Post by Ismail AbdulAzeez on Apr 17, 2017 9:45:05 GMT 1
LAND PRICES GAP BETWEEN LEKKI PHASE 1 LAGOON, OCEAN SIDE STILL INTACT!
A review of land prices in Lekki Phase 1 over the last one year, shows that the Lagos Lagoon side still maintains its lead over the Atlantic Ocean side. The Lagoon side of Lekki 1 which starts from Admiralty Road by the first roundabout and ends at Freedom Way by the third roundabout with streets like Wole Ariyo, Niyi Okunbi, Fola Osibo and Hakeem Dickson currently has its land prices at N180, 000-N200, 000 per sqm as against the 2015 prices of N140,000-N150,000 per sqm.
The Atlantic Ocean Side which starts from the Oniru Market Road and ends at the Elegushi Beach Road with streets like Taiwo Aduroja, Pastor Olumide Adejumo and Folashade Odebamike currently has land prices at N140,000-N 160,000 per sqm as against the 2015/2016 prices of N110,000-N120,000 per sqm. But why has the Atlantic Ocean side of Lekki Phase 1 continue to lag behind the Lagoon side in terms of land prices?
Mr. Ayodele Aluko, a Lekki Real Estate Developer, says the Lagoon side of Lekki Phase 1, over the years has grown into a complete enclave where residents do not have to go out to get whatever they want unlike the Atlantic Ocean side which is just up-coming. "The big eateries, banks, shopping centers, salons, cafes etc. are all located on the Lagoon side of Lekki Phase 1 which also first came into the market before the Atlantic Ocean side", he explained.
He added that the recently constructed Lekki-lkoyi link bridge has made the Lagoon side more attractive as it is now just as stone throw from lkoyi."Fora lot of developers who have been priced out of Ikoyi, Lekki Phase 1 has become a good alternative and the first place to consider is the Lagoon side". Mr. Aluko however says he believes that the margin in land prices between the two sides of Lekki 1 will soon begin to narrow as supply drops in the Lagoon side.
A review of land prices in Lekki Phase 1 over the last one year, shows that the Lagos Lagoon side still maintains its lead over the Atlantic Ocean side. The Lagoon side of Lekki 1 which starts from Admiralty Road by the first roundabout and ends at Freedom Way by the third roundabout with streets like Wole Ariyo, Niyi Okunbi, Fola Osibo and Hakeem Dickson currently has its land prices at N180, 000-N200, 000 per sqm as against the 2015 prices of N140,000-N150,000 per sqm.
The Atlantic Ocean Side which starts from the Oniru Market Road and ends at the Elegushi Beach Road with streets like Taiwo Aduroja, Pastor Olumide Adejumo and Folashade Odebamike currently has land prices at N140,000-N 160,000 per sqm as against the 2015/2016 prices of N110,000-N120,000 per sqm. But why has the Atlantic Ocean side of Lekki Phase 1 continue to lag behind the Lagoon side in terms of land prices?
Mr. Ayodele Aluko, a Lekki Real Estate Developer, says the Lagoon side of Lekki Phase 1, over the years has grown into a complete enclave where residents do not have to go out to get whatever they want unlike the Atlantic Ocean side which is just up-coming. "The big eateries, banks, shopping centers, salons, cafes etc. are all located on the Lagoon side of Lekki Phase 1 which also first came into the market before the Atlantic Ocean side", he explained.
He added that the recently constructed Lekki-lkoyi link bridge has made the Lagoon side more attractive as it is now just as stone throw from lkoyi."Fora lot of developers who have been priced out of Ikoyi, Lekki Phase 1 has become a good alternative and the first place to consider is the Lagoon side". Mr. Aluko however says he believes that the margin in land prices between the two sides of Lekki 1 will soon begin to narrow as supply drops in the Lagoon side.