HAVE YOU BEEN PRICED OUT OF TOP LAGOS MAINLAND ESTATES?
…here are suitable and cheaper alternatives!
Owning a plot of land in some of the top estates in Lagos Mainland has become as herculean task. With average land prices in some of these estates going for as high as N200milion per plot, would-be land owners may now have no choice but settle for alternative nearby locations to their dream estates. Presented in this article is a complete review of land prices in the most expensive estates on the Mainland as well as those of the relatively affordable locations around them.
As one of the oldest Government initiated estates in Lagos, land prices in Ikeja GRA are currently the exclusive preserve of the high and mighty in the society. A plot of land in Ikeja currently sell for between N170, 000 and N200, 000 per sqm (N170million-N200million for 1,000sqm land). However, for prospective land owners who have been priced out of the Ikeja GRA land market but want something not away with a very slim budget, a suitable alternative location is Mende in Maryland. Located on the stretch of land from the entry point of the Maryland Bridge/ Tunnel when coming from Anthony Village to its exit point at the Odo-Iya Alaro Canal en-route Ojota, Mende in terms of proximity to Ikeja GRA is less than five minutes’ drive through Mobolaji Bank Anthony Way during traffic free periods. A plot of land in Arowjobe Estate which is the most popular estate in Mende is between N30, 000-N35, 000 per sqm (N30million-N35million for 1,000sqm land), while in the less developed parts of Mende a plot of land could still sell for between N10million and N15million. It is however important to note that many parts of Mende is waterlogged and landowners must be ready to commit some amount of money for sandfilling before being able to build on them. Infrastructure within Mende like road network and water supply is also at an average level.
Ogudu GRA like most of the schemes created by the Lagos State Government in the central parts of the Mainland has over the years grown to become the choice location for the affluent in the society. This is evident in the price of land in the estate which currently sell for between N120, 000 and N150, 000 per sqm (N120million-N150million for 1,000sqm land). However, for persons looking for cheaper plots of land in locations not far away from Ogudu GRA, several options abound in some the estates within the Gbagada axis. Some of the estates include Sholuyi, Yetunde Brown, Medina and Oke Alo. In these estates a plot of land currently sell for between N35,000 and N40, 000 per sqm for already sand-filled plots (N35million-N40million for 1,000sqm land); N15,000 and N20,000 per sqm for waterlogged plots (N15million-N20million for 1,000sqm). Unlike Ogudu GRA which has fantastic road network, layout and security arrangement, the cheaper estates in Gbagada are still struggling to fix their infrastructure challenges.
OMOLE PHASE 1
Omole Phase 1 is the location of Square Ville the mansion home of popular Nigerian hip-hop acts P-square. The estate is also the location of the homes of several other Nigerian celebrities; amongst them Otunba Wasiu Alabi Pasuma. Apart from the guys in the show-biz world, many influential Nigerians reside in Omole Phase 1. A plot of land in the estate currently sell for between N90, 000 and N100, 000 per sqm (N90million-N100million for 1,000sqm land). The nearby locations to Omole Phase 1 where cheaper plots can be bought are in the Ojodu-Abiodun area down to parts of Berger Bus Stop. In estates like Budland, Yetunde Morgan, Goodland and River Valley, a plot of land still sell for between N10, 000 and N25, 000 per sqm (N10million and N25million for N1,000sqm land). While infrastructure in Omole Phase 1 like road, water supply, drainage channels and security arrangement in Omole Phase 1 are top-notch, those of the cheaper estates in Ojodu-Abiodun and Berger are on the average level. Plots in some parts of this estates are also waterlogged and will require sandfilling before houses can be constructed on them.
MAGODO GRA SHANGISHA
Magodo GRA Shangisha along the Lagos-Ibadan expressway just after 7up Bus Stop almost overlooking the Lagos State Secretariat in Alausa is one of the top and extremely expensive estates on the Mainland. Recent findings show that plots of land measuring 1, 000sqm in the estate are now being advertised for as high as N140million (N140, 000 per sqm). While a few real estate pundits have called it unrealistic and unsustainable, the facts on ground show that Magodo GRA is still one of the top choice locations for prominent Nigerians and Lagos Big Boys. The rising price of land in the estate have also been attributed to shortage in supply of virgin plots amidst increasing demand. However, ten minutes’ drive further down the Lagos-Ibadan expressway are locations where would-be land owners who have been priced out of Magodo GRA will be spoilt for choice. In Isheri North which has a Lagos State and Ogun State side, a plot of land still sells for between N7, 000 and N15, 000 (N7million-N15million for 1,000sqm land). Close to Isheri North is Arepo which strangely has land prices selling at higher prices to those of Isheri North considering both location’s proximity to Lagos. The reason for that is however not farfetched, Arepo because of its construction-friendly topography is today more developed than Isheri North and has a higher number of privately developed residential estates.