Investors see immense opportunities on Lekki-Epe corridor - Expert

As Lagos property market gears up for rebound, savvy investors are set to leverage on immense opportunities along the buoyant Lekki-Epe axis.

Notably one of the five fingers of the state with others including Lagos-Badagry expressway, Ikorodu expressway, Lagos-Ibadan expressway and Lagos-Abeokuta expressway, the axis, analysts say has attracted so much investment in recent time because of its rewarding potential.

With other fingers significantly developed for mostly residential and commercial purposes, the fast-developing Lekki-Epe corridor currently presents the most rewarding investment opportunity for real estate investors.

Currently, the axis boasts of over 50 estates, gated residential developments, commercial complexes, with numbers expected to double in the next few years as a result of on-going developments on the corridor.

Some of the infrastructure expected to further trigger property value on the axis is the on-going construction of the Lekki seaport, Opening of the Lekki link bridge between Lekki phase I and Ikoyi, and Proposed construction of fourth mainland bridge to link Lekki to Ikorodu by the Lagos State government.

Other projects currently on-going include the construction of the West Africa gas pipeline project in Ibeju-Lekki LGA by the Federal Government and the ongoing construction of the East-West road, which passes through Lekki.

A sizeable portion of the land on the axis has also been allocated spaces for a Free Trade Zone and an airport, all these providing exciting opportunities for investors.

Property analysts believe that the axis could play a major role as the new investment hub for real estate investors as Lagos gradually evolves to a mega city.

Olayinka Omotosho, portfolio executive, Broll Property Services Limited, speaking recently at a forum in Lagos said the significant rise in property prices over the past few years have further lured more investors to the axis.

According to him, a three-bedroom apartment on the axis which was sold between N10 million and N15 million in 2008 currently sells between N42 million and N100 million in Lekki Phase I, N35 million and N50 million in Agungi and N25 million and N35 million at Ajah, all on the expressway.

“The area is gradually being developed with different estates, state of the art infrastructure, schools, hotels and retail spaces which are factors that would further increase demand and as well eliminate the ‘isolated’ clause in the near future”, Omotosho added.

In addition, the updated land use master plan will provide a total built-up area of about 10,380 hectares to accommodate a residential population of about 3.4 million persons and non-residential.

The unique characteristics of the Atlantic Coast, Lagos Lagoon and the inland natural areas will be protected and enhanced to give the area the special natural ambience character.