Epe is one of the fastest developing neighborhoods in Lagos State, both in terms of population and land value. This region has risen in favor among Lagos State land agents, who usually refer to it as the state’s emerging centre.
The neighborhood is located near the Ibeju Lekki axis and is up to 67 kilometers from Lekki Phase 1, a prime region in Lagos State. Despite the distance between these two areas from Lekki Phase 1, they are linked by a major road known as the Lekki-Epe Expressway. Epe is also bordered by the Ijebu-Ode district of Ogun State.
Overall, land prices in the area have risen at an astonishing rate over the last five years.
The location of key critical projects and infrastructures pushed by the State government is one of the major factors of this current shift and focus to this area. Among these is the new Lekki Free Trade Zone, which is located in the center of Epe. The zone is expected to provide benefits to businesses such as tax-free operations, among other things. These advantages have resulted in the location of several large projects, including the Dangote Group’s refinery and petrochemical park, the Dangote Fertiliser Plant, the Lekki Deep Sea Port, and the projected International Airport.
The State government has also just completed the Ibeju Lekki-Epe Expressway road, which is a significant boost to the area’s infrastructure.
Property developers have also begun buying land in the area and its environs to provide residences for the projected populace to come. Some of these projects include:
* the over 2,000-hectare Alaro City Mixed-Use project by Rendeavour located in the Lekki Free Trade Zone area,
* the over 305 acres Isimi Lagos project by LandWey Investments Limited
According to the data Estate Intel is gathering, land in Epe is now selling for an average of NGN 10,156.34/sqm. These lots are often sold in sizes ranging from 150sqm to 300sqm, to 450sqm to 600sqm. The neighborhood has experienced average 5-year rise of 103.38%, with prices in 2017 hovering around 900/sqm. This increase is attributable to current infrastructure as well as an increase in demand for the area, which has been predicted to expand.
As a result, we anticipate that the general market direction for Epe land prices will be favorable over the next year.
For more information, please see the Epe Land Price Market Analysis, which provides a more detailed analysis of additional market data like as sales rates, yields, supply drivers, and information on significant real estate market participants who are engaged in the market.
Let us know what you think about the Epe land price market by sending an email to insight@estateintel.com..
