It’s not surprising that Nigeria is the most populous country in Africa, with almost 52% of its population in urban areas. This is because most of the country’s population is migrating to the cities for one reason – A better life.
You know what this means. Higher demand for accommodation translates to a boom in real estate. and as the currency loses its value and erodes the middle class, also the price of real estate skyrockets, a lot of people are looking for cheaper places to buy land and own real estate.
In this article, I will highlight some of the best places to buy cheap land.
What are the best places to buy Cheap lands in Nigeria?
Nigeria is blessed with a large expanse of land. Sadly, not all of it will make for an excellent strategic investment. The deciding factors on where to buy lands in Nigeria are development, the standard of living, and good amenities. These are the major factors upon which the selections are made.
According to research done by experts, Lagos, Abuja, and Port Harcourt are among the best places to buy land in Nigeria.
Lagos and Port-Harcourt are the most industrialized states in Nigeria.
This means the standard of living is high, but even with this fact, many people migrate to these states searching for job opportunities. The endless flow of people into these states makes it an excellent place to buy land.
Abuja has fewer industries than the other two states, but being the Nation’s capital, it has a great deal of wealth, and it is also one of the fastest developing states in Nigeria. This makes it a perfect place to own land.
Therefore if you are looking for an investment opportunity in Nigeria, owning land is a great place to start. First, however, you must know the best places to buy land in Nigeria.
Coupled with the standard of living and the endless inflow of people into urban cities, we will list the best places to buy land in Nigeria.
Without wasting much time, let’s take a deeper dive into the best top locations.
Ibeju Lekki [Lagos],
The biggest city in Africa is undoubtedly the best place for anyone looking to buy land. Lagos State has over 9 million with a thriving economy, and excellent infrastructures, and it’s a center of industrialization.
Buying cheap land in Lagos is a good investment; however, among the many good locations in Lagos, Ibeju Lekki is the best pick for now, and here is why.
Ibeju Lekki favors both the government and private organizations – and this is due to the seaport. This area is set aside for several government projects to aid developments and growth and skyrocket every investment within this region. Some of the projects include Lekki deep seaport, Lekki free trade zone, and Lekki international airport.
Even multinational corporations companies are not left out. Few of the companies operating there soon include; Dangote refinery, Power oil, Kellogg’s, and Dano Milk.
In addition to all these fantastic developments, this area is also spiced up with top sites for tourist attractions like the La Campagne Beach Resort & Park, the LUFASI nature park, which keeps some internationally endangered species, Lekki International Golf Course, and Lekki Conservation Center.
At the moment, all these projects are still in their developmental stage, which means that it is still possible to get good land deals. But with the completion of these projects, the cost of land in Ibeju Lekki is sure to skyrocket.
Presently the price range for land in this area is within #500 000 to #995 000 000
Epe [Lagos]
Epe is a Local Government Area situated on the Northern side of the Lekki Lagoon, with 181,409 people (2006); it is one of the best areas in Lagos city. You may doubt this one, but I assure you Epe is not the worst place to purchase land in Nigeria.
Like Surulere, Epe is also connected to many places in Lagos, including Lekki, Lagos Island, Festac, Oshodi, and Surulere. Due to its proximity to Lekki, Epe has seen rapid development lately.
It has one of the best residential areas in Lagos. Furthermore, there are many good schools, police stations, public transport services, supermarkets, banks, health care centers, and recreation centers.
Unlike most places in Lagos, both high-income earners and average citizens can reside comfortably in Epe.
Lugbe [Abuja]
Lugbe has a strategic location that places it among the top places to buy land in Abuja. Although it already has a considerably large population, Lugbe still has plenty of land spaces available for purchase.
The area sits between the International airport and the city center. This places it within the neighborhood of the planned Centenary City. Centenary City is an autonomous city that the Nigerian government plans to build, similar to Dubai, Monaco, and Singapore.
Lugbe was recently incorporated into Abuja phase 5, which means the area will get a significant facelift soon with more investments, better facilities, and infrastructural services.
All these factors make Lugbe a fine place to own land in Nigeria.
Jabi [Abuja]
Abuja is the federal capital of Nigeria and home to the president. Despite having fewer industries than Lagos and Port Harcourt, the place still boasts a wealthy populace. The city of Abuja has some of the finest residential buildings in Nigeria.
There are estates sprawled across several hectares with good security, roads, and basic amenities. Real estate is one of the profitable investments in this city as government officials, CEOs, and elites are known for going big when acquiring lands. This makes buying land in Abuja a good investment.
Jabi has a reasonable prospect of becoming one of the centers of development shortly. Its proximity to areas like Gwarimpa, Kado, and Katampe makes it prime real estate.
Also, Jabi is a few minutes from the Central Business District (CBD), Abuja. This area is the focal point of the city. It is used mainly for businesses with a few residential buildings. This means most of the residential houses will be close to the Central business districts.
The average price of land in Jabi Abuja is #75 000 000 per plot.
Peter Odili Road [Port Harcourt]
Port Harcourt is another city in Nigeria that is bustling with life. It is one of the busiest and most definitely among the most prosperous state in Nigeria.
Like Lagos, Port Harcourt has many industries: airports, seaports, oil service firms, and petrochemicals. This state’s wealth and resources have contributed to its population growth, and many businesses like malls and residential apartments thrive there.
If you want to buy land in Nigeria, Peter Odili Road is also one of the fastest developing areas in port-Harcourt. Two prominent real estates in this area are the Nigerian Liquified Natural Gas and Rainbow estates. It is also part of the Trans-Amadi Industrial district and is only a few kilometers from the central city.
The location is ideal for those seeking an escape from the hustle and bustle of city life. In addition, this area has excellent security and road networks.
Greater Port-Harcourt Area
This area is a metropolitan area that is still under development. As a result, greater Port Harcourt is known as the “New Port-Harcourt.” It covers an area of 1900 square kilometers, and significant infrastructural development is going on here.
Being an extension of the old Port-Harcourt city, this area is strategically positioned to de-densify the ancient city. In a sense, the Greater Port Harcourt Area Project is similar to the Centenary Project in Abuja. In addition to real estate, it offers energy and waste management investment opportunities. Moreover, the project is sure to bring development to the surrounding environs.
Prices of land in Port-Harcourt lie within the range of #500 000 – #850 000 000
Ikorodu – Lagos
Ikorodu might be on the outskirts of Lagos, but it is still vastly populated like any other part in Lagos. So whether you are buying land because you want to build your home or constructing a rental property, you should be assured that many people might find a need for your investment.
Land in Ikorodu is relatively cheap, particularly in Imota, Ijede, Igbogbo, Imowonla, Igberigbe, Igbolomu, and Isawo areas.
In Market, Igbogbo, the going rate for land is between N3.5 million and N4.5 million, while in Gberigbe, it is N3.5 million and a plot in Bayeku sells for N1.5 million.
Ikorodu has good prospects for a rapid appreciation of properties located in these areas as well. Along with the high demand for land in Lagos state, an ongoing road expansion project is being carried out by the Lagos State Government in that axis, which is expected to be completed by August 2022. Upon completion, the access road is sure to increase the value of properties in the vicinity.
This place can boast of a constant power supply when compared to other sites in Lagos. If the idea of using your generator minimally sounds good to you, then you might want to get land here.
More and more people are purchasing lands in Iorodu. So it might interest you to know that you can get a half plot of land for as low as #250 000.
Kuje [Abuja]
Kuje is another excellent place to own land. Although this city is located far from the city center, land in Kuje can be considered very cheap compared to other nearby towns. So if you want to buy land with less capital, you should check out the grounds in Kuje.
Additionally, if you are looking for farmland or agricultural land, Kuje is a perfect location for that as there is plenty of that available.
Kuje has proximity to several prominent landmarks in Abuja, including the airport and Centenary City. Investors may find it particularly attractive due to its proximity to the Centenary City; It is a planned smart city built on 1260 hectares of land a few kilometers from the Central Area. The city is modeled on places such as Dubai, Monaco, and Singapore.
As the Centenary City develops, the real estate prices in Kuje are expected to rise.
Oluyole Estate [Ibadan]
Ibadan is one of the most affordable places to reside in Nigeria. The cost of land for sale in Ibadan is cheap, and some even say the cost of buying land in Ibadan is lesser than renting a mini flat in some areas in Lagos.
The rapid development of areas like Oluyole Estate has made Ibadan appear on our list of the top 10 places to buy land in Nigeria.
Oluyole Estate is an affluent area located in Ibadan South West Local Government Area of the state. The site is home to wealthy and middle-class residents. Living in Oluyole is averagely affordable.
Oluyole is a few minute’s drive from the legendary Liberty Stadium, and because of its central location, it is loved by many people. The road network is good.
The cost of land in this area is within the range of #500 000 – #10 000 000
Atan Ota – Ogun State
Atan Ota is located in the Ado-Odo/Ota Local Government Area, one of the 19 Local Government Areas of Ogun State in southwest Nigeria.
Atan Ota is about 45 minutes drive from sango, and It’s a rapidly developing place. Also, Atan-Ota is close to Lagos. Atan-Ota has a link to the Badagry expressway, so it is possible to access Lagos through Agbara.
Whether you are buying land in this area for investment purposes or building a home; then you are in good company. Why? There is a high level of industrialization in this area coupled with institutions like Covenant University, Bells University, and Ogun State Institute of Technology.
The average price of land in this area is around # 1 500 000 per plot.
Conclusion
There you have it, ten of the most promising areas to buy land in Nigeria.
In most cases, the land is about the only asset that doesn’t depreciate with time. So, considering everything equal, a piece of land located strategically will appreciate.
I understand that you might be a tad scared about the prices of this land, but if you consider all the features and developments of these areas, then the land is worth every dime you spend on it.
Hence, if you are buying land for yourself or buying large parcels of land for investment purposes, these are the best places in Nigeria.
This is an insightful read, kudos . But, the value of land in Oluyole is very inaccurate. Oluyole is “old money” and one of the foremost industrial areas in Ibadan.
As apartments become more expensive on the mainland and Island, more people are moving to the outskirts of Lagos. In the coming years, places like Ikorodu will be densely populated with middle to low income earners. Epe is currently hot cake. As a smart investor, you should key into both Ikorodu and Epe.
Great article you have here.