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What is The Price of Land in Ibeju Lekki?

What is The Price of Land in Ibeju Lekki?

What is The Price of Land in Ibeju Lekki?

Price of land in Ibeju Lekki depends on so many factors just like other areas in Lagos state. In this article, I will give a thorough analysis of the price of land in Ibeju Lekki area of Lagos state.

 

 

Before we talk about the price of land in Ibeju Lekki, it is important for you to know the factors that determine the Market Value Of Your Real Estate Or Property. Some of the factors that apply to the price of land in ibeju Lekki are location, zoning, and topography.

Factors Determining the Price of Land in Ibeju Lekki

When you talk about location, Ibeju Lekki is endowed; because it plays host to massive projects like the Lekki Free Trade ZoneDangote Refinery, Dana Milk, Lekki Deep Port, Gracias Commercial Estate, Rehoboth Estate, Power Oil Industry, Kellogg International Ltd, Lekki Deep Sea Port, La Campaigne Tropicana Resort, and Several Private Beaches Several Upcoming Estates.

Zoning is another factor that is working in favour of price hike in Ibeju Lekki. It is believed that the government is trying to decongest the other parts of Lagos. This is why you have new major projects in Ibeju Lekki. Furthermore, the topography of the land in Ibeju Lekki varies from dry land to swamp.

When it comes to the price of land in Ibeju lekki and real estate in general, a title such as Certificate of Occupancy or C of OGazette or Excision, and even survey plan determines the price. Thus a land with C of O is more expensive compared with land in the location and topography. Other factors such as proximity to the lekki-epe expressway, developed mall or ShopRite also affect the price of land in Ibeju Lekki

For the purpose of this discussion I will divide Ibeju Lekki into 3 Axes viz:

  • Developed Axis (along Lekki-Epe Expressway)
  • Free Trade Zone Axis,
  • Elerangbe Axis, and

I will give the average price of land in these axes.

     The Price of Land in the Developed Axis

The developed axis include places like Awoyaya, Bogoje, Elemoro, Lakowe, Abijo, Eputu, and Badore. There are a lot of developments (both commercial and residential ) in this area already. In these areas,  plot of land with C of O range from N4.5m to N30m. Plots of Land without title can sell lower than this range. Please note a land without a title but is close to the main road could sell higher. Swampy or wetland in this area varies from N1m t0  N5m. A plot of Land without C of O could be sold for less than N1.2m on the average. 

  The Price of Land in the Free Trade Zone Axis

This axis is hosts a lot of massive development in Ibeju Lekki. It starts from Elecko Junction to Lekki Free Trade Zone, through Dangote Refinery, La Campagne Tropicana Resort and beyond.

Dry Land with C of O range from N2.5m to N10m. Land without title can sell lower than this range. Swampy or wetland in this area varies from N1m t0  N5m. Land without C of O could be sold for less than N1m or N550k on the average. 

The Price of Land in the Elerangbe Axis

The Elerangbe axis comprises towns like Elerangbe, Okegun, Tagbati, and all the way to Arapagi just before Epe. Elerangbe is after Eleko Junction and Pan Atlantic University, off Lekki-Epe expressway, to the Left. The Lekki international Airport is Located within this axis.

A plot of Land with C of O range from N2.5m to N12m. Land without title can sell lower than this range. Swampy or wetland in this area varies from N1m t0  N4m. Land without C of O could be sold for less than N1m or N700k on the average. 

 

Conclusion

The price of land in Ibeju Lekki varies from N550k to N10m  for a plot of land without C of O and N3m to N30m for land with C of O. Plots of Land with C of O are usually more expensive. Know that plots of Land along the Lekki-epe expressway are usually

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