Prices Of Land In Lekki Increase By 500% In Just Five Years

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From ₦1 million five years ago, the price of a plot of land in Ibeju-Lekki, Lagos has soared to ₦6 million, representing 500 percent increase, correspondent has learnt.

It was also gathered that the land’s price per plot might soar to ₦8 million before the end of the year due to increased demand by investors and home seekers, who are positioning for opportunities inherent in various industries coming up in Lekki Free Trade Zone (LFTZ).

According to the President, Perfection Real Estate Investors Cooperative Society, Mr Niyi Adeleye, the price of a plot of land for earlier subscribers who bought into the vision was ₦1 million about five years ago, now that the land is currently selling for ₦6 million.

He disclosed this in Lagos while allotting plots of land to subscribers of Perfection Cooperative Estate Phase 1 in Ibeju-Lekki, last weekend.

He urged home seekers to take advantage of the opportunity to achieve their dream of homeownership.

Over 500 members of the cooperative, who subscribed to the estate were allocated land at the event witnessed by the paramount ruler, Onileki of Lekki, Oba Olumuyiwa Ogunbeku.

Earlier, the Oba congratulated members of the cooperative for the milestone, urging all allottees to be grateful to God and be part of Perfection Real Estate.

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Adeleye said the cooperative society was on a rescue mission to provide the solution to the problem of the society, which borders on housing.

He pointed out that it has been discovered that housing provision was capital intensive, hence the need to come together through cooperative society by pooling resources together to provide wealth and also help the government reduce the nation’s housing deficit.

He described Ibeju-Lekki as a strategic location, adding that LFZ was the hottest investment destination in Africa.

He said the cooperative assets base was now worth ₦1 billion, promising to grow it to ₦50 billion and float a real estate investment trust on the Nigerian Stock Exchange (NSE) in another five years.

According to Adeleye, plans are in top gear to commence construction of 75 units on two bedrooms, 30 units of three bedroom and 30 units of one bedroom bungalows on first 40 plots before the end of the month.

He added that 60 units of one bedroom, 90 units of 2-bedroom and 90 units of 3-bedroom were being planned for another 40 plots in the second batch.


Credit: Newstage