New Places Property Developers Rush To In LAGOS

• OGUDU, ALAPERE & OWORO Are New Destinations

The real estate in Lagos, especially has gone through a lot in the last few years due to bad economy, government policies and inflation factors

Subsequently, the decline of consumer’s purchasing power has also caused a downturn in consumer\s demand for properties which has directly impacted the real estate market.

For instance, Nigerians have witnessed a hike in prices of cement, roofing sheets, iron rods and other construction materials.

Compounding this issue is the government’s removal of petrol subsidies, which has skyrocketed fuel cost, leading to a substantial rise in transportation and logistics expenses within the construction industry.

These are some of the factors why many real estate players are taking drastic decisions. Some of them have restrategised in order to stay afloat in business.

Over the last few years, especially, in year 2023/2024, many real estate developers have moved from the Island to Mainland where real estate demand is increasingly in hot demand.

Ogudu for instance, is known for its upscale residential properties, well-planned infrastructure, and serene environment. It attracts high-income earners and expatriates looking for a comfortable living experience.

Also Ogudu, is one area in Lagos that can be described as the Lekki of the mainland, as it is a beautiful residential neighbourhood that is slowly getting commercialized. It is also central and can be a great place to consider for a building investment, as the value of housing in the area is rising by the minute, making it a good area to start a family on the mainland.

Apart from that, Ogudu, is one of the few communities that within 10 minutes drive you are already at the Ikeja International Airport. And with just few minutes, you can connect the 3rd Mainland Bridge. It’s central to major landmarks in Lagos.

A few weeks back, a popular Lagos developer, who is now a big player on that corridor reveals to City People that many of his properties are left unsold in the Lekki Ajah axis. He hardly gets buyers and he did a study of where properties are selling, that was how he came to Ogudu area. Presently, more and more mini estates have sprung up in that community. Some of the newly constructed houses are sold off even before completion. In the absence of vacant land, top developers are now buying old houses which they demolish to build modern houses.

The same thing is happening in Alapere area of Lagos. Alapere, is adjacent to Ogudu, Alaper is a densely populated area with a mix of old and new properties. It offers more affordable housing options and is well-connected to the rest of Lagos.This residential community in the Ketu area of Lagos State is rapidly developing. It is known for its strategic location, providing a mix of commercial and residential opportunities. The area has seen significant growth due to ongoing infrastructural development and its proximity to major roads like the Lagos-Ibadan Expressway.

Presently, more than 10 real estate firms have extended their operation to the area. This is so because more and more land are now being reclaimed on a daily basis and the land is relatively cheap compared to other similar locations in Lagos.

In the last 5 years, thousands of plots of land have been reclaimed from the lagoon and a lot of people, real estate companies and other stakeholders have taken advantage of this initiative powered by the Kabiesi of the town.

In the last few months, top property developers who believe more in real estate investment are beginning to invest on a large scale in the axis. In fact, many of them are of the opinion that, Oworo as it is popularly called will be another Banana Island in the near future. This statement is beginning to manifest as many property developers are now moving en masse to invest there. Let’s quickly tell you about Oworonshoki.

Many top developers and individuals who have money to invest are building massive houses on that corridor now because there are demands from those who want to buy and rent, compared to places where properties are left unsold for months.