There are so many new areas of development coming
up in Lagos mostly on the outskirts of Lekki, Magodo Isheri Sango, Akowonjo,
Epe and the list goes on. Traditional built up areas like Ikoyi, Victoria
Island, Ikeja, Surulere and Yaba are being transformed daily and becoming
unaffordable. Take a drive through some streets in Ikoyi or VI and they are
impassable with potholes and stagnant lakes of water everywhere. The price of
land in some of these areas is now worth more than the properties that stand on
the land that is why developers are putting up multi story high rises with
prices being quoted in dollars. Of course these areas and these properties are
out of the reach of most. In order to maximise ones investment and possible
future property rises, it is best to consider areas that have access to good existing
infrastructure like roads, schools, power and transport, I say “existing infrastructure”
because in many cases people have bought in areas where infrastructure was
promised and years later nothing has been delivered, leaving the residents signing
petitions and making complaints to government regulatory agencies. It is
important to check out the area before buying there. Areas like Apapa which it
is rumoured that property prices are depreciating due to the infrastructural
decay, pollution and heavy traffic is a fantastic area to invest in if you can
afford something there. The reason for this is that it is centrally located has
already been tried and tested and has good infrastructure. It may be going
through a period of depression now but it will certainly improve in years to
come. Abijo, Ibeju Lekki and the Lekki Free trade Zone are also areas to
consider as urbanisation on this axis is rapid; it is acquiring the required
infrastructure and is still relatively affordable. All the mentioned areas are
on solid land and not sand filled or reclaimed. A lot of new estates being
built near lagoons and beaches are on sand filled land and care needs to be
taken that the developers have carried out the necessary filling of the land and
waterproofing of the buildings.
New developers are now building town houses,
terraces, flats, high rises etc. The days of building one unit on one plot is
over and done with. The demands of building multi tenanted units are that
residents expect some considerations from the developer, like parking spaces,
airconditioner plumbing, fitted kitchens, security gates and external cleaning,
generators big enough to supply the whole development instead of individual
sets which more than likely will constitute a nuisance to other residents
through noise and carbon monoxide pollution.
If one takes
time to look, you will find affordable land and properties that are set to rise
in price in the near future
Nice written!! I have been a big fan of your blogs. thankswepaythemost
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