There are some basic things to know before buying a land in Nigeria and with many people wanting to know the best places to buy land in Lagos Nigeria, it is only wise to consider location when investing in real estate.
You must have heard the old popular phrase LOCATION! LOCATION!! LOCATION!!! when it comes to real estate investment. And come to think of it, location has a lot to do with your return on investment.
As a first-time real estate investor, while considering location before buying land and properties, you should consider price appreciation of the property in that area as this goes hand-in-hand.
Why is Location So Important When Buying a Land?
Due to the fact that land or a house cannot be moved from one place to the other means, you should strictly consider location before buying your next landed property.
Location is one of the most important factors in real estate investing as it dictates the profitability of your investment.
When we talk about location, we should be considering some basic factors such as;
1. Commercial Activities: How fast commercial activities are booming in a particular area will surely determine how great investment in those areas would become. A high presence of businesses and other commercial activities in the area is a good sign that the area is going to become hotcake in the future.
2. Proximity to Developments: Lands and properties very close to developments like markets, transport hubs, highway, tax-exempt areas, ports, etc are surely a great investment.
3. Traffic: Traffic here doesn’t mean gridlocks on the road. What I mean is a multitude of people moving to a certain area because of development or increased-economic-indicating projects.
So why is it so important?
Because it dictates how profitable your investment would be!
Let me tell you a true life story – I like stories 🙂
These are stories from 2 of my clients who had two different experiences in their real estate investing journey.
Client A bought a piece of land around Lekki axis in 2002 at N800,000 a plot. When she was sharing this story with me last year (2018), it was already 16 years she bought the land and that land has worth about N100m.
Client B also bought a piece of land in 2008 but in Ago Palace for N700,000. Then about 10 years after (2018), the land is worth N15m.
What can we pick out from the above experiences?
- They both bought a piece of land in Lagos state.
- They both made good investment choices.
- They bought at different locations.
- But the investment does not yield the same profit.
Client A had her investment produced N100m while Client B had his investment produced N15m.
Although Client A’s investment has spent 17 years to have appreciated that high, in another 7 years, Client B investment can not worth N100m.
What happened? LOCATION!
So Where is the Best Place to Buy Land in Lagos?
There are some few places that guarantee a high return on your investment which are as well quite popular in Lagos and they are;
- Ibeju Lekki
You may be wondering why the above locations made my list. Let me give some quick explanations as to my choice of locations.
1. Lekki: Lekki is very popular today because of its rapid development and high appreciating rate of landed properties in the area. Yes, Lekki Phase 1 used to be a good place to invest for a high return on investment (in terms of land flipping) but no more because it has reached its peak for now. It can only appreciate up to about 2% in a year.
But if you are looking to invest in rental properties, Lekki is one of the best places in Lagos to invest in.
2. Sangotedo: Sangotedo is a town just immediately after Ajah and it has gathered a lot of investment over the years. We have experienced commercial and real estate boom in this part which has created a very high return on investment for the wise investors. For example, a plot of land in Westwood Park Estate Sangotedo sold for N8.4m in 2017 and 2 years after it’s selling for N17.5m a plot.
3. Ibeju Lekki: This part of Lagos is termed the new Lagos because it is the next real estate investment hub of Nigeria. If you are thinking of investing in real estate for a BIG return on investment in Nigeria, then buy land in Ibeju Lekki, Lagos. The reason is location and proximity to great developments by government, international and local investors and companies, etc. So much is happening in Ibeju Lekki that you can not avoid investing in its real estate.
4. Epe: You don’t have to be told about the potential that exists in Epe axis of Lagos State. As development criss-cross through Ibeju-Lekki, you find out that Epe Local Government will be the next bus stop as people will be rushing to that part for cheaper and affordable accommodation.
5. Magodo/Omole: Because of its proximity to developed cities like Ikeja and close proximity to developments, properties in this axis will appreciate really fast and high as well.
6. Badagry: Many people don’t know this yet but Badagry is still going to be a great real estate investment hub as a result of the deep seaport and the discovery of crude oil in the area, not to mention the 10-lane expressway with a monorail transport to connect the area with the rest of Lagos.
7. Ikorodu: Though nothing much is happening here, people are flocking to this part of Lagos. There is presence of developments like market and booming commercial activities in the area and all these will make properties appreciate fast.
However, of all the places mentioned, Ibeju Lekki has a higher chance of becoming the best real estate investment hub, which is capable of surpassing what you are seeing in Lekki of today.
Reason is, Ibeju Lekki is the fastest developing city in Nigeria as we speak with great developments like the Lekki Free Trade Zone, Dangote Refinery, Lekki Deep Seaport, Lekki International Airport, Dangote Jetty, Numerous Private Estates and several enterprises, multinationals and companies that are already positioned like Power Oil, Kelloggs, Dano Milk, Longrich, etc.
There is only one answer to why all these great establishments and rich men like Aliko Dangote and Femi Otedola are investing in Ibeju Lekki. It is because Ibeju Lekki is the ONLY and NEXT best place to invest right now.
And come to think of it, Ibeju Lekki is cheap at the moment, just like Lekki started many years ago. With a minimum of N600,000 to about N15 million, you can afford to become a proud owner of land in Ibeju Lekki.
Yes, there are also cheap lands in places like Ikorodu and Badagry but these places do not have the kind of development that can make your investment grow like wildfire. Investing in places like Ikorodu, Badagry, Ikotun, etc is also a good investment but the rate of appreciation will be very slow that in 5 years time there won’t be much difference between the price of the land and the price you bought them.
Unlike Badagry or Ikorodu, Ibeju Lekki has a strong indication that prices of properties will appreciate very fast and high and that is because of the developments and landmarks in this location.
A plot of land in an estate at Oshoroko in Ibeju Lekki was sold for N2.5m in 2016, barely 3 years after, a plot in the same estate is now selling for N7m. What do you now think will happen after all the projects in Ibeju Lekki start operation?
Buy land in Ibeju Lekki today because Ibeju Lekki is the best place to buy land in Lagos at the moment.
Where to Buy Cheap and Safe Land in Ibeju Lekki
With a budget ranging from N700,000 to N15m, you can buy a plot land in Ibeju Lekki – safe and genuine. See below for some great recommendations;
1. Lekki Pearl Garden II – N800,000 (click here for more details)
2. Bricks Courts 2 – N700,000 (click here for more details) – SOLD OUT
3. Wexford Estate – N1,200,000 (click here for more details)
4. Royal County Estate – N3,000,000 (click here for more details)
5. Beachfront Court – N5,000,000 (click here for more details)
6. Eminence Court – N5,200,000 (click here for more details) – SOLD OUT
7. LekkiVale Estate – N5,500,000 (click here for more details) – SALES CLOSED
8. Frontier Estate – N7,500,000 (click here for more details) – SOLD OUT
9. East Amber Estate – N12,000,000 (click here for more details) – SALES CLOSED
10. Amen Estate Phase 2 – N17,000,000 (click here for more details)
Click on the link of the estate above for anyone that falls within your budget and let me help you through the process of purchase and document perfection with zero stress.