Ayobo/Ipaja/Egbeda/Akowonjo/Idimu/Ikotun Axis

Investigations carried out by propertysearch.com.ng through the aid of real estate agents domiciled in the sub-titled areas revealed almost uniform charges on rent for properties within this axis. This however, varies slightly from area to area.

• Ayobo/Ipaja

In Ayobo/Ipaja, a 3-bedroom flat in the government-owned residential estates of Abesan, Gowon and Shagari goes between N200k – N250k per annum, while 2-bedroom flat goes between N180K – N250k. Places like Baruwa, Church, Command, Atan, Megida, and Ikola, all within the locality, charges between N150k – N200k per annum for 3-bedroom flat, and N150K – N180k per annum for 2-bedroom flat. 1-room Boys Quarters or Self-contained apartments in Ayobo/Ipaja are generally put up for rent between N120k – N150k per annum.

• Egbeda/Akowonjo

Since the late 90s, the Egbeda/Akowonjo axis of Lagos have witnessed rapid commercialization, and this has significantly affected the rent on housing in the area. 3-bedroom flats in Egbeda/Akowonjo and environs which include: Orelope, Okun-ola, Ile-epo Alhaji, Vulcaniser etc., goes for N300k per annum. A 2-bedroom flat will go for N250k, though the rent may vary in some quarters. Generally, self-contained apartments in this area rents between N150k – N180k per annum.

• Idimu/Ikotun

In Idimu/Ikotun, 3-bedroom apartments in areas such as Council, Sumbo, and up to Ikotun and environs such as Ile-iwe; Hostel, Agodo, Egbe goes for N250k per annum. 2-bedroom flats can be obtained for N200k per annum, while self-contained apartment can be gotten between N150k – N180k per annum.

Prospective tenants seeking to acquire properties in these listed areas need not worry about the issue of flooding like it is obtainable in other parts of the state. However, it is important to state that while the road networks around these areas are good and interlinking, it is not immune from the general traffic snarls experienced all around Lagos.

The Lagos State Tenancy Law notwithstanding, rent in all these areas are still demanded in excess of one and half to two years. This is not inclusive of the agency fees and other commissions charged by the estate agents.

The event themed ”Lagos 3.0 – Urban Mass Housing and Homes in Lagos.” will be the fourth Lagos Architects Forum, and is put together by the Nigerian Institute of Architects, Lagos Chapter.

Stakeholders, who will gather at the event are expected to analyse the factors that have contributed to the inability of the nation to adequately cater for its housing challenges.

Slow pace of business in the real estate this year

The global economic recession is largely responsible for the slow pace of business in the real estate sector. Investors in real estate are getting more informed about the attendant risks associated with real estate investments. The era where investors in real estate commit their funds for speculative motive is gradually giving way to investment that meets specific needs.

Why Apapa property market?

We explore diverse areas of real estate investment across the country and beyond, the Apapa property market has to do with the fact that we started operations from there. Apapa is our base, and that is where we still have our first office. We have an office in Abuja too, and also cover other parts of the country. Apapa property has a huge investment potential yet to be explored to its fullest. Most of the developments are not at their highest and best use.

What makes property market in Apapa tick?

The drive for the property market in Apapa is fuelled by the demands of the clients. As you are already aware, Apapa has the largest sea port in Nigeria. There is always a high demand for properties well finished with adequate modern facilities. The expatriates and nigerians living in apapa appreciate well finished properties. Return on investment in the apapa property market is reasonably good.

Property valuation

Valuation is the art or science of value estimation for a specific purpose of a particular interest in property at a particular moment in time, taking into account all the features of the property and also considering all the underlying economic factors of the market including the range of alternative investments. Millington(2000)

Reasons most Nigerian don’t go for professional property valuation

Ignorance of the benefits derivable there from. There is also the believe that the fee charged for such services is exorbitant. But on the contrary, the fee charged is negotiable and insignificant compared to the services rendered and the value of the property. Rather than engage the services of a qualified estate surveyors and valuers to give an opinion of value, most property owners assume a value for their interests in property or at best consult a quack to give an opinion of value. For instance a landlord is supposed to engage the services of a qualified estate surveyor and valuer to advice on the value of property before listing.

How often does one need to seek professional advice on property valuation?

Anytime there is a need to make an informed decision of your interest in property. It is recommended that a property owner should at any given point in time have an informed opinion of value of his interests in the property.

Sensitizing the public on property valuation

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) of which I am a professional member, is running sensitization programmes across radio stations in the country, especially on Inspiration FM, in Lagos. It goes beyond the fees that a qualified estate surveyor and valuer charges, he also has his reputation and professional integrity to protect.

How affordable are the services of a professional valuation consultant?

Quite affordable. The Nigerian Institution of Estate Surveyors and Valuers(NIESV) have an approved scale of professional charges. However, the client can negotiate with the consultant and agree on a fee. To the qualified estate surveyor and valuer, the emphasis is not only on the fee but the desire to render quality services to a satisfied client based on mutual trust and integrity.

• You can contact  Tony Chegwe & Co using the details below

Website:www.tonychegwe.com

Coporate Head Office:

16/18 Ado Avenue,

Off Commercial Road,

Apapa-Lagos.Tel: +234 1 7928140,

Mobile: 08023114693, 07028408421

The experts made the claim at a national conference organised by the Cement Manufacturers of Nigeria (CMAN), and themed ” Exploring Cement Based Option for Sustainable Road Construction in Nigeria” which was held at Eko Hotel & Suites in Lagos, last Thursday.

Substantiating the claim with the PCA Highway Report, Mr Robert Rodden of the American Concrete Pavement Association, said that roads done with asphalt had an average lifespan of 13.6 years, while those built with concrete would last for 29.3 years on the average.

In his keynote address, the Minister of Works, Mr. Mike Onolememen, represented by Eng. Abubakar Gambo said the Federal Government needs to seek cost-efficient, innovative ways of construction and maintaining the existing two hundred thousand kilometers of roads in the country.

Onolememen while noting that the cement-based roads will be more expensive to construct, however acknowledged that the roads will be low on maintenance, adding that the Federal Government will be willing to study the outcome of the conference.