Real Estate investment in Lagos Nigeria

 

Real Estate is a profitable business worldwide. The only investment that comes close in profitability is stocks and shares investing. But unlike stocks, it's a far more stable. Lagos Nigeria is far more profitable than elsewhere when it come to investing in Real Estate  you stand a chance of making excellent profit if you invest right.

Reasons why you should give it serious though

 

1. Property values appreciate fast, Property prices in Lagos Nigeria is constantly rising. For example a  land bought in ikota for 3.5 million naira about four years ago, is now worth over 12 million naira, another typical example is a land bought at sangotedo (off lekki epe express way) for 750 thousand naira in 2004 is now valued at over 5 million naira, so also is a duplex bought in 2003 around the same area for 15 million naira is now valued at 35 million naira. It not just in Lagos states that properties appreciates fast, other states are appreciating as well, as long as you invest in the right place in that state. You don't have to be wealthy to invest in Real Estate, 2 plots of land in Ogun state i once bought for just 100 thousand naira each in 2001 is now valued at 1 million naira each. 

2. House rents  are constantly increasing prices.

3. Lagos is the centre of commerce, more and more business are sprouting up, more businesses means better standard of living, which means more people ready to buy property and rent properties.

4. Lagos Nigeria is constantly expanding, Lagos recently attained the mega city status. This means that property you're buying that appear to be in the suburb, may soon become a property in a commercial neighborhood. That means more money for you because properties in that area will appreciate in value faster than you imagined.

5. In African societies, You're not considered to have attained anything concrete unless you at least own a house.

6. Money loses value over time. Even  If you decide to put your money in a high interest account, at the end of the day, the net worth will be reduce by inflation.However, if you invest it in real estate, your investment will take care of of itself if you invest right, the rent from your investment will serve as your interest, and money you invested will continue growing.
 

Before you do invest in Real Estate

Long gone are the days when investing in property only has to do with building an empire to be inherited by our children and grandchildren. Property investments now goes beyond that, it involves various tehniques and studies. Before parting with money, the first thing to think of is what type of property am I buying? Should i buy a plot or more? Should I buy a developed property or an uncompleted building? Beside those questions lies questions like how do I choose  my location? Is the area sure to develop in another so so years? If development of the location is going to take say 10 years, you should ask yourself if you will be prepared to wait that long?

Do lots of research (area and value of properties) before you part with your money, make sure you invest right and in the right area as not all areas increase fast, also some agents even friends and family members have been known to double or even tripple the price of properties they help to acquire, land worth 500 thousand naira could be sold to you for 1.5 million naira if not careful.

Use the service of a lawyer to check all papers are in order and also to know the person/agent selling has the right to sell, so as to avoid being scammed, it might cost a little more but could save a lot of tears and stress in the long run.

If you purchase say a land with no little or no documentation, try and get all the papers in order, i.e land survey, deed of assignment and c of o (if possible)  this will make it impossible for the omo onile  to resell your land (if you bought it from them).

Conducts search before you purchase any Property

 Before you purchase that property............

1. Acquisition of land and its documentation involves a number of procedures that call for due diligence and caution on the part of the purchaser. Retaining the services of a good professional could help get through these procedures in your best interest.

2. Your lawyer should carry out the investigations of title of the Vendor and all other processes prior to the purchase of the land (payment of the purchase sum).

3. The primary objective at this stage is to ascertain that the Vendor has a good root of title. A good root of title in this context means the following:

3.1. that the Vendor is the rightful (beneficial) owner of the land.

3.2. that the land is free from any encumbrance or pending litigation.

3.3. that the land is not the subject of any Government acquisition
.

3.4. that the land is not subject to any of the overriding interests in land (e.g. short leases, easements, licenses, road or right of way).

3.5. that the Vendors are acting in good faith (for instance where the land is family owned land)

4. Investigation of title is carried out at the Lands Registry or New Towns Development Authority (whichever is applicable) by the Purchaser’s Solicitor shortly after inspection and expression of interest in the land using copies of the key title documents, evidence of payment of levies, approved building plans, survey plans, excision plans, etc. Sometimes investigations may include visiting the neighbours to the property and making direct enquiries in respect of the land n question.

5. If the property falls within the Excision Area (i.e. areas exempted from Government acquisition such as Ajah and environs), the investigation will include the verification of the red copy of the “Excision Plan of the Layout” where property is situated. The Excision Plan itself is a vital document and a prerequisite for Registration of Title to property at the Lands Registry. Very often, an area covered by an excision plan will also be published in the Government Gazette for the avoidance of doubt.

6. It is always prudent to verify the Excision Plan by re-confirming the
survey
beacons around the land. Where there is no Excision Plan, an application for the approval and registration of one will have to be made to the State Government in the prescribed form by the original title holder/ beneficiary of the Government Excision. The process is usually an expensive procedure depending on the size of the property and the valuation of the property.

C of O Requirements for Private Land

Survey Plans(4)-Two (2) Clothes Two (2) Papers

Land Information Certificate on application to the office of the Surveyor General

C of O Application Form from Ministry of Lands

Purchase Receipt/Stamp Duty

Current Tax Clearance Certificate

Development Levy Receipt

Capital Development fee-N60 per Sqm or N50 per Sqm depending on the Area

Publication Fee
N10,000- Private Land

N20,000- Place of Worship

N20,000- Industrial Land

Location map of the Land

Passport Photos (3)

Photocopy of the building plan approval

Tenament Rate Receipt (3 years)

 

For more information pls visit http://www.lagoslands.net

 
Registration Process of Certificate of Occupancy in Lagos State 

Step 1

Applicant collects Form A13 from the office of the Registrar Of Titles

Step 2

With the form filled and with Supporting Documents, the Applicant submits the application

Step 3

An Officer checks that all relevant documents accompanythe application, endorses it and issues a registration number to it

Step 4

The file is sent to the Certificate of Occupancy room to add a jacket to the C of O Forms. The application is then registered in a ledger

Step 5

The File is sent to the Deputy Registrar of Titles for signature

Step 6

The file is then sent to the Registrar Of Titles for the 2ndsignature

Step 7

The details of Registered Certificate of Occupancy is entered serially in a Day Book

Step 8

The Registered C  of O is entered in a dispatch Book and sent to LUAC for collection by the applicant

Badagry: An Emerging Real Estate Market!

Badagry, an ancient town is renowned as a seaport and for its role in transporting slaves by the then Colonial masters. This historic town houses the first storey building in Nigeria. Also foreigners troop in from all over the world to see tourist attractions like the slave relics museum as well as other monuments. However, development in the area has not been too impressive, as investors over time have failed to take advantage of the investment opportunities, particularly the town's proximity to business districts in Lagos. Funmi Ladeji explores this location and reports.

Badagry is located on the western part of Lagos State. It is a boundary region between Nigeria and the neighbouring, Benin Republic. One of the notable places close to Badagry is Agbara town which borders Ojo local government and the industrial part of Ogun State. It is about 45 minutes drive from Mile2.

Araronmi/Oko-Afo:
It is about 15 minutes drive from Agbara town. It is very close to the old Badagry expressway toll gate. Though it has quite a number of new sites, it is fast developing with modern residential infrastructures.
There is power supply from the national grid and water supply from individually dug boreholes and wells. There is a single tarred road that links the town to the Lagos-Badagry express way. At the moment, a plot
of land close to the expressway or inside the main town costs about N400, 000 to N500, 000 while the interior plots cost N200,000 to N300,000 each. Majority of the land available in this area belongs to different families, so anyone willing to buy must conduct a proper investigation from the locals or the Baale.

Information on the acquired areas of the town can be obtained from the Lagos State Lands Bureau. The property market in the area is bound to improve significantly as some laudable projects of the State Government have been earmarked for this location.
The topography of the land is good, not swampy, and there are reasonable commercial activities going on in the area.

Mowo:
It is about 20 minutes drive from Agbara town; it has an adjoining village called Age- Mowo. It is close to the expressway with pockets of interior settlements. The already dilapidated old Lagos- Badagry expressway passes through the main town which is the only access road to the town.

There is slow pace of development in this town except for new sites that are gradually coming up in the interior parts of Age-Mowo. Land in this area is good and solid (dry land) except for some areas close to the express way that are swampy.

Presently, plot of land goes for N400, 000 to N500, 000 in the very good sites. The main town is small and already congested so at the moment, it is very difficult to find land that is for sale in the main town. Land in this area is owned by different families, a mixture of Eguns and Aworis.

Ikoga:
It is situated on the other side of Mowo across the express way with a tarred road linking the town to the expressway. It about 10 minutes drive from the Mowo main town and this area also serves as a link point to some parts of Ogun state like: Ado-Odo, Ilaro, Papalanto and Owode Idi-Iroko.
Ikoga is gradually developing as new buildings are coming up. At the moment, a plot of land in the main town cost between N250, 000 to N300, 000, while in the interior it goes for N150, 000 to N200, 000. This area is purely residential though the property market has potential especially as the location serves as a link between Badagry and Ogun State.

Aradagun:
It is about two minutes drive from Mowo and about 30 minutes drive from Agbara. Aradagun is close to the expressway with rapid development springing up in so many new sites with beautiful structures.
There is power supply which is connected to the national grid and individually dug bore holes and wells. Some of the notable towns and villages sharing boundary with Aradagun includes Itoga village, Mosafejo and Ilado town. Presently a plot of land in Aradagun main town is selling for about N500, 000 to N600, 000 while the ones located in the swampy area are N300, 000 to N350, 000. One of the major problems of this location, however, is the access road to the expressway that needs urgent repairs. The Baale of this town is Chief Joel Falola. Other notable families in the area include Ezun family and Abina family.

Mosafejo:
This town borders Aradagun, Mowo, and Ibereko towns and it is about 30 minutes drive from Agbara It is so close to Aradagun that it is difficult to differentiate the two towns. It is fast developing and most of the land that is for sale in Mosafejo falls on the other side of the main town just across the expressway.

Notable land owners in this place include: Yawhenu family, Shabi family, and Hassan family. On the average, a plot of land sells for N400, 000 to N500, 000. It is basically a residential area with pockets of commercial activities.

Ilado
Ilado town is about 5 minutes drive from Mosafejo. It is about 35 minutes drive from Agbara. A single-lane road links this town up to Imeke, Gbanko, Imagbon, Mosafejo and Aradagun town and Iworo-Ajido. It is gradually developing but the rate of development in the area cannot be compared to that of Aradagun and Mosafejo which are very close to the expressway. A Plot of land in the area is about N300, 000 to N350, 000.

The location has basic infrastructure which includes power supply, individual dug boreholes and wells.

Iworo/Ajido
It is about 40 minutes drive to Agbara. These two villages are so close to each other that most people refer to them as a single town. Ajido is a coastal town with serious fish trading business going on.

This town links other areas like Topo, Epe and other costal communities like Igbesa and Irewe and others. A Plot of land sells for N250, 000 to N350, 000. The property market in this location has good prospect because of the coast line. The rate of development in this area is not impressive compared to some areas earlier mentioned. The commercial activities peculiar to the area includes fish farming and poultry.

An estate agent in Badagry,  said an investor or developer coming to build a property in Badagry must make sure he verifies the status of the land whether it is free from government acquisition or not. He said land buyers in Badagry would have to secure title documents themselves from the State Government as most land owners are just Omo Oniles who have not perfected their titles.

Talking on the investment potentials in Badagry, he saids if the ten-lane road project proposed by Governor Fashola's sees the light of the day, Badagry market is bound to receive a boost. He said most of the people are not looking at Badagry now because of the bad state of the Lagos-Badagry expressway and the heavy traffic on the road. He said once the road is constructed, Badagry will open up to the Lagos market, just like Lekki benefited from the development of Maroko. Mr. Ahunsi added that the fact that Badagry is a border town linking Nigeria to other West African countries would make the property market in the near future very profitable.

He mentioned other areas like Topo-Idale, Ajara, Itoga, Ibereko, Seme, Owode, and Kanko as areas with cheap plots of land.



Lagos State Residential Scheme and Prices

1.      LEKKI SCHEME II        N6.7M

a.      Land Charges                                                 N     397, 440.00

b.      Registration/Conveyancing Fees                   N     123, 200.00

c.       Surveying Fee                                                 N     150, 000.00

d.      Capital Contribution                                       N 6, 000, 000.00

2.      ABIJO GRA                 N6M

a.      Land Charges                                                 N     230, 000.00

b.      Registration/Conveyancing Fees                   N     100, 000.00

c.       Surveying Fee                                                 N     150, 000.00

d.      Capital Contribution                                       N 5, 500, 000.00

3.      ISHERI-NORTH           N2, 872, 940.00

a.      Land Charges                                                 N     431, 400.00

b.      Registration/Conveyancing Fees                   N     143, 640.00

c.       Surveying Fee                                                 N     200, 000.00

d.      Capital Contribution                                       N 2, 097, 940.00

4.      IKORODU GRA III N300, 000.00

a.      Land Charges                                                 N     17, 000.00

b.      Registration/Conveyancing Fees                   N       8, 000.00

c.       Surveying Fee                                                 N     75, 000.00

d.      Capital Contribution                                       N  200, 000.00

5.      IJANIKIN ROSE GARDEN N285, 000.00

a.      Land Charges                                                 N  20, 000.00

b.      Registration/Conveyancing Fees                   N     5, 000.00

c.       Surveying Fee                                                 N   75, 000.00

d.      Capital Contribution                                       N 185, 000.00

6.      AYOBO N250, 000

a.      Land Charges                                                 N     13, 200.00

b.      Registration/Conveyancing Fees                   N       5, 000.00

c.       Surveying Fee                                                 N     75, 000.00

d.      Capital Contribution                                       N   156, 800.00

7.      IPAJA N117, 380.00

a.      Land Charges                                                 N     16, 800.00

b.      Registration/Conveyancing Fees                   N       1, 200.00

c.       Surveying Fee                                                 N     20, 000.00

d.      Capital Contribution                                       N     80, 000.00

8.      IMOTA N200, 000.00

a.      Land Charges                                                 N     230, 000.00

b.      Registration/Conveyancing Fees                   N     100, 000.00

c.       Surveying Fee                                                 N     150, 000.00

d.      Capital Contribution                                       N 5, 500, 000.00

9.      AGBOWA N196, 000.00

a.      Land Charges                                                 N     38, 500.00

b.      Registration/Conveyancing Fees                   N       7, 500.00

c.       Surveying Fee                                                 N     50, 000.00

d.      Capital Contribution                                       N   100, 000.00

10.  OBANIKORO/OKE-IRA N995, 000.00

a.      Land Charges                                                 N       85, 100.00

b.      Registration/Conveyancing Fees                   N       39, 900.00

c.       Surveying Fee                                                 N     100, 000.00

d.      Capital Contribution                                       N     770, 000.00

11.  IGBOGBO GRA SCHEME N455, 412.00

a.      Land Charges                                                 N       16, 012.00

b.      Registration/Conveyancing Fees                   N         8, 000.00

c.       Surveying Fee                                                 N       75, 000.00

d.      Capital Contribution                                       N     356, 400.00

12.  MOSAFEJO/ARADAGUNMIXED DEV. N280, 000.00

a.      Land Charges                                                 N       20, 000.00

b.      Registration/Conveyancing Fees                   N         5, 000.00

c.       Surveying Fee                                                 N       75, 000.00

d.      Capital Contribution                                       N     180, 000.00

13.  GREENGATE SCHEME N200, 000.00

a.      Land Charges                                                 N       43, 500.00

b.      Registration/Conveyancing Fees                   N         6, 500.00

c.       Surveying Fee                                                 N       50, 000.00

d.      Capital Contribution                                       N     100, 000.00

14.  OWORONSHOKI RESIDENTIAL SCHEME N1, 064,980.00

a.      Land Charges                                                 N       85, 0800.00

b.      Registration/Conveyancing Fees                   N       39, 900.00

c.       Surveying Fee                                                 N     100, 000.00

d.      Capital Contribution                                       N     840, 000.00

15.  CRYSTALL RESIDENTIAL SCHEME N2, 359, 400.00

a.      Land Charges                                                 N     104, 400.00

b.      Registration/Conveyancing Fees                   N       36, 000.00

c.       Surveying Fee                                                 N       75, 000.00

d.      Drainage Special Levy                                    N     200, 000.00

e.      Capital Contribution                                       N 1, 944, 000.00

16.  EPE RESIDENTIAL SCHEME N200, 000.00

a.      Land Charges                                                 N       43, 500.00

b.      Registration/Conveyancing Fees                   N         6, 500.00

c.       Surveying Fee                                                 N       50, 000.00

d.      Capital Contribution                                       N     100, 000.00

17.  IJEDE G.R.A. RESIDENTIAL SCHEME N290, 000.00

a.      Land Charges                                                 N       53, 401.68

b.      Registration/Conveyancing Fees                   N        11, 598.32

c.       Surveying Fee                                                 N        75, 000.00

d.      Capital Contribution                                       N     150, 000.00

18.  OGUDU GARDEN VALLEY SCHEME N2, 486, 800.00

a.      Land Charges                                                 N     218, 800.00

b.      Registration/Conveyancing Fees                   N     150, 000.00

c.       Surveying Fee                                                 N     118, 000.00

d.      Drainage Special Levy                                    N 1, 000, 000.00

e.      Capital Contribution                                       N 1, 000, 000.00

19.  OGUDU PHASE II EXTENSION N2, 486, 800.00

a.      Land Charges                                                 N     218, 800.00

b.      Registration/Conveyancing Fees                   N     150, 000.00

c.       Surveying Fee                                                 N     118, 000.00

d.      Drainage Special Levy                                    N 1, 000, 000.00

e.      Capital Contribution                                       N 1, 000, 000.00

20.  VALLEY VIEW SCHEME AGBOWA N196, 000.00

a.      Land Charges                                                 N     38, 500.00

b.      Registration/Conveyancing Fees                   N       7, 500.00

c.       Surveying Fee                                                 N     50, 000.00

d.      Capital Contribution                                       N   100, 000.00

VALLEY VIEW SCHEME AGBOWA COMMERCIAL

2000M2          =          N704, 000.00


VALLEY VIEW SCHEME AGBOWA INDUSTRIAL

5000M2          =          N1.2M

10, 000M2      =          N2.2M




For more information:    Lagos State Ministry of Lands

                                  13 - 14 Secretariat, Alausa

                                   P.M.B 1613 Ikeja,

                                   Lagos State, Nigeria.

Tel No                          01 - 7645036, 7647035, 7647061

E-mail                           info@lagoslands.net  and enquiries@lagoslands.net 
     

Buying repossessed property in Nigeria 

If the property you have decided to buy has been repossessed, it is important to ascertain that the title of the property holds. A lawyer can do this for you. You can do it yourself but a lawyer is better equipped to do so. To make sure the title of a property is good, the lawyer goes to the Nigerian Land registry where all land in Nigeria is registered. This is where to find out if the land title is free, encumbered, under acquisition or subject to government planning in the future such as road building. Once it has teen ascertained that the title is free, your lawyer makes contact with the mortgagee e.g. a bank or building society and pays the required amount. For example: if the property is valued at N10m but mortgaged to the bank for N3m, two cheques are issued, one of N3m to the bank and the other of N7m to the seller or a single cheque of N10m is issued straight to the bank and kept in an account. Once the bank takes out its N3m and hands N7m over to the seller, the title documents are issued to the buyer.

Building Approval Process In Lagos

Obtaining development permit from the relevant authority is an integral part of the construction process. It’s common to see people buy a piece of land and start building almost immediately, so long as the funds are available, without giving much thought to obtaining building plan approval. In some instances even companies and conglomerates when embarking on large construction works, don’t factor the cost of obtaining permit as part of construction cost. In Lagos for instance it is safe to assume that over 75% of the construction work going on around the state is illegal, while over 60% of the existing buildings are illegal. By illegal I mean such structures don’t have development permit or building plan approval. Even those that have but have built contrary to the approval are also illegal. Most people that are interested in property development don’t seem to attach importance to the approval process, or some just assume that the process is very tedious and cumbersome. This is not so as the Lagos State Government has since made it very easy and straight forward. Although more can still be done, but in comparison to what was obtainable before 1998, things are definitely much better. The very first thing to do when you want to start construction work should be to obtain Development Permit from the Lagos State Government. The office responsible for granting development permit is the Lagos State Physical Planning and Development Authority (LASPPDA), a parastatal under the Ministry of Physical Planning and Urban Development (MPP&UD). The Authority is empowered by Law no 09 of 14-10-2005, which is a law to provide for the administration of Physical Planning, Urban and Regional Development in Lagos.

There are basically two offices charged by the Authority to grant development permits: they are the District Offices headed by District Officers and the Local Planning Authorities headed by the Chief Executive Officers. Both offices are under the control of the General Manager of the Lagos State Physical Planning and Development Authority.

There are 20 district offices and 27 local planning offices around Lagos. The functions of both offices are basically the same except that the local planning authorities can only work on applications that are on land areas not exceeding 1000sq meters and 2 storey development; every other type of development must be handled at the District Office.


The following are the various steps involved in the approval process of a simple residential development.

Step 1
After you have purchased the land, and contracted your architect to come up with a design, you should instruct the architect to give you a copy first, which you will take to the planning office for vetting, to confirm if your design is in conformity with the approval standards and order for the area which the land is located. This will ensure that when printing the 5 sets for approval, there will be no errors, and no cause for you to have to pay the architect more money to make corrections that may be detected and observed at the planning office if you just take your full drawings at the end of the process.


Step 2
If your proposed development is found satisfactory by the planning authority, assessment will be given. The assessment is based on the volume of your building multiplied by the rate applicable to your land location. Usually you are to raise 3 bank drafts for payment to:-


The Lagos State Government, The relevant local planning authority of the land location and Lagos State Physical Planning and Development Authority.
Depending on your proposal there are some additional fees that will be paid to the Lagos State Government. At these stage you are to know the various requirements to be submitted for approval as it concerns your proposed development, so getting them ready before payment is cleared will save you time.

Step 3
Before submission of your application, you will be asked to take an officer of the Authority for site inspection (pre-site inspection). This is the first of 3 inspections that your site will be subjected to at the very least, the others being the construction inspection and post development inspection. The inspection officer is going to confirm if the site in question is the same as the one being proposed for development, and this can be done by confirming that the pillar/beacon numbers tally with the ones in the survey plan and also to confirm that you have not commenced construction before approval. He will also relate the site to its immediate environment to see if proposal is in conformity with the existing land use, and if the size of the plot is as presented in the survey plan and design proposal. Also other things such as physical texture of the land, sandy, firm, water logged or swampy will be taken into account. He will also confirm that the site is accessible. If the inspection report is satisfactory, the application will then be registered, provided all documents have been submitted
.

Step 4
This is the time that your application spends within the planning office, under processing. The following are the steps that a registered file goes through within the planning office:-


1. The file is endorsed for registration by the district officer(D.O) or Chief Executive Officer(C.E.O) and registered by the clerical officer who assigns the file number and receives all sheets of the drawing submitted.

2. This is provided all relevant documents are submitted. The file is sent to the table of the DO/CEO, who sends it to the field officer to include his site sketch and report. While another file is opened with all relevant payment receipts and sent to the accountants office at LASPPDA headquarters for payment confirmation

3. The field officer returns file to the DO/CEO, who will act on the report of the field officer. If satisfied with the report, the file will be sent to the charting officer to determine the conformity of the land with the land use of the area, and the actual status of the land, if it is freehold, government acquisition, scheme, water catchments, drainage channel, green zone, etc

4. The file is returned to the DO/CEO who acts on the charting report to determine the next line of action. If the report is satisfactory, the file is sent to the table of the engineer for vetting of the structural drawings. If the development is not a bungalow, but is located in an area which does not have a firm land and requires a foundation different from a strip, then structural drawings is required even for 1 floor buildings(bungalows).

5. The engineer will treat the application and revert back to the DO/CEO who will act on the engineers report. If found satisfactory then the file is sent to the recommendation officer to vet and recommend as appropriate.

6. The recommendation officer’s job is very important, as he/she will go through the entire file to ensure that all that should be done has been done, all requirements in terms of documents and fees have been included in the file, the site will also be re-visited to confirm that construction has not commenced, before recommending to the DO/CEO if application should be granted approval or not.

7. The DO/CEO will act on the recommendation officers report and either approve or disapprove, if the file is to be approved, the file will be sent to the accountants office at the LASPPDA headquarters for clearance of payments made on the application. Only after the payments have been cleared will the DO/CEO send the file to the stamp and seal office for stamping and sealing of the architectural drawings.

8. The DO/CEO will then approve file and instruct the clerical officer to assign approval no, which will be on all sheets of the drawing, and prepare same for collection by applicant.


The entire process should not take more than 30 working days if all documents are submitted at point of registration.


Badagry Set To Change 

…with the intention of the State Government to situate numerous developmental projects in the once neglected ancient city, Badagry is set to be the next property investment hotspot.

Badagry enjoys a pride of place in history in Lagos and in Nigeria at large especially as regards early European contacts with West Africa. By virtue of being a coastal town, Badagry was a major slave outpost and market during the pre-colonial era. It was also the first place in Nigeria where Christianity was first preached. What is known as western civilization in terms of education, agriculture and trade was first practiced in Badagry.

Naturally, it would be expected that with the early contact of the Badagry people with the Europeans as far back as 1842, the city by now should be one of the most developed part of the State if not in Nigeria. Also, bearing in mind that Badagry by geographical location is a major gateway between Nigeria and our other West African Neighbors and also that over 80% of the trade transaction that goes on in the West Coast goes through the Seme Boarder the expectations would have been that by now the city would be the hub of investment opportunities. The reverse however is the case.

Badagry has not witnessed any significant industrial or infrastructural development in the last two to three decades. It can not boast of three major industries and it was just about six months ago that major Banks started setting up their branches in the main town. Even at that, there are still less than 10 banks in the whole of Badagry Local Government.

Though there is a gradual influx of new settlers into Badagry, the rate of development and the property market price is still at an all time low when compared to the other outskirts of Lagos like Ikorodu, Epe, and Lekki. A Plot of land in most developed parts of Badagry like Ajara, Ibereko, Aradagun, Mosafejo, Oko Afo and a host of others still go for as low as #250,000 to #300,000 per plot. In the interior parts and the less developed areas like Itohun, Ikoga, Itoga, Iragon, Gbanko, Imeke and others, land is still been sold at between #100,000 to #150,000 per plot.

Findings however shows that the stagnation in growth and development that Badagry has experienced is not unconnected with the fact that the last time a major development project was done in Badagry was in the 70's when the Lagos-Badagry express way was constructed.

However, the trend is about to change as Governor Babatunde Fashola looks determined to change the face of Badagry for the better. Several State projects geared towards the realization of the Lagos Mega-City plan have been earmarked to be situated in Badagry. At a recently held Ministerial Press Briefing in commemoration of the first year anniversary of Governor Babatunde Fashola in office at the Bagauda
Kaltho press center, Alausa-Ikeja, the Permanent Secretary of the Lands Bureau, Mr. Gbenga Ashafa acknowledged the fact that Governor Fashola seems to have a special interest in Badagry with the numerous projects that the state government is about to situate in the ancient city.

The Lagos City Energy Project is one of such projects to be situated in Badagry. The New Towns Development Authority (NTDA) has been directed by the State Governor to select 670 hectares of Land to Supra Energy and Power City limited an Oil and Gas consortium to facilitate the Lagos City Energy Project. The project is to be Africa's first fully integrated business centre for Oil and Gas industry that would have great impact not only on its immediate environment but also improve the quality of life of Nigerians and neighboring West African Countries. The project is expected to enhance international tourism in Lagos as an international Airport is to also being proposed on the Energy City.

Several residential schemes have been selected in different parts of Lagos and Badagry is not left out. 100 hectares of land have been earmarked in Lasu/Iba and it is to be developed by the Ministry of Housing. Also, 30 hectares of land is to be developed by Modutux Properties Limited in Mosafejo/Aradagun for a mixed development scheme. The drive of the State Government for the residential schemes is to address the problem of provision of affordable accommodation for the teeming populace of the state.

The waste to wealth project of the state government also has a place for Badagry. Lagos is said to generate about 60% of the total waste in the federation. The NTDA has selected sites in two divisions of the state for the execution of the project namely: Badagry and Epe. 40 hectares of land have been allocated in Badagry to the Earth Care Waste to Wealth Nig. Ltd. for this initiative.

Also, as part of the resolve of the State Government to ensure that displaced persons from collapsed buildings are resettled, 5 hectares of land in Mosafejo/Aradagun town in Badagry have been selected for a residential scheme for the displaced persons. A relief camp for disaster victims of all kinds is also
earmarked for Badagry within the Sunny Field Residential Scheme in Oko-Afo/ Ilogbo by the New Town Development Authority.

Findings also shows that several other projects are already on-going while some are just about to kick off. The main road linking the Lagos-Badagry expressway and the Badagry main town which was recently washed away by flood is presently being reconstructed and expanded. The Aradagun- Iworo/Ajido road is also to be reconstructed and expanded soon as measurements have already been carried out on the road. The Aradagun/Iworo Ajido road connects several communities namely: Mosafejo, Ilado, Imeke, Gbanko, Iworo Ajido and Epe that has the popular Whispering Palms. The road also links other communities like Topo where the Administrative Staff College of Nigeria (ASCON) is situated. The road is very important to the communities because it links them to the Badagry main town as an alternative root to the main one.

With all of these outlined projects ready to be situated in Badagry, the general belief is that Badagry can never remain the same again if they all see the light of the day. There is bound to be an influx of persons from all works of life, who will either directly or indirectly want to benefit from the 'new' Badagry.

Following this line, the property market in Badagry is bound to gallop as being witnessed in other parts of Lagos. Already the presence of a multi-national Oil and Gas Company, Wilbros in the remote village of Gbanko where Oil was recently discovered has brought a significant change to property market in the Neighboring Communities.

For property investors, this might just be the time to look away from the saturated market of Lekki, Ajah or Lagos Island and begin to focus on Badagry where there is large expanse of land waiting to be utilized.

Lekki: the land of great returns

There are many untapped areas of the Lekki Sub-region which are selling at a reasonable sum now but with potential for fantastic growth….

Crazy as it may sound now, in the year 2000, a 675 square metre plot of land in Victoria Garden City was sold by HFP Engineering Limited for about N1.6million. By 2003, the price had climbed to N12million. Today if you can find it, it goes for as high as N45 to N60m. The cause of this phenomenal increase could be attributed to the unparalled infrastructure and security of the estate itself. Everything works So that should mean that where there is not as much infrastructure, prices should be fairly stable. Right? Wrong. Our investigations reveal that in 2003, a 4,000 square metre plot of land in a place known as Onigbongbo village (opposite Chief Rasaq Okoya's magnificent estate) cost N2million. Last month a frontline firm of Estate Surveyors and Valuers put the value of the land at an incredible N45m. 

I've seen phenomenal rises in property values in relatively short periods but have usually been able to explain such increases to provision of lacking facilities which changed the status of land in the area from just 'land' to as estate agents will describe it 'prime land'. In the case of Onigbongbo Village, there is no infrastructural development at all to justify such a fantastic appreciation.

So what else could be the reason for the almost imaginable increase? After much pondering, the conclusion was reached that such an area though undeveloped are still undervalued. There is no doubt that there is a lot of interest in the Lekki axis and despite the Government's avowed interest in Badagry, most private investors and commercial concerns view the sub-region as the place to be in the next decade. Lekki is still attracting a lot of residential estates and many business (by the number of boards stating that 'this land belongs to…') including schools, hospitals, hotels etc plan to situate either their head offices or a branch office there. So as these dreams are been consummated, the price of land in the sub-region will continue to go up. So if an investor can get into areas which are relatively cheap, we expect that he will make capital gains on the price he bought the land without doing a single act of improvement. The natural growth of the area will push up the prices for such an investor.

Where can you obtain land for N3m in Lekki-Ajah axis?

OLOKO-NLA
Located shortly after Abraham Adesanya estate in Lekki Peninsula scheme II; a twenty minute drive from Lekki first Round-about, and 48 Km from Epe, the area is experiencing fast development and has quite a number of uncompleted buildings in various stages of construction. The roads leading off from the expressway into the neighbourhoods are untarred, muddy and winding; while there is a supply of electricity, water is essentially available from boreholes and wells. Small-scale businesses flourish every where especially, trades relating to building and construction commodities. From the expressway there is no visible sign of any planned-estate, rather private construction of unit of houses dominate the area. The area is a mixed grill of small, plain duplexes and large magnificent mansions. Hence private development is common to this area.

Away from the expressway, there is an expanse of undeveloped land.

According to a source, the average price for a plot of land in Oloko-nla is around N2.5m and N3.5m. If the land is close to, or facing the highway, the price starts from N4m; land worth N2.5m per plot are a bit far from the expressway, swampy, or waterlogged and must be sand-filled before any serious construction can take place.

But all lands close to or visible from the expressway have been sold. Any sales of landed property advertised around this area is emanating as reselling of owned-lands by the owners who had bought them years back. But in the interior of this area, lands are still available for sale. Such lands can be bought from the indigenes i.e. Omo Onile. Although, Oloko-nla is part of the Ajah stretch, and while there had been disagreement in the past over who holds the territorial right of ownership between the dominant families in the area, the Oloko-nla family is widely recognized as the Bona fide Omo Onile with rights to disposing the lands.

However, a prospective buyer purchasing a resold land, still has to bring his transaction to the knowledge of the Omo Oniles. Every resold land needs their approval and, of course, it attracts extra expenses.
OKE ADO is next to Oloko-nla and they share the same physical characteristics. Plots of land starts from N3m.The information is straight from the horse's mouth, the representatives of Otegbade family, the royal family in the area who holds the exclusive rights to sale of land. Land are not given to estate agents but rather the family sells directly to purchasers; on the other hand, owners of undeveloped properties use the estate agents to resell their properties.

Land in the area are classified into two, namely Ile Oke (high lands i.e. well-drained lands, above the swamp) which starts from N5m and Ile Ira (lands in less-drained areas-waterlogged) these are the lands obtainable at the cost of N3m. Like in Oloko-nla, lands visible from the expressway have all been sold, to obtain a land in such location; one has to lookout for owners who want to resell. Likewise too, if you are buying from the initial owners, the Omo onile has to be informed, and involved.

SANGOTEDO
This is ten minute drive away and is home to Golden Park Estate. It has a community market, hotel and sawmills all visible from the expressway. One noticeable feature of this area is the high visibility of construction-related stores by the roadside e.g. cement stores, paints shops, sawmills and planks sellers, nails and other carpentry essential stores dotted the streets on both side . A lot of construction work on building sites are also visible. It is evident that there is a high interest is property around this area at present.

Here, lands are classified according to 3 categories. Lands close to the express are prime properties and they cost about N5m per plot. Away from the express, say, 5-6 Km, are areas classified as New Settlement Areas, there a plot of land cost between N2.5m and N3m. Far into the interior, between 10 to 15 Km, a plot of land goes for between N1.5m and N2m. Basically, except the land is by the express or close to it within 3-4 km, there is no easy access to the interior due to unavailability of a good road network. In the area the Adewale, Ajakaiye and Lawal families hold the titles to the land.

Sangotedo is a gazetted land, i.e. no longer under government acquisition .It has been handed over to the community. Hence after purchase, extra effort will still be made by the purchaser to obtain governor's consent.

Property Market in Ikeja G.R.A.

 Location/description

Ikeja G.R.A. is an integral part of IKEJA – a suburb of the city of Lagos State and the State administrative capital. Ikeja G.R.A., a government reservation area was created during the colonial period as a residential area of the very high class.
It is bounded in the North by Mobolaji Bank Anthony Way, in the South and equally in the West by Agege Motor Road and in the East by Ikeja Military Cantonment.
These two major roads provide the access into this exclusive residential suburb.


Development type/density
Ikeja G.R.A. was originally designed to be a predominantly residential area with ancillary services to cater for the well being of the residents. The average land size of a plot was designed to be half of an acre (about2000m2) such that a typical development will contain the building structures of main house, Boys Quarters, etc and quite an expense of land for floral landscaping. In a typical development, the buildings which are majorly Detached Houses, or Bungalows and some Semi-Detached Duplexes would occupy just about 1/3 of the entire land while the rest of the land would be used for green. In some exclusive developments, particularly in plots that are up to an acre (4000m2) or above, the premises could contain some additional features as swimming pool, waterfall, tennis court, etc.


Initially, about 100% of the properties were owners' occupied but some had now changed ownership such that some of the original designs had been altered. It is therefore not uncommon to find a property, which was originally a bungalow now being reconstructed into a bigger Detached House or Twin Duplex and sometimes into a big office complex with reduced green arrears.
The plot sizes are typically big averaging half an acre or more. Each of these plots has a permissible maximum unit of development which is two (2) i.e. two units of development on each plot. Hence Twin Duplex or in rear cases two flats are permissible apart from the commonly developed detached houses or bungalows. However, the trend of property transactions in this location recently had nullified this standard. Due to the large sizes of the plots, it is also not uncommon to find some of the plots been subdivided and sold out in parts, such that each part now contain a fully developed property on its own.
However, inspite of these developments, Ikeja G.R.A. is still very much a low-density neighbourhood. The occupancy ratio is relatively very low.


Physical environment
Ikeja G.R.A. is a very exclusive neighbourhood with an impressive physical outlook. Being an old estate, it is no surprise that all the roads are tarred while it also records superb road interconnectivity.
Majority of the buildings, particularly those that have recently undergone redevelopment are tastefully finished and their respective premises adequately landscaped giving the neighbourhood that exclusive
and classy look.
Most of the properties along some of the major roads like Isaac John, Joel Ogunnaike, Sobo Arobiodu, Oduduwa Way have been converted or redeveloped for commercial use and you could easily observe even a more impressive physical outlook here typical of a high brow commercial precinct.
The terrain is flat and naturally drained. Amazingly you find that even in some of the roads, which have no drain gutters, no flood is recorded even after a heavy downpour of rain.


Neighbourhood amenities and services
Ikeja G.R.A. is blessed with virtually all neighbourhood amenities ranging from the Shopping Complexes to Schools, Banks, Recreational Centres, Events Centres, Hospitals, etc. it's immediate neighbourhood would also compliment all other non-available amenities.
Mains water supply is available in the neighbourhood and its supply is fairly steady.
Mains electricity from P.H.C.N. is also available and Ikeja G.R.A. is one of the few places that enjoy a relatively but fairly steady supply of electricity. This perhaps is a measure of the relative class it has maintained over the years.
Apart from being a relatively secured environment, perhaps the strategic location of Police College and the Ikeja Military Cantonment is a big boost to its security rating.
Accessibility to this exclusive G.R.A. is easy via Bolaji Bank Anthony Way and Agege Motor Road while an added advantage is its nearness to the Local and international Airports, factors that are contributory to its attractiveness.


Rental/capital values analysis
Ikeja G.R.A. ranks about the highest in property values in the Mainland of Lagos State. It is the foremost G.R.A. and had consistently maintained its standard.
No doubt Ikeja G.R.A. is the heaven for the high class citizens who can afford to live in the neighbourhood or pay the rent associated with the properties available therein. The neighbourhood is exclusive, classy, accessible, secured and well serviced. These and other attractions make it to be very high in demand but exclusively for the very few who can afford the cost.


Averagely, a plot of land (subdivided part) presently would sell for a value of between N120million to N150million depending on relative location and size. For a developed Detached House, the sale value could be between N350million to N400million depending on finishes, size of plot, relative location, etc. Semi-Detached Duplex would have a slightly lower sale value of N300million to N350million while the bungalow could sell at a value of about N300million.

The rental value for a 4-6-Bedroom Detached House would be between N6million to N10million depending on the finishes, facilities, relative location, size of land, etc., whereas a wing of a Duplex could go for between N5million to N6million. Bungalow could attract about N5million whereas a 3-Bedroom Flat would let for between N2.5million to N3.5million

.Props and cons

Pros
* Ikeja GRA is a highly exclusive neighbourhood with classy outlook.
* The properties are tastefully finished.
* The location has easy accessibility and close to the city Airport.
* The neighbourhood is highly secured.
* Mains water is connected to the neighbourhood and its supply is fairly regular and adequate.
* Electricity supply is relatively but fairly stable.
* All neighbourhood roads are tarred.
* The neighbourhood is naturally drained.
* Property values are very attractive for investment purposes.


Cons
* Inspite of the natural drainage, some few streets that has no drain gutters experience occasional but mild flood.
* Sometimes, access into the neighbourhood could be a
nightmare where both Mobolaji Bank Anthony Way and
Agege Motor Road are experiencing serious traffic jam.
Ikeja GRA remains the most exclusive neighbourhood in the Mainland of Lagos metropolis.


Property prices in M.K.O Abiola Garden rises

 Prices of property in M.K.O Abiola Garden in Alausa is on the increase.

M.K.O Abiola Garden is one of the many estates constructed by the Lagos state Government. It was formerly known as Marwa garden, named after the then military administrator who commissioned it in 1999, it was later renamed M.K.O Abiola Garden by the former Lagos state Governor, Chief Bola Ahmed Tinubu. The estate is situated in Alausa area of Ikeja. It has three main entrances, two out of them, usually locked up for security purposes. This well-planned estate harbours about four hundred buildings which includes three-storey buildings, terraces, duplexes, semi- detached and shopping complex to go with.


There are several property types on the estate:

1. Three-bedroom flats with three toilets and two bathrooms; cost- twelve million naira

2. Four-bedroom flats with four toilets and three bathrooms; cost fourteen million naira.

3. Four bedrooms terrace duplex with corner piece; of three rooms' boys' quarters cost - forty million naira.

4. Four-bedroom terrace duplex without corner piece; cost thirty to thirty-five million naira.

5. Semi- detached house with four toilets, three bathrooms and two boy's quarter's; cost- fifty million naira. 

On rent, the average rent rate for three-bedroom flats with three toilets and bathrooms goes for about N600,000 to N700,000; four-bedroom flats with four toilets and three bathroom is between N700,000 to N800,000. Terrace duplex with three-room Boy's Quarters is around One Million Naira and above. Semi- detached four-bedroom house with two-room boy's quarter is between one and two million naira, a mini-flat (a room and a parlor) is between N200, 000 and N250, 000, all per annum. The mini-flats, however, are the Boys Quarters of the duplexes which some owner rent out at will. The differences in the rent rates of the duplexes depends on their finishing as some have marble floors, POP(Plaster of Paris) wall and paving stones to mention few improvement.

The shops are divided into three blocks A, B and C and are in various dimensions of 25 square meters, 27 square meters, and 30 square meters. Their rent ranges between N250, 000 and N300, 000 depending on the size. One interesting thing about the shops in the garden is that, they all have in-built toilets except for the 30 sq. meters shops which have theirs outside.

Perhaps you may consider the prices expensive, (Last year a semi-detached duplex was sold for a whooping sum of forty three million naira!)
But when compared with the high demand in the real estate sector in Lagos, they seem justifiable, given the relatively new state of the buildings, the finishing, like marbles, POP, imported burglary proof-doors etc.


As prospective buyer, you are likely to find some of the facts about the Garden interesting. For instance:

Power Supply: It's gathered that electricity is constant in the estate. 

State of the building: The buildings are still in good shape with all its fittings still in place.

Security: The security of this estate can not be overestimated-the only functioning entrance is manned by uniformed security men checking people in and out. And security post is available on each street. Taxis and okadas (motor cycles) are not permitted into the estate at all. Loiters are liable to be challenged by the uniformed security personnel.

Government Property: The estate belong to the Lagos State Development Properties Corporation (LSDPC) which clears out the issue of land touts popularly called “Omo onile” that are often source of harassment to prospective buyers.

Water supply: It is directly from the water corporation with few people having bore holes so when there is shortage of water supply they are also affected like any other part of Lagos.

Anyone intending to buy a house in order to convert it to an office or any other venture, should forget the idea as the estate has been designed purely as a residential area, and the residents are resolved to keeping to the blueprint, to the extent that even guards and house helps are not allowed to create any mini-kiosk or stall in front of the houses for commercial purpose. All commercial activities are restricted to the shopping complex. But for prospective buyers that intend to live in it, it is a good place to reside- the roads are tarred and pot-hole free, the building architecture is lovely and the general environment is well taken care of. If the present level of care for the environment continues, expect M.K.O Garden to get even more expensive.


Returns On Magodo G.R.A

Magodo G.R.A is located at around the North central area of Lagos State. The Estate was created by Lagos State Government as one of the government Reservation Areas, the estate is divided into two Phases.

The Phase I is identified as Magodo (Isheri), it's located towards the peripheral boundary of Lagos State with Ogun State at Isheri while the Phase II is identified as Magodo (Shangisha), it's close to the dismantled Toll gate at the Lagos end of the Lagos-Ibadan Expressway, via Ikosi Ketu but adjoining Shangisha. These two phases inspite of their different accessibility points, are overlooking one another, separated by a big natural gorge.


DEVELOPMENT TYPE/DENSITY
The type of development in Magodo G.R.A. is predominantly residential with pockets of commercial users. Most developments which are detached houses or semi-detached duplexes or detached bungalows are owner occupied while very few blocks of flats development are leased out to tenants. The standard of finishes of the properties here is generally high.
The maximum unit of development permissible in the Estate by the State Government is 2-unit of development per plot. This implies that each Allotees or Landowner in the Estate is expected to develop a single unit of accommodation i.e. a detached house or a detached bungalow and two units of accommodation i.e. 2 No semi-detached houses or twin Duple or a block of two flats. Thus the Estate could be regarded as a low-density neighbourhood.

PHYSICAL ENVIRONMENT
The estate is very exclusive and has fairly good physical outlook. The plot s are well laid out while the roads are adequately interconnected. Being relatively at a higher level, rain and waste-waters in the Estate are naturally drained into lower grounds and gorges surrounding the Estate.
Most major roads have drain gutters while the minor ones either have no drains or the drains are undergoing constructions through self-effort of the zonal residents.
Most buildings exhibit high level of floral landscaping giving each property a touch of classes. This is not the same though, with the Estate streets as only few are landscaped.
Most streets are clean, though few look unkempt with suit deposits and uncut grasses and weeds. About 70% of the estate roads are untarred but motorable

NEIGHBOURHOOD AMENITIES AND SERVICES


Mains water supply from Adiyan water Works is connected to the Estate, though its distribution is poor and its supply is also irregular. Hence, over 50% of the residents have resorted to sinking boreholes in to their respective houses to ensure prompt supplement and regular supply.

Mains electricity from PHCN is also available but this had been very erratic in the past. However, there had been a tremendous improvement in the supply of late with the available supply capacity having been doubled particularly at the Shangisha end of the estate i.e. Magodo (Shangisha)
Most neighbourhood amenities are available either within the Estate or its immediate neighbourhood. For instance there are adequate supply of shopping centres for all classes of goods; entertainment halls, recreation centres, Clinics, Banks on C.M.D road, primary and secondary schools and nearby university.
The seat of state government, Alausa, Ikeja is within close proximity to the Estate, such that all transactions relating to government could easily be pursued without delay in transportation.


RENTAL/CAPITAL VALUES ANALYSIS
Magodo Estate commands one of the highest property values in the Mainland of Lagos State.
Being a Government Reservation Area (G.R.A), its location is exclusive, and with low-density development and high level of finishes of the properties, most high and medium class Lagosians sought to live in this beautiful estate. The easy accessibility of the location to some prominent places is also an added attraction to some citizens. It is close to Ikeja, the seat of government; it has an easy and straight access to Lagos Island via the Third Mainland Bridge; it closely connects Ikorodu Road a major distributor road in Lagos and it is near the Lagos Ibadan express Road the major exit Road to other parts of the Country. There is also a tight security network in the Estate such that cases of armed robbery are hardly witnessed.


These attractions underscore the high demands for this location, Hence, on daily basis new property owners and tenants are moving into the Estate such that the Estate is getting close to being almost fully developed. The level at which it had developed in the last five (5) years had been very rapid. While the demand is increasing rapidly the supply of land continues to depreciate further in the Estate. The resultant effect is the high property values being recently witnessed in the Estate.

The current land value (i.e. a plot) in the Estate range between N25million to N40million in Magodo G.R.A. (Shangisha) and N12million to N16million in Magodo G.R.A. (Isheri) depending on such factors as:

- The type of title document subsisting on the property (either a Certificate of Occupancy, C. of O or Letter of Allocation).

- The size of the land.

- The relative location of the land in the Estate, if on a tarred or untarred road, if more accessible or less accessible.

- The development on the land such as fencing and provision of gate, etc.

Currently, a fully developed detached house would sell for between N50million and N70million depending on level of finishes, accommodation, relative location and title document in Magodo G.R.A. (Shangisha) whereas the same type of property would sell for between N35million to N55million in Magodo G.R.A. (Isheri) depending on same factors.

Semi-detached wing of houses or wing of Twin duplexes would fall slightly below the above figures.

Detached Bungalows would attract slightly lower values than Semi-Detached Houses such as N35million to N40million in Magodo (Shangisha) and N30million to N35million in Magodo (Isheri) depending still on same factors enumerated above.


In Magodo (Shangisha), a 3-Bedroom flat would currently attract a rent of between N650,000.00 to N750,000.00 per annum depending on the finishes, location and services; a 2-Bedroom flat would attract between N400,000.00 to N450,000.00 per annum, a wing of a duplex and semi-detached house would attract between N1.5million to N1.8million depending here on relative location while a detached house would attract a rent between N1.8million to N2.5million depending on the finishes, size and relative location.

In Magodo (Isheri), a 3-Bedroom flat would attract a rent of between N400,000.00 to N500,000.00; a 2-Bedroom flat would attract a rent between N400,000.00 to N450,000.00 per annum, a wing of a duplex and semi-detached House would attract between N1.5million to N1.8million depending here on relative location while a detached house would attract a rent between N1.8million to N2.5million depending on the finishes, size and relative location.

In Magodo (Isheri), a 3-Bedroom flat would attract a rent of between N400,000.00 to N500,000.00, a 2-Bedroom flat would attract a rent between N250,000.00 to N750,000.00 to N1million depending on the aforementioned factors.

PROS AND CONS
Pros:
- Magodo Estate is highly exclusive
- Most of the properties here are tastefully finished.
- The neighbourhood is highly secured.
- The location is accessible to major locations.
- Mains water is connected to the estate.
- Electricity supply here has improved in recent times.
- The soil texture is firm making foundation construction cost fairly reasonable.
- The neighbourhood is naturally drained.
- Property values are very attractive for investment purposes.


Cons:
- About 70% of the Estate Road is still untarred though motorable.
- Mains water supply is available but poorly distributed.


INVESTMENT POTENTIALS:
Evidences had shown that Magodo Estate could be one of the best locations to invest for optimum returns. There is no doubt that some investors in the estate must have reaped huge returns in the past years.


Let us examine the trend of value appreciation in Magodo (Shangisha) in the last 18 years as follows:

(I): COST OF A PLOT OF LAND

1990 N100,000.00
1992 N500,000.00
1995 N1.2million
1996 N1.8million
1999 N2.5million
2000 N4million
2004 N10million
2006 N16million
2007 N25million
2008 N35million


See also the trend of value appreciation of a Detached House in the same Phase II i.e. Magodo (Shangisha) in the last 12 years.

(ii)
COST OF 5/6 BEDROOMS DETACHED HOUSE


YEAR VALUE
1996 N10million
1998 N15million
2000 N20million
2002 N25million
2004 N30million
2006 N40million
2007 N50million
2008 N60million


From the above analysis, an investor who invested his N100,000.00 into a plot of land in 1990 stood a chance of making 400% gain which two (2) years, if he resold in 1992; it is equally rewarding to reap a 640% gain if you invested N2.5million in land in same location in 1999 and make a return of N16million in 2006 but most rewarding is the Investor who bought a land of N22million in September 2007 and would sell today in April 2008 for N38million reaping close to 60% gain within 7 months of investment.

Table (ii) above equally indicates good returns on investment for an owner of a Detached House who bought the house in 1998 for N15million, lived and enjoyed the house for 10 years and would in 2008 sell the same house for N55milion.

Rental value appreciation had equally been significantly noticed in the neighourbood. If in 2004 a 3 Bedroom flat in Magodo (Shangisha) was going for a maximum rent of N3000,000.00 and by 2007 it had shot up to N600,000.00, this obviously is high appreciation and good returns on investment for property owners here.

The same degree of appreciation had been observed for a wing of Duplex Houses which would let for N750,000.00 in 2004 but would in 2007 let for N1.5million.

From the foregoing (which of course are just few inferences) it is obvious that MAGODO G.R.A. has high investment potentials from Real estate. Apart from this, the Estate is exclusive and well secured.

It is therefore no surprise that some recent surveys had classified MAGODO GRA being among the first three (3) locations most sought after by high and medium class citizens of Lagos State.

Homes below 5 Million Naira

You do not need to save up to five million Naira to buy a good and comfortable house, below five million naira in the market…

Shelter is one of the basic necessities every man must have. Buying your own house makes you secure and saves you from the problem of meeting agents, relocating from one area to another for befitting accommodation and the payment of exorbitant rents (which normally includes agreement fees, outrageous commission for agent who is the middle man and the non-refundable caution fees) .One of the things that hinder people from building a house is the huge money needed to finance the project. Not to worry, different private investors in conjunction with mortgage institutions are already helping out to build well-finished houses, which allow you to pay up within a certain period, with little or no interest. A trip to Master Golden Estate, Mowe-Ofada reveals two-bedroom semi-detached bungalow at a price tag of 2,8000,000 Naira and 3-bedroom detached bungalow for 4,500,000 Naira with features that include: Moderate size lounge, 2 bedroom en suite, suitable located dining , 3 toilets and bathrooms concrete paved walk way environment.

Basic infrastructure attached to this Estate include: central borehole, Electricity and Earth road. It is about 25 minutes drive from the old Lagos toll gate and about 10 minutes drive from Lagos-Ibadan express way.You do not even need to pay up all the money at once if you don't have it, just pay 40%of the price while the remaining 60% can be spread over 10 years with 14% interest.
Contact address: No 5, Jubilee/CMD road, Magodo, Shangisha, Lagos. Telephone no: 234-1-8188767, 08033505455, 08052093559



Still on the axis, Golden Heritage City, Mowe, is offering 3-bedroom detached bungalows plus 1 bedroom Boy's Quarters. This house is presently selling for N4, 999,999 with features which include: Master bedroom en suite, spacious compound, aluminium roofing, perimeter fencing, good road network with drainage and electricity connected to the National grid. The condition of payment, which can be in installment, include 30% down payment and the balance spread over a period of 38 months, paying 100,000 Naira monthly (interest free).


This estate is in care of New Creation Properties Plot1, Block 84 CMD/ Jubilee road, Magodo GRA, Lagos –State. Phone numbers: 234-1-8752998, 7410687, 8771439, 8766260.


Another very good offer available is the Beverley Hills Estate in Ajilaran phase 1, in Mowe- Ofada Urban Mega City with 2-bedroom semi-detached house selling for 4,500,00 Naira (which includes; the cost of the house, capital contribution and service charge) house owners will be given a Deed of Assignment derived from the original Certificate of Occupancy. You can buy and pay up over a period of 10 years with an interest rate of 17%.


The agency in charge is Akkenog International and Co. Ltd 1, Stella Sholanke street, off Muritala Mohammed Airport Road, Ajao Estate, Lagos in conjunction with Bank PHB Mortgages. Call Kenny-08029335754, 07028856475, 01-7624940, Paul-08029499637, Emmanuel-07028409332Yomi-08084510707, Abuja: Charles-08023112771.

Property market in Festac Town

Festac town is an Estate developed by the Federal Housing Authority in the 70s when Nigeria was preparing to host the second Black and African Festival of Arts and Culture.

Festac town is accessible through either Lagos Badagry Express road or Apapa Oworoshoki Express road. It shares a common boundary with Amuwo-Odofin Estate.

Due to expansion, an annex was developed and popularly referred to as Festac Extension. Festac Town has seven (7) Avenues and each is subdivided into Roads and Closes in alphabetical order.

Immediate access into Festac Town itself is via four points: viz through First Gate by First Avenue, through Agboju Gate by 22 road, through Alakija by Seventh Avenue and through Festac Link from Amuwo-Odofin Estate.


Development type/density
The type of development in Festac Town is predominantly residential with sizeable numbers of commercial users.
The residential developments by the Federal Housing Authority were varied to meet the needs of the low, medium and high-class citizens. Consequently, the various properties were balloted for and allotted to the three classes of Federal Government Staff and repayment was done through mortgage arrangement. Private individual who also applied and won were allotted houses too based on their categories and classes.


In Festac town, there is the N5, N4, N3, N2, and N1 categories. The five Naira (N5) categories for instance stand for Duplex development. This category is further subdivided into types 7,8,9, and 10.

There are also categories as follows:
T7 are terrace houses.
T8 are Semi-detached houses with Boys Quarters (BQ), which is also subdivided into three (3) categories.
T9 are fully detached houses with BQ visible in 5th Avenue, 21 road and 2nd Avenue.
T10 is an exclusive detached house on two (2) plots of land.

Other categories include:
- 3-Bedroom Bungalows with their own gates.
- Block of 3-Bedroom Flats either with single or double balcony.
- Block of 2-Bedroom Flats either with single or double balcony.
- Block of 1-Bedroom Flats.

The development in Festac Extension is more exclusive comprising detached and Semi-detached houses with infusion of commercial and recreational developments.
With these varied developments, there had been rooms for high population concentration typifying Festac Town as a moderate example of a high-density neighbourhood


Festac Town presents one of the well-planned neighbourhoods in Lagos. The plots are well laid out and the roads are adequately interconnected. The Avenues, the Roads and the Closes reminds one of the typical layouts you find in Europe and the United States of America (USA). All the roads are tarred with drain gutters, though some of the roads are now in a deplorable state.
There are very few presence of floral landscaping significantly noticed only in some houses in Festac Extension. Floral landscaping in the streets is significantly low.
Due to the low-lying nature of the terrain, some parts of Festac Town do experience occasional flooding during the rains.


Neighbourhood amenities and services
Mains water supply is connected to the town but the supply is poor such that residents have resulted to either sinking artisan wells within their premises or buy water from Water Tankers who supply them on regular basis.

Electricity supply from PHCN is available but of irregular supply, a phenomenon which is national.

Most neighbourhood amenities are available within the Town basically ranging from Shopping Complexes, Recreational Centers, Hotels, Clinics, Schools, Banks, etc.
Festac Town is also close to the Mile 2 Jetty from where commuters are ferried by boat to Lagos Island providing alternative means and route of transportation.


Rental/capital analysis
Festac Town still exhibits the features of a planned neighbourhood such that in spite of its decaying structures, it commands a reasonable level of demand from residential and commercial users.
Obviously, there is no vacant land within the core Festac Town for sale but land is only available in the Festac Extension. Being relatively on fairly marshy grounds to firm grounds such land would sell now for between N7 million to N12 million depending on its accessibility and nature of soil.


For developed properties, the current values of the different categories of properties are as follows:
- 3-Bedroom Flats (single balcony) - N3m
- 3-Bedroom Flat (double balcony) - N3.5m to N4m
- 2-Bedroom Flat - N2.5m to N2.8m
- 1-Bedroom Flat - N1.5m to N1.8m
- 3-Bedroom Bungalow - N6m to N6.5
- T7 Duplexes/Terrace House - N8m to N11m
- T8 Semi-Detached House - N14m to N15m
- T9 Detached House with BQ - N25m to N30m
- T10 Detached House - N35m to N45m


However, the level of finishes of each of the properties could slightly affect the above prices positively or negatively. The properties in Festac Extension, some of which are better finished could attract a fairly higher value with a Detached House, for instance, attracting a value as high as N55m.

Rental values exhibit the following outlook:
- 3-Bedroom Flat with double balcony - N300,000:00 per annum
- 3-Bedroom Flat with single balcony - N250,000:00 to N280,000:00 per annum.
- 2-Bedroom Flat - N250,000:00 to N300,000:00 per annum.
- 1-Bedroom Flat - N150,000:00 per annum.
- 2/3-Bedroom Bungalow - N400,000:00 to N500,000:00 per annum.
- T7 house - N500,000:00 to N600,000:00 per annum.
- T8 house - N700,000:00 to N800,000:00 per annum
- T9 house - N850,000:00 to N950,000:00 per annum.
- T10 house - N1.5m to N2.5m per annum.


Pros and cons

Pros
* Festac Town still remained a planned neighbourhood.
* The road networks are well connected and motorable.
* The town offers a wide variety of choices to residential dwellers.
* Its underground drainage network gives it a unique look.
* Being a large neighbourhood with high population concentration, commercial ventures are fairly profitable particularly for those engaged in buying and selling, as the demand market is sizeable.


Cons
* The buildings in the Town have over the years been undergoing neglect with little or no maintenance. Ditto for the amenities and facilities.
* There is high occupancy ratio.
* There are sometimes traffic congestion within and along the Lagos-Badagry Expressway making entry and exit difficult.
* Security is a worrisome issue in the town.


In spite of the odds, Festac is still a model town that would for a long time be a reference point in our physical and environmental planning.

Property Market In Ilupeju Estate

Ilupeju Estate is one of the old G.R.A.s created by Lagos State Government in the 70s. It is located at the central area of Lagos State.
It is bounded in the South by Palm grove, the North by Apapa-Oworosoki Express road, in the west by Agege Motor Road and the East by Ikorodu Road.


DEVELOPMENT TYPE/DENSITY
Ilupeju Residential Estate as originally designed to be predominantly for residential developments alone but it has today worn a slightly different outlook. The major streets like Coker Road, Ilupeju Bypass and Town Planning way have a high prevalence of commercial activities on them.


In some other streets, there's still a smaller degree of commercial uses juxtaposing with the predominant residential use. However, Ilupeju Residential Estate still remains a quiet but exclusive residential neighbourhood.

Ilupeju Residential Estate presents a fine example of residential mixture of Detached Houses, Semi-Detached Duplexes and Block of Flats Developments, though some of these have been slightly altered in the course of changing their form to commercial use.
Being a planned Estate with fine residential developments, Ilupeju Residential Estate still has its appeal to the high and medium class citizens such that it is not highly populated and could justifiably be classed within the low-density neighbourhoods.
The industrial section is still functional with some industries, which are still actively in production.


PHYSICAL ENVIRONMENT
Noticeably, Ilupeju Estate had constantly displayed a fairly good physical outlook because it had never suffered complete neglect. Presently, it is wearing a colourful look particularly along the major roads (Coker Road, Ilupeju Bypass, Town Planning way, etc.) with reconstructed drain gutters, provision of side Krebs, road signs, street lines, etc.
Most of the Estate Roads are tarred and well maintained. Floral landscaping is fairly noticeable and the environment is fairly neat.


NEIGHBOURHOOD AMENITIES AND SERVICES
Most neighbourhood amenities are available in the Estate. There are schools, shopping centers, Eateries, fuel stations, banks, industries, etc.
Main water supply is connected to the Estate but not regularly flowing.
Main electricity from P.H.C.N. is also connected to the Estate but its supply is epileptic.
The unique location of the Estate makes access/exit into and out of it very easy via the 3Nos. aforementioned Express roads.


RENTAL/CAPITAL VALUE ANALYSIS
From observations over the years, over 50% of prospective tenants of middle class would mention Ilupeju Residential Estate among the few chosen areas they would like to live. This is simple due to its central location vis-à-vis its easy accessibility and its exclusive neighbourhood. It is therefore no surprise that Ilupeju Residential Estate had over the years enjoyed a rapid but progressive trend in rental values.


Similarly, prospective house owners in the past had always sought to buy properties either in Ilupeju or Gbagada Estates before the advent of the new G.R.A.s of Magodo, Ogudu, Omole, etc. Even now, some prospective buyers would for the sake of accessibility alone chose to buy a property (to live in) in Ilupeju Residential Estate than any other location. Such has been the trend of property market in Ilupeju Residential Estate. This trend again is reflective on capital values of properties in the Estates.

Currently, a 3-Bedroom Flat would attract a rent of between N500, 000:00 to N800, 000:00 per annum depending on relative location, finishes, facilities, services and the type of use (residential or commercial) while a 2-Bedroom Flat (which are scarce though) if available could attract a rent of about N400, 000:00 to N500, 000:00 per annum depending on same factors as that of 3-Bedroom Flat. A wing of Twin Duplex (4-5Bedrooms) would attract a rent of between N1.2m to N1.5m per annum depending on same factors above, while a 5-7 Bedroom Detached house could attract a rent between N1.8m to N2m per annum depending still on same factors mentioned above. As a general rule however, any of these properties that is being used for commercial purposes like those on Coker Road, Ilupeju By-Pass, Town Planning way, Industrial Estate Road, etc would obviously attract the higher rent than those being used for residential purpose. For open plan spaces, that are to be let for commercial uses, a rental rate of about N10, 000 per square meter per annum would be charged on ground floors while the upper floors could attract about N8, 500:00 per square meter per annum.

Ilupeju Estate is almost fully built up such that there are very few vacant plots, which had been left undeveloped over the years. Such land being scarce could attract a sale price up to N20m or a little lower depending on its relative location and size. For an industrial plot if available at all would attract a higher price. A wing of Twin Duplex would currently attract a sale value of about N40m to N45m depending on relative location; finishes and accommodation while a Detached House would attract a sale value of between N50m to N60m depending on same factors. However, commercially viable properties on any of the mentioned major roads could attract a higher value of up to N100m if for instance it is being purchased by a bank organization or any other organization in similar capacity. Warehouses in the Industrial Section of the Estate would even sell for higher amounts depending on the size of warehouse, the number of bays available and provision of ancillary services.

PROS AND CONS

Pros:
Ilupeju Estate is exclusive.
The Estate is centrally located and highly accessible to other locations in the State.
The Physical Environment is well maintained and good.
Virtually all roads here are tarred and well drained.
Mains water is connected to the Estate.
The neighbourhood is naturally drained and no cases of flood.
The neighbourhood is fairly secured.
Property values are fairly attractive for investment purposes.


Cons:
Perhaps the only one worth mentioning here is the slight air pollution that would be generated from the nearby industrial plants.
It is noteworthy to mention that the rental and capital values analysis done above had been progressively increasing over the years. This increasing trend coupled with the many pluses and pros in favour of Ilupeju Estate had made the Estate not only a neighbourhood good for living but also one where good returns can be realized on investment.

 

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