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This article, top 5 reasons to buy land in Ikorodu is written to show you why you should buy land in Ikorodu.
Some 10 years ago, Ikorodu was regarded as the “backyard of Lagos” where nothing happens.
Now, it is one of the only two cities in Lagos that have more than one million residents.
And this has made it one of the top places to buy land in Lagos.
Apart from the ever-increasing population, many other factors have made Ikorodu a top choice for real estate investors and private individuals.
In this article, I will show you
- How the Fourth Mainland Bridge will change everything about Ikorodu
- What universities have brought to Ikorodu’s real estate economy
- How Ikorodu compares to other big cities like Ikeja
What Are the Top 5 Reasons to Buy Land in Ikorodu?
As I already mentioned above, Ikorodu is not only a fast-developing city, it is also one with a multiplying population.
Out of all the local governments in Lagos, it is one of the most strategically positioned areas.
Because of this, you can access good roads, city centres, and even leisure areas.
Here are five reasons why buying land in Ikorodu will be a smart investing decision:
1. Strategic Infrastructure Development
One of the top 5 reasons to buy land in Ikorodu is the high level of infrastructure development that is happening in that corridor.
If you look at the biggest cities in the world with the best real estate RoI, you will notice the presence of infrastructure.
London, for instance, is home to the tunnel train route that links the UK to Europe through France.
New York has one of the largest harbours in the world.
And Delhi has the highest number of foreign company offices within an Indian city.
Ikorodu is also on that journey with massive developments ongoing and in plans. The 38-kilometre Fourth Mainland Bridge will connect the city directly to Lagos Mainland and Lagos Island.
This will reduce travel time by hours. That way, commuters can easily skip the traffic jams that they encounter in places like Agric, Maryland and Mile 12.
Also, it will attract more investors as better traffic will result directly in more people moving into Ikorodu.
Nobody will want to rent a 2 million naira 2-bedroom flat when they can get a 3-bedroom flat for the same amount in a location with fast road access.
The Lekki-Epe Expressway brought an unbelievable price increase in land along that corridor. And this was good news for all investors who had bought land there early.
So, if you are considering investing in Ikorodu or buying to build, now is the best time before the prices increase.
Also, read: 7 mistakes to avoid when buying land in Ikorodu
2. Affordable Land Prices
Unlike most parts of Lagos that have lesser populations like Lekki and Victoria Island, land in Ikorodu is still affordable.
And the reason for this is not far-fetched.
Ikorodu was seen by many as a forgotten part of Lagos with no potential for growth because of its poor road network.
But when the Sagamu Road and the Mile 12 roads were constructed, the city suddenly began to get attention.
Yet, there are still so many unexplored hinterlands in Ikorodu. For instance, there are still parts of places like Odogunyan, Ijede, and Igbogbo that have not been developed.
Because of this, land in Ikorodu is very affordable compared to places like Ikeja and Ogba.
Don’t get me wrong, the lands in these super-developed areas of Lagos were also small at some point in the past. But it is a different ball game now.
And that is how Ikorodu will be in the near future too. So, take advantage now.
To make things more exciting, you can still find a real estate company that will allow you to buy land in instalments. So, you don’t need to wait for a fat check- you can start with just a fraction of your salary.
3. Proximity to Key Economic Hubs
Ikorodu is a border town that connects Lagos and Ogun. This has made it a go-to location for transporters, manufacturing companies, warehouses, and commercial structures like shopping complexes.
And because of all the infrastructural development underway, Ikorodu will allow its residents to have smooth access to the Lagos Free Trade Zone and the Lekki Deep Sea Port.
As a result, the city will also experience more traffic and more investment along the routes.
Because of these economic facilities and potential, Ikorodu is now an economic hub that provides
- Employment for workers
- Good startup locations for entrepreneurs
- Great atmosphere for investors
For companies, this central location helps them to speed up supply, get access to resources, and still reach the market faster.
For employees, it means shorter commute time to work and exposure to other opportunities
And for investors, it is a chance to explore multiple streams in one locality.
As I always say, land will not wait for you before it appreciates. So, no, don’t wait before you start buying land.
4. Presence of Educational Institutions
If you want to know if a place is really developing, look out for schools. It is the clearest sign of an expanding population and the economic standards of the neighbouring communities of that place.
Ikorodu is home to several reputable educational institutions, including Lagos State University of Science and Technology (formerly LASPOTECH) and Caleb University.
These institutions attract students, academic and non-academic staff as well as contract workers for specific projects. And this causes a steady flow of demand for housing.
This opens a huge window of opportunities for investors who may want to buy land and develop rental properties on it.
Not surprisingly too, Ikorodu has a huge number of schools. This shows a heavy presence of families who are looking to stay long-term in the area- and it presents another investment opportunity.
It is simple.
Just buy land
Hold it for some years. Let the price go up naturally.
Don’t worry about who will buy it. Just leave it
Some years later, people who are looking to settle with their kids for a long-term stay will come and buy.
This is one of the biggest reasons I always consider before I buy real estate anywhere in Nigeria.
5. Growing Industrialization and Employment Opportunities
Over the years, Ikorodu has developed into a full mixed-use area with commercial and residential areas.
Yet it has one of the most fascinating locations in Lagos- an Industrial Estate! Here, you have multiple companies like Dangote Pasta Factory and UAC Foods Limited.
Other major projects in the city include the Imota Rice Mill which is one of the biggest of its kind in Sub-Saharan Africa.
This mill alone has been creating hundreds of jobs at its construction level and is expected to create thousands of jobs, attracting workers and boosting demand for housing.
Where there are more jobs like this, there will be work-induced migration
And with more migration, there will be a heavier demand for rentals, schools, and even restaurants and hotels.
Final Thoughts on Why You Should Buy Land in Ikorodu
One of the secrets of smart real estate investors in Nigeria is knowing where and when to invest.
And Ikorodu is one of those where to buy land in Nigeria.
If ever you want to buy land in Lagos, here are the top 5 reasons why you should choose Ikorodu:
- Better infrastructure developments
- Affordable land prices
- Reputable educational institutions
- Proximity to economic hubs, and
- Fast-growing industrialization
Investing in Ikorodu now will allow you to capitalize on its potential before prices increase.
So, don’t miss the chance to be part of Lagos’s next big success story. Act now and secure your piece of Ikorodu’s promising future.