In the world of real estate, we all know that location is the golden ticket to success. And if you’re on the hunt for the next investable city in the bustling Nigerian real estate market, look no further than Ibeju-Lekki and its neighboring locations.
Nestled along the stunning coastline of Lagos, this vibrant and rapidly evolving region has become the talk of the town among savvy investors. But what makes Ibeju-Lekki so special?
Let’s take you on a journey through the captivating history of Ibeju-Lekki and shed light on the five major developments causing real estate values to skyrocket within this city and its outskirts like Epe.
An Overview and Brief History of Ibeju-Lekki
Ibeju-Lekki is a Local Government Area in Lagos State, Nigeria. It is located on the Atlantic coast and is bordered by Eti-Osa LGA to the west, Epe LGA to the east, and Ogun State to the north. The LGA has a population of over 140,000 people and is one of the fastest-growing areas in Lagos State.
The name “Ibeju-Lekki” comes from the two main towns in the LGA: Ibeju-Agbe and Lekki. The LGA has a total land area of 455 square kilometers.
Ibeju-Lekki is home to several tourist attractions and leisure destinations. It boasts beautiful beaches, resorts, golf courses, and nature reserves. These include Eleko Beach, La Campagne Tropicana Beach Resort Ibeju-Lekki, Lakowe Lakes Estate Golf Course, Hedge Resort, and Lakowe Beach.
Early History
The area now known as Ibeju-Lekki has a rich history dating back several centuries. It was reportedly founded over 500 years ago by Ageduwa, one of Oduduwa’s sons. The first settlers engaged in farming, fishing, and trading activities.
As Lagos experienced population growth and urbanization, the demand for residential and commercial space increased. This led to the city’s expansion towards the Lekki Peninsula, including the Ibeju-Lekki area.
In 2006, the Lagos State government, under former governor Bola Tinubu, now the next president from May 27, launched the Lekki Free Trade Zone project in Ibeju-Lekki. The aim was to create a world-class, eco-friendly business and industrial hub to attract local and foreign investments. The project encompasses a vast area and has attracted numerous industries, including manufacturing, logistics, and financial services.
Top Megaprojects That are Making Ibeju-Lekki the Future of Real Estate
Ibeju-Lekki is indeed becoming the future of real estate in Nigeria, thanks to several megaprojects transforming the area. Here are the top megaprojects that are making Ibeju-Lekki the future of real estate:
1. Dangote Refinery
The Dangote Refinery is one of the most significant mega projects in Ibeju-Lekki. It is set to be the largest single-train refinery in the world, with a refining capacity of 650,000 barrels per day.
This project is expected to boost the economic activities in the area, attract investors, and create job opportunities, thereby driving the demand for real estate.
It is less than an hour’s drive to Royalty Estate by Hybrid LandTech, which is in Beechwood Estate, Bogije. Also, Greenville Estate in Poka, Epe, is just a 51-minute drive to the refinery.
2. Lekki Free Trade Zone
The Lekki Free Trade Zone is a massive economic zone spanning over 60,000 hectares. It is strategically located in Ibeju-Lekki and is designed to attract local and foreign investments.
The presence of the free trade zone is attracting various industries, businesses, and investors, resulting in a surge in demand for real estate in the area.
3. Eko Atlantic City
Eko Atlantic City is a visionary project that aims to create a modern city within Lagos. It is being built on reclaimed land adjacent to Victoria Island and is set to become a major business and residential hub.
The development of Eko Atlantic City is driving the demand for real estate in neighboring areas like Ibeju-Lekki, as people seek housing and investment opportunities close to this new urban center.
4. Lagos Smart City
Lagos Smart City is a planned development that aims to leverage technology to create a sustainable and efficient city.
This project will incorporate smart infrastructure, digital services, and environmentally friendly practices.
The development of the smart city will not only enhance the quality of life but also drive the demand for real estate in the surrounding areas, including Ibeju-Lekki.
5. The New Lagos International Airport
The construction of a new international airport in Lagos, located in Ibeju-Lekki, is a game-changer for the real estate market in the area.
The airport will serve as a major transportation hub, attracting businesses, tourists, and investors. The increased connectivity and economic opportunities the airport brings will significantly impact the demand for properties in Ibeju-Lekki, Epe, and Ijebu axes.
Impact on real estate markets in Ibeju-Lekki, Epe, and Ijebu axes
The megaprojects in Ibeju-Lekki, along with their spillover effects, are significantly impacting the real estate markets in Ibeju-Lekki, Epe, and the Ijebu axes. Here are some key impacts:
Property Prices
The development of major infrastructure projects like the Dangote Refinery, Lekki Free Trade Zone, Eko Atlantic City, Lagos Smart City, and the new Lagos International Airport is driving up property prices in Ibeju-Lekki and other nearby towns.
As the demand for housing and commercial spaces increases due to the influx of businesses, investors, and job opportunities, property values are experiencing significant appreciation.
However, it is essential to note that nearby areas like Epe and the Ijebu axes offer more affordable real estate options. Real estate products like Homesville, Havens Cottage, and Greenville, Ishiwo, present attractive opportunities for those seeking more affordable properties.
Demand for Housing
The megaprojects are generating a high demand for housing in Ibeju-Lekki, Epe, and the Ijebu axes.
The influx of workers, investors, and residents in search of accommodation is driving the need for both residential and rental properties.
This increased demand creates a favorable environment for real estate developers and investors. They can capitalize on the growing market and cater to the housing needs of the expanding population.
Job Creation
The megaprojects in the region are not only boosting the real estate market but also creating a significant number of job opportunities.
The construction, operation, and maintenance of these projects require a large workforce, creating employment opportunities in various sectors. The availability of jobs attracts people from different areas, further driving the demand for housing and stimulating the real estate market.
Check out below one of Hybrid Landtech’s real estate properties in Ibeju-Lekki:
Conclusion
The major developments in and around the Ibeju-Lekki area are driving real estate values to new heights. The Dangote Refinery, Lekki Free Trade Zone, Eko Atlantic City, Lagos Smart City, and the new Lagos International Airport are key drivers behind the increasing demand for properties in the area. These developments are attracting investments, creating job opportunities, and fueling the growth of the real estate market.
For those seeking more affordable options, nearby areas like Epe and the Ijebu axes offer attractive real estate alternatives. Some of your best bets are Homesville, Havens Cottage, and Greenville 2. You can trust Hybrid LandTech to give you a sustainable and truly affordable housing solution in prospective locations like Epe, Ijebu, and Ibeju-Lekki.