Why Ikorodu & Lekki Property Prices May Merge Soon


In the early 90s when plots of land in the present Lekki Phase 1 were being allowed; it was going for between N400,000 to N500,000. Today same plots on the secondary market sell for nothing less than N50 million depending on which side of the scheme you are buying from (left or right). The reason for this astronomical rise in price is not farfetched; improved infrastructure, improved prices. To close watchers of the property market in the Ikorodu axis of Lagos, similar trend is being predicted for this burgeoning area. Although there are other satellite locations around Lagos with ample real estate investment opportunities for the budget class, Ikorodu remains the most viable option considering a number of developmental factors; one of which is transport links.

Ikorodu road which links the axis to both Central Lagos and the Island is reputed to be the longest road in Lagos, linking almost 10 Local government areas of the state. The road was recently reconstructed to cater for the state of the art transport innovation by the present administration of Governor Fashola, the Bus Rapid Transit (BRT); conveying over one hundred thousand passengers per day to and from Lagos Island to Ikorodu on a regular basis.

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Traffic time from Ikorodu to Lagos Island via the BRT is estimated to between 20minutes to 30minutes as against over 2hours before the BRT became operational. Apart from the BRT scheme, there are number of developmental projects by the Lagos State Government planned for Ikorodu town which have been identified as a reason why Ikorodu just like what was witnessed in Lekki over the last ten years may witness a property boom. One major development predicted to move up the property market in Ikorodu in the near future is the proposed 4th mainland bridge. This bridge will commence from Langbasa-Badore in Lekki, Eti-osa local government and would link the Island to Ipakodo-Igbogbo, a Lagos suburb in Ikorodu.

Also Lagos State Government has commenced preparation to provide a commodity market in Ikorodu Town by relocating the ever busy Mile 12 market end of the road. The Mile 12 market remains the biggest commercial market in Lagos State and it’s relocation to ikorodu is expected to open up Ikorodu’s position as a strategic location for real estate investments.

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It is also already public information that different companies have been pre qualified to handle dualisation of the Lagos road that leads directly to Ikorodu main town. The project is also expected to ensure smoother flow of traffic in and out of Ikorodu metropolis making the area more liveable and attractive to invest in.
The biggest project coming to Ikorodu is the fourth mainland bridge. It is expected to provide access from Igbogbo-Baiyeku in Ikorodu to Badore in Ajah-Lekki and then help to reduce traffic on the ever busy 3rd mainland bridge and other roads linking the Mainland to the Island. it is on record that Union Bank of Nigeria has made a commitment to the state Government to partner as financiers of the project.

Putting all these together Ikorodu may in no time be the next Lekki, probably ahead of Badagry which is also another key satellite development target for the Lagos State Government tipped by development expert for rapid expansion in the nearest future.
Amazingly, it is possible to still get a land for under N500k in Ikorodu.

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