Two bed room for rent near me11/21/2023 Buhari gives insights on Nigeria's $15 billion victory over P&IDĪn estate manager who operates in that axis told BusinessDay that Okota is now a good destination for investment in rental apartments and shop spaces, especially along Ago-Palace Way where, according to him, renters are just waiting for any house or shop that would come to the market for rent.Īloysius Odoabuchi, a property lawyer in Okota, said: “Many property investors and real estate developers are already taking position, building in Okota, especially along Ago-Palace Way because demand has really gone up within the community.”.Tinubu to speak at AfriCaribbean trade, investment forum in Guyana.Nigeria signs $463m deal to boost electricity access.“Where do I go from here?” she queried.Īgo, as it is popularly called, has become a preferred destination for many Lagos renters because of its good access road and the opportunities it offers as a residential and commercial enclave populated mainly by business men and women from the eastern part of the country.īefore now, a three-bedroom flat in Okota was rented for about N600,000 per annum as against N800,000 which the same size property would go for in Ajao Estate or Festac Town, which are neighbouring areas to that location. She lamented that the high rent she was running away from at Ilupeju has become her major challenge, explaining that the choice of Ago for her new home was because of the business opportunities the area offers. But to my surprise, that size of apartment goes for between N1.2 million and N1.5 million per annum, depending on the age of the building,” Anichebe told BusinessDay. “I went to Ago with the intention to rent a two-bedroom apartment which I considered enough to take me and my four children. Read also: Here’s why a Lagos suburb is attractive investment opportunity She wants to relocate to Ago Palace Way after losing her husband and their economic fortunes changed such that she can no longer afford the Ilupeju rent. Victoria Anichebe is a Lagos resident living in the Ilupeju area of the city. Places like Itire in Ijesha, Ago Palace Way in Okota, Egbeda, Ikotun-Egbe, and Isashi in Ojo have been major receivers of tenants who are changing address from mainly mid-income locations like Surulere, Ilupeju, Gbagada, and Magodo. Though the rent increase cuts across various locations including low, middle and high-end or highbrow, it is more pronounced at the outskirts, which are melting pots for renters fleeing from high rents at the city centre. Landlords need a lot of money to maintain existing houses and also pay bills, leading to increase in rent. House rents are soaring in Lagos suburbs, where over 60 percent of the city’s estimated 20 million residents live, opening up opportunities in the rental segment of the property market for investors with patient capital.įor reasons bordering on galloping inflation, rising building materials costs and general downturn in the economy, supply of new buildings has dropped amid rising demands.
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