This article reveals everything you need to know about buying cheap land for sale at Ibeju Lekki area of Lagos state.
The best place to buy a cheap land for sale right now is in an emerging site where developmental projects are going on simultaneously and if you pay close attention to the noise in Lagos real estate market, there is one area investors, real estate consultants and property managers are shouting and luring interested property buyers to cash in, and that’s Ibeju Lekki, a local suburb of Epe, somewhere after Ajah, which is like an outskirt of Lagos.
Where Exactly is Ibeju Lekki, you may ask?
Ibeju-Lekki is where you have The Lekki Free Trade Zone, Lekki Deep Seaport, Dangote Refinery and Petrochemical Industry ($17Billion), Dangote Fertilizer Plant, Cargo Port, The ongoing 4th Mainland Bridge, Lekki International Airport, Lekki International Golf Course, Pan Atlantic University, Eleganza Industries and so on. That is why it is regarded as the ideal investment destination for property investors today.
Ibeju Lekki is after Ajah. Ibeju-Lekki can be described under three broad locations with respect to the key ongoing projects there. These include The Free Trade Zone axis; the Elerangbe axis, and the Lekki-Epe Expressway axis.
Free Trade Zone Axis: This is the most commercial of the three locations and stretches from Eleko Beach Road through the Free Trade Zone to La Campagne Tropicana Resort and beyond. There we have the Free Trade Zone, Lekki Deep Seaport, The Lekki International Golf Course, Dangote Refinery and Petrochemical Industry, Dangote Fertilizer Plant, Indomie Industry, Power oil company, General Hospital, Lekki Tourist Centre, Chinese Free Trade area, Private Beaches and Resorts and other businesses.
The Lekki Free Zone is designed to be a special area in Lagos State with dynamic commerce, trade, modern industrial sectors and an eco-city for residents.
The Elerangbe Axis: This is mostly a residential location. Eleranigbe is off Lekki-Epe Expressway to the left, a few km (5 minutes drive) after Eleko Junction. The projects expected to open up this location is the ongoing 4th Mainland Bridge and the Lekki International Airport. Is the major road to the airport. There are a lot of proposed estates coming up there. The government has the plan to tarred the road because it leads to the airport and 4th mainland bridge will be linked to the road.
Lekki-Epe Expressway Axis: Ibeju Lekki on the the Lekki-Epe Expressway axis starts from Abijo up to Eleranigbe. This stretch of the expressway has a mixture of residential and commercial characteristics. The are a lot of houses, big schools, business ventures such as Coscharis Group, Eleganza Industries, Pan African University, the Biggest Shoprite in Nigeria (Abijo/Sangotedo), Greenspring School, Corona School and has many built up residential estates.
The reason Ibeju Lekki is seen as the next opportunity in real estate are because of its strategic connections to Victoria Island and Ikoyi. Even the proposed free trade zone is cited in the same region which many believe will attract the same development that drove property prices to an estimated N10 million per plot in Lekki phase 1, Phase 2, and around N35 million in Maryland.
Besides, the development such area might receive is not also far from the “free trade zone“, a project powered by the Lagos state government and handled by Tolaram Group, a conglomerate headquartered in Singapore.
“A free-trade area is the region encompassing a trade bloc whose member countries have signed a free-trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers – import quotas and tariffs – and to increase trade of goods and services with each other.” Source
When we shared the best locations you should buy your next land in Lagos for a higher return on investment in the future, Ibeju Lekki is one of the areas we mentioned. Some of the public-private developmental projects ongoing in that axis are free trade zone, Deep Sea Port, Dangote refinery which is projected to process 650,000 bpd, Lekki Airport which is estimated at 1.7bn, Pan-Africa University permanent site, Tank Farms, Food processing, and several other corporate and residential projects expected to turn the area into commercial hub of Lagos.
Why you should grab a cheap land for sale at Ibeju Lekki Free Trade Zone
Already the news alone has driven property price by more than 200% in less than 2 years. As at 2013, a plot of land in Ibeju Lekki, Epe was selling for an estimated N350,000 – N400,000, but now prices have surged to around N1-N3.5 million per plot, representing 150-200% return on investment, a profit that is not easily available elsewhere without its attendant risk. And that is not even the end part, a few years from now all these proposed projects mentioned is expected to have reached 80-90% completion which is definitely going to push the price further to another all-time high.
Take a brief analysis of what happened in Victoria Island and Lekki and compare to Ibeju Lekki, you will see the estimated price of a plot of land in Ibeju Lekki when all ongoing works would have been perfected and normal operations attributable to a free trade zone have started.
According to data published on this blog, over 200,000 employees or more will need a place to live which presents an opportunity for private residential building, hotels, guest houses and business related activities. This figure is calculated from the projected staff strength each project will attract:
- Dangote refinery to employ more than 80,000 staff as the operation will likely kick off in 2018-2019
- The Lekki Free Trade Zone will attract over 60,000 staff
- Pan-African University (Lagos Business School) to attract a huge number of full and part-time students with lecturers.
- The New Deep Sea Port will gulp over 30,000 staff.
- As people travel into the area and move out, the new Airport will definitely employ thousands of staff and so on.
All these should be an indicator of possible land appreciation at Ibeju Lekki in the coming years and I am sure you wouldn’t like to miss this massive opportunity. A lot of people that took the old Victoria Island and Lekki land offers for granted, when it sold for less than N1 million, are now regretting the profit they would have been enjoying stress-free. A plot of land in these areas are currently selling for N100 million with some generating more than N50 million rental income on an annual basis.
Read this – Cheap Land For Sale In Lagos With C of O
We have several properties in Ibeju Lekki axis selling for rock-bottom prices compared to similar plots of a land area like Lekki, Ikoyi, Victoria Island after taking the above projections into consideration.
Remember these high-brow areas started like this and now you can’t get a plot of land below N15 million naira.
Whichever method you explore to buy a cheap land for sale at Ibeju Lekki, our land acquisition with C of O is designed to suit investors who want outright or part payment plan.