Over the years, Lands in Ibeju Lekki have grown from a once neglected and deserted location to emerging as the highest-selling neighbourhood currently in Lagos, Nigeria.
It is no news how the promising developments around this area have contributed 99% to the high investment drive to the location.
However promising the location is, buying land in Ibeju Lekki might not be the best for you in 2023 this is why!
First, I’ll like to state that, every property has its audience based on the buyer’s persona. Every property cannot be perfect for everyone.
Just like it is with consumer goods, while some people can spend thousands of dollars buying a Gucci collection, some will people will never spend that much on clothes even though they have the money.
The subject of preference can never be utterly dismissed when it comes to investment irrespective of its promising high return on investment.
Now let’s look at why buying land in Ibeju Lekki may not be a good decision for you in 2023
Why you Should not Buy Land in Ibeju Lekki in 2023
- Return on Investment Takes Time:
The truth is, Lands in Ibeju Lekki will take at least 3 – 5 years to yield recurring returns if one intends to enjoy the value that comes with the location fully.
This is because the value of properties is hinged on the development projects surrounding the neighbourhood which are still undergoing construction.
Like the Lekki International Airport which just recently gained approval for construction, the projects need time for implementation to take place in other to give life to the ultimate value of properties in the neighbourhood.
- Does not Generate Immediate Cashflow and Passive Income:
Buying Land in Ibeju Lekki will absolutely not be ideal for you if you’re looking to generate immediate cash flow of your investment.
Lands in Ibeju Lekki are long-term investment plans that demands leaving the property for some time to gain value before proceeding into development.
- Difficult to Resell:
The truth is, it’s easier to sell a house in Lekki than to secondary sell land in Ibeju Lekki.
While Ibeju Lekki is currently one of the best locations to buy land in Lagos, it’s imperative to know and understand these facts in other to assess oneself and ensure it’s a suitable investment option for you before proceeding ahead.
In case you’re wondering, amidst these:
Is Ibeju Lekki a good place to buy Land in Lagos in 2023?
Yes, Ibeju Lekki is absolutely a good place to buy land in Lagos. As a matter of fact, if thinking long term, it’s the absolute best place to buy land in Lagos, currently in 2023.
This is why!
Why Ibeju Lekki is the Best Place to Buy Land in Lagos in 2023
- It is home to the Lekki Deep Seaport which is the Largest Seaport in the entire of West Africa
The Lekki Deep Seaport is estimated to be 5x the value of the Apapa Seaport and currently, the value of the Apapa Seaport is in the hundreds of million.
Below are the current price of lands in Apapa Seaport for perspective on what to expect when you buy land by the Seaport in Ibeju Lekki.
- The Federal Government recently just issued the long-awaited Approval for the Construction of The Lekki International Airport.
One of the reasons for the slow pace of development in the Ibeju Lekki corridors was the delay in infrastructural development.
However, with the recent approval from the Federal government for the construction of the Lekki International Airport, development has taken a whole new level thereby accelerating the value of Real Estate properties in the area.
Below is the current value of properties by the Ikeja Airport for perspective on what to expect when you buy a property close to the Airport in Ibeju Lekki.
- It’s Affordable:
Ibeju Lekki is unarguably one of the cheapest locations to buy land in Lagos Nigeria despite the mouthwatering opportunities surrounding the location.
The cheapest land in Ibeju Lekki in 2023 ranges from 10 million nairas while the most expensive range between 65M and 100 million nairas depending on the precise location.
Critical things to Look out for Before Buying Land in Ibeju Lekki
Like nature would have it, wherever plants grow, weeds grow alongside.
Buying land in Ibeju Lekki requires an extra layer of scrutiny to avoid falling prey to property scams as most fraudsters now camouflage themselves by posing as credible Real Estate companies to sell fake properties with no claim on the books to innocent individuals.
Below are 3 Invaluable and critical factors to consider before buying land in this location.
- Who is Selling: It’s very critical to assess and reassess the company or individual selling before buying a property here. The company plays two major roles:
. Ascertains credibility of the property
. Ensures the development of the estate to accelerate Return on Investment.
As an investor, these factors are highly critical as the lifeline of your investment are tied to it.
- What is Selling?: The what in this case refers to the title covering the property.
Titles like Excision, C of O, and Governor’s consent are very good titles to buy from but titles like Excision in the progression is a dangerous risk to take.
As there in no guarantee that the government will eventually award excision to the land.
- Where is Selling?: Ibeju Lekki is a large community and local government in Lagos Nigeria.
It’s highly imperative to research the location of the land before buying.
Lands with proximity to renowned projects like the Lekki Int’l Airport, Lekki Free Trade Zone, Dangote Refinery and the Lekki Int’l Airport are good locations to buy from unlike properties far apart from these developments.
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