The focus of this write up is to call the attention of prospective real estate investors, particularly in Lagos State, to the prospect of the real estate industry in Lagos Nigeria.
After the crash of the stock market, the real estate industry received a lot of attention from savvy investors for obvious reasons.
Although our government is making efforts to provide accommodation and infrastructure, the private investors must complement the efforts of the government.
This partnership is the only way by which the housing deficit of our country Nigeria can be accommodated. According to United Nations, the housing deficit in Lagos State alone is about 5 Million due to the population size. It means that the market actually exists for more investors in the property market. Are you aware that 80% of the population in Nigeria lives in rented apartments?
How possible is the government going to provide 30,000 houses for Nigerians in 4 years without the involvement of the private sector? (7,500 houses every year, 625 houses every month, 20 houses every day!!!)
Let me encourage you with the following information about the prospect of the industry:
In Lagos Alone over N13 trillion is yet to be tapped in the Lagos State Real Estate Property market alone. There is an on-going infrastructural transformation of Lagos state to meet its mega city status, one of such is the upgrading of the Lekki-Ajah expressway, and the expansion of Badagry road to 12 lanes to include light passenger rail track. The expansion of Lagos Ibadan Expressway, properties within that axis are certainly going to be gold mines for early smart investors.
There are a lot of ongoing developmental projects embarked upon by the administration of Governor Raji Fashola such as Eko Atlantic City Project, Lekki Free Trade Zone, and LASU-IBA New Town Development. All in the bid to increase the housing stock in the state which will invariably complement the efforts of private investors.
Fourth Mainland Bridge is being proposed by Lagos State government as part of the Lagos Mega City Initiative to link Badore in Lekki/Ajah. The bridge will allow several people who live on the mainland and work on the Island commute without the usual traffic bottle neck. Hence property market will surely boom in Ajah/Badore/Ikorodu axis.
The new master plan of Ibeju-Lekki as incorporated into the Mega City Plan has a new International Airport, Lekki Free Trade Zone, The Deep Sea Port. The axis has, Eko Tourist Beach Resort in Akodo Village, Hermitage Gardens Resort, proposed 21 Hole Golf Course, Obafemi Awolowo Museum and Resort and many more.
These and many more are being put in place to open up new locations for real estate business to thrive within the next 5 years at least.
Download Lagos state Investor handbook here: http://goo.gl/QM1qXn
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