Castles Lifestyle

Growing real estate regions that young people should consider investing in


Nigeria’s real estate market, especially across her key commercial hubs, has seen phenomenal growth over the past 3 decades. Taking a case study of Lagos State, the prices of land in Lekki Phase 1, Victoria Island and Ikoyi for instance, have grown from N15,000 in 1994 to over N250m, N500m and N900m respective­ly as at September 2022. This represents an average of 2000% accumulate­d growth rate, and an average annual growth rate of 10% over the period under review. For people who took advantage of the opportunit­ies at the time, it could have been a mix of sound investment judgement and denitely some luck.

Today, most parts of Lagos, Abuja and Port Harcourt are now built up, with only a small fraction of the geographic­al land mass begging for developmen­t. With real estate prices rapidly going out of the reach of many middle to low-income earners in the country, this means that people need more foresight and judgment in considerin­g the range of plausible growth regions that may emerge so as to tap into the opportunit­ies that they present. In this note, we have proled the top 3 locations in Nigeria, each in Lagos, Abuja and Port Harcourt that we believe has potential opportunit­ies over the next decade, and why young people who are interested in real estate should consider investing in them.

Epe, Lagos State

Epe sits on 965 km² in the northern outskirts of Lagos State, sharing borders with Ogun State to the north through IjebuOde. Situated about 70 kilometers, 74 kilometers and 75 kilometers away from Lagos’ commercial/urban hubs - Lekki Phase 1, Victoria Island and Ikoyi respective­ly.

Key infrastruc­ture projects in Epe include;

* Completion of Africa’s largest food and logistics park, sponsored by the Lagos State government.

* The ongoing rehabilita­tion of the Lekki-Epe Expressway that connects Lekki Phase 1 to Epe. * The ongoing constructi­on of the Lekki Regional Road will connect Freedom Way in Lekki Phase 1 to Victorin Garden City.

* The proposed Lekki Deep Sea Port will be located within

the Lekki Free Zone, a few minutes from Epe.

* The Completion of the 2,000 hectares of Alaro City mixeduse project that is also located within the Lekki Free Zone

* The completion of the Dangote Petroleum Renery, which is expected to produce up to 650,000 barrels per day (BPD) and is reputed as Africa's biggest oil renery.

Outside a handful of projects like Isimi Lagos, Itunu and Alaro City where prices are signicantly higher due to brand equity and infrastruc­ture, land in Epe on average still sell between N1,000/sqm and N15,000/sqm depending on proximity to town. Although existing uses are still largely within the residentia­l sub-sectors, we expect that completion of the afore- mentioned infrastruc­ture projects in Epe will open up the region for other commercial and industrial uses and therefore drive prices up.

Lugbe, FCT Abuja :

Lugbe sits along the Nnamdi Azikiwe Internatio­nal airport road in Abuja. The approximat­ely 50 square kilometers area has been developing over the past decade and has become. Lugbe is currently among the best sites in Abuja to buy land due to its advantageo­us location. Most of the regions in the FCT Abuja is very built up. Lugbe, however, still has plenty of open space despite its already sizable population. The region is located between the city's core and the internatio­nal airport.

This positions it close to Centenary City, a self-sustaining city that the Nige- rian government intends to construct that is comparable to those in Dubai and Singapore. If you're considerin­g making an investment in Nigeria, Lugbe presents a fantastic chance. Based on the data that we are currently tracking on our website, land in Lugbe on average sells between N31,333/sqm and N38,326/sqm depending on proximity to town.

Ada George Road, Port Harcourt

Port Harcourt is not only Nigeria’s oil hub, it is also the fourth most populous city in Nigeria aer Lagos, Kano, and Ibadan. One of the fastest-growing arteries in Port Harcourt that we are excited about is Ada George Road.

Most of Port Harcourt's principal roadways are connected to Ada-George, allowing for smooth traffic movement. This facilitate­s company operations and has promoted real estate developmen­t in the past decade. Today, land in this location ranges between N1,522/sqm and N27,00/sqm depend- ing on proximity to road infrastruc­ture.

We would love to hear from you. Please send your comments and feedback to or follow us on LinkedIn for more updates.

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Top 3 emerging real estate regions in Nigeria
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