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Best Locations for Real Estate Investment in Oyo State

• Posted by Dorcas Tosin in Nigeria Property Market
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The real estate market in Oyo State’s major cities which Ibadan is inclusive is experiencing significant growth at the moment. The industry has seen a remarkable comeback compared to its past. This article explores profitable locations for real estate investment in the Pace Setter State.

Big names in the real estate business have started flocking Oyo and major cities in the state, drawn by the city’s lower operating costs and calmer atmosphere compared to Lagos and Abuja.

Most of them do have offices in the aforementioned locations, but Ibadan is where the real action is because there are so many untapped plots of land and fresh neighbourhoods to build there.

Big names in Nigeria’s business world, such as Alhaji Tunde Ologburo of Quikborn Nig. Ltd and Otunba Olumide Oshunshina of Megamund Nig. Ltd (Carton Gate Estates), among others, recognized this potential and made substantial investments in Ibadan’s property market years ago.

Before Adron Homes & Properties, GText Homes, and PWAN and others recently entered the fray, all of these players had already contributed to the growth of that industry.

They do this by investing heavily in constructing peaceful, upscale estates with desirable amenities that can be purchased at affordable prices, depending on the buyer’s financial standing and preferences.

This comes on top of the already existing privately held estates and government reserved areas.

Besides the well-known firms, Ibadan is home to a number of other developers that are succeeding admirably.

There are, however, a few standout properties among these manors. Those whose presence isn’t contingent upon physical proximity to Ibadan.

Some of these estates date back to the government’s early days, while others are more recent developments with cutting-edge architecture.

Oh, but here’s the rub: Because of their high prices, some of these mansions are reserved for celebrities and politicians.

Here in this content, I shall be revealing to you the 10 best locations for real estate in Oyo State and why they’re so popular.

We will not shy away from the fact that Ibadan is home to most of this investment location.

Best Real Estate Investment Locations in Ibadan, Oyo State

The following are the best real estate investment area in Oyo state.

Ikolaba GRA

In Ibadan, this is one of the few government-reserved neighbourhoods where A-list celebrities can afford to live comfortably.

Exclusive only to those who can afford it. Several government agencies in Nigeria are housed in this building, including the Nigeria Customs Service, the Federal Secretariat, and the NHIS.

Alalubosa GRA

It’s not an exaggeration to call Alalubo the “Magodo of Ibadan.” The estate has earned a reputation as a haven for the socially elite.

The huge coverage areas that are now home to numerous privately held estates are a major selling factor of the area, fetching prices of up to NGN25 million for a plot of land and up to 35–40 million naira for a landed property with a structure.

Oke Agala Estate

Located in Ibadan’s seedy Igbo-Agala Yemetu neighbourhood, Oke-Agala Estate has seen a remarkable transformation since its days as a haven for criminals, shamans, and other members of the underworld.

It’s been built up to the point where a piece of land can fetch upwards of 20 million Naira now. The estate is neatly laid out, with a convenient road system and a number of useful features.

Akobo Estate

Among the largest in Ibadan, this estate was built in several phases. General Gas, Akala Way, and other gated communities can be found there.

Similar to the other high-tech communities nearby, the real estate and land in this area are works of art and not inexpensive. Twenty million nairas (or more) is the going rate for a plot of land in the estate.

When former governor Adebayo Alao Akala improved the route connecting Kute, Olorunda, and Akobo-Ojurin, the economy of Akobo, and the Akala Way, in particular, exploded.

The name “Akala Way” was thus chosen for the roadway. The private estates in Akobo have made it a popular destination for property developers and investors.

Iyaganku GRA

The elite members of society are the only ones allowed into Iyaganku G.R.A. A residential area with some truly impressive architecture.

In this part of Ibadan, you may find the homes of notable figures like Chief Kola Daisi, Chief Bayo Adelabu, Senator Folarin, and many more.

Chief Mike Adenuga, chairman of Glo, also resides on the property in his own mansion, known as “Gold Digger’s Place.”

There are also a large number of highly knowledgeable people residing there. The Iyaganku G.R.A. boasts state-of-the-art infrastructure, such as a fully equipped police station for the neighbourhood, earning it the nickname “billionaire G.R.A.” in Ibadan.

Kolapo Ishola Estate

Located close to the Akobo/General Gas transportation node, this neighbourhood is expanding quickly. Although it lay dormant for a long time, the estate has recently recovered, becoming a favorite building site among developers because of its convenient location and ample acreage.

Properties, both undeveloped ground, and built-up real estate have become extremely valuable.

The estate’s main road, Iwo-road, loops back to Dizzengolf, which is a selling point. In this estate, the minimum acceptable price for a parcel of land with a Certificate of Ownership (C of O) Title is NGN12,000,000.

Aerodrome Estate

Former Oyo State Governor Otunba Adebayo Alao-Akala faced opposition when he proposed turning the defunct Samonda municipal airport into a housing estate.

However, the area has since become one of Ibadan’s most costly and rapidly expanding neighbourhoods.

An early sale of land fetched a price tag of around $3 million. However, the same land might today cost anywhere from $15,000,000 to $30,000,000, depending on size and location.

Aerodrome GRA is in a prime location, just off the well-paved Ojo Express route and within walking distance of both the Ibadan business district and the University of Ibadan. Within the estate, privately owned estates are being built at a rate of one per day.

Jericho

Another piece of Ibadan real estate with colonial origins, this one is controlled by the government. However, recently there have been a lot of new buildings appearing.

Two gorgeous estates were just built on the property thanks to a collaboration between the Odua group and a privately held real estate firm.

Onireke GRA

Onireke GRA is home to a diverse group of wealthy people, but it has long been assumed that a disproportionate number of Lebanese live there.

This is likely due to the estate’s proximity to Ibadan’s Central Business District (Dugbe), where many Lebanese enterprises are headquartered.

The area has matured into a posh, low-density residential centre. The cost of owning land or property here is very high.

Agodi GRA

Agodi GRA takes great pride in being both a posh neighbourhood and a peaceful place to live for its wealthy residents. It’s the place where important decisions are made and where authority is exercised.

This area is home to the Oyo State Secretariat, the Governor’s office and residence, the Deputy Governor’s residence and the First Lady’s office, and the Army Officers’ Mess.

There’s also the prestigious Justice Wale Babalakin crescent, where a single acre of land can cost you $50,000,000 or more.

Bodija Estate

When it comes to Ibadan estates, Bodija is right up there among the oldest and most well-known. Old Bodija is the most historically significant of the two halves, with many of its buildings dating back to the early 20th century.

The New Bodija section of the estate features incredible improvements and new buildings. One thing that can’t be denied about the estate is that it provides a tranquil, air-conditioned retreat for some of society’s most powerful figures.

With the exception of a small number of transfers from previous landowners, vacant land in Bodija is extremely rare. Nothing in this area is available for less than NGN25-30 million.

Conclusion

There are other areas in Oyo state you can exploit but, it may take some years to sell any piece of property in some of them. But you can buy and wait for the value of the land to appreciate.

As an investor, who wants to explore other methods of investing in real estate, you need to focus on Ibadan City in Oyo state.

As the locations listed above are sweet investment locations in Oyo State, don’t underrate the investment goodies in Oyo town, Asejire Area of Oyo State.

Featured image:

• The Guardian Newspapers