Should I be worried about distance when buying land?
“This land is too far o”
A familiar sentence you hear from most clients when going to inspect a property in Ibeju Lekki.
This worry is not unfounded as the thought of building your house far from the city center is scary as you will have to battle with hours of Lagos traffic for the rest of your life.
However, it is not all doom and gloom. Actually, distance in Lagos should not be a bother especially if the property is located in Ibeju Lekki.
Before buying land, most investors are posed with a few questions including:
- What is my budget?
- Am I buying to start building immediately?
- Do I want to resell this land one day?
- What is the potential of development in this area?
- How soon can I get good ROI on this land?
If you run away from buying land from Ibeju Lekki because it is too far from the city center then you are making the wrong decision. Let me tell you why.
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Lagos State currently stands as the 14th largest urban area in the world and is on the cusp of becoming a primary coastal megalopolis (a clustered network of cities). Lagos state’s annual projected growth rate stands at 4.4%, making it the seventh fastest-growing urban area in the world.
Just a few years ago, anywhere beyond Ajah was considered “Part of Ogun State”. People did not even want to cross Lekki second tollgate as they still deemed it too far; then in 2016, Dangote announced plans to build the single largest refinery in the world at Ibeju Lekki and the place exploded. Today, Ibeju Lekki is the fastest-growing urban area in Sub-Saharan Africa growing at a pace 15% faster than any other area in Sub-Saharan Africa. A land worth N4 million today in Ibeju Lekki will cost at least N20million in 5 years
As an investor, if you are looking for a fallow land to buy and build in most developed areas in Lagos like Surulere, Ikeja, Lekki, etc., you need to have at least N30 million naira to cover land acquisition, Omo-Onile fees, and building cost. If you do not have a budget that large, you will have to settle for areas like Ikorodu and Ibeju Lekki for affordable land and we have seen why Ibeju Lekki is a better option.
Most of the early investors in Ajah did not plan to live there (Most do not still live there) but have cashed out big because they were willing to take the risk while others dragged their feet. In 10 years, will your story be one of joy or regrets?
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