by F. Moore
LAND OWNERSHIP AROUND LAGOS WITHOUT TEARS:
– Locations of cheap and affordable plots of land around Lagos
– Probable prices of plots of land in different axis
– Factors that will determine future value
– Proven guide on purchases and possession
Purchases of virgin land has for ages proven to be one of the best long term investments around; perhaps you are interested but do not know how to go about it around Lagos, keep reading for certain basic information.
Lekki Free Trade Zone (LFTZ)
Why Invest In Virgin Land?
Think for a while; have you heard of ‘Boom-burgs’? They are cities that are growing so rapidly. Relating this to our country, have you also considered the fact that our population has grown so much between 1990 and now and keeps rising just like other countries across the globe? Consequently, the level at which people migrate from rural areas to urban cities have increased tremendously particularly in Lagos Nigeria. These people would need somewhere to live and much more where to work and somewhere to play.
As much as it is true that people live, work and play within a building but then, these buildings need to be placed on land.
From generations past, land has been viewed as a hard asset with real, tangible value. You can live on it, build a home on it, farm on it – you name it. A piece of land never “goes away” – it is something tangible hence, ownership of land has always being the goal of people in various strata of life all across the world. More fortunes have been made by owning land than any other investment – some of the rich people you might have heard in the world today are making it big in the real estate and mostly in landed property. Individual investors now have excellent opportunities to acquire build-able residential home sites in planned communities across Nigeria, and it has never been easier, more affordable or a better time to do so.
The biggest benefits to owning land is that as the population continues to grow, land will become more and more valuable. It’s a simple case of supply and demand as elementary economics teaches that price will always increase when there is demand. Investing in land itself (with no structures or improvements) has several advantages especially if you’re thinking long-term.
Where to buy cheap land with values within Lagos
Land is truly expensive in Lagos as everyone knows; despite that however, you can still get cheaper ones in certain areas if you won’t mind the distance and longevity of investment. Let’s consider briefly major divisions of Lagos to see what opportunities obtain
LAGOS MAINLAND:
The Lagos mainland part of Lagos is largely congested and fully developed leaving very little opportunities of virgin land available hence, the best is to buy existing obsolete or tenement building for redevelopment by first demolishing the old structure for fresh construction however, virgin land might be available within a price target of N15 million in areas which include Ojodu, Ogba, Isheri, Olowora, Isaashi, Akute, Alagbole and Isheri North GRA in Opic. These areas are towards the entry/exit of Lagos via the Lagos/Ibadan expressway
VALUE DETERMINATION OF LAND ON THE MAINLAND:
The Ogba, Ojodu, Alagbole and Akute area within the Lagos mainland is highly populated and a safe haven for medium and low income earners who cannot afford to pay for luxury flats on the mainland central but still very covet the privacy that a flat system offers. Most of the residents here work either on the Island or within the Ikeja business district for which reasons traffic are often heavy around close of work hours and early in the morning.
Proximity to Lagos Island from Berger bus stop via the third Mainland Bridge and closeness to the Ikeja central business district of Lagos are major factors for behind the attraction of the areas under consideration.
Other key factor for the development and attraction of these areas also include the closeness to some government reserved areas- GRA like Omole Phase 1 & 2, Magodo Phase 1 & 2, Ikeja GRA, Alausa CBD, Isheri North GRA and so many other private estates within the vicinity. This is so because individuals who couldn’t afford to buy land or rent apartments in some of these expensive estates would rather go to the locations earlier mentioned. Today, it is common to see residents of Ojodu that do claim or boast among friends of living in Omole Phase 1 or 2.
The variance in the prices of virgin land within the mainland is so wide regardless of proximity for example, a plot of land goes for between N60m and N100m in Omole and Magodo GRA while similar land in Ojodu, Ogba, Olowora, Alagbole, Akute which is just a stone throw would go for less than N12m or slightly above.
Cheap land along Lagos/Ibadan express way and Mowe Ofada axis
This axis include Magboro, Ibafo, Mowe and Ofada. As we speak, a plot of land sells for between N300,000 and N1.5m. Prices are also on the increase because of land speculators- buying to re-sell.
Ikorodu axis is another example of location to get cheap land ranging from N300,000 to N1m. This is also a location where population growth has consistently increased because it is a place where you can build a bungalow for as low as N3m to N4m.
VALUE DETERMINATION OF LAND IN IKORODU AND THE LAGOS/IBADAN EXPRESSWAY AXIS
Values of plots of lands along this axis are determined by the proposed Lagos/Ogun Mega City, the new Nestle factory at Ishagamu interchange and also the renovation and the proposed construction of the six lanes road from Lagos to Ibadan.
Another factor for the fast space development of these locations is religious inclination. Aside from some permanent residents within some church based estates, members of some religious groups have bought land for residential purposes close to the estates owned by their religious organisations for proximity for ease. These include the Redemption ground camp at Mowe, MFM camp ground at Magboro, Deeper Life Bible Church camp ground and the NASFAT Muslims camp ground at Ibafo.
Cheap land in Lekki axis
The Lekki axis is a promising location to invest in virgin land because of ongoing government infrastructures in different dimensions. A recent market survey in the area revealed that prices of land are still affordable in areas such as Ibeju Lekki / Eleko / Akodo / Eputu / Langbasa, Elerangbe, Igboji, Bogije, Ibeju lekki, Akodo, Okumopo Alade, Iba Oloja etc. within these communities, prices of a plot of land range from between N300,000 and above . Other areas within the axis where plots of land are still available within reach are area Awoyaya, Sangotedo, Lakowe, Abijo, Ajah, Ajiwe where a plot of land currently goes for N2m and slightly above.
VALUE DETERMINATION OF LAND ON THE LEKKI/AJAH AXIS:
Evidently, the Lagos state Government seems to focus more in the development of new areas within this axis, major among recent infrastructures development in the axis is the construction of Lekki road down to Epes.
Another factor is the new Lekki free trade zone being develop by Lagos State Government
There is also the Lakowe Gulf Course and Lakowe Lake that so far has proven to be attractive enough for the opening up of this area to investors and individual developers.
Cheap land in Agbara axis
Another axis where you can get cheap land at affordable range around Lagos is the Agbara, Atan, Igbesa and Lusada axis. In these places, a plot of land is sold for between N400,000 to N1m and really, going by the rate of development in the area, price of a plot of land stands to inch up by about 40% in a one year; this might be as a response to activities of land speculators who apparently bought those land in years back in acres.
VALUE DETERMINATION OF LAND ON THE AGBARA AXIS:
The major factor for which purchases of virgin land in the Agbara axis is highly recommended is the construction of multiple lanes road as well as railway lines by the Lagos state government. This major factor has so much enhanced the values of lands in areas towards the border town of Badagry within the last three years. Are values still obtainable within this axis? The answer is yes.
Finally, it is worthy of note that most of the virgin plots/acres of land in the places mentioned might not come with good titles for which reason, they are cheap and mostly affordable. Virgin land with certificate of occupancy, governor’s consent and registered conveyance often come with higher values.
When you have finally decided to make purchases, the followings are the major steps to take.
Consult your trusted estate agent for details or history of the particular areas where you wish to make a purchase.
Let your lawyer carry out a search on the land otherwise, you can hold meetings with the family that owns the land in company of an experienced legal practitioner for further enquiry.
Go for site inspection and also consider other critical factors that could enhance fast development before you make payment for the land.
Check proximity to your office or business.
Check soil texture to know if you will be able to match the financial task required if the soil is waterlogged and needs filling, and if you are going for a storey building, can you afford the type of foundation that will be required?
Consider the probable commercial value of the land in nearest future.
Consider nearness to high tension cable (wires). By law, you are required to leave out at least 60m from high tension cables.
Check proximity of site to petroleum pipeline.
Check proximity to major roads. If your site is too close, and the road is expanded in the future, it may affect your property.
Consider the level of the ground to the surrounding environment; that is the topography. Is your site at the lowest level to the neighbouring sites, would runoff water likely to converge on your site when the place is fully developed?
Check for adequate drainage plan system in the area.
If you are okay with the land after having met most of these requirements above. Get your land surveyor to accompany you to the site with his instruments.
Take possession of your land by taking off with your project immediately with at least the erection of a fence.
Go with a camera or recording gadget when you want to make payment for future security reason.
Ensure that every discussions and payments are properly recorded particularly when transacting on land without a title document from the Omo oniles- natives.
You can arrange with the natives- omo onile for deferred or staggered payments depending on the quantity and purpose of the purchases.
