If you are looking for where to buy cheap land in Lagos then you need to read this article to the end.
Lagos State is the smallest State by landmass in Nigeria, fortunately, it’s the commercial hub of Nigeria and has the most population, hence, real estate properties are quite expensive in the state.
Getting a cheap land in Lagos might be a herculean task but if you are guided properly, you will definitely find one.
By cheap, I mean lands in Lagos that are worth from 500,000 Naira to 5 Million Naira.
Why you Should Buy Land in Lagos
Are you still sitting on the fence about buying land in Lagos State? To be honest, you cannot go wrong with owning a few plots in Lagos.
Several years ago, my friend’s dad had been laid off from working at the Central Bank of Nigeria’s branch in Lagos. The government paid each staff that was laid off a form of compensation.
My friend’s dad bought a few plots of land in his village which wasn’t in Lagos and a car while his close colleague at the office bought an acre of Land at Ikotun, Lagos.
This happened in the late 90’s.
Today, the average price for a plot of Land in Ikotun Lagos is 10 Million Naira. Some plots in this area are sold for as high as 40 million Naira.
The land my friend’s dad bought in the village had also appreciated but it was selling below 200,000 Naira in 2020.
The decision to buy a land in Lagos should be based on your investment goals, personal circumstances and preferences. Here are a few reasons why you should consider buying land in Lagos.
1. Potential for High Returns: The pace at which Lagos has grown over the years is jaw dropping. Land prices have been on a steady increase. As an investor, if you buy a plot of land at a good location in Lagos, you are sure to get mouth-watering returns on your investment in a short period compared to other parts of Nigeria.
2. Business Opportunities: Lagos state is the economic heart of Nigeria. Do you remember basic Economics knowledge in senior secondary school where we were taught that businesses should be located in close proximity to the market, access to raw materials, availability of labor, etc?
Lagos hits all the check marks perfectly.
If you own a commercial property in Lagos, there are so many businesses you can start with it. You could build a warehouse, a school, hotel, shopping mall etc. If you do not have the financial capacity to build on your land, you can lease the land to Real Estate developers for a certain period of time.
3. Access to amenities: You could get land in Lagos with the plans of building a home. Lagos state has a wide range of amenities, including quality schools, a good road network, shopping malls, entertainment hubs, hospitals, etc.
Perhaps you do not want to live in Lagos, you can build a rental property. People move to Lagos everyday because of these amenities, they will need a house to live in. As a Lagos landlord, you can leave your property with a good property management company and go for a 6-month vacation twice in a year.
4. Diversify your Portfolio: If you are a hardcore investor, apart from buying stocks and cryptocurrencies, owning several plots of lands in Lagos state will help diversify your investment portfolio and mitigate risks.
It is important to note that buying land in Lagos comes with some challenges like land disputes, omonile issues and the need to navigate the complex legal and regulatory framework. It is easier and smarter to involve Real Estate consultants to ensure that you make informed and successful transactions.
Where to buy Cheap Land in Lagos
Lagos State is divided into two parts; the mainland and the island. Most of the affordable lands in Lagos can be found on the Lagos mainland.
Below are the cities and towns to consider if you are looking to buy cheap lands in Lagos;
Epe is a local government area in Lagos State and it has become the choice location for smart investors. It shares borders with the Ijebu-Ode area in Ogun State.
Due to the large expanse of land in Epe, some tertiary institutions in Nigeria have sited their campuses in Epe. It is unlikely to see more than five tertiary institutions in a town but the Lagos State University, Caleb University, Yaba College of Technology, Augustine University, Lagos State University of Education all have campuses situated at Epe.
Epe is the biggest town in Lagos state by land mass.
Why you should invest in Epe
A report on Nairametrics by Estateintel suggests that the price of land in the Epe axis appreciated by 100% in the past five years.
Epe’s nearness to Ibeju-Lekki has proven to be a blessing in disguise. In recent years, a lot of projects commenced in the Ibeju-Lekki area of Lagos.
Some of these projects are;
- The Lagos Free Trade Zone.
- The Lekki international airport
- The Dangote Refinery
- Lekki Deep Seaport.
- Private Estates in the area (Wealthy Islet, Itunu etc). When these private Estates and other projects are completed, it will draw the rich and influential to the Ibej Epe axis, further making the price of properties in the area skyrocket.
These projects have also drawn private investors and developers to the Epe region.
Epe has its fair share of upcoming projects. The Lagos State government in partnership with Del-york will build a film city in Epe. There’s also the Lekki-Epe 6-lane highway that will ease traffic between Lekki and Epe.
Where to buy cheap land in Epe
Ikorodu is located on the mainland of Lagos.
With a teeming population of over 400,000 people, Ikorodu is one of the largest cities in Lagos. Just like Epe, it also shares a boundary with Ogun State.
Ikorodu has both residential and industrial areas. The Odogunyan axis of Ikorodu has big companies like PZ, Spintex, Sunflag iron steel etc.
Why you should consider investing in Ikorodu
The mainland of Lagos has more inhabitants than the Island. Most people go to the Island to work and return to their homes on the mainland. Ikorodu is one of the cheapest places to live in Lagos and people are migrating from other parts of Lagos.
The price of accommodation in most parts of the mainland is increasing.
For instance, in Akoka, a single room with toilet and bathroom ranges from ₦500,000 – ₦650,000 in the first year and ₦200,000 or ₦300,000 in subsequent years.
Two bedroom flats cost from 1.2 million and above.
In Shomolu, Yaba, Akoka and environs, the price of PHCN bills monthly is more than areas like Agric and Ikorodu.
If you combine the price of rent and PHCN bills, most families with an average income cannot afford these bills so they move down to areas like Ikorodu.
The gradual migration from other parts of the Lagos mainland to Ikorodu will increase the value of properties in Ikorodu in the coming years.
Another reason why you should consider buying cheap land in Ikorodu is the proposed Lagos State fourth mainland bridge.
This Bridge will pass from Itamaga and Baiyeku in Ikorodu straight down to Lekki.
Now, considering the volume of projects going on in Lekki, Ikorodu may become the best place to build a rental property as people who work in Lekki or other parts of the mainland can rent houses in Ikorodu.
Where to buy cheap land in Ikorodu
Not all parts of Ikorodu have cheap lands. If you are considering to buy a land in Ikorodu, you can find cheap lands in places like;
Badagry is a historical city in Lagos Nigeria with a land mass of approximately 440.3 KM² and a population of about 241,000 people (2006 census). Badagry is larger than Ikorodu by land mass but not as populated.
Badagry shares a border with the Republic of Benin to the west, the Gulf of Guinea to the south, Ojo local government to the north, Alimosho local government to the east, and the Atlantic Ocean to the south.
Why you should consider investing in Badagry
The two projects that will change the fortunes of land owners (investors) in Badagry are the Badagry expressway and the Badagry deep sea port.
The Badagry expressway is an important project to the Federal Government of Nigeria and the Economic Commission for West African States (ECOWAS) because it will link countries in West Africa, thereby promoting international trades. This highway will pass through Badagry, Benin republic, Togo, Ghana and end in Abidjan, the capital of Côte d’Ivoire.
The construction of this project has commenced already.
Another project that should not be ignored is the Badagry deep sea port. This port will become the largest deep sea port in Africa. The Lagos State government got the approval to build this sea port in October 2022. However, construction is yet to commence.
For now, the state government is focusing on the Lekki Deep sea port which is close to completion and has been commissioned by the president.
When the Badagry expressway and the Badagry Deep sea port is completed, Badagry will start booming with commercial activities.
Badagry should be on your top list for areas where you can buy cheap land in Lagos State.
Where to buy cheap land in Badagry
If you bought a piece of land in Ibeju-Lekki in 2015, the value of your land by now will be worth x4 of how much you bought it. A lot of projects have commenced in the Ibeju-Lekki area of Lagos, properties within this area have skyrocketed.
Ibeju-Lekki is a local government area in Lagos State. It starts after Sangotedo and goes down to Ode-Omi.
Ibeju-Lekki got corporate-interest after the Lagos State government announced that it will be building a Free Trade zone in the region. A free trade zone is a geographic area where companies can import materials, store, manufacture or assemble goods and export the finished products.
Companies operating in a Free trade zone are usually exempted from normal customs duties and taxes. Free trade zones have a seaport and an airport. They are created to lure both foreign and domestic companies to the area, thereby bringing in more investments and jobs.
Why you should invest in Ibeju-Lekki
The projects in Ibeju-Lekki are so massive that it’s affecting a neighbouring town, Epe, positively.
By the time the Dangote refinery, the Lekki international airport, the deep seaport and other parts of the free trade zone become functional, Ibeju-Lekki will be booming with lots of activities. Properties with this axis will gain more value.
Ibeju-Lekki was once a remote area but with these investments, commercial activities are shifting to the area.
If you buy land while it’s still cheap at Ibeju-Lekki, you’ll get massive returns if you decide to sell in the not so far future.
Where to buy cheap land in Ibeju-Lekki
- Ode Omi
- Akodo Ise
- Iba Oloja
Which Area Should You Start With?
I listed 4 different cities where you can buy cheap land in Lagos. If you have limited funds and are looking for where to buy land in Lagos and get the highest return within the shortest period, then you need to consider the parts of Lagos listed above.
All the areas I listed are good for investments but if you want to invest and be in profit within a short time frame, you should consider buying lands (I repeat, LANDS) in Ibeju-Lekki or Epe.
Massive development has already commenced in both areas. In fact, properties within Ibeju-Lekki and Epe appreciate almost every 6 months (as at the time of writing).
If you are looking for where you can buy the cheapest lands in Lagos and you can wait for a longer time to get a huge return on investment (ROI), then you should consider Badagry.
Big projects are coming to Badagry but they may take some time to be completed. The Badagry expressway which will link to other West African countries is nearing completion.
Buying land in Lagos is one of the best investment decisions you can make for yourself and generations. Owning land in viable areas has proven to be a wise decision over time. You can never go wrong with it as long as you buy lands free from any encumbrance.
Instead of leaving money in your savings account without any purpose, it’s better to buy several plots of lands.
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