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Considerations Before Investing in a Neighborhood — Expert Advice
Real estate investment continues to be a highly profitable venture not just in Nigeria but globally.
Experts stress the importance of investors being able to identify key factors that make a neighborhood ideal for investment. Senior Sales Executive at Ramos Real Estate, Babakayode Alex Lateef-Ibrahim, and Business Manager Mrs. Joshua Odimma highlight the significance of selecting the right location, citing specific neighborhoods in Lagos known for delivering high returns on investment.
“These neighborhoods on the Island or mainland in Lagos offer a diverse range of investment opportunities, from residential properties to commercial spaces,’ the duo said.
They highlighted certain indicators of a promising neighborhood for investment:
These indicators, they noted, encompass development potential, location, security, and other factors. They elaborated on locations like Epe, Lekki, Ibeju-Lekki, Ikoyi, Victoria Island, Ajah, Ogudu, Gbagada, and Surulere.
Regarding development potential, they emphasized that investments should be directed towards neighborhoods with growth opportunities, such as areas undergoing urban renewal, planned infrastructure development, which can lead to escalated property and rental values.
Concerning location, they argued that neighborhoods situated near essential amenities and major employment hubs are prime areas for investment.
“Security: Safety is paramount when considering real estate investment. Evaluate the crime rates, security measures, and overall safety of the neighborhood to ensure the well-being of residents and the protection of property values.
“Other very important factors to consider include educational and healthcare facilities, regulatory laws in the environment including zoning laws, building codes, and land-use policies; market demands, trends etc,” the duo said.
Some of the rewarding neighbourhoods in Lagos to invest in included:
Ibeju-Lekki: Situated along the Lekki-Epe Expressway, Ibeju-Lekki is another neighborhood garnering attention from investors. With the presence of major projects like the Lekki-Epe International Airport, the Lagos Smart City, and the Dangote Refinery, Ibeju-Lekki offers immense growth potential and opportunities for high returns on investment.”
Epe: Epe is currently the hot cake of real estate investment in Lagos and the reasons are not far-fetched. Epe is the biggest hub in terms of infrastructural developments and investment, Epe in any capacity is an asset worth having. Some of the current projects being executed includes Dangote Refinery.
Lekki: Lekki has long been recognised as one of the most sought-after neighborhoods in Lagos for real estate investment. Its strategic location, upscale amenities, and proximity to major employment centers make it an ideal choice for investors. Additionally, ongoing infrastructural developments such as the Lekki Free Trade Zone and the proposed Lekki Deep Sea Port further enhance its investment potential.
Surulere: Surulere is a well-established neighbourhood known for its rich cultural heritage, vibrant nightlife, and proximity to major landmarks like the National Stadium and the University of Lagos. It boasts a mix of residential and commercial properties, ranging from traditional family homes to modern apartment complexes. Surulere’s central location and strong community appeal make it an attractive choice for real estate investment,” the duo said.
Gbagada: Gbagada is a rapidly developing residential and commercial neighborhood located on the mainland. It offers a mix of middle to upper-class housing options, along with shopping malls, schools, and healthcare facilities. With its proximity to major highways and business districts, Gbagada has become a popular choice for real estate investors seeking affordable yet upscale properties.
Victoria Island continues to attract investors seeking premium real estate opportunities. With its bustling commercial districts, upscale residential areas, and iconic landmarks, Victoria Island offers a diverse range of investment options, from commercial properties to luxury apartments and waterfront developments.”
They explained that Ajah has emerged as a burgeoning real estate destination in Lagos due to its affordability and proximity to key locations like Lekki and Victoria Island.
“With ongoing infrastructural projects like the Lekki-Epe Expressway expansion and the proposed Fourth Mainland Bridge, Ajah presents promising investment prospects for both residential and commercial properties.
Ogudu: There are beautiful neighbourhood on Lagos Mainland too such as Ogudu. Ogudu is a highly sought-after neighborhood located on the mainland in Lagos, known for its tranquil ambiance, strategic location, and upscale residential developments.
Ikoyi, renowned for its luxury and exclusivity, stands out as a top real estate investment destination in Lagos. With its wealthy inhabitants, upscale properties, and proximity to business centers, Ikoyi attracts savvy investors. Despite the higher property prices in Ikoyi, the long-term value appreciation and rental income potential surpass the initial investment.
Lateef-Ibrahim and Odimma emphasized the importance of thoroughly evaluating factors such as location, development opportunities, and market dynamics when considering real estate investments in Lagos.
“These neighbourhoods on the Island or mainland in Lagos offer a diverse range of investment opportunities, from residential properties to commercial spaces,” they said.
The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.
This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.
Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.
He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.
The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.
This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.
According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.
“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”
He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”
He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.
“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.
The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.
He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.
“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”
He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.
The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.
In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.
Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.
Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.
The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.
Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.
Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.
Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.
Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.
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