I am Adeola, an award-winning real estate consultant with over 10 years of experience in the industry.
My goal is to help you deliver genuine real estate in Lagos through great partnerships with real estate developers that possess excellent goodwill in Lagos and its environs.
to help source the best possible deal on your choice of property and also to make the finest investment decisions that give substantial ROI(Returns on Investment).
REAL ESTATE IN LAGOS
Real estate purchase is an important step everyone is bound to take, either to have a place to call home or as a wise investment.
In the last few years, Real estate has become one of the steady investment alternatives in Nigeria, and owning land or property in Lagos right now is a viable and wise investment.
It is interesting to note that Lagos state is the most populous state in Nigeria. One of the major reasons for this is the economic viability (economically feasible, innovative, and sustainable in investing financial resources into the project). It’s because of this that millions of Nigerians move there for business and other purposes.
WHY YOU NEED TO INVEST IN REAL ESTATE NOW
Ever Growing Population
The population is undoubtedly a major determinant of growth for the real estate sector. Lagos State has the smallest landmass in the whole 36 states of Nigeria but yet the most populous state in Nigeria.
Lagos has grown from just a 1.4million residents in 1970 to about a 22million as of today. With a population density of about 5000persons/Sq. Km is making it one of the most densely populated cities in Africa. It has been estimated that 86 people migrate to Lagos every hour, 2000 people every day, and close to a million people every year.
That’s a constant flow of fresh and enthusiastic citizens looking for accommodation, purpose, and fulfillment. The emphasis is on accommodation.
Growing of Middle-Class Population to High-Income Earners
The Vibrant Economy of Lagos has led to a growing middle-class population with enough cash to spend on luxuries and decent accommodation. As a result, the housing market segment remained robust despite the economic headwinds experienced by every other sector of the Nigerian Economy, which has been attributed to strong demand from the middle class and high-income earners.
Prices in the Lekki axis, an area for high-income earners and a middle-class neighborhoods, grew an average of 2.8 percent while other segments of the real estate sector declined countrywide. In addition, Lagos has the largest share of the working population in Africa; over a 15.2million of the estimated 22million residents are within the 15 – 64years age bracket.
Increasing Property Prices
At this point, the biggest reason why Lagos is a great location for investments is an almost ridiculous rate of return of investments on real estate properties. The Lagos State Market Analysis shows Lagos as having some of Nigeria’s largest estate prices. The Lagos estate industry remained buoyant and, in some cases, flourished even when the value of the real estate in other states across the country plummeted from the recent economic recession. A plot of land purchased for 5 million in Lekki in the year 2006 could go for an average of 65 million now. It’s no surprise why real estate transactions occur dozens of times daily as more and more people seek to stake their claim in the blossoming city.
Strong Rental Market
The leasing rates in this city are rising rapidly, which stands to promote the fact that many Lagosians are opting to rent over buying out properties; this is a reflection of the supply-demand gap of affordable housing in Lagos and is largely due to the cost of homeownership, high costs of land, and staggering costs of building construction. Developers are aware of the direction the industry is headed. Approximately 75% of landowners already have plans to develop rental properties due to their ability to return on their investments quickly and a large supply of the populace available to rent the very second construction is complete.