Lekki To say the least, lekki is today one of the most prized real estate market in Nigeria following closely the two leading glants; Ikoyi and Victoria Island. The indications are however high that the possibility of Lekki catching up with these two locations is merely a matter of time.

The rating of Lekki as one of the most sought after real estate market is not unconnection with the fact that currently over 20 high-end estates dots the axis with property prices now in the region of N200million and above. Gradually, the middle class is finding it almost difficult to find a footing while the low-income earner seems nearly pushed out of the market.

The Big question is: Has the low income group been totally reicted from the Lekki property market? Not qulte! Current investigation has that while most part of the Lekki axis are today dominated by the high and middle and players, the low income group may not have been totally pushed out as there are quite a number of properties still available for the budget buyer in emerging markets around the axis. Most of these markets however fall between Lekki PhaseII-Ajah and the entire Ibeju Lekki axis towards Epe.

These areas have in recent times seen appreciable property price increases but despite that, they possess the highest deposit of budget properties now rarely found in Lekki. However, notwithstanding their low income status, these areas make an interesting mix of highly developed estates and rural areas. From Lekki PhaseII to Ajah junction to Badore and to Ibeju Lekki down to Eleko, there are over 10 upper-midle end and middle-end estates with state of the heat infrastructure. Some of the estates in the axis are The Eleganza Gardens, Royal Garden Estate, Cooperative Villa, Crown Estate, Fara Park, Amen Estate to mention a few. As a result of novel developments in the areas, properties in the undeveloped neighbourhood have in recent times shown appreciate increases.

An example is Olugborogan Village just opposite Rasak Okoya’s Estate which had in 2003 a plot land selling for N500, 000, and mid last year a frontline estate surveyor put the value of the same plot at N11million. Also an area like Badore with a plot of land selling for N600, 000 in 2004 just outside the Cooperative Villa now has same plots going for between N6million to N8million. Most of these locations are few Kilometres from VGC which currently has a plot of land going for N70 to N80million.

These budget areas of the Lekki aixs are already also anticipated to gallop in the next few years as most government developmental projects are marked for development the area. Prominent among few kilometers after Eleko Beach which is also expected to include the Deep sea Port and the largest Polyethylene making Factory in the world.

Also on the axis are several international resort centres like the 21 holes golf course at Igbekodo Siriwon beachfront at Ibaju-Lekki. Another factor, speculators are using as a yardstick to predict the possible boom is the ongoing widening of the Lekki-Epe expressway which is expected to open up the area the more and ease the stress of congestion.
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