Nigeria’s commercial capital is a city of opportunities for investors. With a thriving population projected to reach over 40 million by 2050, Lagos is one of the most populous cities in the world.
With this surge comes a growing demand for housing, commercial and industrial properties, making real estate investments in Lagos a profitable venture. We’ve compiled a list of areas in Lagos where an investment in real estate just makes sense!
Lekki is a constantly developing area in the island part of Lagos. It is known for its upscale residential properties and is a popular choice for expats and upper-middle-class Nigerians. Investing in Lekki’s real estate market can yield high returns, as property prices are expected to increase as the area continues to develop. There are a wide variety of investment options to choose from, including terraces, apartments and detached homes.
2. Victoria Island
Victoria Island is another high-end district in Lagos. It is home to many of the city’s top businesses, banks, and diplomatic missions. Properties in Victoria Island are very much sought after and do not come on the market often. Apartments most especially are in very high demand and if you are willing to pay the price to purchase one, you can expect to smile to the bank as the R.O.I can be quite bountiful.
Ikeja is a bustling commercial and residential area in Lagos. Its proximity to the city’s international airport and business hubs like the Ikeja computer village, as well as the popular Allen Avenue mean that commercial developments are a hot cake on the market. Plazas and office buildings sell out, sometimes even before completion. The more serene Ikeja G.R.A also offers residential developments which are very highly sought after.
4. Eko Atlantic City
Eko Atlantic City is another investor’s goldmine. Sited on the shores of the Atlantic, this upscale location is being developed as a new business and residential district. The city will have modern infrastructure and amenities mirroring destinations like Dubai, expect a lot of high rise apartments and luxury condos appealing to the one percentile.
Ajah is another district in Lagos witnessing rapid development. With reasonably affordable property prices, Ajah is fast becoming a haven for developers who churn out beautiful homes at an incredible pace. Compared to neighbouring Lekki, Ajah makes sense for investors who wish to buy premium houses but without paying the price of what a similar property would cost in nearby Lekki.
Yaba is another real estate investment destination in Lagos. It plays host to many of the city’s top universities as well as businesses and markets. Low cost housing for students or shared living apartments and hostels are in very high demand due to the growing student population. Airbnb’s can also fetch great profits.
Surulere is a densely populated area in Lagos known for its vibrant nightlife and cultural scene. The area has a mix of residential and commercial properties and hosts a growing number of young Nigerians seeking luxury apartments and flats on the mainland. Older buildings are giving way to shiny new blocks of flats with more modern amenities. It makes sense to key into this re-emerging market and scoop up some profits in the process.
Ikoyi is one of the most exclusive and high-end areas in Lagos. Properties here can go from hundreds of millions of Naira to billions. Many investors favour Ikoyi because of its serenity as well as its prestige. Luxury homes don’t stay long on the market and this is music to the ears of any investor. Detached homes, terraces and luxury apartments are hot on the market right now.
Ten minutes from Ajah, this emerging market is fast becoming a new destination for real estate investments. Offering relatively affordable homes and lands, Sangotedo promises to provide a steady stream of income from residential properties.
Magodo is sited on the mainland just on the outskirts of Lagos. Before Ikoyi and Banana island, there was Magodo. Known for its upscale residential properties and exclusive estates, Magodo is a popular choice for expats and upper-middle-class Nigerians. Property prices here run into hundreds of millions and are very quickly scooped up by potential homeowners who understand the value of this location on the mainland.
In conclusion, opportunities abound in the market for those who know where to put their money in. This investment guide should help point you in the right direction and help guide your decisions, making sure that you reap healthy returns.