On October 11th 2022, some interesting piece of news broke. This piece of information is not like every other news because this is bound to set the trajectory for a new era in Lagos as a whole and the Lekki-Epe axis in particular. The Lekki–Epe area is known for the 49.5-kilometer expressway that was initially built in the 1980s, during Lateef Jakande’s administration, to connect the Lekki and Epe districts in Lagos State to other states.
A lot has happened since then, and subsequent administrations have contributed differently to develop this part of Lagos, and this has led to massive development in areas like Ajah and so on.
However, this particular news is the real game-changer! On the aforementioned date, dignitaries gathered at the Lagos Economic Summit 2022, which was held at Eko Hotel and Suites, Lagos. The Minister of Aviation, Hadi Sirika, then presented the Federal Government approval for the construction of a new airport to commence in Lekki-Epe in 2023.
The Big Deal About The News?
Recently, smart investors are beginning to understand the potential of Real Estate as one of the most secure and profitable ways to get high ROI. Most times, Real Estate investments are positively raised to several levels. Developments happen over time, and properties around the developed areas skyrocket in value. For example, the value of land around Lekki reportedly increased by 500% in just five years. The best thing about Real Estate investments is that you can either sell for a massive profit or set up your residence in a high-class environment where you have access to the best of things in the near future.
For a while now, investors have been looking for the next big real estate property like the Banana Islands or the Victoria Garden Cities, and properties around Lekki-Epe have been a target.
With the new development of airport construction starting in the area, the gate of opportunity for getting quality real estate properties around Ibeju-Lekki for easily affordable prices, which you can then turn over for mindblowing profit (if you wish), is getting closed.
This is the best time to invest in your property of choice. Expect the prices to rise to unbelievable heights in the coming months, just by this development alone.
You might wonder why development brings a massive increase in the value of properties, here are some reasons for you.
Factors That Grow Real Estate Value
With the news of the airport project in mind, here are a couple of underlying factors that would ensure a massive increase in the value of real properties around.
- Infrastructure Development: With the airport construction, other infrastructure development would begin accordingly. Things like good roads have to be developed. That increases the livability of the area, and commercial centers like markets, hospitals, and schools would spring up nearby, further enhancing the livability and demand. Of course, with these visible developments, the price of land would keep increasing.
- Connectivity: Statistics have proven that people now like living closer to their workplaces because they dislike long communes. This area already has the trade center and the Dangote refinery as huge establishments. Having the airport in the same place qualifies it as a high-connectivity and opportunity area, which will lead to more people flocking in. It sets aside the environment as a premium, and the value increases as a result of this.
- Social Externalities: An area that becomes popular with residents becomes a hotbed for a variety of social activities. The area becomes a hub for hobby classes, restaurants, shopping malls, multiplexes, etc. As a result, residential properties in this market trade at a premium due to the lifestyle that many people lead. Developing locations attract more people, and prices rise as a result.
The window of getting a ridiculously positive bargain while investing in Ibeju-Lekki axis is quickly running out now.
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