What can 2 million naira get you in the Lagos real estate market
It’s no longer a shock to discover that the majority of investors consider real estate as one of their most important assets. Real estate investments have long been favored because, unlike many other investment assets, they are more than a simple piece of paper. One can touch and see the asset. Afterall, Billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate.
However, several people are deterred from investing in real estate simply because they believe that the major barrier to entry is high costs. While an investor looking to invest in certain areas like Lekki, Ikoyi and Victoria Island would be required to have hundreds of millions, the real estate market is highly open to investors with several budgets.
Today’s post will be exploring several investment options for real estate investors with a 2 million naira budget. So the question begs, what can you get with 2 million in the current real estate market in Lagos.
- Land in Epe
Epe has shown over the last few years to be a fast growing area with excellent networks and several multimillion dollar investments. This has drawn the attention of several real estate investors which has seen the price of land in Epe appreciate massively. Less than 6 years ago, a government excised land in Epe was selling for as low as N300,000 but now you would need at least N2 million to get a 600sqm plot in Epe. With N1.6 million you can pay for a full plot of land at Doux Park, Epe (excluding statutory fees).
- Land in Ibeju Lekki
Like Epe, Ibeju Lekki is another fast growing neighborhood in Lagos with several investments worth over $20 billion. Over the last few years, however, investors have slowly bought a large chunk of the habitable land in this area. While not as developed as Epe, Ibeji Lekki has greater prospects for appreciation than any other neighborhood in Lagos. With N1.5 million, you can pay for a full plot of land at Avalanche park estate (excluding statutory charges).
- Land in Ikorodu
Some years ago, investors would not consider Ikorodu for Ikorodu due to the constant traffic gridlock. However with the completion of the mile 12-Ikorodu expressway, the problem was solved which has taken investors en masse to the area. However, Ikorodu’s potential is pale in comparison with the potentials in Epe and Ibeju Lekki.
Want to acquire property and don’t know how to go about it? Contact us to discuss.