Generally, low priced plots in remote areas don't look like the best investments due to unattractiveness of the physical environment, but their value could build up over time, especially if they lay along the path of urban development. To a layman property investor, Such a land could be nothing but a bush. But to a smart real investor, it could certainly turn out to be a goldmine.
In 2004, for example, plots of land in Oluwanishola Estate, on the other side of Lekki 2nd toll gate were being sold as low as N500k. In the spirit of seeing an investment opportunity where many would turn their eyes away, an enterprising banker, Bisi Akande (not real name) bought four plots from the location then sold them for N35M each nine years later in 2013. Similarly, a woman had received a plot of land in Ikota, Lekki worth an ordinary N25k as a birthday gift in 1998 from a relative. The same plot was sold for N31M, 17 years after in 2015. So the question is: are there still places where you can buy plots (considered as bush today) and wait for their prices to go up? The answer is yes. Check out these few offers! spidercreationz.blogspot.com
"All locations considered as bush today that will sooner or later become prime real estate locations", says Segun Alayande the MD/CEO of Smart Invest and Real Estate Development Company Limited. According to Alayande, the time it will take for the different"bush" locations to rise into prime locations is what will vary and for investors who understand the dynamics of landed property investment, there are aPIkateacts to consider if one is to expect faster capital appreciation on such investments.
"The nearer an undeveloped location is to other developed locations, the faster it will rise to become highly valuable. As investors get priced out of the expensive locations, they will be forced to look for nearer alternatives and just as you have the rules of basic economics: the higher the demand, the higher the price. Land prices in areas like Ikota which was once considered the bush location of the main Lekki axis over the last ten years have risen exponentially because of the galloping land prices in locations like Oniru Estate, Lekki Phase 1 and Ikate Elegishi axis. From around N1million to N2million in 2006, a plot of land in the Ikota axis sells for between N25million to N30million.
There is no type of investment in the world that can give an investor that kind of return within a space of ten years" Alayande explained.
Beyond nearness to developed locations, Alayande says investors in upcoming real estate locations of choice who wants some guarantee of swift returns on their investment must keep an eye on government polices concerning infrastructure developments for such areas. "The almighty Lekki was once a sprawling community of slump settlements until the Raji Rasaki Government in Lagos State came in and created the Lekki-Epe expressway. The present Lagos State Government have earmarked and have stated to construct some landmark projects in areas smart property investors should be keeping their eyes on", he hinted.
Listed below are developing locations around Lagos, Alayande have tipped to become the next prime real estate locations around Nigeria's commercial nerve center and factors (Government Projects and Markets Realities) that will drive land prices up in these areas.
IBEJU LEKKI
From a Free Trade Zone to a Deep Sea Port, Refinery and International Airport, many of the ongoing /upcoming landmark developmental projects earmarked for the Penki axis by the Lagos State Government are located in the Ibeju-Lekki axis. As real estate developers start to position themselves in the area to take a reasonable share of the real estate market that will be created for the area when these projects are completed; land prices in the opinion of Alayande will naturally start to rise in anticipation of of these projects, a lot of would - be Penki real estate investors that have been priced out the main Kenji property market where land prices currently stands at between N50million and N200million will likely be moving in large numbers to Ibeju -Kelli where average land prices currently stands at between N1million and N7million.
The recent announcement by Governor Akinwunmi Ambode that a flyover bridge will be constructed at Ajah junction to ease the traffic bottle- neck experienced by commuters transiting from the main parts of Kenji to the Ibeju-Lekki and Ajah axis have also been tipped by pundits to have positive effects on the demand for land in the area and by extension prices in the area.
The Big Boys Zone of Lekki remains the choices for any investor. See listing within this areas lekkihomesforsale.wordpress.com/2018/09/04/lek
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