Heard of “Dubai of Africa” or “New Lagos”? Ibeju Lekki is on the lips of investors and practically everyone! This town is located in the Epe division of Lagos State and is fast developing into a grand commercial centre. The area is the next big thing for real estate developers and investors because of the ongoing projects in this area. Ibeju Lekki is home to mass projects like the Dangote Refinery, the Free Trade Zone, a seaport, and so much more. It is naturally endowed with the Atlantic Ocean and the Lagoon on the right and left.
The real estate market is reacting to this new development, and the eyes of smart investors are looking for a part in it! As an investor, you must look out for viable investment opportunities that will bring you profit in the long run. And we all know that location is an important factor to consider when investing in real estate. You do not want to miss out on this! Let’s get to the gist. Why Ibeju Lekki?
1. RAPID DEVELOPMENT
Ibeju Lekki is becoming one of the most sought-after locations in Lagos. The area is developing rapidly, with massive government projects that are said to generate billions of dollars by 2025.
Some of these projects are:
- LEKKI FREE TRADE ZONE: The project is worth 25 billion dollars housing over 64 global companies. Lekki Free Trade Zone covers a total area of about 155 square kilometres in Ibeju Lekki Local Government Area, southeast of Lagos, Nigeria, about 50km from the city centre. It is expected to create about 300,000 direct jobs and provide employment for thousands of people.
It will provide a great platform that will open various markets for investors and enterprises in the world! It is the first free trade zone and the biggest in West Africa.
- LEKKI SEAPORT: This project is located at the centre of the Lekki free trade zone approximately 60km east of Lagos. The deep sea port will serve as a very important gateway for the container, dry and liquid bulk cargo vessels. Lekki’s deep seaport will create approximately 170,000 direct and indirect jobs.
It is expected to also generate revenue of up to $201 billion for state and federal agencies. The project began in 2017 and is expected to be completed in 2020.
- DANGOTE REFINERY: The famous Dangote Refinery is constructing an integrated refinery and petrochemical complex in the Lekki Free Trade Zone. The refinery is expected to be the biggest refinery in Africa and the 6th biggest refinery in the world upon completion. It is estimated to cost $9bn. The project is expected to generate 9,500 direct and 25,000 indirect jobs.
- SMART CITY: In partnership with Dubai, the Lagos state government has set out to build the first Smart City in Nigeria. With the project costing $300 million, Smart City will be able to effectively collect data directly from citizens, smart devices, and various government assets for real-time short, medium, and long-term data analysis, decision-making, modelling, and planning. Amazing right?
There are other megaprojects like the 4th mainland bridge and the Lekki Airport. Resorts like La Campagne Tropicana and Eleko Beach. There is also the Pan Atlantic University, located in Ibeju Lekki. There are also plans to expand the Lekki-Epe expressway road to 10 lanes to connect with Itokin, Ikorodu, and Ijebu Ode in Ogun State. These investments will create over 300,000 direct jobs and over 500,000 indirect jobs. This will lead to the unfolding of banks, schools, restaurants, hotels, shopping malls, and other businesses. It is estimated that this axis will be home to over 2 million people in the next decade!
2. VALUE OF PROPERTIES
The value of properties in Ibeju Lekki is expected to increase by more than threefold in less than two years. With massive construction projects and the ongoing developments in Ibeju Lekki, the prices of properties are expected to appreciate, with investment returns of 300%–500% in two years. As soon as these mass projects are completed, thousands of employees will need to live in houses. This is gold for real estate investors!
3. LANDS
The Lekki-Ajah axis is short on land, and this has pushed investors to move towards Ijebu-Lekki. The lands in this area are much drier than in Lekki. They are also much cheaper. The value of land in Ibeju Lekki is said to increase with the ongoing projects in the area. You could buy land now and resell it for a much higher price in a few years. The lands are appreciating every day, and in years to come, the land you bought now would have appreciated by at least 800%.
Interestingly, most of the properties in this area come with a global certificate of occupancy, which spells ease for prospective buyers!
4. INVESTMENT PROSPECTS
The incoming investment opportunities in Ibeju-Lekki are going to be limitless! With projects like the free trade zone, the Dangote refinery, and the seaport, investors are wasting no time in carving a niche for themselves while it’s still early. With an increase in employment comes an increase in population, which means a larger market for real estate investors. There is no losing out on an investment in this area.
With an institution, a seaport, a free trade zone, an airport, a smart city, beach resorts, and new roads, all in one location, it is clear that Ibeju Lekki is growing to become the center stage of Lagos! I don’t think you need further persuasion. Start investing today!
Contact us for more inquiries.
