REAL ESTATE WISDOM SERIES – VOL: 5.
Here are the 7 important reasons why you should consider real estate investment in Lagos.
Number 5 & 6 are major facts for profit.
KNOW YOUR LAGOS AND PROSPER IN IT.
1. The Population Rate
Lagos is the most populous state in Nigeria. For instance, there was a population growth from 1.4million inhabitants in 1970 to approximately 22million as at 2016. However an estimate of 86 persons migrate to Lagos every hour, that is more than 2000 persons every day close to a million persons every year. The housing deficit in Lagos state in 2016 stood at 3 million houses according to Mr. Gbolahan Lawal, the Commissioner for Housing Lagos State.
2. Lagos is the Economic and Industrial Hub of Nigeria:
Lagos is the 5th largest economy in Africa, the 2nd fastest growing city in Africa and 6th in the world. The state accounts for 32% of the national GDP.
3. Strong Rental value:
The rising property and rental prices is a reflection of the huge supply demand gap of affordable housing in Lagos. There are more renters than owners in Lagos property market due to the high cost of home ownership couple with a very underdeveloped mortgage market.
4. Shipping and Tourist Hub
Lagos state handles about 80% of Nigeria’s import traffic. Tourist from within and without Nigerian borders flocks to Lagos beautiful and sandy beaches. The state is home to the biggest world class hotels: Eko Hotel & Suites and Sheraton Hotel.
5. The Growing Middle Class Population:
The Lagos vibrant economy has led to a growing middle-class population with money to spend on luxuries and decent accommodation. Lagos has the largest share of working population in Africa; over 15.2% of the estimated 22 million residents are within the 15 -64 years age bracket.
6. Fast Appreciating Property Prices:
The market analysis for Lagos State shows one of the highest property values in Nigeria. The Lagos property market especially the mid-market segment remained buoyant when property prices in states cross the country took hair cut from the recent economic recession.
7. Lagos is Fast Growing and the Largest City in Africa:
The state has 16% urbanization rate. Therefore, Lagos has attained the mega city status that means that the bush you are buying today will become ‘city’ faster than you imagine.
At Chen Homes Limited, we’ll help you on your journey to own a piece of Lagos and suburbs at some of fastest developing favour estates.
Chat Us Now on WhatsApp for further details.
See you next week!
Onyekachi T.Uchehara
MD/ CEO
Chen Homes Limited
