All Eyes on Ikoyi: Every Investor’s Dream is Ikoyi Luxury Real Estate
Oil, real estate, and oil money. You’re probably puzzled about the connection between these words. Well, I had a similar curious feeling when I first read Franca Ogboru—CEO of Franluxury Properties— statement, “Real estate is the new oil money in Lagos.” The Ikoyi neighbourhood was perhaps the raison d’etre behind the cheeky, unconventional analogy.
Ikoyi is located in the highbrow area of the Lagos lagoon. Originally designed for expatriates, it’s expanded to become synonymous with luxury, class, and comfort. It’s a citizen’s dream and a realtor’s oil bed.
Despite the paralysing effects of COVID-19 on real estate in other lucrative areas, the luxury real estate focused on Ikoyi and its environs continue to bloom. Even the pandemic had nothing on it! But the Lagos Island where Ikoyi sits is not short of luxury. So what makes the Ikoyi neighbourhood an investor magnet? Sit tight because you’re about to know the three reasons why Ikoyi is every investor’s dream.
Top of the list: The Lagos Island, where Ikoyi is located, is a gigantic commercial hub. The Island is the home of the crème de la crème and their extended businesses. The Island, specifically the Ikoyi axis, attracts investors from home and abroad. For investors and developers, the commercial allure of the Island region is a prospect too good to overlook. And from the looks of it, the investments aren’t slowing down soon. The anticipated completion of mega investments, such as the Dangote refinery, the fourth mainland bridge, and the Eko Atlantic project, are expected to increase the commercial attractiveness to potential investors.
Closely related to the first point is the investment value Ikoyi offers. The commercial pull and the high infrastructural development of the Ikoyi area guarantee continued appreciation of investments. Who doesn’t want higher returns for their business? Definitely not realtors. So Ikoyi is every investor’s dream because of high property appreciation.
Thirdly, Ikoyi real estate provides real value for money. In Lagos, landed properties almost always appreciate all things equal. But at Ikoyi, real estate investment value is a tier above other lucrative areas in Lagos. Consider this stat: the return for investment at Ikoyi stands at 9% for a 1-bedroom, 5.4-8.6% for 2-bedroom, 5.3-8% for 3-bedroom, and 4.5-8.3% for a 4-bedroom duplex. With an average of 9% investment returns on rentals, it’s comfortably one of the best values for rentals realtors can get in the real estate market.
In conclusion, Ikoyi is blessed with fascinating scenery, masterful road networks, and high property security. For citizens, the Ikoyi environment provides a mix of business opportunities and good life. For realtors, Ikoyi is an avenue to invest in real estate. And as Franca Ogboru noted, “real estate is the new oil money”. And Ikoyi is the oil bed.