In this article, you will read about the city of Lagos, benefits of investing in real estate in Lagos, factors that influence the Lagos real estate market, benefits of working with real estate companies in Lagos, how to choose the right real estate companies in Lagos. You will also read about some real estate companies in Lagos that you can work with such as MKH Properties Limited, Photizo Properties Limited, and MOB Realty Services.
Table of contents
- Introduction
- Reasons you should Invest Lagos State
Introduction
Lagos has a rich history dating back to the 15th century, when it was innovated by the Yoruba people. The megacity grew in the 19th century under British colonial rule, and it became the capital of Nigeria in 1914 before Abuja became the capital city in 1991.
Lagos is the most populated megacity in Africa, and it has an estimated population of over 25 million people in 2022. It is literally the economic hub of Nigeria and one of the most important economic centres in Africa.
It is a vibrant and smart megacity with a dense population. The megacity is home to a wide range of businesses, including finance, manufacturing, technology, and tourism. Lagos is also a major artistic centre, with a thriving trades and music scene.
One of the most important sectors in Lagos, in terms of economic contribution, is real estate. The megacity is home to a number of real estate companies that offer a wide range of services, including real estate development and property management.
Reasons you should Invest Lagos State
There are a number of factors that make Lagos a desirable place to invest in real estate. The megacity is experiencing speedy growth and urbanization due to the influx of several people from different states into the city.
Lagos is a desirable place to live and invest in real estate for a number of reasons. The government is investing heavily in the development of infrastructure to make the state conducive for residents and investors.
Benefits of Owning Landed Properties in Lagos
High returns on investment
Real estate prices in Lagos are rising steadily, making it a good investment for individuals and real estate companies looking for high returns
Growing Demand for Affordable Homes
The population of Lagos is growing on a daily basis, and there's a high demand for affordable homes in the megacity. This means that you have a great chance of finding tenants for your rental properties and you can easily sell the properties when you desire.
Stable Economy
Lagos state has the most stable economy and several real estate companies in Nigeria have their offices in the city, which is good for real estate investors.
Government support
The Nigerian government is constantly supporting the real estate sector and offering incentives to support investors.
Factors that Influence the Lagos Real Estate Market
The Lagos real estate sector is one of the most vibrant and dynamic in Africa. It is influenced by a number of factors. These include:
Swift Economic Growth
Lagos is considered to be the economic hub of Nigeria. This status is creating a growing demand for quality residential and commercial space.
Urbanization
Lagos is one of the fastest urban metropolises in the world. The growing increase in population is consequently creating a growing demand for genuine and affordable homes.
Government Investment
The Lagos State government is investing heavily in infrastructural development in the state. You should be aware that development is the major driving force of real estate value appreciation.
Limited Land Availability
Unlike other neighbouring states like Ogun and Oyo, Lagos is becoming densely populated. This is another factor that is driving up the price of land and real estate in the state.
Benefits of Working with Real Estate Companies in Lagos
Land grabbers, popularly called “Omo Oniles” have caused so much havoc in Lagos State. Land grabbing has been a serious problem in Lagos. They are groups of people who seize land from its genuine owners. They frequently use violence and intimidation to achieve their dubious aims. This criminal act has reduced in recent years when real estate companies started coming up and they got the necessary legal protection against these dubious omo oniles. Individuals now prefer to buy their properties through real estate companies in Lagos. This is because the safety of their investments is guaranteed.
Below are other benefits of working with real estate companies in Lagos State.
- You will have access to different properties to choose from.
- They have high level of expertise in the Lagos real estate market
- They have excellent negotiating skills
- After-sales support
How to choose the Right Real Estate Companies in Lagos for your Needs
- Consider the company's experience and reputation
- Ask about the necessary documents. Some of them claim to have some documents, meanwhile, the documents are still in process and there is no guarantee that the government will issue the documents to them.
- Interview different real estate agents.
Top Real Estate Companies in Lagos You Can Work With
- MKH Properties Limited: This is a real estate development company and the developers of “The Wealthy Place”, a commercial estate in Ibeju Lekki. The company is headquartered in Lagos, Nigeria and has a presence in other parts of the country, including Ibadan.
- Photizo Properties Limited: Photizo Properties Limited is a well recognized real estate investment company involved in the acquisition of various lands and development of estates. It is made up of a team of young, energetic and innovative visionaries who have a core understanding of the dynamics of the Nigerian real estate market.
- MOB Realty Services: MOB Realty Services is a real estate consulting and property technology company in Lagos State, Nigeria. The company was founded in 2020 and they help their clients to buy genuine and affordable landed properties. They also provide proptech services to reputable real estate companies in Lagos and other states.
Conclusion
In this article, we have talked about the the city of Lagos, benefits of investing in real estate in Lagos, factors that influence the Lagos real estate market, benefits of working with real estate companies in Lagos, how to choose the right real estate companies in Lagos. You will also read about some real estate companies in Lagos that you can work with such as MKH Properties Limited, Photizo Properties Limited and MOB Realty Services. However, we advise that you do proper research before you do business with them.
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