Buying land for whatever purpose is indeed a profitable act. However, the level of returns you receive is highly dependent on your understanding of a few factors.
People buy lands for personal housing projects such as building a home; rental or lease purposes; and commercial or industrial use.
Having an intent to buy for any of these uses is the first step, but identifying the right location is often a tedious task that requires careful consideration of the right information and resources. In a bid to arrive at this favourable position, several people suffer constant headaches and sleepless nights.
Why? Trying to make the right prediction of the future from the present often seems an impossible undertaking. However, a detailed examination of recurrent trends from the distant past has been proven to be the best guide to the approaching future
Our experts have researched and specifically written these top five reasons to buy land in Ikorodu, Lagos to help you make the wise selection from the several confusing options available to you.
- Steady Population Growth
Of what relevance is population growth to buying the right land? That’s definitely the question on your mind right now. Here it is! As people flock into a particular location, existing housing units become insufficient and thus present a future opportunity. Studies reveal Ikorodu is currently experiencing dramatic growth.
Over the past 40 years, her population has continued to soar as a result of migrations from neighbouring communities of Ogun State. Also, some Lagosians prefer residing in this city in a bid to avoid the effects of unplanned overpopulation in the other parts of the state which is constantly leading to the hike in the cost of living compared to Ikorodu where there is a vast expanse of land.
- Projected Increase in Manufacturing Activities
One of the reasons you should buy land in Ikorodu is the increasing industrialization of this city. Ikorodu is home to several famous manufacturing firms. In 2021, the Lagos State Governor, Babajide Sanwo-Olu, flagged off the construction of the Imota Rice Mill, an agricultural plant planned to be the largest in Sub-Saharan Africa and numbered among the largest in the world in the near future.
As projected by the Lagos State Government, the plant will require 1,500 workers in addition to the possibility of 25,000 indirect job opportunities. This development is indeed a good reason to go for land in this city. Soon, as evidently deduced from this data, 1,500 workers will soon be on the inevitable search for land to build their houses or apartments to rent.
- Proximity to Ogun State
Another interesting fact about Ikorodu is her proximity to neighbouring Sagamu, Ogun State; the largest kola nut collecting centre in the country and home of cement production. With the emerging concerns of atmospheric impurities, several people are seeking to stay some distance away from this obvious bodily harm.
Hence, Ikorodu is witnessing rapid immigration from several Sagamu residents either to completely safeguard their health and that of their family or for commercial activities in Nigeria’s economic hub. Buying a land in Ikorodu right now is inarguably the wise decision anyone hoping to save future costs or looking out for a profitable investment should make.
- Home to Several Educational Institutions
Education remains one of the key stimulants of economic growth. Laura Marquez-Ramous in her recent publication, ‘Education and Economic Growth,’ observes “a 10 per cent increase in secondary education leads to a 1.5 per cent increase in economic growth, while an increase of 10 per cent in tertiary education increases economic growth by 0.9 per cent.”
Amazingly, Ikorodu houses several citadels of higher learning which include Lagos State University and Caleb University. The implication of this is the sure possibility of an economic boom due to the population of both staff and students of these higher institutions.
Students all over the country who come to school in this city will definitely need shelter as they pursue their academic dreams. Hence hostels and other facilities such as hotels, recreational and amusement parks, as well as restaurants and churches will continue to evolve.
Thus, acquiring land in Ikorodu either for resale in the nearest future or for building construction is a profitable investment anyone with an eye for emerging opportunities should consider
- Good Road and Water Transportation Network
Ikorodu communities are connected by a very good road network and multichannel water transportation means. While few of the neighbourhood roads are presently in a crude state, one can only anticipate how good it will be in the near future. People want to be able to arrive at different locations through multiple access routes; this is exactly what Ikorodu offers her residents.
Residents can either decide in favour of water transportation from Ebute to several locations on the island – most especially, the sand-filled Victoria Island or from Ijede to Ajah as they find best.
Moreso, the big city is accessible via good and motorable roads from Ojota and Sagamu; and an inter-state road, Agric-Isawo-Konu-Arepo Road under construction. The Lagos State Government says that this road when completed will have a link bridge to connect the state to the Ogun State boundary, and then link the Lagos-Ibadan Expressway.
Amongst other projects is the proposed construction of the fourth mainland bridge. The 38 km long bridge is projected to connect Lagos Island through Langbasa to Itamaga in Ikorodu.