70% of property buyers make the mistake of buying land in Ibeju Lekki every year and regret it. Avoid making the same mistake!
In this post, I made a detailed breakdown of red flags you should avoid as well as a guideline to follow that will help you buy land in Ibeju Lekki without regrets.
Why is Everyone Buying Land in Ibeju Lekki?
Buying land and investing in Ibeju Lekki has created millionaires and billionaires out of prior ordinary people.
And it’s not over yet, there are still great opportunities for anyone to tap into and grow their wealth even today.
Below are some of the reasons people are buying land in Ibeju Lekki
Presence of the Dangote Refinery:
The fame of Ibeju Lekki as an investment destination preceded after the Dangote Groups took a slice of the community for the construction of a refinery and Fertilizer plant.
With the project estimated to draw in over 200,000 working residents to Ibeju Lekki, we can unarguably agree that Real Estate will become a non-competitive goldmine in this location.
The Lekki Free-Trade Zone:
For those of us who have been hearing about the Free-Trade zone without knowing what it is, a Free-trade zone as the name implies is an area within which goods may be landed, handled, manufactured, or reconfigured, and re-exported without the intervention of the customs authorities.
The presence of the Free Trade Zone attracts industries, companies, and investments, which rubs off on the value of Real Estate in the area. And in this case, Ibeju Lekki.
The Lekki Deep Seaport:
Another prime development that has contributed to the heightened popularity of the Ibeju lekki Local Government among property investors is the Lekki Deep Seaport.
In 2019 I visited the Seaport at Apapa for the first time. It was amazing how the least property we found in this neighbourhood commanded as much as 1.5 billion nairas.
Now, the Lekki Deep Seaport is 5x more than what is obtainable in Apapa. As a matter of fact, it’s the largest in the whole of West Africa.
Imagine 10 years from now, what to expect as a value from properties neighbouring it.
The Lekki International Airport:
In October 2022 the Lagos State government announced its decision to commence construction of the Lekki International Airport following the Federal Government’s long-awaited approval.
So, imagine the Deepest Seaport in West Africa, an International Airport, a multi-billion dollar refinery and Fertilizer as well as a Free Trade Zone in one location. Tell me what to expect as Return on Investment for property investors.
Do you have a property in this location, or would you like to add more to your portfolio, click here and check out our top verified lands to buy from in Ibeju Lekki in 2023
Where is Ibeju Lekki Located?
Ibeju-Lekki is a local government area in Lagos State, Nigeria. The name of the Local government was derived from two autonomous communities, Ibeju and Lekki.
Ibeju Lekki is divided into two parts, the exterior axis, and the interior.
The exterior begins from the Abijo – Awoyaya axis to Shapati while the interior extends further to the Dangote Refinery – Airport road axis.
Top 5 Reasons you Shouldn’t Buy Land in Ibeju Lekki
High Rate of Fraud and Property Scam:
Just like an apiologist who must extract honey from a bee but is also at risk of being stung by the same bee. So is buying land in Ibeju Lekki.
The risk of falling prey to land scam is high, just like the benefits of owning one is juicy.
According to a famous property verification company in Lagos, 70% of properties in Lagos are scams.
Though I may not be able to verify those statistics, these few steps will help you avoid falling prey to property scams.
- Work with a credible and trustworthy Real Estate agent.
Working with a trustworthy real estate agent will save you 90% from the chances of falling prey to property scams because by virtue of experience they in most cases know the back ships parading as credible.
Moreso, as a rule of professionalism, one must have conducted personal due diligence on these properties to ascertain their credibility.
- Hire a Professional Land Surveyor to chart the land.
Just like gold and other precious materials, there’s a database that contains privy information about every land property protected by the office of the ministry of Lands.
The job of the Surveyor in this case would be to chart the land and ensure whatever title the property claims to have reflected the same.
By charting the land, the Surveyor can also rightly tell if the property is free from government acquisition or committed.
- Work with an experienced Real Estate Attorney to verify information on the Deed of Assignment and to carry out a background search on the property.
Slow Development Pace:
Until 2022 which welcomed the completion of the Lekki Deep Seaport and approval for the construction of the Lekki International Airport.
The validity of the investment potential of Ibeju Lekki has been a question in the minds of investors.
Electricity and road construction had been at a slow pace. However, ever since the Federal government’s approval for the construction of the Lekki International airport and the completion of the Deep Seaport.
The development pace has taken a whole lot bigger.
Just like Lekki, Ibeju Lekki is surrounded by water. Hence, not all locations in Ibeju Lekki have dry land, as most investors would have expected.
Hence, it is imperative to know this and factor in the cost of sand filling when buying land here.
Or alternatively, go for dry land instead in this location.
Click here to see our list of affordable dry land to buy in Ibeju Lekki.
Most property buyers have a flawed perception of this location and oftentimes end up buying an unfit property for their journey.
Every property has an audience it’s meant for. Lands in Ibeju Lekki are meant for long-term investment, not the short term.
While some properties exist to serve with a buying motive of immediate construction, others exist for buyers with intentions for long-term return on investment.
The difference is usually the price differences and rapid infrastructures.
It is imperative to check this box rightly as it affects and influences so many other considerations for an appropriate choice of property.
Real Estate Companies: Integrity should be the bedrock of every business. Unfortunately, verbs like that are scarce among most Real Estate companies in Lagos, especially within the Ibeju Lekki neighborhood.
Below are some of the dubious activities prevalent among insincere Real Estate Companies in Ibeju Lekki.
- Selling fake titled lands
- Failure to develop their estates, causes the value of the property to remain static instead of growing.
- Price trap, by imposing undue and compulsory fees on a property after completion of payment without stating clearly ahead.
- Selling government-committed lands
- Failure to perfect their titles before selling the land.