Land in Lagos has recorded marginal improvement to the delights of investors. The Ibeju-Lekki Axis, Ikoyi, Lagos Island, Magodo, and GRA in Ikeja, are some of the top locations with an appreciable price increase. The improvement is due to increase in construction works in addition to proposed industrial expansions. Hence workstation, residential homes, schools and recreation centres are cropping up across the cities to spike growth in demand for land.
For anyone seeking a proof of the investment attractiveness of some of the cities, here is a clipped analyses provided by a business research media in Lagos:
“Northcourt Real Estate’s half-year 2019 market report shows that land price in Abraham Adesanya area has risen by 50 percent, year-on-year, from N24,000 per square metre in 2018 to N36,000 per square metre in 2019. Sangotedo recorded an increase of 7 percent from N28,000 per square metre in 2018 to N30,000 per square metre in 2019.”
The report also adds that “land price in Ikoyi and Victoria Island also rose significantly within the period under review. Ikoyi saw 24 percent price rise from N363,000 per square metre in 2018 to N450,000 per square metre in 2019. Victoria Island had a 13 percent price hike from N300,000 per square metre in 2018 to 340,000 per square metre in 2019.“
More, prices of land on the mainland have also increased – “Magodo, an upper middle class settlement in the city, led price increase at 16 percent, rising from N110,000 per square metre in 2018 to N130,000 per square metre in 2019. Ikeja GRA recorded marginal increase of 8 percent from 261,000 per square metre in 2018 to N240,000 per square metre in 2019.“
As sales generally is seen as a dependent variable, land has always served as an investment buffer in depressed economy. The predicting factors for forecasting future prices of land include the state of the economy and proposed industrial expansion. The value of land increases astronomically during recession, and when expansion projects are being carried out as seen in the Dangote Refinery and the Free Trade Zone in Lekki.
Therefore, there is hardly a better time to take advantage of investment in land around Lagos.