Why 3 Areas In LAGOS Have Become Real Estate Hot Spots

 •The Story Of OGUDU, OWOROSHOKI & KETU ALAPERE

 

Let no one tell you otherwise about the potential and real estate value of Ogudu, Oworoshoki and Ketu Alapere corridors in Lagos as they have now become hot spots for real estate developers, City People's investigation reveals that many property players are rushing there to build many houses. Others are seriously considering the place as the next location for investments. These properties built at the above-mentioned locations are immediately sold after completion owing to the high demand for the houses.

For those who aren’t familiar with Lagos, Ogudu, Oworoshoki, and Ketu Alapere are the 3 most popular and populated communities on the Lagos-Ibadan Expressway. Oworoshoki is the first community on the right immediately after the third mainland bridge. The next community is Ogudu, followed by Ketu-Alapere. These 3 communities are under Kosofe Local Government.

 

WHY IS THERE A RUSH: WHAT CITY PEOPLE FOUND OUT?

In the last 5-years, real estate investment is on the double rise in these 3 communities. First, we found out that many people don’t want to live too far away from the International Airport, Ikeja. Many of them want to live close to the airport for many obvious reasons. And it’s a 7 to 10-minute drive from these communities to the Murtala Muhammed International Airport, Ikeja, Lagos. This is one of the key reasons many people are eyeing property on that corridor, as properties in the Ikeja axis are limited and highly costly, hence forcing many to choose among the three communities, as alternatives.

Another reason is that the roads leading to the communities are well tared and connect to many locations in a matter of minutes.

Let’s tell you that, of the key reasons real estate investors invest in a property is accessibility. This is the only corridor in Lagos where buyers can easily access the Third Mainland Bridge, Ikeja, Murtala Muhammed International Airport, Ibadan Expressway, and Lagos Island without experiencing little or no bottleneck. In the case of an emergency, this is one of the best places to live in Lagos.

Our recent findings show that land in the Ogudu community now costs between 50 and 60 million per plot. Land is relatively expensive now because more and more property developers are moving there for investment. Even the Lagos State government is currently building a massive housing estate there. This Housing Estate is called “The Avenue”.

The project, a Public-Private Partnership (PPP) initiative, is at the instance of the Lagos State Property Development Cooperation (LSDPC) and Direct Construction Nigeria Limited.

It consists of 48 units of 4 bedroom, semi-detached duplex with maid’s room and it is located at Ogudu GRA. It is a Joint Venture between LSDPC and Direct Construction. Coming from Iyana Oworo, the Estate is opposite Oando Filling Station, Alapere, while, coming from Berger/7UP and it is before Heyden filling station, Alapere, Ogudu. Mortgage facilities can also be arranged with reputable Mortgage Banks.

Initial deposit – Minimum of 30% of cost spread the balance over 12 months.

For emphasis: Ogudu community shares boundaries with Ifako, Oworoshoki, Ojota, and Ketu. It is one of the central and most sought-after areas in Lagos.

Ogudu also has a Government Reserved Area, known as Ogudu GRA which consists of exotic houses, a good road network, functional streetlights, and a drainage system

 

WHAT WE ALSO FOUND OUT ABOUT OWORO

Many real estate investment sites are being developed in Oworoshoki now.

Oworo, as popularly called has been tagged the 3rd phase of the Gbagada Estate in the near future. This statement has, however, started to manifest as many property developers are now investing there.

What has also attracted many investors to this area is the Ocean View factor, which is a selling point for real estate developers.

In the last few years, reclamation of the lagoon has also been going on and land is now available for investment there. Many real estate firms are now there. EUC homes is there and it’s already selling a plot of (reclaimed) land for 40 or 50 million naira per plot.

Oworonshoki is on the right if a person is descending the Third Mainland Bridge from Lagos Island. A lot of Lagosians consider Oworo (as preferably called) to be the centre of Lagos State because it is well positioned such that it is so easy to reach every other part of Lagos from this area. Redeemed Church of God, Mountain of Fire Ministries and several street mosques are the religious worship centres in Oworoshoki. Schools in the area include; Gulf Flower Schools, New Ocean, and Oworoshoki Primary School.

Another great advantage of buying property in Oworo is that the documents/titles are genuine when you buy from the right family, which is the family of the King of Oworoshoki. They have Supreme Court judgment which declared them as owners and gives them power over the land.

 

WHAT ABOUT KETU ALAPERE?

This community is also attracting massive interest from real estate investors. The community shares boundary with Ogudu and Ketu, respectively. It is densely populated with many housing estates springing up there on daily basis. The corridor is seen as one of the hot cakes where properties are in high demand. The price of land in a decent area in Alapere is now between 50 and 70 million naira per plot.

If you walk on many streets at Alapere now, there has been massive development in terms of new houses and mini estates springing up there.

It’s now obvious that these 3 places have become the choice of real estate investors because of their numerous advantages and benefits to the developers and buyers.

–ISAAC ABIMBADE