HOW EPE BECAME THE NEW REAL ESTATE HUB IN LAGOS
Epe is what everybody is talking about now, when it comes to real estate investment. The location has suddenly become the no1 among property players.
In the last few months, a lot of property players have moved to that axis for big investments.
Where is Epe located? Epe is a town in Lagos State, Nigeria, located on the north side of the Lekki Lagoon and about 90 km from Ibadan. During the 2006 Census, the population of Epe was approximately 181,409, but the current population has exceeded the official figure, because of the new development springing up in the area, recently.
Why the sudden rush to Epe?
Last week, City People was in Epe and we had a long tour of the town. We also met and chatted with real estate gurus who are big investors in Epe.
In the last few years, Ibeju-Lekki was the most popular and the hub of real estate. In fact, people used to say it’s the future of real estate in Nigeria. According to one of the real estate investors who didn’t want his name published, “Ibeju-Lekki has a great potential for all real estate players, a lovely location for investment, but I would choose Epe over Ibeju. Why? Epe is a residential location with a good ambiance. I’m afraid that in the future, Ibeju-Lekki corridors will be like an industrial area where 24 hours vehicular activities will be a disturbance for the residents. Talk of the Dangote Refinery, which occupies a large chunk of the area. There are lots of real estate investments there as we speak, don’t get me wrong. It’s also a good location, it all depends on choice. Hotels, fun centres, malls, etc, will be ideal for anyone who is thinking of a long-term in that axis (Ibeju)”.
Epe is one of the fastest growing locations in Lagos State and appreciating in terms of land price. This region has grown in popularity amongst property players and land agents in Lagos State.
The area is situated next to the Ibeju-Lekki axis, and is up to 67 km away from Lekki Phase 1, a prime area in Lagos State. Despite the length in distance from Lekki Phase 1, these two areas are connected by a major road known as the Lekki-Epe Expressway. Epe also shares a border with the Ijebu-Ode area in Ogun State.
Overall, land prices in the area have been rising at a fast rate in the last 5 years.
One of the major causes of the shift to this area is the location of the new Airport that will take off in the area. The existing projects and infrastructures pushed by the state government are also responsible for this. These include the new Lekki Free Trade Zone located in the heart of Epe. The zone is set to have benefits for organisations, such as tax-free operations, amongst others. These benefits have led to the location of some major projects such as : Dangote Group’s Refinery and Petrochemical Park, Dangote Fertiliser Plant, Lekki Deep Sea Port, as well as the proposed International Airport.
Let’s also tell you that one of the attractions to any location is accesibility. We can confirm that the construction of 18.7-kilometre six-lane rigid pavement carriageway from Eleko Junction in Ibeju-Lekki to Epe T-Junction in Lagos State will be completed very soon. It’s 95 to 98 percent completed, as at the time we visited the neighborhood. This alone has brought development to the area.
Currently, prices of land in the axis has gone up. A plot of land of 600 square metres is between 12 to 17 million naira, depending on the document on the land. Property players have fully relocated to the axis and they are now trying to compete and outsmart one another in order to get more subscribers to their estates.
Other reason you must buy land in Epe is that the free zone is authorized by both the Federal Government of Nigeria and the Lagos State Government. In lieu of this, properties in Epe are fast appreciating because several companies are investing due to the proposed and ongoing development. Also, Epe is favorably situated close to the city center, The Alaro City covers more than 2000 hectares of land in the Lekki Free Trade Zone. The Alaro City has areas for warehousing, schools, hotels, offices, and healthcare facilities.
Epe boasts of colleges and universities which gives investors an idea of what they can do with their properties.
The famous Yaba College of Technology has a campus in Epe. Augustine University, Micheal Otedola College are also located in Epe. This has led to the construction of educational-related infrastructures like hostels, restaurants, and many more by investors.
Epe also boasts of good road networks: Epe road network is known to connect to Ikorodu, Itokin and also to Ijebu-Ode. The road construction and design projects in Epe were handled by Craneburg and lasted for 16 months. There is also an on-going road expansion from the Eleko Junction to Epe. By the time this road infrastructure is fully completed in about 12–18 months, we trust it will cost an arm and a leg to own a plot in Epe axis!
– Isaac AbimbaDe
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