By D. Omeh
Landed property business is currently booming in Lagos and most other parts of the country and will continue booming for a very very long time. It is the easiest and my choicest aspect of real estate business and I am beginning to invest in it real good. A land you purchase this year is likely to double in price next year.
Buying cheap lands and reselling for profit or what we call land flipping is a business for smart and wise investor because you do nothing more than just invest your money and watch it grow by means of property appreciation. In the previous Real Estate Investment article, I mentioned how the land I bought last two years for N500,000 is now going for N2.5 M – giving me profit of N2 Million without breaking sweat. If that is not a good business, then tell me what is?
I want you to be in this business and I want you to make money. Therefore, I am going to list some of the areas in Lagos where you can buy lands very cheap and resale at great profit within a short time.
Like you and I knows, Lagos is rapidly expanding its development. Infrastructures are developing by days. Greater number of people are migrating to Lagos as a result of its development. More people are taking to building their own houses instead of living in rented apartments.
Because of all these, cost of lands in main parts of Lagos such as Surulere, Yaba, Lagos Island, Ikeja, and other places are increasingly becoming out of the reach of average Lagosians, forcing people to move to the outskirts. More and more of this outskirts that were previously forest are becoming mega developed due to movement of people.
You can capitalize on this trend to create wealth for yourselves buy buying cheap lands in the nearby rural areas in Lagos. Where are these areas we’re talking about?
1. Ikorodu – You can still get lands in some parts of Ikorodu between N300,000 to N700,000. Go to areas like Ogijo, Imota, Ijede, Igbogbo, Imowonla, Igberigbe, Igbolomu, Isawo, etc. Look for someone who knows this area I’m talking about to help you locate some choice landed properties at good price.
Secret: Expansionary construction is ongoing on the Ikorodu – Lagos Road and will be completed by August next year (2014). By the time that road is completed, prices of lands will increase by 1,000%. Grab yours now and wait for the cash!
2. Agbowa – I heard the Lagos State Government has great plans going on for Agbowa axis. Great housing estates are being developed and Government is planning massive infrastructural development there. This is the time to position yourselves for profit taking. A plot of land goes for between N200,000 to N400,000. You can even get some for N150,000 at a very good location. Within two years from now, the properties may be going from N1 million, quote me when it happens.
3. Ibeju-Lekki/ Epe – You don’t have to be told about the potential that exist in Ibeju-Lekki/ Epe axis of Lagos State. As development criss-cross through Ibeju-Lekki Local Government, you find-out that Epe Local Government will be the next bus stop before taking off to connect with Ijebu Area.
Properties are still there for sale for as low as N400,000. Your duty is to go locate good ones, pay for it and secure all the documents. Then wait for the profit time. The price is guaranteed to double within a year’s time.
4. Agbado – You can get land cheap in Agbado area now. The 16 lane world class express carriage way being constructed by Lagos State Government is almost nearing completion. When that is done, property in Agbado area will be out of reach. But you can still get it now between N300,000 to N600,000. These same lands will be going for nothing less than N2M when the road is completed.
5. Akute – This is another good and quiet area in Lagos (nay Ogun State) where lands are still being sold cheap. That area is devoid of trouble and rancor. Buy land there very cheap and quickly resell for good profit much later.
