Coastal road: Land prices jump, new investment opportunities open | Prestige Real Estate News

In a very dramatic manner, parcels of land along the 700-kilometre Lagos-Calabar coastal highway have, in the last six to 12 months, seen significant price increases, more so as construction on Phase 1 of the project is nearing completion.

The first phase of the highway, measuring 47.47 kilometres, starts from Ahmadu Bello Way in Victoria Island, Lagos, and ends in Lekki around the Lekki Deep Sea Port and Dangote Refinery axis. It is expected to be completed by May 29, 2025.

People who invested in land in all the areas around Lekki Free Tade Zone, Eleko and Ibeju Lekki had been enjoying considerable value appreciation as a result of the coming of developments such as Dangote Refinery, Lekki Deep Sea Port, among others.

The passing of the coastal highway through this axis has raised property values a lot higher in th as many investors swoop on the area, buying just any available land in anticipation of a further rise in prices in the coming years.

“You need to visit these areas, especially all the areas around Ibeju Lekki, and see the level of investment going on there. People are taking position because when the coastal road is completed, you can drive to Victoria Island in less than one hour,” Ololarenwaju Kuyebi, managing director, GMH Luxury, said in an interview recently.

“Land value has gone up by more than 200 percent in the last 12 months in Ibeju Lekki. I know of someone I advised to key into the emerging opportunities in that axis. He bought three plots of land at N1.5 million each and, today, one plot is over N3 million,” he added.

Kuyebi disclosed that people are investing in land banking in that area, describing it as a wise investment decision that will give good return on investment in time to come.

Some real estate development companies are also perfecting plans to invest in that axis in the expectation that demand will come. Odunayo Ojo, the chief executive of UPDC Plc, disclosed recently that Ibeju Lekki is part of their new towns development strategy.

Peter Oyedepo, a Lagos-based realtor, who described the coastal road as a transformative piece of infrastructure that promises to reshape Nigeria’s coastlines, enhancing connectivity and driving economic growth, says investors have every reason to invest along the coastal road.

Oyedepo explained recently that because the coastal road connects cities and towns, making once remote places accessible, it will drive population growth and real estate demand in those cities and towns.

He added that besides its economic growth potential, the coastal road will boost tourism. He explained that because the road passes through beaches, forests, and cultural landmarks, it is a prime spot for tourism-related investment such as resorts, hotels and vacation rentals.

Oyedepo advised that people can invest in both residential and commercial properties such as luxury buildings, affordable apartments, office facilities, malls, warehouses, among others. He hopes that all these will be in high demand in no distant future.

The federal government is already taking position along the coastal highway, as the first phase of the road construction approaches completion deadline.

The government is planning to create tolling stations and construct tourist centres along the highway, expecting to draw in investors and enhance the country’s economy.

David Umahi, the minister of works, who disclosed this during an inspection tour of the road recently, said the entire road stretch measuring 700 kilometres is expected to be completed within eight years.

“Along the corridor, you have some lands that have been acquired for tourism, industries, factories, housing estates, etc. So, these are the road architectures that will be seen on this highway. And we also plan to have tolling units,” Umahi said.

According to him, the more than $12 billion superhighway project is also expected to be solarised for easy movement at night and security measures. It is also expected to have a flyover to avoid traffic jams.

– Culled from BusinessDay