There are a hundred and one reasons why investing in Lagos stands to be one of the best decisions you’ll make
when we’re dealing with real estate but let’s take a look at Five Reasons Why You Need To Invest In Lagos City’s Real Estate in 2021:
- A Bustling Population
A population is undoubtedly a significant engine of development for the real estate industry, Lagos is easily Nigeria’s most populated state. The megacity has risen to about 22 million since today from just 1.4 million residents in 1970. With a population density of approximately 5000 people/km2, it’s one of Africa’s most heavily inhabited cities. Projections have estimated that at least 86 people move every hour to Lagos, which is more than 2000 people every day and nearly a million people every year. That’s a constant flow of bright-eyed citizens looking for accommodation, purpose, and fulfillment. Emphasis on accommodation.
- Economic and Industrial Hub of Nigeria
Abuja may have replaced Lagos as Nigeria’s administrative seat, however; Lagos still holds the crown when we’re dealing with business. Right now, Africa’s fifth-biggest economy and is planning to become the third biggest by the year 2021. The city’s also considered Africa’s eighth-fastest-growing town in terms of population and is expected to be the world’s third-largest by the year 2050 The numbers speak for themselves with Lagos being responsible for more than 53% of production jobs, generating 25% of the national GDP and consuming over 60% of the electricity of the country. Lagos is host to more than 2000 manufacturing businesses, 200 financial institutions, and is also host to Africa’s biggest concentrations of small and medium-sized businesses. Let’s face it, Lagos is a powerhouse and is home to some of the most ambitious people on the continent.
(Source: World Population Review)
- Large Population of Middle to High-Income Earners
The vibrant economy of Lagos has resulted in its middle-class population having enough cash to invest in land and mid-high quality housing Despite the financial headwinds encountered by every other industry of the Nigerian economy, Lagos’ real estate sector still flourishes due to the powerful middle and high-income earners’ supply. With no sign of stopping, the city is becoming a juggernaut for real estate investment due to the presence of readily available buyers.
- Skyrocketing Property Value
At this point, the biggest reason why Lagos is a great location for investments is an almost ridiculous rate of return of investments on real estate properties. The Lagos State Market Analysis presents Lagos as having some of Nigeria’s largest estate prices. The Lagos estate industry remained buoyant and, in some cases flourished even when the value of real estate in other states across the nation plummeted from the latest economic recession. A plot of land bought for 5 million in Lekki in the year 2006 could go for an average of 65 million now. It’s no surprise why real estate transactions occur dozens of times every day as more and more people seek to stake their piece of the blossoming city. It
- Massive Appeal for Rental Properties
The rates of leasing in this city are rising rapidly and this stands to promote the fact that a lot of Lagos are opting to rent over buying out properties. This is largely due to the usually massive cost of homeownership, high costs of land, and staggering costs of building construction. Developers are aware of this direction the industry is headed as approximately 75% of landowners already have plans to develop rental properties due to their ability to quickly provide a return on their investments as well as a large supply of the populace available to rent the very second construction is complete.
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