Property prices soar in Lekki as Dangote Group commences construction at LFTZ

The Lekki property market is presently upbeat with rising demand and soaring prices following Dangote Group’s commencement of construction work on its Refinery-cum- petrochemical plant at the Lekki Free Trade Zone (LFTZ)—a global business haven in the Lekki area of Lagos.

BusinessDay reliably gathered that, as a result of this development, property prices in that area have risen by over 100 percent from what it was late last year.

According to our source, a three bedroom flat in Lekki Phase 1 has increased from N2.5 million to N6.5 million per annum. The rent for a duplex in Lekki has gone up from N20 million to between N60 million and N75 million, while those willing to rent same apartment will have to pay between N8 million to N10 million per annum. In addition, an apartment in a block of flats goes for between N60 million and N75 million outright sale, whereas to rent same property, a prospective tenant will have to pay between N3.5 million and N4.5 million per annum.

Since Dangote Group awarded the project management consultancy, engineering and construction management of its 400,000 bpd (20 million tonnes) oil refinery and 600,000 tonnes polypropylene plant, Lekki and its environ has never been the same again. The area, which used to have a narrow single lane road and notorious traffic congestion, is fast becoming a global business haven with a new dual carriageway with three lanes on both sides.

Ranti Adedeji, managing partner, Adrant Partners, a real estate and property consultancy firm, said due to the influx of people to Lekki, the value of property is currently sky-bound, with rents hitting the roof.

Apart from residential apartments, office spaces for banks, major automobile dealers, eateries, as well as shopping plazas now dot the Lekki landscape. “And more are on the way,” Adedeji said. He was emphatic that more shopping plazas and commercial properties will yet spring up in the area.

Babatunde Fashola, Lagos state governor, early in February this year at the Lekki Free Trade Zone (LFTZ), Lagos introduced the Dangote Group of Companies President and the arrowhead of the proposed $9 billion Dangote Refinery and Petrochemical Company in the zone,  Aliko Dangote, to the host communities, signaling the take-off of the multi-billion naira investment there.

Dangote in his remarks noted that his company’s decision to bring the refinery to the area is timely, adding that  such development would open more investment windows for other medium or small-scale investors.

To affect the lives of residents and the community at large, the richest African has greater plans. “We will train over 8,000 engineers and also provide uninterrupted power supply that will enhance investment drive and attract other viable investments towards this axis of the state,” He assured.

HOPE MOSES-ASHIKE