Tuesday, May 13, 2014

THE NEXT PHASE OF REAL ESTATE BUSINESS IN LAGOS: #IBEJU-LEKKI


The name Ibeju-Lekki is derived from the name of two autonomous communities: Ibeju and Lekki. Ibeju-Lekki shares boundaries with Ogun state to the north, Eti-Osa local government to the west, Epe local government to the east and the Atlantic Ocean to the south. Some of the prominent communities in Ibeju-Lekki include: Abijo, Awoyaya, Lakowe, Bogije, Sapati, Igando-Oloja, Arapagi, oke-odo Elemoro, Akodo, Magbon-Alade, Eleko, Debojo, Solu-Alade, Iwerekun amongst others.

Ibeju-Lekki sit along the Lagos-Epe expressway and offers a window to the Atlantic Ocean. It boasts of natural beaches extending from bar beach, in Victoria Island to Eleko beach. There are a good number of tourist attractions in this area such as the Eko tourist centre, hermitage resort centre, Lakowe Lakes Golf resort and host of others.

Ibeju-Lekki axis is part of what is popularly referred to as the 'New Lagos'. The roads are
okay and it is a relatively safe place at least by Nigerian standard. It is home to the Lekki Free Trade Zone and other massive infrastructural projects, the proposed Dangote Refinery, an international airport, sea port, etc.

Perhaps to cater for the class of individuals living in this part of Lagos, International grade schools are located in this area. They include: Lekki British School, Greensprings Schools, Reading ton School, Meadow Hall School, not forgetting Pan Atlantic University (formerly Pan African University) situated along the Lekki-Epe expressway amongst others.

Popular hotels and bars in Ibeju-Lekki include: Nicon Hotels (VGC), Peninsula Hotel, The Dover Hotel, Parktonian Hotels, Spicery Hotel (Oniru Estate), Bukka Hut (Lekki Phase 1), E-Bar (Lekki Phase 1), Bienvenue, Amador Suites, etc.

A lot of expatriates and affluent Nigerians are attracted to Ibeju-Lekki because of the serene nature of the environment. Some schools of thought believe that property prices in this area are on the high side and may be unsustainable in the long run. To meet with the growing attractiveness and demand for accommodation in this area of Lagos, there is a roll call of exquisite residential estates such as Lekki Phase 1 & Phase II Estates, Amen Estate, Golden Park estate, Beachwood Estate, Emperor Estate, Chois Gardens, Sapphire Gardens, Mayfair Gardens, Chevy View Estate Chevron, Crown Estate, Lovely Pearls Estate, Graceland Estate, Fidiso Estate to mention but a few. A typical 1-3 bedroom flat in this area ranges from N700,000 to N4 million. You can begin to imagine what a plot of land would cost in these areas.

However, for those who would want to own a plot or two in Ibeju-Lekki can still do so with a legitimate and professional real estate company (PWAN) at an incredibly cheap price! Yes you heard me....cheap price. One could assume that these areas may be less developed and as such compromise your decision in taking part with real estate investment. From historians, it would be recalled that a plot of land in the Lekki area of Ibeju-Lekki about some 12-15 years ago was less than N100,000. Today the story is different because a plot in this same area cost over N150 million. The truth is, time is a luxury we all don't have!

Again, the Ikeja area of Lagos was once a bushy area but gradually development came, causing human and corporate traffic into these areas. As we all know it now, there isn't any more space called "land" in Ikeja. This goes to say only people with vision for tomorrow invest in real estate. Make no mistake about it, Ibeju-Lekki would be bigger, greater and far more expensive than any part of Lagos sooner than you think.

Ibeju-Lekki is a place to buy plots of land to build your desired Home, School, Company, Church, Mosque etc. if you desire to run away from the noise and chaos associated with many parts of Lagos.

---Excerpts from Don Okereke

Contact me if you need more information to further arrive at a conclusive decision. You would be guided into making a wise investment with PWAN Homes. Please share your comments and thoughts.

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