Where exactly is Ibeju Lekki?
“Ibeju Lekki is far ohhhhh”, is a statement I have heard one too many times and oftentimes I only hear such statements from newbie investors. The truth is this, the statement is an incomplete one and I often endeavour to put such prospects in perspective so they do not miss out on Gold-mine opportunities.
When using the word ‘FAR’ to quantify or describe distance, it cannot be used in isolation, it has to be in comparison to or from another location right?. So my immediate response to such people is, far from where please?? Your current residence or your Place of work??
Remember you are buying for investment purpose (to re-sell after a while or develop to rent out after a while) ,so to make the best investment choice, you would need to please take your mind off the following:
- Proximity to your current residence
- Proximity to your place of Work
- Proximity to your friend’s Property
- Personal Preference
Topmost on the list of your concerns should be the following
- New Government policies and interest in the area.
- New/proposed developments in an area
- New/proposed major Road Construction.
- Potential for influx of people (huge housing demand) that would be willing to rent your property or buy off you.
- The Status of the Land in terms of Title (Is it free from any known Government Acquisition?)
Having put this in perspective, Ibeju Lekki is a large local government area, starting just after Sangotedo and extending all the way to Epe.
The choice areas where you would rather own properties but which many cannot conveniently afford right now were all once suburbs, so training your eyes to see good properties before they appear good is a first basic step to making good investment choices. Though Ibeju Lekki can hardly be described as a suburb of Lagos state these days as the frontal parts are already fully developed and integrated into what is known as the Lekki/Ajah area
As the Lekki Expressway is being widened into a 6 lane express further down, residential and commercial developments follow correspondingly. These developments also come with a corresponding astronomical increase in the cost of lands. Also, as gated estates with modern infrastructure seem to be the norm in Lagos, several of these are sprouting all over the Lekki region and also following the pace of development into Ibeju Lekki. Areas such as Abijo, Lakowe, and Awoyaya now have several estates, with the cost of properties in them steadily increasing annually.
However, in terms of projected future value, those along the Free Trade Zone road, Eleko road, and those in Elerangbe are expected to appreciate the most; firstly because of their proximity to the would-be commercial hub, and secondly because these areas will likely develop into high brow areas since majority of the land has been sold to estate developers who have created well planned residential estates.
It has been observed that planned residential neighbourhoods (e.g Northern foreshore and VGC estate) experience more orderly development and become far more expensive than areas that develop as a result of the public buying lands directly from the community, without recourse to any proper layout or plan covering the area (e.g Agungi).
Click here to be the first to get our real estate tips and updates on our fast selling Estates and kindly feel free to share this post with anyone who know might need this.