The Lekki-Epe property market is fast becoming a new goldmine. From all indications, the area has transformed from a near backwater settlement on the outskirts of Lagos into a sprawling, modern settlement and one of the fastest growing property market in Lagos.
To some industry sources, the Lekki/Epe corridor is the ‘New Lagos’, judging by its booming real estate, massive construction projects, and huge government presence in the zone.
The concentration of high net worth individuals and high-end businesses in the axis has made them good catchment areas for investments. The future developmental effect of the ‘new Dubai’ and environs are one of the issues that came up at the 2014 Tokyo Annual Conference of International Bar Association held in Tokyo, Japan recently.
It was discussed that the refinery-cum-petrochemical plant, which would be one of the biggest in Africa after completion, would be a very big investor attraction to Nigeria and Africa.
As a result of this development, property prices in that area have risen by over 100 percent from what it was late last year.
Ranti Adedeji, managing partner, Adrant Partners, a real estate and property consultancy firm, confirmed that the value of property in the area is currently sky-bound, with rents and land value hitting the roof.
He said a three bedroom flat in the area has increased from N1.5 million to N3 million per annum. “A duplex in the area rose from N15 million to between N30 million and N45 million, while those willing to rent same apartment will have to pay between N8 million to N10 million per annum.
In addition, a block of flats goes for between N40 million and N65 million outright sale, whereas to rent same property, a prospective client will have to pay between N2.5 million and N3.5 million per annum,” he said.
These developments are not based on speculations or sentiments but on business ventures springing up in the Lekki-Epe axis. Aside from Dangote Refinery, which would occupy over 3,000 hectares of land, other attractions for the real estate operators to these areas are enormous. For instance, he said the Lekki/Epe airport, Oko Baale village, for which the Lagos State government has appointed Stanbic IBTC as the sole financial advisor, is to be developed on a modular basis at an estimated cost of N71.64 billion for its first phase and it is expected to commence operations with a conservative capacity of two million passengers per annum.
“We believe that with the vision, clarity and sincerity of purpose of Governor Fashola and his policies, prospective manufacturers and foreign investors would soon commit their investment in the community,” he added.