5 Benefits of Owning a House in Lagos

The special thing about Lagos and the reasons why you should own land or house property in Lagos is that it is the sixth-largest city in the world by city population, and is known for its beach resorts, nightlife, and activity. Lagos is no man’s land, it accommodates everyone no matter your race, class, and religion.

Lagos is also the center of business in Nigeria. Major goods coming into the country pass through Lagos before being transported to other locations in Nigeria.

Buying a house property in Lagos is a choice you won’t regret because whatever purpose you want to use your property for, you are assured of achieving it.

Here are 5 benefits of owning a house in Lagos

1. Future Investment

Owning a house is considered to be one of the safest and most profitable investments. As Nigeria’s urbanization and population continue to grow, the value attached to your home is likely to appreciate which will potentially keep your future financially secure. The most attractive reason to own a home in Lagos is known to be the financial security it provides. Paying rent may seem to be a short-term solution but as time passes by, it turns out that you’re wasting money. When you own a home, you’re not only securing a place to call home but you’re also making a good investment. If you can, own multiple houses where you can rent out and earn an annual income.

2. Protection From Unstable Environment

Nigeria has a very unpredictable economic environment and owning a home in Lagos provides you with a sense of stability. You safeguard yourself from the fluctuation of rent prices. This stability is valuable since the economic landscape cannot be trusted.

3. Entertainment, Tourism, And Leisure

Lagos is known to be the city of entertainment, tourism and leisure. Most of the entertainers, actors, actresses, and Comedians in Nigeria reside in Lagos. Are you looking for a good tourist center? Lagos is the place or a good location to have fun and relax. Lagos has got you covered. It has the right facilities and location to satisfy your wants and needs which is why owning a home in Lagos is the right choice for you.

4. Availability of Industries

Lagos has several small and big industries which creates big room for job opportunities and this feature has made people all over Nigeria travel down to Lagos. Lagos Island Southwest shore has commerce, finance, administration, and education. Manufacturing industries also include automobile assembly, food and beverage processing, metal works, textile making, brewing industry, cement industry, oil sector, and fishing industry. So, owning a home in Lagos gives you the privilege to work or get a job in one of these industries.

5. Economics Opportunities

Lagos handles the majority of Nigeria’s imports located in the southwest beach line of Nigeria. The Lagos port which is one of the top 10 in Africa is in charge of processing 80% of the goods in Nigeria.

There are also chances for people to improve their standard of living through employment opportunities, there are also certain jobs whereby people receive regular wages and given certain rights e.g. sickness leave, public holidays, etc. Lagos is an open zone where there are various jobs for everyone.

5 Good Areas to Own A house In Lagos

1. Magodo

This place is one of Lagos’s most treasured possessions. It is situated close to the border between Lagos and Ogun States on the Lagos-Ibadan expressway.

For a place that is now regarded as one of the best residential areas in Lagos, Nigeria’s commercial hub, it was once a sacred land for traditionalists with many taboos. The use of Mortars and Pestles is one of the taboos frowned upon by the residents of this community. This taboo gave rise to the community’s name, Magodo (derived from “Ma gun odo,” a Yoruba order that translates to “Do not pound in a Mortar”). This reflects the fact that history is never truly forgotten, even if most people do not practice it.

Magodo is in the Kosofe Local Government Area and is bounded by Ikosi-Ketu and Ojodu Berger. The community is divided into two phases: Magodo GRA Phase 1, which is located in Isheri, and Magodo Phase 2, which is located in Shangisha. It is worth noting that Magodo was originally designed as a Government Residential Area (GRA) for government employees. You can see why it is arguably the most appealing residential area on the Mainland.

Magodo is now considered an upscale neighborhood, with residents from both the middle and upper classes. Owning a home in Magodo gives you access to all of the ‘good stuff’ in Ikeja, such as business and employment opportunities, a social life that allows you to meet some of the most talented and business-savvy people in Lagos, entertainment and nightlife, and so on. With all the hustle and bustle of Lagos, you are unlikely to be a human furniture in Magodo in your free days. If you need to unwind, the area has a number of interesting places for you to visit. Magodo residents have tight security, a reliable power supply, and a well-developed road network. The drainage system is also very good, and the water supply is consistent. With this piece of information, this place is definitely one of the good areas to own a home in Lagos.

2. Gbagada

Gbagada is a vantage point to own a home in Lagos. It is located between the local governments of Kosofe and Shomolu. It is primarily a residential neighbourhood. Because of its location and accessibility, it is a prized jewel. Popular areas in Gbagada include Ifako, New Garage, and Diya Street, among others. Oworonshoki, Ifako Soluyi, Anthony Village, Ajao Estate, and Mende are some of the neighbourhoods surrounding Gbagada. Gbagada is primarily a residential area, so you will be able to find great estates that suit both your taste and your budget. Gbagada Phases 1 and 2 are both safe and peaceful estates. They are tranquil areas with a thriving community of peaceful residents. Security personnel in the estates are on standby and dressed appropriately. The houses are also quite spacious, and the roads are well paved. The estates contain businesses such as salons, supermarkets, and so on. Waste management is handled properly in both estates, and the streets are kept clean. You do not have to be concerned about schools for your children if you live in Gbagada. There are a sufficient number of schools with adequate learning facilities for your children. Looking for a good place to unwind at night and listen to music while eating and drinking? Do not be concerned. Gbagada has a plethora of them.

3. Ajao

A perk of living in an area where everything is accessible is saving more money. You won’t have to travel far or pay for more gas if you live in Ajao Estate Lagos. living in Ajao Estate Lagos will also help you enjoy higher social equality levels. Hence, it will be another convenience since you can get help if ever an emergency occurs. Whether you are single or living with a family, choosing to live in Ajao Estate Lagos is a great option. You’ll be able to discover more about yourself and create memories with your family in the future. This is why owning a home in Lagos is the right choice.

4. Apapa

Some may argue this point but, a good reason to consider a move to Apapa is the lower cost of real estate. Compared to areas like Victoria Island and Ikoyi, the rent in Apapa is a lot less. A move could increase the average company’s profit margins, saving it a lot of money as costs are cheaper, and there are more tax incentives.

Apapa is home to numerous companies; you can seek a competitive price for most services or products where you might not in other places. A business that moves to the area will be among those that directly benefit from this competitive environment. It may not seem like it, but Apapa has a larger target audience for most businesses. You, however, need to do some in-depth research into markets, to ensure the move is a comfortable compromise between rent prices, talent pool access, and proximity to your target audience. If getting more customers and making a profit are the major goals for your business, then relocating your business to Apapa may just be what your business needs now.

The desire to get a suitable workforce can be enough to relocate your business to Apapa as the area offers easier access to human capital and talent. Many businesses find that local talent is diminishing and want to align themselves with better people. As is the case with Apapa, certain areas in Lagos have better talent pools than others.

Apapa can seem rowdy with a lot of traffic, however, several great amenities in the area could be of great benefit to a business struggling in this current economy.

5. Ikorodu

 Ikorodu which is located in the northeastern part of Lagos State, is emerging as one of the most attractive destinations for real estate investment in Nigeria. Its unique blend of affordability, strategic location, and rapid development makes it a prime spot for investors looking to capitalize on Lagos’s booming real estate market. Here are several compelling reasons why you should consider buying land in Ikorodu.

Ikorodu is a burgeoning real estate market with immense potential. Its affordability, and strategic location, Ikorodu’s strategic location is one of its biggest advantages. It serves as a gateway between Lagos and Ogun States and is well-connected to major parts of Lagos. Also, rapid infrastructure development and a growing population make it an excellent investment destination. Whether you are a first-time homebuyer, a seasoned investor, or someone looking to develop a commercial property, Ikorodu offers a wealth of opportunities. Investing in land in Ikorodu today could be one of the best decisions you make for securing high returns and being part of Lagos’s dynamic growth story.

 Many Nigerians dream of owning one sort of landed property or the other as it is considered a thing of pride, proof of wealth, and provides a source of income when you’re a landlord. Lagos is the commercial capital of Nigeria and is usually a first-choice city to buy a house. Buying a home in Lagos, Nigeria is no small investment but note that owning a home in Lagos.