₦airaland Forum

One4me:
You try na!
The Lagos Land has dimensions (it even has C.of.O) but the Iyaganku one does not have dimensions nor C.of.O ! Hmmm.....
I reckon it could just be the whole of Iyaganku area that is being advertised for that Price.

#ApplesAndOranges.

zuraking:
stop posting all these your overhyped priced rentage, in reality people don't rent them cos their price are ridiculously.

They will stay for years without a single tenant. And when tenants come, they are mostly Yahoo boys (and when these ones no see money collect again, they will owe u or crawl back to their holes in mainland where they ran from.) or company workers that come from another state for few months or years.

Stop hyping bro,
we have seen rich people too, No be only you know everything. we are all in Nigeria and we know how money Is made

true2home:
LOBATAN!!!

Dijita:
He may have over generalized but I don't think he is far from the truth. How many Nigerians are the owner of big conglomerates? Prices of houses in Nigeria in the area you guys are quoting are more expensive than what is obtainable in the western world. Houses in Maitama, Ikoyi, Banana island are as high as what is obtainable in Beverly Hills and San Francisco. Yes many of the buyers may earn their money legitimately but most of them are pen robbers.

megacontrol:
Chill folks,

The interesting thing is that there is nothing new that has been said here today about real estate investing that has probably not been said here before a few years and pages back. The dynamics may have changed slightly but the rules of the game remains the same.

There were doubters then, some speculators, others spectators, some pessimists, while others holds optimistic views, players and commentators. Even all the talk of market research isn't entirely new; some did theirs years back and still iterating while others are beating the drum today as if it's novel. All that mix is still present today, tomorrow same same.

**But its the people that don't watch Big Brother that discuss and complain about it most, single people have the most marriage advice to give, just as football fans/supporters/spectators have the best coaching tips **

While sometimes there are no right or wrong answers to a problem statement/decision, there is always that one amongst the many alternatives that presents the most optimum solution. So pls let's all be happy with our "informed" choices, afterall one road no enter market.

Chillax and enjoy!
#WeMueeve

Chekitaut:
Everything about Brabus na Hype guy the level playing ground no be so oooo, I have lots of these people in my contact, 3months pay pack in houses.

Ikoyi, Vi, Lekki-Ajah empty houses yapaa, presently Oloshoo 9-15 in a duplex plenty for Osapa, Agungi, Ikate.

No matter how you hype this pricing or Building, remember Flood, Traffic, Rubbery keep devaluing it. I go spend 4m rent on 3bedroom duplex spend 4hrs for a 7km road. I don't look like MMP(Money Misplace Person).

zuraking:
oga mi, all these ones you are posting are for thieves, fraudsters and looters. I don't believe any of us here can afford that unless you go sell cocaine for abroad or do wire wire. I know how hard it is to have 10m you aren't using.

make we no deceive ourselves cos most of us here are either living Abroad or back to Nigeria. And I believe they don't pluck money over there, we work our ass out to make 1000$ except those doing the opposite

The Reserve in Agungi - LOVELY OFF PLAN TERRACE DUPLEX FOR SALE IN AGUNGI (3 UNITS)

PRICE: N120m

Why buy this property

1. Superb off plan design
2. Large compound with ample parking space.
3. Designed to capitalise on scenery
4. Close to VI
5. Good transport links to Lekki Expressway
6. Very high foundation
7. Low crime rates

The Reserve Advantage

Only 1 kilometre away from the Lekki beachfront, this apartment, a couple minutes of walking in the sun brings you to the waves swaying across the coast where you can watch people go about their business in peace with the sea wind calling you gently. There are also several local seafood restaurants that are popular with the locals that you will want to try out.
More interesting, The Reserve is 3 minutes walk away from the New Shoprite at Circle Mall. All basic amenities are local, meaning you can reach the supermarket/mall and other such buildings by foot rather than by car.

For investors, these apartments are an excellent choice as there is very good rental potential in this region, and Agungi is a year-round village rather than a location that closes down during the holidays. These apartments are exactly what you need if you’re looking for a brand new home in a luxury location.

Enquire about this property. Call +2348023429122 (Bosun) for inspection today.

You can also inquire for construction pictures.

One4me:
Who will buy a plot of land for #100M in those places? In the 21st century or 31st century
For that price, I have a plot to sell you in those places

EgunMogaji2:
I’m waiting for your thesis on this Lekki investment stuff.

My eyes just glaze over when too many zeros are in the purchase price

true2home:
That's my point exactly. I do know the difference, but most people are buying the Lekki Corridor for ridiculous prices and quoting Lekki phase I rent to justify their purchase.

By the way, You will never find a N25M land in Lekki - Ikate either and you are looking at over N100M in investment going by todays estimate. Just to recoup N12M less assume 4 flats building or Terraces @N3M/unit. That's still less than 10% per year ROI.

You know me a little; and i don't worry much. I just keep my eye on my returns based on the capital that i am willing to invest. The local research will do the rest for me

diordaves:
The duplex you posted, how much will complete it on average? 65 million Naira or there about. So you collect 3.5m annually in rent. This is a good deal?

Alternative use of funds (opportunity cost) - with 65 million budget I will be completing a 50 unit shopping plaza in Agbowa (Ikorodu) with just about 10 million Naira annually in rent projected. My feasibility study used N18,000 per month per unit.

With regards to flipping, the valuers recommended N4 million sale price per unit for a quick turnaround. This is 200 million total sale. Please note, I paid for the above figures, not make believe to win the argument.

This is why I can't get my head around this island thing as the mainland could be very profitable depending on your exit strategy.

true2home:
Sorry to say, too many ASSUMPTIONS... you are just one of those Follow-Follow. And its ok!!!

For those whom will like to INVEST, Simply do a Research and you will see your returns without speculation. To make money on the Island, its either your father or relative has had the land when it wasn't popular and you got it at the cheap price, then you cant really rent and see more than 8% per year; and that's been generous.

I have bought several land in Ogun State and made serious money in no time. I bought some lands in December of that year and by the time i got back to the US; i sold it all in two months at minimum of 100%. I have a rental property in my village that i built for 4M( land and Three Self cons) and i am getting N160 per unit for the past three years. The property its self if valued at 10M already. i bought another lot in the area last year for N1.2M and the original one i bought at N350k 3years before. JUST DO THE RESEARCH IN THE AREA OF YOUR INTEREST, It will speak for itself

Please don't let anyone Hype you!!! Lekki is good for those that has a lot of money already and can get creative in REAL ESTATE; the first investors that positionED are the one that makes big money, all the Follow Follow will be left handing the Sh=t Bag for many years to come. Few of my friends that bought ABIJO cant build it yet and its been 5years oooo. Water prevent them from accessing the ROAD TO even get to the site, was a no no!!!

so be smart and know what you are doing before investing in RE. There is nothing wrong in being on THE ISLAND, just know that its for show and you must be ready to spend heavily and hope to be luck that another money-miss-road will fall into your hand too. Best thing in that corridor is BUILD AND SELL; and that's for big pocket

megacontrol:
Hello,

I don't like getting into these but cos you asked a direct question ...Saw this earlier but was trying to settle down before posting a reply.
I tried to put down on notes (attached) before getting back on the road, i'll add another quick scenrios below.

Off course these numbers are not cast in stone, but the general rule and idea remains.

====
MEGAMOUND ESTATE, IKOTA (I'll come back to insert these numbers later)
Land:
Build semi detached or 2 detached duplexes for
Selling price: Detached duplex 80-100m or more

===
ORCHID ROAD, CHEVRON TOLL
Land: 30-35m today
Build 5 units of 3bed + BQ or 4 bed terrace for 100m
Sells each for 38m offplan or 40m-42m upon completion...today's going rates
6 months turnaround .. confirmed known practice

===
IKATE
- 800 sqm costs ~50m 3yrs ago. today same land is 90 - 100m but they won't sell, they'll build and flip
- Pile foundations and Go vertical, good location for block of flats. selling fast today
- Builds 9 units of 2/3 bed apartments... any volunteer should work out cost of building and add
- 2 bed sells for 38-40m and rents for 2.5m - 3m today. Short let rates at ~40k per day... these one i'm certain for sure
- 3 beds sells comfortably for over 40m. i don't have the rental rates tho, but short let rates are similar to 2bed above at 40k/day.

====
You can do the maths.

Buy the land early before it shoots up and wait to appreciate, don't sell but build, build simple and whats going in the market, build brand equity after first project, project will be over-subscribed, then the spillover offtakers are offered the phase 2 in the next location. RINSE & REPEAT.

Cheers

Chekitaut:
Hype, we all know how is done, different packages, some are sold out installment plan. But rent no no no.

Chekitaut:
Brabus not true...

zuraking:
hmmmm

zuraking:
off your mic sir. I don hear you individual varies and it's not about being poor

zuraking:
are you telling me all the flats will be occupied same time hence your calculations? Are you telling me all the tenants will stay there for 4-5years and the house won't be vancant for some months if not years?

Everybody is wise now unless dumb people who do fraud and steal to rent houses worth 3-4m yearly or those who aren't pennywise and live fake life's just to "belong"

I was 24 when I had the plan to build my own house be it a room. https://www.nairaland.com/2816718/builders-house

2015 I was planning how to build a room and parlour self contain. But today I have built a 4 bedroom flat that has cost me over 6m (swamp land). I can go to lekki with money and rent house to form class but I am not stupid and that's what people think these days.

Who still think of using 1m to rent house when you can buy a land and start building. Wise people rent cheap house and build theirs. Na copy copy and fake life dey kill us for Nigeria

House renting is just for future thing and I can't count it as an investment that will give fast turn over.

diordaves:
I refuse to believe as well.

zuraking:
I won't argue further.

zuraking:
the higher the value of the location and rent, the higher your investment in buying land and building the structure. I still won't accept one can get his investment back renting it out in 4-5years be it banana island or ikoyi.

zuraking:
I refused to believe this sir. House for rent isn't an investment and there is no how you will get your money back in 4-5yrs..... I won't believe that, especially in Nigeria where we have crack heads as tenants.

megacontrol:
What is time duration?

2m-5m is a wide range, can you be more specific if possible. how much will one buy same or similar land today if they walked in?

If i use the lower ends: 550k & 2m that's about 260% ROI. if we know the number of years in btw then it will help further.

Cheers

megacontrol:
Ignorance how?

I think the ignorant ones are those that don't differentiate the forecasted growth rate of the different locations thereby comparing apples with oranges. IF YOU CAN AFFORD IT and you buy swampy land in a fast developing or already developed island location, then your ROI and payback tenure are incomparable to what obtains on your mainland dry land.

I think majority knows this and it has been discussed here many times, yet folks still try to critisize those choices. It's a different market for different type of investors/people.

theForth:
how much did you get the land then?

kopell:
You are correct, this area are for deep pocket people. Couple of years back I was offered a land at the beginning of sixth avenue extension for 10M. When I saw how deep the swan is I ran. Two years later, still searching towards the back of sixth avenue nothing was available for that amount anymore. To my surprise, the first choice I ran away from in that location a building has been developed on it. From experience, I believe whoever brought that will probably spend over 25M on piling. Today, those areas are new Festac town. It all depends on our induvial choice, I can tell you from history 1988 there is nowhere like Lekki but Maroko. Military Governor Raji Rasaki was the one that started the process demolishing those little villages that part way for what we call Lekki today. It was a lot of little swapped villages all around and people maintained their lifestyle transporting themselves with those little canoe like in Venice. We can go back in history, as a little boy I saw in 1974, when they started building Apapa oshodi expressway. It was the same deep swapped area too. Today people that don't know the history of that area, they will never believe it was reclaimed. It all depends on our choice and pocket. All those so called swapping areas today are future new Lagos. Lagos state government has to be serious and vigorously enforce their town planning plan if they have one.

This is what's always missing from the Nigerian experience, the ability for developers to have continuous foresight. IMHO.

n3xt:
Finally, I'm beginning to see my chateau decision falling in right places.

You will not believe that I only need to drive for 90 mins from my Chateau to Ajah Lagos using the Epe road. The only reason it'll take that long is because of the bad and very lonely road. When I was picking the place, I already envisage that one government will definitely see the need to bridge the link between Lagos and neighbouring cities and decongest Lagos mainland for proper megacity plan but many people don't see it. I was expecting the present government in Ogun state to have align with the same vision but I think he too is doing well cos the final link road to My Chateau-Agbowa-Itokin-Epe-Ajah expressway has been approved for expansion into a 4 lane road even though they've not done it but the project board has been installed.

Now, with the ongoing 10 lane road and the whole lot of activities happening on that corridor especially on Itokin-Agbowa-Ikorodu road, I guess it's time to go back home. Cos I can easily drive 20 mins to Agbowa /Imota and fly a boat to anywhere in Lekki or drive maximum 60 mins from Sagamu to Ajah.

God bless good vision. Time to invest in the future for the great great great grandkids!!

omanzo02:
I have thought about that myself, I would rather look for something in mainland or in Ogun.

michlins:
na that same limitations make me use that kpalasa key