With the near completion of Dangote Refinery and projects like multi billion Alaro city , Sea port as well as a relative cheaper land, Lekki- Epe axis is heralding a robust real estate development in Nigeria
Notwithstanding the lull in Nigeria’s real estate sector, the Lekki-Epe area of Lagos has continued to offer a ray of hope for property investment with investors, developers and realtors upping their games to take the large chunk of the bounty.
The axis, which comprises of the Lekki Free zone and Ipeju-Lekki had investments in the excess of $20 billion and the corridor had been witnessing an avalanche of private developments.
Some of the investments range from both commercials, residential and mixed-use.
The Lekki property market is an exciting market but more thrilling and profitable is the market that about 4,500 out of 180 million people know about.
According to experts, the wealth of Lagos is moving towards Lekki and its environs because of its potentials arising from its status as a Free Trade Zone (FTZ), which has subsequently attracted massive investments within the zone such as the Deep Seaport, Dangote Refinery, and the International Cargo International Airport.
The Guardian learned of huge economic activities going on the axis between September year, while the urge to invest in the zone has tripled especially with the near completion of the Dangote petrochemical company.
Opportunities abound in the Lekki-Epe corridor to earn massive consistent returns on a fully collaterised investment but require a discerning investor with strong property interest in the property to profit massively from the investment.
However, accurate knowledge of how the investment system works is the key to making solid returns in this region. “
Buttressing this point, an estate operator and managing Director and Chief Executive Officer of Propertygate Development and Investment Plc, Mr Adetokunbo Ajayi said what is triggering real estate development is the pricing that is low at this point as compared to the high prices high within the developed neigbourhood.
According to him, people are basically banking that the axis will be the new Lagos, meaning that a lot of people are taking positions, just like some people took position in Abuja when Abuja was coming up.
“Essentially that is what is fueling activities in that axis. People got to hear about Dangote’s refinery and other developments like the Alaro city, which the biggest land owning company in the whole of Africa and so many others like that”, he said.
Beyond, it is gathered that the development of Lekki free trade zone is expected to have 400,000 workers, a lot of people are now moving to the area which is now triggering off demand for property investment.
An unconfirmed report said “Lekki axis will generate more than 70 per cent of Lagos wealth by 2025 and the reasons are very obvious to any smart investor.
By this revelation, it meant that only those who understand the trends can make money investing in the money-spinning Lekki Property market, thereby making the corridor the catalyst to the creation of inclusive development for the people.
One of such developments is the 2,000-hectare Alaro city located in the North West Quadrant of the Lekki Free Zone.
The project is a joint venture between the Lagos State Government and Rendeavour, programmed to provide solutions to urban planning and city-building problems unique to Lagos.
The city, he said, is also developing an independent power plant solution by connecting to a nearby gas pipeline. Water supply for the first phase is also at an advanced stage.
According to Mr. Ligtas, to ensure effective flood management, Rendeavour has adopted a rain garden drainage system that not only provides a unique landscaping opportunity but ensures the development is not afflicted by open drainage systems.
Other residential schemes in the axis for aspiring homeowners, include Wealthgate Park at Eleko junction. The estate is being aggressively developed to offer affordable land to prospective subscribers as an innovative scheme for first time home buyers, families, smart property investors, business professionals, and retirees looking for quality developments and attractive returns on their investments through rental yield and capital growth.
The Managing Director, 4point Real Estate Investment Limited, Mr Wale Olayanju, said Wealthgate is a social enterprise strategy to encourage Nigerians to start investing in real estate because of its highest returns compared to other alternatives.
Wale Olayanju, explained that 4point Property does not just believe in housing that meets subscriber’s need, but also in examining the challenges at every point in the housing value-chain and providing credible answers which meet the needs of its clients.
But, it is not just investment opportunities alone, the zone is also witnessing huge infrastructural challenges.
According to a former chairman of Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), Elder William Oruka Odudu, these projects in Lekki axis is generating a lot of traffic and could lead to chaos if the roads are not expanded.
He noted that with the free trade zone, the roads will be busier and therefore require a lot of facilities to make that area conducive.
He said: “These projects attract a lot of people, they are likely to get the fourth bridge to link the mainland from there in the sense that the traffic situation is getting out of hand.
“ I know the bulk of that area is waterlogged when it rains. The area is getting unpassable and there is a lot of things government should do by expanding the road network and providing additional facilities for people in the area.
Also, Ajayi noted that the Lekki axis is facing the challenge of governance which is infrastructure.
“If the government fail to provide the infrastructure that is necessary by freeing the roads, commuting in the area will be hell”, he added.