Lagos is one of the fastest growing cities in the world and also one of the most populous urban agglomerations. It is a major financial centre in Africa i.e. the megacity with the highest GDP. Some Lagosians who are wise and knows the value of real estate investment have chosen popular areas in Lagos as their cash cow. One of them is Mrs Iyabo Ali Owe.
NREH correspondent was in an interview with this intelligent woman who has not only lived in Lagos for several years but has also invested in different parts of the state. She knows the history of Lagos like the back of her hand.
Please read her interview below.
NREH: Good afternoon ma
Mrs Ali Owe: Good afternoon.
NREH: We learnt that you are quiet knowledgeable about the prices of lands in the 70s and how much they are sold now.
Mrs Ali Owe: Yes I do. I personally have several investments in real estate and I don’t regret it one bit.
NREH: Can you share the areas these lands are located, how much they were sold and how much they cost now?
Mrs Ali Owe: Sure
In 1997, I bought a plot of land in Ogba-Ijaiye from Obawole family for N2000. The four flats was built for N45,000. One of my friends sold hers 3years ago for N30million.
Lands were sold in Badore for N50,200 per plot in the year 2012. If you want to buy a plot of Land in Badore now, you have to get your millions ready.
In the year 2012, a (60/120) plot of land in Igbokusu area was sold for N25,000 per plot. Now, it is sold for N50-N55million per plot
Popular areas in Lagos state like Oniru was sold for N6,000 per plot in 2012 while Elegushi was sold for N50,000 per plot. We all know these areas now belong to the big men in Lagos State.
Ajiran was sold for N25,000 per plot. Now, it is sold for N50-N55million
Sapati village by Lekki expressway was sold for N250,000 per plot. Ibeju-Lekki now sells for N3.6million naira and above.
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I bought a plot of land in Magodo for N5,000 in 1979. In the year 2002, I sold it for N18million. A friend of mind sold hers for 6million in 1999.
In 1969-1970, properties were sold in Kofo Abayomi, Apapa for 10,000 Nigerian pounds. As at 1982, we rebuilt the 3 bedroom flat for N70,000. There is nowhere in Lagos you can lay foundation for N70,000 let alone building a house with it.
It’s no news that real estate investment is the most profitable investment you can make. However, if you recall from the interview you read above, you will realise that the value of the lands she mentioned appreciated more based on the longevity of the years. Real estate investment may take time to yield, but when it does, you will be swimming in money.
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Thanks for reading.