Ajah is quickly becoming one of the high-rise areas in Lagos. Everyone wants to own a home or property in Ajah. Those who can’t buy properties in areas like Ikoyi, Victoria Island, and Lekki shift towards Ajah. It has become quite the favorite of those looking to buy lands and properties.
While Ajah is not as centralized as places like Ikoyi, Lekki, and Victoria Island. It’s still on the island and has access to these areas. If you live in Ajah, you have quite the proximity to Lekki, Victoria Island, and Ikoyi compared to most areas on the Mainland.
If there’s one thing about areas close to booming areas, it’s only a matter of time before they become exposed and developed. With this, many property buyers who always foresee the future of real estate are now trooping to buy lands in Ajah.
Below, this article looks at how much land in Ajah Lagos costs today.
Cost of Land in Ajah
Estimating the exact cost of any land, especially the ones in Ajah, is quite tricky. There are many things to put into consideration. As a big area, the cost of land vary there depending on its location within the area. In reality, the lands closer to Lekki are more expensive than those inside the remote areas of Ajah Lagos.
Currently, a plot of land in Ajah sells between 6 million Naira to to ₦100 million, depending on the area and location. Also, the price can increase depending on how many buyers are bidding for the land. It can also decrease if the bid is not that fierce.
Factors That Affect The Cost of Land in Ajah
There are lots of factors that will determine how much you can get a plot of land in Ajah today. This factor is what a seller also looks at when they are deciding how much they will sell their land. These factors affect land prices that sellers calculate before they start giving out prices of how much they are selling their land.
With these factors, you can determine how much you can buy a particular piece of land in Ajah or any other area of Lagos. Below are some of the crucial factors that affect the prices of Land in general. Use them to apply to how much you’ll buy land in areas in Lagos.
- Land Accessibility
The closer to commerce areas a land is, the higher the price of that land goes up. Lands in open areas like Lekki, Victoria Island, and Ikoyi are sold for millions of Naira. This invariably means that the lands in the areas closer to these places will cost equally. And, the more these areas become a site for commerce, the more the prices increase.
Why is that? Because these commerce areas are where people’s workplaces are located, the lands around them increase in price because when they are developed, many will want to rent homes in these places because they are closer to their place of work. This, in turn, leads to the continuous development of the area the houses are built.
Land sellers understand it’ll be to the buyer’s advantage in the future, so they include that in their price.
- Physical Considerations
The more developed an area is, the more the price of that area increase. These physical considerations include the location of the land, availability of water in that area, landscape, drain lines, and many more. Many people will hardly buy land in an area where it’s hard to dig up water from. This also affects the potential price of the lands that will be sold.
- Present and Future Land Use
Another essential factor that affects the price of a plot of land is the land use permit for that area. For instance, the prices of plots of land are determined by what the area permits – whether it is a commercial environment or a residential one.
Generally, the prices of commercial lands are higher. Why? Because it attracts business or institutional land use might attract even higher prices. Also, the proximity of the area to the closest commercial area will also affect the price of the plot of land.
- The Function of Demand and Supply
The more there’s a high demand for land, and there’s an increase in the population that needs land, the prices of the available piece of land increase automatically. When sellers know they have many buyers to navigate through, they increase the price leaving it to the highest bidder.
- Transport Linkages
In a town like Lagos, lands that are close to transportation connections are mostly expensive compared to the ones in reserved remote areas. People will pay more for lands that are accessible to business areas, markets, schools, and the ones where getting transportation is close to them.
The prices of lands in areas like this cannot be compared to other areas because they offer something that’s not offered the other lands. Where land is situated and its proximity to transportation is an essential factor that’ll certainly affect the price of the land in question.
The prices of lands in Ajah Lagos ranges from 6 million Naira and goes upwards to 14 million. This is for undeveloped lands. However, when determining how much a land in any area will cost you, use the factors above to determine the potential cost.