As compact as Lagos might seem in terms of its size, it remains an enticing melting pot and commercial epicenter for a diverse array of Nigerians. For many residents, owning property or real estate, be it a home or land in Lagos, stands at the heart of their aspirations.
However, not every corner of Lagos holds the same appeal. Some may express willingness to settle for any location within Lagos, because they feel if they have a long list of what they want it might translate to expenses.
Certain parts of Lagos naturally draw attention to property acquisition, and these are places that elevate your lifestyle and serve as a statement of your status within society and, well, also help your investment.
Below are the top places to own real estate in Lagos.
- Victoria Island: Known for its upscale living, Victoria Island offers luxury apartments, commercial properties, and waterfront views. It’s a hub for business, entertainment, and high-end residential spaces, making it an attractive choice for investors looking for premium real estate. According to a survey by NIESV Lagos, the vacancy rate at Victoria Island is low, while the occupancy rate is high, at around 77%. Due to great demand, in 2023, one individual purchased a 2-bedroom house in Victoria Island while it was under construction for 200 million naira and sold it for 250 million naira three months later at the completion of construction. Victoria Island has emerged as the top choice for multinational firms seeking to construct their headquarters. It’s the spot everyone wants when it comes to office locations. Landlords practically dance on air as they secure leases with these high-profile companies. Picture this: residing in V.I. might mean your next-door neighbor is a prominent organization. Victoria Island also contains big clubs and some of the top fine dining restaurants in Lagos, making it a popular nighttime destination; after all, V.I. never sleeps. Victoria Island beckons as a savvy long-term investment, promising substantial annual returns of up to 10%. Victoria Island’s magnetic draw for companies, along with its dynamic culture, ensures that V.I. remains a desired real estate destination.
- Ikoyi: Adjacent to Victoria Island, Ikoyi boasts affluent neighborhoods with elegant mansions, luxury condos, and gated communities. Its serene ambiance, exclusive clubs, and proximity to major business districts make it a hotspot for real estate investment. Ikoyi was transformed from its swampy terrain into amazing prime properties, Ikoyi remains a magnet for those seeking exclusivity and distinction. Owning a prized property in Ikoyi raises eyebrows about the origins of one’s wealth. Ikoyi is the preferred location for top High Networth Individual (HNIs), and it boasts the best green space in Lagos, which promotes sustainability. Ikoyi is home to several government parastatals. In addition, several global corporations, like Microsoft. This enclave has some of Nigeria’s most luxury residential facilities, said to shelter the continent’s most expensive real estate, Banana Island. The average price for a new residence is roughly US$1 million. If you want to rub shoulders with the big guys and top HNIs, Ikoyi is the greatest option. From January 2021 to April 2021, the average price of houses in Ikoyi was up by N39.63 million, just in 4 months.
- Lekki Phase 1: Lekki Phase 1 is a rapidly growing neighborhood in Lagos that has become a hotspot for real estate investors. With its strategic location, thriving economy, and high-end developments, it is no surprise that many investors are flocking to this area. One of the main reasons why Lekki Phase 1 is an attractive destination for investors is its strategic location. Situated along the Atlantic coast, it offers easy access to both Victoria Island and Ikoyi – two of the most upscale areas in Lagos. The neighborhood also has excellent connectivity to other parts of the city via major roads such as Lekki-Epe Expressway and Third Mainland Bridge. This makes it highly desirable for both residential and commercial properties. Investing in Lekki Phase 1 guarantees high returns on investment due to its rapid development and increasing demand for properties. The area has witnessed significant growth in recent years, with more businesses and individuals moving in, leading to a surge in property prices. As such, investing early in this area can result in hefty profits as property values continue to appreciate.
- Ikeja: As Lagos’ capital, Ikeja offers a mix of residential and commercial properties. It’s home to government institutions, corporate offices, and middle to high-end housing developments, attracting both local and international investors. Ikeja G.R.A stands as the undisputed jewel among the city’s Government Reserved Areas. Its strategic positioning, close to Ikeja’s bustling Central Business District, enhances its appeal. But what truly elevates its allure is the proximity to other vibrant areas like Maryland, Opebi, Allen, Ilupeju, and the nation’s busiest airport, Murtala Muhammed International Airport. Not to mention, it’s near the seat of power, Alausa. These collective attributes solidify Ikeja G.R.A as the ultimate prime location. Not to mention, the demand is high and lands are scarce, this alone tells you how people are gunning for a seat at Ikeja. Ikeja is also home to prominent hotels such as Sheraton and Marriott, which has made it a popular destination for investors, as well as for work, entertainment, and nightlife. To add to that research has shown that Ikeja has about 9.92% annual returns making it a good choice of investment.
- Ajah/ Ibeju Lekki: Ajah is experiencing a surge in real estate interest due to its affordable housing options compared to some of Lagos’ more upscale areas. Its proximity to Lekki and ongoing infrastructural projects make it a promising investment zone. Ajah, once a hidden gem, has blossomed remarkably in terms of development. The infusion of luxurious estates in the vicinity further adds to Ajah’s appeal. Ajah stands as a tantalizing prospect for investors seeking promising opportunities. Let us discuss the continuing infrastructure and notable sites in Ibeju Lekki, such as Dangote Refinery, Dufil Prima Foods, Lakowe Lakes, and the numerous malls that are growing throughout the region; this alone increases demand in the area. If you want to live in a growing region while remaining affordable, Ajah is the place for you.
- Yaba: Yaba, known as Lagos’ technological hub, is becoming a popular real estate investment destination, particularly among young professionals and digital entrepreneurs. The region is home to tech firms, co-working facilities, and low-cost housing alternatives. Not only that, but Yaba has long been the proud home of one of Nigeria’s finest institutions, the University of Lagos (UNILAG), and Yaba College of Technology adds to the area’s attraction, making it the center of a dynamic young culture. Yaba is close to the island, making it an alternate choice for individuals who cannot afford to live there.
- Surulere: Surulere offers a mix of residential and commercial properties. Its central location, cultural heritage, and relatively stable property prices make it an attractive option for investors. Surulere houses some major landmarks like the National Stadium Lagos, the National Arts Theatre, and Teslim Balogun Stadium. It is home to factories like Nigerian Breweries. Surulere has a central position that gives it easy access to places like Ikoyi, Yaba, Ikeja, and Lagos Island which makes it a good place for real estate investment.
When considering real estate investment in Lagos, it’s crucial to conduct thorough research, consider your investment goals, and engage local experts or real estate professionals to guide your decisions. With its diverse neighborhoods and booming economy, Lagos offers a plethora of opportunities for astute real estate investors seeking growth and profitability in Africa’s most populous city.
