Having A Real Estate Investment In Lagos, Nigeria comes with some special benefits. Practically speaking, Lagos state has been one of the hottest commercial hubs in the country. As the leading investment destination in Nigeria, Lagos also remains a dreamland for lots of people and businesses. It shows Lagos is a fertile ground to plant your next investment. And so far real estate investment is considered, Lagos will always be one of the best areas to consider because of a number of reasons I will explain below.
1. Ever-growing population:
Lagos state is the smallest state by land on the map of Nigeria, yet has an intimidating population of close to fifteen million dwellers in 2021, according to Macrotrend. And it also shows that the population has increased by 3.54% from 2021 till date, fiercely closing into around sixteen million. As the largest urbanized state in Africa, according to the
United Nation. With this ever-growing population, there would continue to be a huge scarcity of housing. A large demand-supply gap. This need will definitely call for a solution. Having a real estate investment in Lagos today will definitely position you to solve the ever-growing housing needs of the ever-increasing population. You will have a sea of ready-to-buy clients in need of your property. And when demand is high, you’re in charge of the supply price. Selling or renting at your best prices. Who doesn’t like such?
2. Politically Stable:
One of the major factors you must look out for when investing in real estate in any environment is the stability of the political atmosphere within such a state, or in that specific environment where you intend to invest your hard-earned resources. From the age-long, Lagos state got that box ticked. Since 1999 of the democratic government in Lagos State, Lagos has been politically serene. A politically stable environment is open to development. A good thing for investors in real estate. It means your investment is safe and accepted because it drives development within the state. You wouldn’t want to invest in areas with a high rate of political unrest. Your peace of mind is key.
3. Business Oriented:
An estimation has it that about 2000 people relocate to Lagos on a daily basis. Because of this surge in the population, and the fast-paced rate of development within the state, investors are hugely attracted to invest in the state. Population and development are conducive for businesses to thrive. Lagos attracts eighty percent of the investments coming to Nigeria, according to Lagos State Governor, Sanwo-Olu.
Many business organizations – both local and foreign – invest in Lagos state to serve the teeming population with whatever they offer. And these organizations would definitely need real estate properties – lands, apartments, office buildings – to set up their offices to commence operations. This is where you come in – if you already have a real estate asset on the ground. Imagine the high demand in need of real estate property.
4. Appreciation Of Property At A Fast Rate:
With the fast-paced rate of urbanization, Lagos is the fastest-growing city in Africa, and among the top ten fastest-growing cities in the World. With this fast-paced development in Lagos, you can’t overlook having real estate investing within its cities. You have to understand that the worth of any real estate property tends to appreciate with development.
Development increases the value of your real estate property. Areas like Lagos famed for the fast-paced rate of urbanization will definitely be a gold mine for you if you have a real estate property of your own within its soil. As the influx of people into the cities of Lagos for business adventures continues to rise, it automatically spurs more development. Such development boosts your return of investment (ROI). It means you can easily sell a property you bought at 4 million naira, at an increased price of 40 million naira. With 400% ROI. Such a whopping profit isn’t it?
5. An Ever-Ready Market:
Lagos is the commercial center of Nigeria, and would definitely be one of the largest economies in Africa if it were a country of its own, churning out a GDP of $94 million. Considering the commercial nature of Lagos State, with the ever-growing population, it’s an already fertile ground for business investment to thrive, and real estate hasn’t been left out.
The shortage in housing will always create a demand-supply gap. And that’s automatically a thriving market for real estate investors. Both rental or sales, those who have down property already will enjoy the demand, and even sell out with handsome profit margins – since there’s no stringent government price control policy. You can buy a house at 5million naira and sell it for 40 million naira. A whopping gain. Yet, you’ll have an ever-ready market with eager buyers. You can imagine if you’re among those visionary real estate investors, having your own real estate property somewhere within Lagos, you’ll enjoy the business. That’s why you need to consider investing in Lagos when you think of real estate.
So far commercial markets are on the table, Lagos state is on top of the chart, and will continue to attract more human population and business investors, speeding up urbanization rate, increasing demand for real estate properties, and appreciating the existing assets. Smart investors will keep reaping the dividends of their investments, with a higher return of investment (ROI) whenever they either rent or sell out. The more reasons to consider Lagos state, Nigeria when next you think of investing in the real estate business. Give it a thought today.