Lagos is one of the most expensive cities in Nigeria to purchase land or buy a completed apartment. There are various factors that keep contributing to the cost of buying property in Nigeria’s commercial city.
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NB: The cost of getting a plot of land in the locations mentioned in this article is subject to change. As a buyer, there is room for negotiation, it’s an African market, so negotiate, especially when it isn’t a fixed price and verify the property documents at the ministry.
We should remember that the state is geographically the smallest in the country (with an area of only 3,345 square kilometers), but is ironically the most populated.
To get a piece of land in a reasonably developed city of this sort will be expensive. However, even in the same Lagos, some places are more expensive than others.
Most Expensive Places to Buy Land in Lagos
If you are ready to purchase a plot of land where you can find the likes of billionaires and lavish artistes in Nigeria, you must definitely be ready to spend some millions even as you take precautionary measures not to fall victim to land scams in Lagos. Here are the most expensive locations you can buy land in Lagos.
First on the list is the Eko Atlantic. This project is not only an innovative one but an expensive one too. Therefore, it is only reasonable for the investors to attach a huge price to the space. To land in this smart city, you have to be ready to spend over $4, 000 (per square meter).
You should know that the Eko Atlantic City project is a man-made city that is driven by technology and innovations. It was birthed by an attempt to reclaim land on the shores of Victoria Island, driving back the water of Bar Beach to create a world-class neighbourhood.
Banana Island is one of the most expensive places to buy land in Lagos. This prestigious neighbourhood is around Ikoyi, and is famously synonymous with wealth and affluence. In other words, it is a place for the rich and wealthy folks.
Almost everything in Banana Island is expensive, and land won’t be an exception. You can spend as huge as $1.8 million (NGN774 million at the official rate) just to get a piece of land at Banana Island. And just to satisfy your curiosity, there are many people who are landowners in this area already – mostly millionaires and billionaires.
Lekki is another famous area in Lagos with a high concentration of wealthy and successful businessmen and women from different parts of the country.
This is an area that is an abode to business moguls, captains of industries, celebs, and so on. Hence, it has to be an expensive place to buy land.
A plot of land in Lekki, measuring 600SQM is between NGN35 million to NGN50 million, depending on the location. An expensive one can be as high as NGN200 million per plot.
Nevertheless, many of those well-to-do individuals don’t really mind, because there is respect that comes from living in Lekki. Located on Lagos Island, the neighbourhood is a sign of beauty and class in an orderly and secure environment.
Victoria Island is also an expensive residential and commercial area in Lagos Island. Victoria Island is very sophisticated and seems to be in a class of its own.
Many of the people that reside here are wealthy businessmen and women, expatriates, as well as management professionals.
VI is a diplomatic centre that houses several foreign embassies and consulates in the country. Hence, these factors have been pushing the affluence of the city.
The average cost of land on Victoria Island is as high as ₦500,000 per square meter.
Not just anyone can reside in a place like Ikeja GRA. This is easily one of the most preferred locations of the wealthy class. Indeed, a lot of very rich folks that chose to settle in Lagos Mainland are living in Ikeja GRA.
A property GRA, Ikeja, can for as high as NGN3000,000,000 or more but you enjoy serenity and calmness. You enjoy a reasonable amount of security, good electricity, well-paved roads, and other stuff that enhances quality of living.
Maryland is also a sophisticated part of Lagos, even despite being in the centre of the State. Interestingly, Maryland is very close to Ikeja and has been benefiting from this proximity.
There are several estates in Maryland that are very outstanding on different fronts. You can enjoy premium security and several other things that should enhance the quality of your life.
It comes at a price though, since you will have to pay as huge as ₦50,000,000 for a plot of land in Maryland.
Ikoyi is also in its own class, filled with expatriates and wealthy Nigerians who are comfortable with its affluence. There are also several premium estates that consist of Ikoyi – such as Dolphin Estate, Parkview Estate, and so on.
It will take you as much as ₦950,000 to get land in Ikoyi (per square meter), but it’s cool if you can easily afford it. You will enjoy the bliss of a sophisticated environment with well-paved roads amongst others.
Magodo is the location of one of the most superb areas in the city (Grenadines Homes Citiview Estate). Aside from the huge cost of getting properties in this estate (from anything N26,000,000 to N50,000,000), it also has a whole lot to offer.
When it comes to infrastructure, a lot of things were orderly put in place by the administrators, and residents will benefit greatly from important things like good security and the rest (it very close to the Alausa Secretariat).
While Ajah is sitting outside Lagos city, there are several reasons people are willing to pay hugely to reside here. There are various high-paying organisations operating from Ajah, and the neighbourhood is one of the best in the State.
To buy a piece of land here, you may have to pay between NGN25,000, 000 to NGN50,000,000
Located in Lagos mainland, it is becoming almost impossible to get newer lands in Surulere. But if you should see one, then be ready to pay as much as NGN50 million Naira for a plot.
While Lagos in itself is costly, these are some of the most expensive locations to buy land in Lagos, and the way land appreciates in these locations is worth it.
Above all, you should carry out due diligence before making payment for any land in the aforementioned locations. Check that the land documents are original. Verify such documents at the land registry at Alausa because there are always bad guys that are ready to prey on unsuspecting real estate investors.
- By ekoatlantic.com