Have you ever been to Lagos? The smallest but largest city in the country which serves as home to over 10 million people is bound to have a somewhat distorted proportion of property available to people willing and able to invest in them. However, there is one particular area that defies this theory, an area that has people trooping in to purchase property as though they are being chased by a Rottweiler that would eat them for dessert if they went elsewhere. I am talking about the area where the big boys and girls, and the ‘happening’ people in Lagos reside – Lekki. Home to some of the most important people in the country, beautiful roads and the astonishing Lekki-Ikoyi link bridge, it is little wonder why people are trooping in to invest in this “still under construction” area before it is finally too late.
The rush began when the slum Maroko was brought down and renovated to make room for more land to provide accommodation and other related functions. Seizing this opportunity, real estate companies started erecting buildings to cater for the onrushing individuals looking to settle in the new area. As the troopers became more and more than the available properties, the law of demand and supply set in, the price of real estate assets began skyrocketing until it became the powerhouse of real estate in the Lagos State. Landed properties in Lekki Phase 1 exchange prices for millions of Naira, and while it might seem like a good investment, is following the crowd really worth it?
If you are financially buoyant and are able to invest millions of Naira then by all means, YES!
Below are the reasons why:
- The potential for over 200% returns per annum:
Due to the rush to secure properties in the Lekki area, the price of real estate is sure to keep increasing. In fact, it is believed to experience a significant rise of up to 200% every year. This means that if you were to purchase a property of say 10 million naira today, by this time next year, that same property would be worth a little above or below 20 million naira. How about that for a profit!
- Well ventilated environment because it is situated by the sea coast
If you are one of those who love to live in solitude or love to enjoy some silence, this is the right place to invest in. Lekki is bordered by the Atlantic Ocean and the Lagos Lagoon, making it a well-ventilated and peaceful area.
Apart from the fact that Lekki has toll gates to keep the calm of the area, its estates and surroundings are guarded by well trained and armed personnel. Did you expect anything less from the area where powerful men and women live?
- Ongoing International Projects
There are numerous large scale projects going on in the Lekki axis such as an international airport, a seaport, Dangote refinery and oil tank farms to name a few. There also exists the Lekki Free Trade Zone often written as LFTZ, spanning over 805 hectares of land with the potential to offer access to a large consumer market across West Africa. When completed, all these projects will provide employment opportunities and give residents the opportunity to work not far from home in some of the best planned and developed areas in Nigeria.
- Future Developments
Lekki is gradually becoming the bitcoin of real estate investment, and it is only wise to invest in it now before it becomes too late.
However, if you can’t afford the exorbitant amount required to begin real properties investment in Lekki, settle for something within your budget as there is no point trying to belong if it will cost you dearly.