It is no longer News, that Epe is the hotest investment hub for real estate investors. In fact, it is stale news. All the virgin lands in Ibeju Lekki are sold out now, every one has faced the Epe Axis.
Once upon a time, Epe use to be a Village with no credit to its name. The Indigenes where peasant farmers, palm wine tappers, hunters and fishermen.
In the Year 2020, during covid when all the world leaders and health institutions asked everyone to stay at home and there was a total lock down, we suddenly realized that in times of crises, your first place of succor is the Home. Secondly, contrary to the expectation and projection of analyst and stake holder in the Nigerian real estate market, rather than a crash in property prices ( not including rental), there was a surge in market sales. I can confirm this because I was in the system and still there till date.
At the time, the stock market crashed, treasury bills rate was reviewed downward as well as interest on savings. Service based industries as well as some manufacturing industries suffered losses and some companies never recovered from the sudden economic downturn. Places of worship, event centers, cinemas, hotels and any business that depended on the physical number presence to thrive was on lock down The next available place for people to secure their investments was in landed properties.
Both the mid and high-income earners wanted some sort of guarantee for their future. Even though some people thought there was no “future” for them.
Since Ibeju Lekki was already highly priced, Investors started moving to the next available properties to invest in which was located in Epe Local government area of Lagos state.
Some of the attractions in Epe at the time was st. Augustines University, Epe Resort and Spa, Yaba College of Technology satellite campus and other private businesses like farms and factories. At that time, it was an unconfirmed rumor that Epe will house the Lekki International airport, rail way line and a link for the 4th Mainland Bridge. At this time, the property Market in Epe had started booming.
In 2021, when Businesses started to pick up again, the expansion of the expressway from Eleko Junction to Epe T Junction commenced, it later extended to Ijebu Ode, the international airport was commissioned by the Lagos state government, the commissioning of Imota Rice Mill in October 2022, not to talk of the fact that even Julius Berger has seen the prospect in cashew farming right in Epe. Epe has experienced an exponential growth within such a short period of time.
The Average price of a good titled property in Epe ranges from 15M to 40M for a plot of 500 sqm. This was not that case as at 2020 when you could still get a plot of land for 3 million naira.
With the way the government is focused on infrastructural development in the Epe axis, investors are surely going to smile to the bank in few years to come.
Every Mega city was once a Jungle. Right before our very eyes, Epe the Jungle is now becoming a Mega City!
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