A new building rises. Gardens relocated or located. Old properties harvested, sold for 100 times the value. Empty lands vanish fast. Ocean fronts reclaimed for new edifices. That description suits Lagos, a city that keeps glowing and growing.
As soon as new roads are constructed, agents raise rent. When a bridge is fully commissioned for construction or handed over for local use, new users troop in for accommodation, raising the valuation of properties around. You are most likely familiar with that narrative if you live in the city, where mega projects have been rolled out almost every year since 2007.
Lagos continues to embark on a massive urban infrastructure renewal. The landscape on every street transforms yearly. Visitors notice something new during every visit. Residents, too, are accustomed to seeing neighbours move out and move in like a steady stream.
Here is the point. The Lagos State Government’s focus on infrastructure investment catalyses the real estate sector. Logically, a focus on infrastructure development unlocks growth, expands cities, attracts new migrants, increases the valuation of properties and incentivises people who prioritise making strategic investments in real estate portfolios.
The focus on strategic infrastructure investments in the state is delivering incredible projects, boosting the valuation of assets along their corridors. Notable among the infrastructure projects are the electrified rail mass transit, Blue and Red Lines, which are significantly reducing travel times along the Oyingbo, Agbado, and Marina axis. Next are the major arterial routes and bridges, including the Lekki-Epe Expressway, Pen Cinema Bridge, and the ongoing Fourth Mainland Bridge, which further the mobility improvement agenda in the state. The procurement of modern taxis for the waterways through which people are ferried here and there also makes an interesting case for the state.
In addition, the extension of digital infrastructure through long fibre optic layout, enabling faster internet connectivity across most parts of the city; installation of city-wide CCTV networks, and development of food system hubs through establishment of storage and supply chain facilities add to features that raise the value of property in the state.
Needless to mention that infrastructural development provides a strong regional identity and emotional connection to the state as well as turning its cities into highly desirable destinations for buyers, investors, or tenants.
It makes sound investment sense to ride on the waves of infrastructural development by investing in owning a real estate asset around key locations and emerging corridors in the state.
Possibly talk to big players in the real estate industry. They manage portfolios of estates in prime and emerging locations of the state. And they are able to help you navigate the complexities surrounding land purchase processes, documentation, and legal procedures. Amongst others, ATCO Homes, notable for integrity in dealing with clients, can help you out in acquiring land or owning property in the state.
The Ibeju-Lekki and Ikorodu axes of the state are witnessing an influx of new homeowners and residents. Generally, in the face of the massive surge in infrastructural development, growing population, inflation and limited space, land in Lagos appreciates rapidly by around 15% to 50% annually. Property values, based on location and architectural design, also see impressive value appreciation. You can own land or construct a property in any part of the state to preserve your funds from being eroded by inflation. You can also leverage it to create a steady stream of income from rent.
