The demand for properties in Nigeria has increased significantly over the last few years with the ministry of Housing pegging the current housing deficit at 22 million units. This demand gap has led to an increase in the number of development firms springing up with the promise of proferring a solution to the current housing challenges through affordable housing. But is housing in Nigeria truly affordable as recent industry reports have featured several innocent Nigerians defrauded of their hard-earned money in a zeal to become landlords or purchase properties that can be passed over to their offsprings. Over 60% of land and housing scams has been recorded from transactions involving properties in the Ibeju-Lekki part of Lagos state.
Our investigations revealed several ways real estate developers scam innocent Nigerians into purchasing properties with scrupulous Land Title documentations like Registered Surveys, Deed of Assignments and Excision in Process which are not valid documents that can validate the ownership of any property in Nigeria.
We have put together a list of Top Real Estate Development firms in Lagos that have built a reputation in developing and selling certified properties across the Lekki, Epe and Ibeju-Lekki axis of Lagos State and are developing properties with valid Title documentation that can be considered a safe buy for potential residents and investors.
1. Rendeavour (Alaro City)
Alaro City is a development by Rendeavour, an international-based property development company with a portfolio of more than 30,000 acres (12,000 ha) of land in the urban growth trajectories of major cities in Kenya, Ghana, Nigeria, Zambia, and the Democratic Republic of Congo.
Alaro City is located on 1,000 ha (2,470 acres) within the Lekki Free Zone, the largest free zone in West Africa. The site is adjacent to the approved location for the proposed Lekki International Airport and in close proximity to the deep seaport and a number of planned industrial developments. The project is underway with bulk infrastructure roll-out and first developers already constructing. The Rendeavour project is a joint venture with the Lagos State Government.
Alaro City is designed as a mixed-income, city-scale development with master-planned areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces.
The prime location and potential opportunities of the Lekki Free trade Zone in which it is situated set Alaro City as the choicest development along the Ibeju-Lekki Corridor, thus gaining our number one spot.
2. Mixta Nigeria (Fara Park)
Mixta Nigeria is a subsidiary of Mixta Africa, an ARM Company. Mixta Africa is Europe’s first-mover into the African Real Estate sector, with offices and major developments in Morocco, Senegal, Tunisia, Côte d’Ivoire, Nigeria, Mauritania, Algeria and Egypt company flaunts an impeccable record for real estate project delivery.
Fara Park is a gated, fully serviced residential estate located in Sangotedo along the Lekki Epe expressway, at a distance of about 37km from Victoria Island. It sits on about 15 hectares of land and comprises over 300 housing units which include duplexes, blocks of apartments and patios.
Fara park has an excellent road layout. The estate infrastructure includes tarred roads, an effective drainage network, street lights, pedestrian walkway, green area and recreational area with a swimming pool, tennis court, football field, and basketball court. The estate has round the clock security, electricity and water supply. An annual service charge covers security, water supply, waste management, gardening, maintenance of public places, cleaning and gardening of the environment and infrastructural repairs.
By virtue of its location, the resale value of Land and houses in Fara park are expected to quadruple over the next 5 years as newer developments spring up rapidly around Abijo, Lakowe and Bogije axis of Lekki.
3. PropertyMart (The Fairmont)
Established in 2008, with a strong presence across the Residential property sectors. Propertymart has earned her position as one of the top Nigerian owned Real Estate companies. Its flagship development, Citiview in Arepo, Ogun state saw the company’s speedy rise to fame and recognition.
The Fairmont, located on Monastery Road in Sangotedo has been portrayed as the dream estate for the middle class. Though still in the pre-development phase, being situated in close proximity to the popular Novare Shopping Mall and the applaudable 3-years payment scheme Propertymart offers on the purchase of serviced plots has earned the property the tag of “fairest deal on the Lekki corridor”. The property is covered by a global C of O so it qualifies as a safe investment for potential investors and residents.
4. Landwey (Urban Prime One)
Forbes under 30 honoree, Olawale Ayilara took the Real Estate industry by storm in leading his company, Landwey Investments, to fame & recognition in a short span of 24 months from inception. Landwey specializes in identifying and developing affordable under-developed land within Sangotedo and down to Eleko at the ingress of Ibeju Lekki.
Urban Prime One is located along Ogombo road beside the renowned Abraham Adesanya Estate and sits on over 10 acres of land covered by a C of O. It is currently undergoing major development as early residents and investors have begun erecting housing structures. Its close proximity to the State developed Abraham Adesanya Estate, Ajah and VGC communities make it a prime investment option with positive growth expectations in the near future.
5. Adron Homes (Rehoboth Park & Garden)
Adron Homes popularly known for its Guerilla style marketing has become a household name in the Nigerian Real Estate industry. The company specializes majorly in the purchase and horizontal development of under-developed land in suburban Lagos and boasts of over 25 estates under their property portfolio and 28 operational offices spread across Nigeria.
Rehoboth Park & Gardens remains Adron Homes prime development within Ibeju-Lekki and holds a significant advantage over similar properties within the axis by virtue of possessing a C of O Title. The Phase 2 of the project located at the designated Eko Smart city beside the Free trade zone remains one of the extremely few properties in the axis with a verifiable C of O and currently sells at a whooping NGN30,000,000 for a 500sqm plot. With the level of development anticipated at the free trade zone and the resulting increase in property fraud within the axis, Adron’s Rehoboth Park & Gardens stands out as a safe Haven for potential property Investors.
These may be our unbiased pick off the abundant projects and developments companies within the Lekki corridor. But that’s not to say there aren’t several other real estate firms developing amazing projects within the space. Here are a few honourable mentions in no particular order;
- Dradrock Real Estate – Prime Oikos, Lakowe
- Revolutionplus Property – Flourish Residences, Sangotedo
- Pennek – The Estate, Ogombo, Ajah
- 4point Property – Amari Gardens, Epe
- Novarick Homes – Wazobia Courts, Ibeju Lekki
- Veritasi Homes – Claridge 1, Sangotedo
- Gtext Homes – Jasper Estate
- RealtyPros IGL – Flourish Gate, Abijo
- Sevic PDC – Lekki Vale, Ibeju Lekki
- Dpkay Homes – DPkay Estate, Sangotedo
Place your comments below. Tell us if your favourite property development company made our list or which company and project you think should have made the list.