Lagos – the commercial capital of Nigeria is the most populous city in Nigeria and entire Africa. Lagos is the haven of real estate investment in Nigeria due to its fast population growth and robust commercial activities. Lagos is also one of the fastest-growing cities in the world.
Victoria Island, Ikoyi, Lekki, Apapa and Ikeja are the high brow areas of the megacity hence, the real estate projects in these areas are massive and commercial ranging from high-rise office complexes to five-star hotels and malls. However, each of these areas has its fair share of residential developments which are largely luxurious in nature and these areas are occupied by the upper class of the society.
Areas in close proximity to the high-brow areas enjoy massive real estate projects due to the high rental rates of properties in the high-brow areas (the rents here are much more affordable than the highbrow areas). These areas include Ajah, Surulere, Yaba, FESTAC, Isolo, and Akowonjo. The nature of real estate development in these aforementioned areas is largely residential which are occupied by the middle-class society. Due to the large population of these areas, some real estate developers put up some commercial structures. The commercial structures in these areas are usually malls and hotels.
Areas like Iyana-ipaja, Abule egba, Ibeju- lekki, Ojo, Badagry, Epe, and Ikorodu are the suburbs in Lagos and real estate development here are largely residential and to an extent owner occupier with few commercial real estate developments. The members of the lower class in the society are the predominant residents of these areas.
Major real estate developers in Lagos usually have their projects in the highbrow areas or areas in close proximity to the high-brow areas due to the high return on investments on the said areas. However, Ibeju-lekki though a suburb is fast growing with many residential estates springing up due to the opening of Lekki free trade zone, Dangote refinery and other commercial activities coming up in the area.