Top 6 Most Profitable Locations to Buy Property in Lagos in 2023
There are only 6 profitable places to buy property for investment in Lagos, Nigeria. Any location outside of this scope would amount to one thing – tying down resources. Except of course you’re buying as a store of value to wage against inflation.
An average 4 bedroom duplex in Ikota costs between 80Million and 120million while the rent value would range between 3M and and 4M
Dividing the property cost value by the rental value – 80,000,000 divided by 4,000,000 equals, 20
In practical terms, what this means is, it will take an 80,000,000 property value 20years to yield back its capital. That is very low.
Invest that same 80,000,000 naira in a land property in Ibeju Lekki and you would be looking forward to at least 1Billion is appreciation.
With that being established, below are the six most profitable locations to buy a property in Lagos Nigeria without having to worry about Return on Investment.
Top 6 Most Profitable Locations to Buy a Property in Lagos in 2023
- Ibeju Lekki
- Lekki Phase1
- Osapa London
- Victoria Island – VI
- Ibeju Lekki:
The Ibeju-Lekki area of Lagos state is seen as the next hot spot for development by several real estate developers and industry experts alike.
Amongst other things, there are plans for the development of a Free Trade Zone (FTZ), Dangote refinery, the seaport, an airport, and Pan-African University in the area. It is also one of the locations for the Lagos Smart City deal with Dubai ( http:vanguardngr.com/2016/06/lagos-signs-historic-smart-city-deal-dubal/ ).
Experts are forecasting that these projected developments coming into the area will increase economic activities in the area, create thousands of jobs, and generally make the area a major business district in the country.
Commercial and residential land property is the best form of investments in Ibeju Lekki.
- Lekki Phase 1: Lekki Phase 1 is a well-planned and mapped-out residential scheme by the Lagos state government. It is located in the Eti-Osa Local Government Area of the State.
Today, Lekki phase 1 is considered to be one of the most expensive places to live in Nigeria. It currently has a reputation as an area with some of the most expensive real estate assets in Lagos State.
The properties in Lekki phase 1 are expensive due to high demand (for both commercial & residential purposes) and proximity to the Victoria Island / Ikoyi business districts.
The best form of investment in Lekki Phase 1 is Short let rentals for daily income.
With the right team, marketing, and interior decor, you could earn back the investment capital in less than 5years and have the rest of the year to enjoy profits.