₦airaland Forum

I want to know why buying land in Ogun state slowly appreciate in value compared to buying land in Lagos. I noticed that the value of land in areas of Ogun state such as mowe, ofada,Ibafo etc is still far cheaper than land in areas of Lagos such as ikorodu, ibeju lekki etc.

Even though areas in both states almost cost the same price of land, ten years ago. But now land in ikorodu and ibeju lekki is far more expensive than land in mowe/ofada axis, Ibafo, sango ota etc.

What could be the reason for the differences in value?

There is considerable disparity due to some factors.


Infrastructure
What new infrastructure has been added to Mowe and Ibafo in the last decade? The Ikorodu end of the express was completed and a BRT scheme deployed. That alone is enough to shoot up real estate prices by 200%.


Migration
It is reported that about 6,000 people relocate to Lagos every day. These people require new places of accommodation and most of them have low purchasing power compared to other inhabitants of Lagos. These new immigrants are those who would inhabit the new structures in the Ikorodu and Ibeju-Lekki axss being outskirts of Lagos.


Title documents
Some areas of Ikorodu have C of Os, there are GRAs in others and most have traditional title docs. In Ibeju-Lekki, there are C of Os, Gazettes, Excision and Ratifications.
In Mowe, Ibafo, Ofada areas, what you have is that most properties there lack secured title. Also, there was large scale acquisition of parcels of land in Ofada area which drastically paralyzed the real estate market in that area. This lack of secured title leads to land disputes which stifles property development.

Seun
Lalasticlala
Dominique
OAM4J
Mynd44
Obinoscopy
Semid4lyf

Let us hear from Nairalanders.

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