When you think Lagos and transportation, you are most likely inclined to think congestion, chaotic, and costly. And this has, over the years, had a lot of influence on the cost of housing found in the state or the values that buyers would place on these houses in the process of negotiation. What this means is that a strategic development of the transportation infrastructure in the state is set to transform the city’s outlook and, by extension, influence the value of properties.
It is very important to note some of the positive impacts that transportation currently has on the property values in Lagos State. The first point of this is to note that a good transportation system and proximity to these transportation hubs mean accessibility of these properties, which would make them more appealing and of more value in the property market. This can also be linked to how easy it will be to connect neighbouring cities and economic centers from these property locations.
Good transportation infrastructure also means economic growth, as this makes the city very appealing to the creation of businesses and local and foreign investors. This would not only stimulate the economy, but it will also lead to a high provision of jobs in the country. And certainly, a state with a good economy is one that maintains a good quality of life for all who live within that state.
What good transportation does to property values starts from an increased demand that helps investors make the best of their real estate deals. This is because increased demands equate to higher value and quicker closing of deals. This can also be connected to the fact that there is capital appreciation on these properties, as properties in proximity with good transportation are set to appreciate faster, which means more value is accumulated on the property over time. Investors can also benefit from higher rent and reduced vacancy rates. In summary, as a real estate investor, you can never go wrong with investing in a property marked with great transportation infrastructure.
Some notable transportation projects in Lagos State include the Lekki-Epe Expressway, Lagos-Ibadan Railway, Lagos-Benin Expressway, Third Mainland Bridge, and Lagos Light Rail Project. The following neighbourhoods are also highlighted to be benefiting from the high property value trend associated with transportation infrastructure: Lekki, Ikoyi, Victoria Island, Ikeja, and Surulere.
There is indeed more than enough proof that transportation infrastructure has a vital role to play in shaping the Lagos property market, and every real estate investor out there is very aware of this fact. Even the buyers know what to expect in the case that they have accessed the ease of transportation associated with that property to be up to standard or sufficient for all who stay around. This is a call to the Lagos State government to contribute to the ever-serving real estate sector by prioritizing sustainable transportation infrastructure in the state.
