Invest in land in Lagos: 5 Reasons

September 13, 2022by REDOC

Why you should invest in land in Lagos?

You need to invest in land in Lagos now. I expect you to ask me why?

Lagos as we all know is a cross metropolitan area. This is a state that contains over 20 million people and still counting. Due to the rate of unemployment around the country, only Lagos and Abuja has the highest probability of individual getting a job.

This will aid the already fast-growing population. Buying or investing in land in Lagos is a no-brainer and a win for you. Because it’s certain that it will appreciate over time. But a lot has to depend on your due diligence and a few other things like locations and development visibility.

In this article, I list 5 reasons you need to invest in land in Lagos now.

  • Fast urban growth and development
  • Fast appreciating property prices
  • Ever growing population
  • Economic and industry hub of Nigeria
  • Growing housing deficit In the country

Ever growing population

One of the chief drivers of economic growth and social development is population. Lagos is the smallest but most populous state in Nigeria.

The state has grown from just 1.4 million inhabitants in 1970 to approximately 22 million. Lagos is overcrowded with a population density. Of about 5000persons/sq.km making it one of the most densely populated cities in Africa.

The more people migrate to Lagos, the more there will be a need for accommodation. Invest in land in Lagos now, you will position yourself as a potential landlord or land seller in a growing market.

Read Also: Improve your finance through land banking

Fast appreciating Land prices

This is one of the reasons you should invest in land in Lagos now. Recently according to bussinessday. ng banana Island land value defies the economy, rises 100% in 3 years. In the last three years, the price of land in Banana Island has moved from N600, 000 per square meter pre-Covid-19 to about N1.3 million, representing a little above 100 percent increase.

Lagos is a dream destination for land investment because of the high returns on investment.

As the Nigerian population continues to grow on a geometric basis, the demand for housing will continue to increase. This is one of the major factors that make land investment a most profitable business.

 Fast urban growth and development.

Lagos state has 16 percent urbanization; It is one of the fastest-growing megacities in the world. Lagos has attained megacity status, which means the bush you are buying today will become a ‘city’ faster than you imagine. This is also one of the reasons you need to invest in Lagos now

Economic industry hub of Nigeria

Lagos is the most prosperous state in Nigeria with a GDP of about US$33.67billion accounting for 25% of Nigeria’s total GDP.  This makes Lagos the best place to invest in land in the whole of the country.

It is the 5th largest economy in Africa and home to over 2000 manufacturing companies, and 200 financial institutions, and has the largest clusters of small and medium-scale enterprises in Africa.

alt - invest in land in Lagos now

The growing housing deficit in the state.

The housing deficit in Lagos State in 2016 stood at about 2.5 million houses according to Mr. Gbolahan Laval, the Commissioner for Housing, which equaled 14.7% of the country’s total housing deficit according to the National Bureau of Statistics (NBS). This is one of the reasons you should invest in land now.

The rate of homelessness is high and with the rate at which the population is increasing, it is important for more land and houses to be built. In order to provide shelter and make a profit from your land investment.

Conclusion

There is no better time to invest in land in Lagos than now. Land in Lagos is a limited resource due to the land size. Taking the advantage of low price of land across Lagos now will guarantee a better return on investment later in the future.

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