Four Hot Areas To Invest In 2012 2011 was relatively slow in the real estate sector partly because of the general elections and also the late implementation of the 2011 budget. Although after the elections, cash flowed and investors were able to buy properties.
Therefore, it is imperative to look at those areas where owning a property in 2012 would literally translate to having a gold mine as the year progresses in order not to get caught unawares when real estate activities would be moving at jet speed.
Mowe Ofada axis
In 2012, the Mowe Ofada axis only experienced marginal changes vis-à-vis prices as it remained constant throughout the year. Besides the increment in prices that occurred in close Arepo, everything remained at status quo.
But fortunately, that would not be the case for 2012, analysts have assured. This is because plans are in top gear to reconstruct the Lagos Ibadan expressway which would undoubtedly open up this area. This is because the heavy traffic that has become the bane of this axis would be totally eradicated or reduced to the barest minimum. This would in turn stimulate more people to move there.
The implication of this is that prices will not remain the same again; a definite attraction for investors. Already, several estates have been sited in that area and more would definitely be joining.
Yaba
Last year, a lot of flooding was experienced in the Island and this singular factor led to an increase in the demand for properties in Yaba and this increment is not expected to abate in 2012. Also, Yaba boasts of a lot of infrastructure and is centrally located.
Furthermore, the influx of ultra modern estates like Haliconia estate and, Tajudeen Olanrewaju estate amongst others in Yaba have helped to boost the status of the area. Most of the outdated structures are being replaced on a regular basis and this has led to a huge increase in the prices of moribund structures.
This is because investors or buyers are not really after the building, but the land on which these structures are erected. Government is not also left out in the Yaba project; more infrastructures are being improved, thereby giving the area a more modern look. All of these makes Yaba an investor’s dream come true for 2012.
Lekki
Lekki is one of the busiest places, infrastructure wise in Nigeria for now. The Lekki project holds so many prospects for real estate that it owning a property there would be the delight of any investor.
What stands the Lekki project out is that it would avail people the golden opportunity to live in close proximity to where they work. A huge deviation from what obtains in the old business districts of Victoria Island and Lagos Island. Lekki has the potential of becoming a self sustaining economy on its own. People could live, work, shop for essential commodities and also unwind without needing to step out of the area for as long as desired.
Currently, land in the Lekki phase 1 sells for as high as N120k per square metres, while a 5 bedroom detached apartment goes for between N120m-N150m. At this rate, prices would have sky rocketed when the project is finally completed. Big multinationals like Chevron already have a presence in the area and speculations are rife that Shell has acquired land for its head office in the Northern Foreshore Estate area.
Oniru
The entire Oniru Estate land covers a land mass of approximately 732 acres and boasts of estates like: Princely Court Estate, Savoy Luxury Homes Estate, Royal Estate, Shoreline Estate, Millennium Homes Estate, Covenant Estate and Sharon’s Court Apartments. Although the area has not lived up to expectations going by the assumption that its closeness to Victoria Island would be catalyst in attracting people to the area. But surprisingly, people are more interested in Lekki. While prices for plots of land in Lekki grew by an amazing 50%, it appreciated by about 22% in Oniru.
However, this does not take anything away from Oniru as the incessant infrastructural development in Lekki and Victoria Island would continue to increase prices. The implications of this are that people who might not be able to afford owning a property in Lekki might find solace in Oniru. This means that investors could still do a great deal of business there by building upper middle class apartments.
Castleweekly
By: Fakile Wale 26/1/2012
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