Investing in Ibeju-Lekki is a wise move for investor who wants to get maximum returns of their investment. Ibeju-Lekki is regarded as the next hot spot in Lagos State, especially in terms of development. It has fast become one of the most sought after locations for real estate developers, investors and other industry experts. Experts forecast that in the next 10-15 years, a plot of land at Ibeju-Lekki will be selling for over N450 million. The local government Ibeju-Lekki was created from Ibeju and Lekki which are two autonomous communities.
In the business of real estate, location is everything! It determines how well, or badly, an investment does. The real estate market in Nigeria is no different from others all over the world. The potential amount of your investment depends heavily on its location. While we might argue that the likes of Ikoyi, Victoria Island, Lekki and other areas in the Lagos Mainland are the major markets, we often forget one place Ibeju Lekki.
This part of the state is fast becoming the go-to area for real estate developers and potential investors due to the recent amount of developments in the area. Ibeju-Lekki is favourably situated in proximity to prime development projects such as Dangote refinery, Lekki Free Trade Zone, a seaport, the Pan-African University and much more.
Let’s cut to the chase; In real estate, information is key. Investing in a location without prior and proper knowledge of the neighbourhood is a recipe for taking too much risk. It is always advisable to acquire all the information available especially in terms of property appreciation in the future.
If you are asking; “why should I consider investing in Ibeju Lekki?”, then this article is right for you. Here are a 5 main reasons why you should be investing in ibeju lekki and be part of the Ibeju-Lekki Development:
- Prospects of Industrialization
- Property Appreciation
- Prime Location
- Expansion of road networks
- Massive returns on investment
1) Prospects of Industrialization
The projected developments that are under construction in Ibeju-Lekki are majorly top government and private projects. Some of which include the Dangote Refinery worth about $9 billion, the New International Airport, Lekki Golf Course, Pan-Atlantic University Lagos-Kano rail line, the Lekki Free Trade Zone and the deep sea port. Although there are several others, these are the prominent ones. Let’s talk briefly about some of top projects in Ibeju-Lekki that makes it a good investment.
The Dangote Refinery is expected to be the world’s biggest single-train facility and estimated to cost $9bn. It covers a total area of 2,635ha on the Lekki Free Zone near the Lekki Lagoon, enabling easy shipment of refined petroleum products to international markets.aThe refinery is expected to double Nigeria’s refining capacity, largely to accommodate the pressing demand for fuel and export to foreign markets in and out of Africa. A fertilizer plant is also included in the refinery complex, to fully utilize the raw materials released from the Refinery. This project is projected to generate more than 9,500 direct and 25,000 indirect jobs.
Lekki Free Trade Zone
A Free Trade Zone is an area free from the intervention of customs authorities, where goods may be landed, handled, manufactured or reconfigured, and re-exported. The Lagos Free Trade Zone initiated in 2002 is the first private owned free trade zone in Nigeria and the biggest in West Africa. It is located at the Ibeju-Lekki Local Government Area, covering about 155 square kilometres. This zone was strategically chosen based on its integrated hub of active roadways, rail and sea links, eliminating all accessibility barriers. The core objective for this Lekki Free Trade Zone is to provide an ideal platform to expand the investment potential, business activities and tourism sector of Nigeria by eliminating trade barriers, while developing the export-oriented industries, increase foreign exchange earnings and generate employment opportunities.
Already, the LFTZ has facilitated massive investments like the Dangote Refinery and Petrochemical plant. The Lekki Free Zone’s completion date is set in 2022, and it’s projected to create 300,000 direct jobs and 600,000 indirect jobs.
The Lekki International Airport
The Lekki International Airport project was initiated to lessen the pressure on the Murtala Muhammed Airport (MMIA) in Ikeja. The master plan of the new airport shows that it’s designed to cater to wide-body, double-deck, and four-engine aircraft with the capacity for up to 500 seats. For a start, the Airbus A380 is expected to carry two million to five million passengers per annum with future prospects of expansion to cater to the increasing aviation needs of the rapidly developing Lekki area and its environs.
The airport’s site is on a 3,000-hectare piece of land off the Lekki-Epe corridor; about 10km from the Lekki Free Trade Zone (LFTZ). It’s strategically located to serve the fast-growing residential and industrial Lekki hub.
The Deep Seaport
The new multi-purpose Deep Sea Port, dubbed as the deepest port in Africa is located at the heart of the Lagos Free Trade Zone. It is spread over 90 hectares of land, approximately 65 km East of Lagos City. The Lekki Deep Sea Port is designed to provide enormous value and support to the burgeoning commercial operation across Nigeria and the entire West African region; with a contract term of 45 years. This project is expected to create about 170, 000 direct jobs and grow to about 2.7 million and 4.5 million TEUs when the project operations fully commence. Also, note that the deep sea port location was strategically located based on the inter-connected road network like;The Old Ibeju-Lekki Road, Lekki-Epe Expressway, Ikorodu Road, Ikorodu-Itoikin-Ijebu-Ode Road, Itoikin-Epe Road, Lagos-Ibadan Expressway and Sagamu-Benin Expr.
The 4th Mainland Bridge & Masterplan
The 4th mainland bridge was proposed to curb the increasing pressure that threatens to paralyse the city’s circulation. The new bridge is expected to improve the natural flow of people and vehicles. The bridge is designed as a 2 level bridge that simultaneously allows the smooth movement of large numbers of people. The bridge when completed will be 38 kilometres long and would run pass Lekki, Baiyeku towns and Langbasa, serving as an alternative route from Lekki to Ikorodu, Ikeja to Ajah and an additional alternative to the Eko, Carter and 3rd Mainland Bridge. The 4th mainland bridge is a four-lane dual carriageway designed to have eight interchanges to facilitate effective inter-connectivity between different parts of the state. This project is projected to cost N844billion and is expected to be delivered in three years.
2) Property Appreciation
It goes without saying that an increase in the development of a particular area causing an equal increase in property appreciation. As mentioned earlier, the on-going projects in the area have made it a prime location for real estate investors. This is because there a guarantee of at least 300% returns on investment made. This places Ibeju-Lekki as a goldmine to those who key into it. Due to the high rate of construction activities in the area, the prices and demand for properties are increasing at a high rate.
3) Prime Location
Ibeju-Lekki is a cynosure in the midst of other real estate location in Lagos Nigeria. It is favourably situated in proximity to the city centre. Investing in Ibeju-Lekki whether for personal residence or for commercial purpose keeps your property at the peak of the action. Ibeju-Lekki is located close to Eleko Beach, Nike Art Centre as well as the Lekki Conservation Centre.
4) Expansion of Road Networks
There on-going plans by the Lagos State government to make the Lekki-Epe Expressway a 10 lane road to connect to other major roads in Ikorodu, Itokin as well as Ijebu-Ode. Ibeju-Lekki is arguably one of the fastest growing neighbourhoods in Lagos State with a good number of opulent Estates completed and under construction. This has also prompted the plans to expand the road networks for better accessibility.
In conclusion an investing in Ibeju-Lekki is undoubtedly a secure way to create wealth in years to come. As they say, the best time to invest in real estate is always 5 years ago and the next best time is now.
…. your dream home awaits you
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