Ibeju Lekki is arguably one of the most talked about real estate destinations in Lagos.
With major infrastructural projects such as the Lekki free trade zone, the lekki deep seaport among other projects all set for completion, Ibeju-Lekki is set to establish itself as the new center for industrial and commercial activities in Lagos. The on-going development in the area is very rapid, and it is no surprise that it is being described by many as the “new Lagos”.
With the real estate trend in Lagos, real estate developers are cashing in on the on-going developments to lure the public to invest in landed property in the area. The idea is to invest in the area now at its development stage when landed property is still relatively affordable, against when the area is fully developed and property prices are over the roof.
This area is a hotbed of investment in Lagos. It hosts notable projects such as the Lekki Free Trade Zone, Lekki Deep Seaport, Dangote refinery and fertilizer Plant, International Cargo Airport Lekki, Pan Atlantic University, Eleganza Industries, coscharis and many others.
Areas in Ibeju Lekki
Ibeju Lekki is broadly divided into three major locations. The areas are: Free Trade Zone Axis, the Elerangbe Axis and the Lekki-Epe Expressway Axis.
Free Trade Zone Axis
The Lekki Free Zone (LFTZ) is the center of commercial activities in the area. It is located between Akodo and Lekki village; the lekki free zone axis stretches from Eleko beach road through the Free Trade Zone Road to La Campagne Tropicana Resort and beyond.
Projects in the area include:
Free Trade Zone
The free trade zone was initiated by the president’s approval in 2002. The area is designed to serve as a one stop hub for investment, business and commercial activities in Nigeria. The area offers
- Complete tax holiday for investors and businesses
- Tax exemptions on imported raw materials scheduled for re-export
- Exemptions on import and export licenses.
- Repatriation of capital, profit and dividends to investors
Lekki Deep Seaport
The Lekki deep seaport is a multi purposed deep sea port located in the free trade zone. Although slated for completion by 2022, the Lekki Deep Sea Port only partly operational as some segemnets are still under construction . When fully completed, it will have a total of 3 container berths, 1 dry bulk berth and 3 liquid berths . The 90 hectares facility is expected to create about 170,000 jobs from port operations with many direct and indirect business revenue impact.
Dangote Refinery and Petrochemical Industry
Dangote Oil Refinery is an integrated refinery and petrochemical complex in the Lekki Free Zone.The refinery was inaugurated by the President Mohammadu Buhari in May 2023 and it is expected to have its products in the market by August 2023.
The Dangote refinery pipeline infrastructure is said to be the largest in the world with 1,100 kilometres and it is expected to produced 650,000 barrels per day when fully operational
Elerangbe is located off Lekki-Epe Expressway, after the Pan Atlantic University.
Major projects in the area include: Pan Atlantic University and the proposed Lekki Airport. Elerangbe presently offers the cheapest plots of land in Ibeju-lekki, with many real estate developers taking advantage of this.
Ibeju Lekki on the the Lekki-Epe Expressway axis starts from Abijo to Eleko Junction. This stretch of the expressway has a mixture of residential and commercial characteristics.
The area is already home to business ventures such as Eleganza Industries and Coscharis Motors head office. The area also has a number of built up residential estates. Of the three locations, this is where one can buy, build and live conveniently presently.
Why you should invest in ibeju lekki
According to the Lagos state government, Investments into the Lekki Free Trade Zone axis has risen to over N100billion in the last 10 years and it’s expected to increase as the major projects nears completion.
Here are some of reasons you should invest in Ibeju Lekki right now.
Landed property in the area is expected to appreciate to about 300% in the next 10-15yrs according to real estate experts. Thousands of direct and indirect jobs are expected to be created in the ibeju lekki axis and the lekki free trade zone as the large scale developments in the area become fully operational resulting in a huge demand for housing at all levels.
Access to Luxurious resorts
You’ll have access to the luxurious resorts like the La Campagne Tropicana Beach Resort, and Eleko beach if you decide buy or build in the area.
With the influx of top real estate industry experts into the area, you’re guaranteed to be surrounded by premium housing estates and live amidst wealth.
Become a part of the new Lagos.
Investing in ibeju lekki now gives you the opportunity to be a part of the new Lagos and the hopefully Nigeria’s very own Dubai – the commercial growth in the area makes it one of the fastest growing regions in Nigeria.
Where to Invest In Ibeju Lekki
There are quite a number of real estate projects all around ibeju Lekki. This can be seen right from its exterior parts down to Epe Bridge. In terms of a projected future value, areas along the Lekki free trade Zone, Eleko road and elerangbe axis are expected to appreciate the most. These areas are expected to appreciate the most due to the closeness to the heart of commercial activities and the possibility of the areas developing into fully blown highbrow area since most of the lands in the areas have been acquired by real estate developers ( Example, Amen estate in Eleko beach road)
Estates in Ibeju Lekki
Roseberry estate Lekki is located a few minutes after Pan Atlantic University which is Opposite Odunnbaku, a few minutes from the proposed International Airport Ibeju-Lekki.
Rehoboth Park and gardens is located after eleko junction few minutes from La Campagne Tropicana beach resort. The estate is a few minutes’ drive from the Lekki Free Trade Zone.
Amen Estate is located at Eleko beach road, Ibeju Lekki.
Royalflex estate Phase 3 is located at Folu ise ibeju Lekki. The estate is a minute drive from La Campagne Tropicana resort along the Lekki Free Trade Zone. Plots of Land costs 600,000 per plot.
Places to avoid when investing in Ibeju Lekki
According to omo onile lawyer, lands in the following locations in Ibeju Lekki should be avoided at all cost.
Oko-Ebute Village, Alatishe, Ibeju Lekki should be avoided because the Land falls within Proposed central business district of the Lagos state new towns development authority (NTDA)
Oko Agbon Village Ibeju Lekki; the Lagos state government intends to build a fully residential houing scheme like Jakande Estate or a G.R.A within this area, this land falls within the Ibeju Lekki coastal city residential scheme.
Oko Olomi Ibeju Lekki; a search at the Surveyor general’s office revealed that the land within this area is under government acquisition and the land falls within a government allocated zone.
Okun Ise” in Ibeju Lekki is one of the riskiest places to buy land in Lagos. Lands within this area belong to the Lagos state ministry of agriculture and cooperatives development authority. Be very careful of real estate firms selling land in instalment within this area.
The vanguard also reports that, there’s been an unending dispute over the rightful owners of land in the Shapati area of ibeju lekki