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Last week, my friend Chidi called me with a frenzied voice coming out of the speaker. “I bought land in Epe in 2015 for ₦2 million, thinking it was too far from civilisation. Today, that same plot is worth ₦45 million, and my wife won’t let me hear the end of it,” he said. Like Chidi, many residents of Lagos are realising that what was once considered the “middle of nowhere” has now become prime real estate.
My friend Chidi would have bought more pieces of land but he learned the hard way. Lagos’s property market rewards the forward-thinking investor. The key is spotting potential before it becomes obvious to everyone else. While some areas show immense promise, success requires careful research, due diligence, and patience.
While several areas in Lagos have become modern, there are still places in Lagos’s property market just for you. However, before investing, it’s important to study government infrastructure plans. Areas that are scheduled for major road improvements or public transportation projects often experience significant increases in property value. Additionally, neighbourhoods with good schools, especially private universities and international schools, tend to see sustained growth in property values. Keep an eye on expansion plans from educational institutions as well.
While developed properties provide immediate rental income, strategic land banking in emerging areas may yield higher long-term returns. You need to conduct thorough and due diligence in such cases. Major commercial developments, such as shopping malls, markets, or office complexes, frequently lead to property appreciation in the surrounding residential areas. The best time to invest in these emerging markets was yesterday. The second-best time is now. Just make sure you do your homework first – unless you want to end up like my friend Chidi.
Here are some already previously remote but now profit-yielding areas:
Epe
Epe was once considered too remote but is now attracting significant attention. The improved Lagos-Epe Expressway has cut journey times dramatically, and the government’s agricultural initiatives in the area are creating a new economic hub. Agricultural real estate, residential estates, waterfront properties, and commercial spaces near the new agricultural markets present diverse investment opportunities.
Badagry
With the Lagos-Badagry Expressway expansion project (though moving at a snail’s pace) and plans for a Deep Sea Port, Badagry is positioning itself as Lagos’s next frontier. International traders and investors are already taking positions. The area offers affordable land prices, significant tourism potential, and cross-border trade opportunities. Its historical significance continues to attract government attention and development projects.
Sangotedo-Ajah Axis
This area has transformed from a backup plan to a primary choice for middle-class families. With major retail developments like Novare Mall and quality educational institutions, property values continue to rise. The established infrastructure, growing commercial presence, and strong rental market make it an attractive investment destination. Its proximity to the Lekki Free Trade Zone further enhances its appeal.
When exploring remote areas, it’s important to ensure that all properties have clean titles. Obtaining the Governor’s Consent or Certificate of Occupancy is essential. Avoid properties with unclear documentation, regardless of how attractive the price may seem. Due to Lagos’s coastal nature, some areas are prone to flooding, so it’s advisable to study seasonal patterns and drainage systems before investing. Additionally, research the local community dynamics, as some areas may have complex relationships with indigenous communities that could impact future development.
Future Outlook
Lagos’s population is expected to reach 30 million by 2035, making property investment in emerging areas a potentially lucrative opportunity. However, achieving success requires thorough research, patient capital, strong legal support, and a solid understanding of local market dynamics.
Don’t let distance deter you—today’s remote areas could become tomorrow’s hot spots. Instead, focus on accessibility improvements and development plans rather than the current distance from city centres. Build relationships with local real estate agents, community leaders, and government officials to gain early insights into development plans.
Start small by making initial investments in less risky opportunities. This approach allows you to understand market dynamics with minimal exposure.
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Feature Image by Rangoni Gianluca for Pexels
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