INDUSTRIAL LAND VALUE IN LAGOS MARKET 2023

In 2022, an acre of industrial land in the Ilupeju Industrial Scheme was valued at N1.350 billion, up from N1.161 billion in 2021, according to the early year 2023 Land Market Report by akinABRAHAM & ASSOCIATES.

Prices paid for industrial land within the industrial scheme have risen by 723.90% over a fourteen-year period, and expected to reach a record high of N450,000 per square meter by Q1 2024.

Since the last five years, land values in Lagos' old industrial schemes have seen significant upward revisions as a result of rental and capital value growth expectations grossing around 40% and 16.27% annual growth rates, respectively, with this ultimately leading purchasers to underwrite higher prices when evaluating investments for redevelopment of existing stocks to meet rising demands.

The rental and capital value growth may appear lower, but it is significant in understanding how the industrial property existing stock is meeting redevelopment potentials and in the long run helping the stakeholders to make great commercial and personal financial and real estate decisions.

Watch the videoto see the land value movement within the Ilupeju Industrial Scheme from 2009 to 2024, together with rental and price appreciation recorded so far.

For more information about Lagos property market, contact us at +234-806-877-4629, aabraham@akaa-ng.com and visit our website at www.akaa-ng.com.

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