ibeju Lekki Real Estate Market Performing?

The best way to assess the real estate market is to look at the average return on investment metrics. This data is needed for both short-term and long-term investment in order to determine what strategy to implement in this market.

Since 2015, the rate at which property at Ibeju Lekki is going up cannot be compared with other cities in the state. See some calculations below;

In 2016, Lekki Royal Garden in Oshoroko Ibeju Lekki sold for N2.5m a plot. In 2018, it was sold for N7m.

In 2017, Arium Estate in Abijo GRA Ibeju Lekki sold for N6.5m a plot. In late 2018, it sold for N10m.

In 2017, a plot of land in Amen Estate Phase 2 was selling for N10m. In early 2019, it was sold for N15m per plot.

In 2017, Merit Park sold for N3m per plot. In late 2018, it was selling for N7m a plot.

And I can go on and on.

But with the few examples above, we can say that Ibeju Lekki real estate appreciating rate is around 40% to 70% but then let us conclude on an average rate of 50% per annum.

As you can see, the Ibeju Lekki real estate market is highly impressive. Have you seen any safe investment or bank interest capable of yielding a 50% return on investment in a year?

No, I haven’t seen one either except Ibeju Lekki real estate market.

Why You Should Invest in the Ibeju Lekki Real Estate Market

You see, there are three main reasons why investors are rushing the Ibeju Lekki real estate. The Ibeju Lekki real estate market, at the moment, is relatively affordable, highly profitable and superb for rental income.

  • Affordability

One of the critical factors to look out for when deciding where to invest is property prices.

Well, in this case, property prices are not a primary concern as properties in Ibeju Lekki are relatively on the low side as compare to other highbrow parts of Lagos state.

Relative to the Lekki real estate market and other major cities, the Ibeju Lekki real estate market is an affordable alternative.

  • Profitability

Ibeju Lekki investment properties are not only affordable but very profitable. As seen from the above value appreciation rate, properties in this city appreciate by at least 50% per annum. This rate is higher than a whopping 95% of other cities in Nigeria.

Return on investment is very high, all thanks to the presence of major economic indicators like the Lekki Free Trade, Dangote Refinery, Lekki Deep Seaport, Dangote Jetty, the proposed Lekki International Airport, presence of local and foreign companies, many premium estates, resorts, etc.

  • Rental Income

The Ibeju Lekki real estate market is going to be great for rental properties. As its neigboring city; Lekki attains its peak, people are moving towards Ajah, Sangotedo and then to Ibeju Lekki and in response, the rental rate keeps going up.

You need not be told how much a 3 bedroom flat goes for in places like Abijo, Lakowe and Bogije to know that Ibeju Lekki rental property is booming at the moment. And this is stretching inward the Lekki Free Zone very fast.

To invest in rental properties, you can buy land and build tenement buildings or simply buy already built or renovated buildings and rent out.

RedBricks Homes Ltd, developer of Amen Estate at Eleko, has a very good range of luxury buildings in their phase 2 which consists of 2 bedroom flat, 3 bedroom bungalow, 3 bedroom semi-detached duplex, 4 bedroom semi-detached and fully detached duplexes for sale. Interested in Amen Estate Phase 2 buildings? Click here.

One other way to tap into the huge rental income of Ibeju Lekki if you are on a low budget is to go for block of flats in good areas.

And one good property that best fits this is Gracias Residences (Moonstone). It is a serviced estate at Origanrigan in Ibeju Lekki. What makes it a great real estate investment is its proximity to great developments like the Lekki Free Trade Zone (about 5 minutes drive to its entrance gate) and Dangote Refinery (just a stone thrown from the refinery).

Gracias Residences, a mini estate, consist of just 10 blocks of 1 bedroom selling for N8m and 2 bedroom flats selling for N9m. To top it all, payment can be spread for up to 12 months with an initial 20% deposit and you get your house key at 70% payment. See more details here.

Best Neighborhood in Ibeju Lekki for Real Estate Investing

So, what is the best place to invest in real estate in Ibeju Lekki? For great investing, the best neigbhorhoods are the Lekki Free Trade Zone axis, the Lekki International Airport axis and the La Campagne Tropicana Resort axis.

  • Lekki Free Zone Axis

Best areas to invest in around the Lekki Free Zone are Eleko, Akodo, Origanrigan, Itamarun, Oshoroko, Igbo Olomi, Ogogoro Town and Otolu.

Premium properties in this axis are;

This axis starts from Elerangbe down to Bolorunpelu village, to the proposed airport site and stretch to the Lekki Free Zone 2 and Alaro Satellite City in Epe.
Properties along this axis are;

This area goes through the La Campagne axis down to Folu Ise, Igbogun and all through to Imedu and then to Ise town.

Properties in this axis are usually on a low budget because of the location, distance and title. Properties here are good for long term investment purposes only.
Properties in this axis are;

All in all, the Ibeju Lekki real estate market is the perfect hidden opportunity in the Nigeria real estate market of today. To grab the investment opportunities in the city, check any of the above-listed properties and then contact me on 08036129474 for a free inspection to the estate(s) or click here for more affordable, safe and premium properties in Ibeju Lekki.

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    Oyedepo John is the MD/CEO of Landicon Realtors Ltd. He gives professional real estate advice and helps smart investors make profitable real estate investments for high ROI, thereby creating wealthy landlords.