TIME IS RUNNING OUT to buy land in Ibeju Lekki
Years ago, in 2006, the then-Governor of Lagos, Bola Ahmed Tinubu, had a plan to create Nigeria’s largest free zone in Lagos State. That’s when he established the Lekki Free Zone as a Joint Venture Partnership under the Nigeria Export Processing Zones Act, spanning about 38,000 acres of land.
The enormity of the work meant Tinubu could not go far. He laid a solid foundation, which was taken to a notch higher by his successor, Babatunde Fashola.
During Fashola’s administration, around 70 local and foreign enterprises signed Memorandums of Understanding and financial commitments indicating interest in the Free Zone. This was in addition to the 53 firms that signed investment agreements in the Free Zone and the 12 companies that completed investment agreements, resulting in the employment of nearly 800 Nigerians and 70 Chinese nationals in the zone (Today, over 40,000 people work on the free zone and this number is expected to triple before 2025).
Right before Fashola stepped down, he reached a deal with Africa’s richest man, Aliko Dangote, to build the world’s largest single-train refinery. This was the turning point. There was clear enthusiasm in the real estate market when Dangote revealed in September 2013 that he had received a $3.3 billion loan to develop a refinery. Later that year, the Federal Government, led by the then-President Goodluck Jonathan, sanctioned the development of the Lekki Seaport, adding to the excitement.
Ibeju Lekki real estate market hasn’t looked back since then. As more real estate developers came closer to Ibeju Lekki, the value of land in Ajah and its environs began to rise. The demand for land then proceeded down to Sangotedo, then Abijo, and farther down. Simultaneously, property around the refinery was in high demand as developers competed for prime locations.
Property prices in Ajah to Ibeju Lekki have increased by almost 10,000 percent since that announcement, and they continue to climb. The demand for real estate does not appear to be drying up anytime soon, with an average of 86 people migrating into Lagos per minute, the highest in the world. Land, on the other hand, is not a commodity that can be duplicated.
It’s only natural that the supply line will dry up after eight years of investors buying hundreds of plots of land in Ibeju Lekki owing to its affordability. According to sources, approximately 80% of the available land surrounding the Lekki free zone has been sold to real estate developers or individual businesses. New estates are not being built as quickly as they once were, and focus is shifting to other locations such as Epe.
However, investors who are heavily interested in buying affordable land in Ibeju Lekki can still secure plots in estates like Avalanche Park Estate and Windspring Estate with limited plots available.
WHO SHOULD BUY AVALANCHE PARK ESTATE
If you are looking to buy land with a high ROI potential that you can hold for 3+ years that is less than 30 minutes from the Lekki Free trade zone, and still close to recreational resorts like La Campagne Tropicana then Avalanche Park Estate is your best bet. So, whether you’re purchasing to resell or to construct and live on, you can be comfortable that in a few more years, you’ll be receiving exceptional value for money.
With an initial deposit of just 300K you can secure a plot of land here and then spread your payment over 6 months. If you are buying a full plot of land, you will spend 1.2 million on the land cost and 650K if you are buying a half plot of land.
However, sales on Avalanche Park estate closes in less than 40 days giving you limited time to quickly secure a plot.
WHO SHOULD BUY WINDSPRING ESTATE
If you are looking for affordable, safe and comfortable real estate located in the heart of the fastest growing neighborhood in Sub-Saharan Africa, around the fastest growing Free zone in the world, that you can build on in 6 months, Windspring estate is your answer.
Located in a developed community with proposed roads linking the estate to the back-end of Lekki Free Zone, Windspring Estate has a Gazette title, making it free from every form of Government encumbrance.
Windspring Estate is strategically located right in the middle of all the major developments in Ibeju Lekki, 20 minutes from the proposed Lekki-Epe international airport, 40 minutes away from Ajah and right in front of the proposed super highway that will connect the back end of Lekki free zone to the
Lekki-Epe international airport.
Windspring Estate is located in a developed community with a perimeter fence, recreational center, constant electricity, good access roads, and drainage systems. With an initial deposit of N1M you can secure a plot of land and spread your payment of N4.3 Million over 6 months. A half plot also goes for about 3.1 million and can be spread over 6 months.
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