Below are four factors that affect the prices of houses and land for sale or rent in Lekki, Lagos. These four factors are the reasons why there are differences in the prices of houses and land for sale or rent in Lekki, Lagos.
1) The amount and quality of infrastructural facility in an area in Lekki: The extent or level of infrastructural facility in an area in Lekki, Lagos is the number one factor that determines the value of it's real estate properties for sale or rent. The more infrastructural facility an area can boast of, the more it adds to it's real estate value. This facilities includes good roads and drainage, 24hrs security, 24hrs water supply, 24hrs power etc.Lets use nicon town town and lekki phase 1 as a case study. Lekki phase 1 shares a boundary with Victoria island and a bridge linking it with Ikoyi through the lekki ikoyi link bridge, but the value of its real estate properties for sale or rent is below that of Nicon Town because Nicon Town possess a lot of infrastructural facilities that lekki phase 1 can only dream of. Lets also look at ikota villa and crown estate as a case study. Crown estate is like five minutes drive away from ikota villa and despite this huge differences in distance, the value of crown estate's real estate for sale or rent is at per with that of ikota villa estate because of the huge deficiency of infrastructure.
Same also goes for real estate properties for sale or rent along chevron drive. The value of land for sale in estate along chevron drive like Carlton gate estate and northern foreshore estate is above that of chevyview estate which is located also along chevron drive because Carlton gate estate and northern foreshore estate boasts of a better infrastructural facility than chevyview.
2) Distance: Distance is the second most important factor affecting prises of land and houses for sale or rent in Lekki, Lagos real estate market. A lot of real estate buyers don't know this, they believe the price of properties for sale or rent are the same all over lekki and wonder why there is disparities in prices from location to location. The truth is, the further you drive away from major urban areas in Lekki (Lekki Phase 1 and V/I) and heading towards the direction of Epe, the cheaper properties for sale or rent becomes. This is so because a lot of buyers prefer buying properties in areas that are closer to urbanised areas which helped push the prices of properties in those areas up because of the huge demand. e.g 1000sqm in Lekki phase 1 goes for 130 to 140 million naira but when you drive further down to lets say carlton gate and VGC, you will buy the same size of land for 110 million naira.
3) Nature and Condition of property: A land located in swampy area will be more cheaper than a dry land if they are located in the same area. So also, a new or refurbished house will be more expensive than a run down or old house that is located in the same area.
4) Tittle of Property: The more tittles (documents) a house or land acquires, the more it adds to it's real properties for sale. e.g, a land with c of o or governors consent is more expensive than a land that has only gazette or allocation.
5) Name of Neighborhood: The name or reputation of an area in lekki also adds to it's value. some areas are reputed to be an enclave of the high and mighty in society like nicon town which in turn adds to its real estate price for sale or rent. This particular factor is not as strong as those listed above but has to some extent an influence on the value of properties in lekki.
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