Why Investors Are Rushing To Own Properties In Ibeju-Lekki And Epe
Lagos is the home of real estate in Nigeria. Many areas in Lagos are prominent for their high-quality real estate properties (lands and houses). However, recent development has shown that investors are more interested in owning properties in Ibeju-Lekki and Epe areas. If, like so many people, you’ve been wondering why investors are rushing to own properties in Ibeju-Lekki and Epe; this post is for you!
Also, if you have been contemplating whether or not real estate is worth the hype, there’s good news! Investing in real estate is worth every hype it gets. Want to invest in real estate but don’t know how? This post, 5 Simple Ways to Invest in Real Estate, will guide you.
Here’s why investors are rushing to own properties in Ibeju-Lekki and Epe.
WHY INVESTORS ARE RUSHING TO OWN PROPERTIES IN IBEJU-LEKKI & EPE
Ibeju-Lekki also referred to as the “new Lagos,” has been causing quite a stir in the real estate sphere with many conversations about how fantastic real estate investment in the area is. Here’s why investors are rushing to own properties in Ibeju-Lekki.
1. High return on investment
Due to the many prospective international projects in Ibeju-Lekki and its environs, like the Lekki International Airport, Dangote Refinery, and Lekki free trade zone, amongst many others, the return on investment in this area is very high.
Lands in Ibeju-Lekki that sold for ₦900,000 last year are now valued at almost ₦3,000,000. If those that bought land in Ibeju-Lekki last year decide to sell it today, they’ll be getting a profit of nearly ₦2,000,000. That’s a massive return on investment.
2. One of the largest job creation areas in Africa
Ibeju Lekki is considered one of Africa’s largest employment creation areas. Several projects are in progress in the Ibeju-Lekki area of Lagos State, one of which is the Dangote Refinery expected to create employment for about 235,000 people upon completion. The region is rapidly developing into the most popular industrial destination.
3. Low cost of lands and properties
The best time to purchase land or any other property in Ibeju-Lekki is now when selling costs are favorable and relatively low. According to research, the land cost in Ibeju-Lekki has climbed by 500% in the previous five years.
Right now, you can purchase a piece of land in Ibeju-Lekki for as little as ₦2 million, depending on the size or how many plots, acres, or square meters you want to purchase. However, the cost of land/houses in Ibeju-Lekki will continue increasing in the coming years; therefore, the earlier you buy, the better.
4. Rental Income
The real estate market in Ibeju-Lekki is very advantageous for renting out properties. As Lekki approaches its apex, people have started moving from Lekki to Ajah and Ibeju-Lekki, which has increased the cost of renting homes in Ibeju-Lekki.
WHY INVESTORS ARE RUSHING TO OWN PROPERTIES IN EPE
Epe is a town and Local Government Area in Lagos State, Nigeria, located on the north side of the Lekki Lagoon and about 90 km from Ibadan (the capital of Oyo State). Like Ibeju Lekki, investors are rushing to own properties in Epe, Lagos, and here’s why!
1. Affordable lands and houses
Since Epe is a developing region, real estate properties in Epe are still affordable. Research has shown that you can still get a piece of land in Epe for less than a million naira. Epe is currently one of the most affordable areas in Lagos State; however, properties in Epe are fast appreciating. In the next few years, getting land or houses in Epe will be more expensive than it is now.
2. Not as prone to flooding as Lekki
Since Lekki is surrounded by water, it is very prone to flooding, which can be challenging during the rainy season. However, Epe is not as prone to flooding as Lekki. A considerable amount of the land in Epe is extremely dry, making it a fantastic area to purchase land or houses. Buying land or investing in real estate in Epe ensures that your mind is at rest during rainy or dry seasons. We, however, can’t say the same about Lekki.
3. Fast Appreciation
In Epe, properties appreciate rapidly. Suppose you purchase land in Epe at ₦2 million now; in the next few months, that land’s value may have increased to about ₦4 or 5 million. That’s how fast properties in Epe appreciate.
4. Low cost of building materials and building
Compared to other areas in Lagos, building materials in Epe are affordable. Also, the cost of labor and production in Epe is considerably lower than in other places like Lekki because 95% of the land in Epe is entirely dry. Most of Lekki, for example, is covered by wetlands, and building on wetlands means spending a lot of money on layering the foundation. However, instead of spending loads of cash to fill land in Lekki, the funds could be used to build your proposed project in Epe.
5. Good road network
Epe boasts one of the best road networks in Lagos. The excellent road network in Epe always gets people talking. If you purchase a property in Epe, you won’t have to worry about a poor road network.
conclusion
The success of any real estate investment is dependent on several factors. However, research has shown that the success of any real estate investment is about 80% dependent on the location. When investing in real estate, you must ensure that you invest in an area with high potential and a booming real estate market. The real estate market in Ibeju-Lekki and Epe meet these requirements.
By investing in real estate in Ibeju-Lekki or Epe, you could be on your way to financial freedom! Investors that take advantage of Ibeju-Lekki and Epe’s current affordable pricing will see massive profits in coming years! Invest in Ibeju-Lekki and Epe now while you still have time. You’d be reaping the benefits of your wise investment decision in a few years.
Want to invest in Ibeju-Lekki or Epe? Contact us today; let’s make your real estate investment journey easy and stress-free! Enjoyed reading this post? You may also like Excision of Land, Excision In Progress, And Gazette Document.