Real Estate with Sally

The Lagos Real Estate Market 2022 | Why You Should Invest In Real Estate in Lagos| Real Estate with Sally

         THE WHY BEHIND OUR PROPOSAL

In 2019 Real Estate Rental Industry in Lagos was estimated to generate ₦2.5B in annual income as quoted by Real estate with Sally. With 1000 migrants moving into Lagos every day according to Vanguard Nigeria, the need for comfort, space, convenience, security, safety, shelter and over all feeling that comes with a home has made the Real Estate industry a non negligible market in the investment chain.

While there may be lots of niches to invest into, nothing beats the joy of buying a property at an almost ridiculous price only to have it drip so much value in return in the shortest unprecedented time.

Think of it like, being in the 90s and foreseeing VI, Marina, Lekki, Ikoyi and the rest being a centre of economic attention and going ahead to acquire properties around the neighbourhood to sell for a high return in 2021.

We’re offering you a location where the new Lagos is headed.

The deep Seaport is sighted here, the Lekki Airport, Dangote refinery, the Free-trade Zone housing over 500 top tier companies from different industries.

The Cash-flow Maths Behind the Location:

Experts forecast that in the next 10-15years a plot of land in Ibeju Lekki will be selling for over 450M per plot.

Based on key industrial activities like the Power Oil Production Plant, the Lekki Free Trade Zone, housing Dangote refinery (which is expected to be the largest refinery in Africa by output capacity), Dangote Fertilizer and Petrochemical Plant, Lekki Deep Sea Port, and other industries as well as Multi-nationals, and other notable developments within the area including the Pan-African University new campus and the site for the proposed Lekki International Airport.

The developments and commercial activities in the FTZ can possibly employ as much as 50,000 people and lead to a town of up to 200,000 in population.

With this, properties close to the FTZ will steadily rise in value based on their proximity to the business district, and by 2035, FTZ road would likely have a development pattern similar to that of Lekki Phase1.

Residential developments in the exterior parts of Ibeju Lekki (Awoyaya, Abijo, Lakowe etc.) will be located in between the two business districts of Victoria Island and FTZ and their value will appreciate at a slower rate due to their considerable distance from both business districts (about 1 hour 45 mins to Victoria Island and 45 mins to FTZ).

According to research, the rate at which Ibeju lekki is growing is triple times over all other areas in Lagos. Property value appreciates fast and is constantly rising.

A plot of land in Lekki Phase 1 as of 2001 was sold for 10million naira and in 2021, the same plot of land sells for over 500million naira.

Ikoyi: In the ’80s, a Plot of Land in Ikoyi used to sell for less than ₦2million, but today (2021) it is priced between 700million and a billion naira.

VICTORIA ISLAND: In the ’90s, a Plot of Land in Victoria Island used to sell for less than ₦10million, but today (2021) it goes for ₦800million and above.

Late 2019, I was on the fence just like you now. Properties in this location were selling between 1M and 1.5M fast forward now to 2021 the very location now sells between 5.5M and 10M.

What changed?

1. Increased awareness of the viability of the location leading up to increase in demand.

2. Infrastructural Development:

The six-lane road construction by the Lagos State government in addition to the influx of top tier companies heavily invested in billions as a result of the Free-trade Zone and Seaport.

Few months from now the road will be completed and the Seaport, already scheduled for a kick off will commence operation. Adding to an even more increase in value for the location.

WHY SHOULD YOU OWN A PROPERTY HERE?

Earlier this year, I was with my uncle, while banting about Real Estate Investment and the likes, as we always do when he shared a very painful story with me.

In 1986, someone approached him to buy four plots of land properties in Lekki Phase1 for 500naira only!

He was well to do and as would be expected in a communal community, different people approach you with things they wish sell, knowing you have the buying capacity.

During that same time too, someone else approached him about two plot size he had for sale at Ogba, Ikeja for the same price.

Ogba was considered a developed place as at then. There were roads and houses with people living in. Lekki, on the other hand was surrounded by bushes. With Chevron being the only structure close to site.

Why they even went for the thick bush in Lekki, no one knows!

Like you and I would probably have done, my uncle went for the 2plots he was offered at Ogba.

And that was the biggest regret of his life.

Right now, the best location in Ogba is valued between 25 and 50M naira while Lekki Phase1 is valued at 500M per plot.

He lost his chance of 2B in returns for a 100M in Ogba!

Why am I sharing this?

Good roads and people don't drive the value of a property and location. Industries does!

When there are industries and companies, people are naturally compelled to a place which automatically optimises the property of the location as is in the case of Lagos State and other States in Nigeria.

Lekki had just one company, Chevron, that attracted thousands more generating billions in dollars and scaling the value of its Real Estate. Right now, Ibeju Lekki has 26 top tier companies heavily invested in billions including Dangote Refinery and Flour Mill notwithstanding the Seaport and Airport project.

Will you throw it all away?

This is an investment opportunity for the future, a heritage that will live through in the family for our children to inherit.

Perhaps, you don't really live in Lagos and you consider it a waste.

65% of people who invest in Lagos don't live in Lagos. As a matter of fact, they don't even like Lagos. But they invest because of the unbeatable returns that comes with it and that shouldn’t be the prime goal of investing at all.

It all falls back to you. Wil you choose to invest in Ibeju Lekki today? Reach out to us using the Schedule Inspection button below.

Sharing is caring, share this article to your friends and loved ones if you think we did a great job. Also let us know your opinion in the comment section below.

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