Housing is becoming more challenging in Lagos, Nigeria’s commercial capital, as the ever-busy city continues to welcome hundreds of newcomers every minute.
If this trend continues, Lagos may run out of land for inhabitants to build houses. That’s going to affect rent as residential areas are gradually being turned into industrial locations.
In the 1980s-90s, you could comfortably get a plot of land at Lekki, Sangotedo, Aguda for N600,000 or lesser, depending on its location.
That has changed. Today, you may find it nearly impossible to get a plot of land at Lekki for N20,000, 000.
The least you can get at a plot of land at Sangotedo is N5,000,000/plot with just a survey plan, meaning you’d have to budget at least N1,000,000 to procure a Certificate of Occupancy (C of O) and a government-approved survey.
You should be budgeting at least N10, 000 for a plot of land that has a C of O and Deed of Assignment in the same location.
Remember, the location and the worth of your property determine the cost of your C of O.
Ungoverned land can hardly be found at the above locations including Ikeja, Ipaja, Idimu except you buy an old building, which you can be pulled down to start building afresh.
The latest report by Bloomberg shows that Lagos is toeing the footprints of Canada, the second-largest country in the world.
In the housing sector, there is an imbalance between supply and demand.
“Buyers want large homes but increasingly can’t have them because there isn’t enough space in and around the major cities where people work.
“The dream of a detached home and a piece of land, which generations of Canadians have taken for granted, and which continues to entice new immigrants, may soon be out of reach in the places where people want to live,” Ari Altstedter writes in the latest report.
Research showed that “Canadians on average live in some of the biggest houses in the world, and post higher rates of homeownership than in the U.K., or France, or even the U.S. The pandemic has put an even bigger premium on backyards and extra space.”
Lagos And Canada Have Something In Common
While Lagos is considered a land of opportunities for millions of Nigerians who flood the state every day, Canada is seen by many as the comfort zone for people around the World for quality education, top-notch health facility, and well-paid job. They all need somewhere to lay their heads.
What the city and Canada as a whole have in common is the rate at which people who are in search of greener pastures find their way into them. Housing is increasingly becoming “hotter”.
We’ve seen the scarcity of land in Lagos coming. But Canada’s situation in terms of housing is a recent phenomenon, according to an economist at Royal Bank of Canada, Robert Hogue.
He was quoted as saying, “Running out of land in Canada is a relatively recent phenomenon compared to Europe, or Japan, or other parts of the world.
According to him, homeownership for future generations is going to look a lot more European.
Let’s come back to Lagos, the demand for Short Let Stay is growing in some parts where bankers and businessmen, and women come to Lagos for business summit and workshops, or meetings.
The Scarcity Of Land In Lagos:
The scarcity of land in some parts of Lagos is naturally pushing some residents to nearby towns and villages in Lagos.
For instance, most of the residents of Ibafo, Mowe, Sango, Akute (which fall under Ogun State) work in Lagos while they buy and build apartments in neighbouring Ogun towns.
Those who are bent on living within the city either buy an old building to build a new one to their taste while hundreds of others are now migrating to Ikorodu, Badagry, Epe, Ibeju-Lekki, and other areas that were seen in the late 90s and early 2000s as villages.
The price of plots of land are skyrocketing in areas earlier seen as villages in Lagos
Ibeju-Lekki where Dangote Refinery is located is changing face. The cost of a plot has gone economically gone up.
At the time of this publication, you get can a plot of land at Ibeju-Lekki between N800,000 to N1,000,000. The price of land in this location is expected to skyrocket by the time Dangote Refinery begins operation by July 2021.
The facility which is sitting on 6,180 acres (2,500 hectares) at the Lekki Free Zone, Lekki, will be a major determinant of what you pay for a plot of land a few months away.
A plot of land at Isawo in Ikorodu goes for N800,000 or more, depending on the location.
What You Can Do As A Potential Real Estate Investor in Lagos
If you know a trustworthy real estate broker or consultant who markets plots of land to you, buy from him after doing your due diligence. Because the price isn’t going to be the same by May 2022.
“Someone walked into my office over twenty years ago and offered me land in Lekki, N600,000 for almost six plots. I said what am I going to do in Lekki.
“Today, each of those plots, if you have N80,000,000 you’ll sweat to buy it. So I could have been a multi-millionaire by now. Just like that!” the Senior Pastor of the Covenant Christian Center, Pastor Poju Oyemade said in a short video that is popular among real estate brokers and consultants to buttress the value of real estate investment in Lagos.
About The Writer
Opeyemi Quadri is the founder of BuyLandLagos, a property brokerage firm that specialises in search of legit property around Lagos State.
When you’re satisfied with what you see, you can then book an inspection. You can find the list on our verified property page.
We partner with a few real estate companies and a genuine property owner. You can get them in Ajah, Ibeju-Lekki among others.
See some of them below:
|Size of Land||Location||Price/Plot||Title|
|Monastery road, Sangotedo, behind Shoprite Ajah.||N5,000,000||Survey|
|80 Acres||Apa road, Badagry Lagos||N600,000||Survey|
|11 Acres||Isawo, Ikorodu Lagos||N800,000||Survey|
|2 and Half Plots||Idimu, the land is facing the express way beside GTB bank||N150,000,000 all plots||Survey|
|5 plots||6th Avenue Festac Town Lagos||N8,000,000||Survey|
|50 Acres||Folu Town after Lacampaign Tropicana by Dangote refinery Lagos.||N800,000||Survey|
NOTE: They are all 100% Dry Land
Your location doesn’t matter. If the price is okay by you, ask for video of your preferred location and we’ll get it across to you.
You can talk to Opeyemi Quadri the owners of BLL and real estate broker on 08065277758