Ofada Owode, located in Ogun State, Nigeria, is emerging as a top destination for real estate investment. Nigerians in the diaspora want to know the cost of land in Ofada Owode.
Historically known for its agricultural activities, the area is now attracting more people due to its proximity to Lagos and significant infrastructural developments.
The presence of multinational companies and growing residential estates are increasing the area’s appeal.
For anyone considering investing in Nigerian real estate, understanding the cost of land in Ofada Owode is essential to making well-informed decisions.
This guide provides insights into land prices, key investment factors, and trends to help you navigate the market.
Factors Affecting Land Prices in Ofada Owode
Several factors determine the cost of land in Ofada Owode, each influencing current and future prices.
1. Location
The proximity of land to major routes and economic hubs plays a significant role in determining land prices.
For example, land near the Lagos-Ibadan Expressway or the ongoing expansion of the Berger-Akute-Mowe-Ofada road tends to be more expensive.
Being located within close proximity of established estates like Unilag Estate, Oakwood Estate, and Sherry-View Estate further increases the value of properties.
2. Size
Larger plots typically attract higher prices, especially in areas with greater development potential.
Investors often seek sizable plots for residential estates, commercial properties, or agricultural purposes, increasing their demand and driving up prices.
3. Purpose (Residential, Commercial, Agricultural)
Residential land in Ofada Owode is generally priced lower than commercial land due to its development potential.
Commercial land in prime areas, such as near multinational companies like Nestlé’s West African factory, commands higher prices. Agricultural land is often more affordable but may increase in value as the region develops further.
4. Amenities
The availability of infrastructure such as roads, water, and electricity can influence land prices.
Ofada Owode is benefitting from the ongoing expansion of roads and the provision of basic amenities, which increase property values.
5. Government Policies and Regulations
The Ogun State government is investing in the development of infrastructure, such as road upgrades and expansion of alternate routes. This governmental push creates an enabling environment for real estate development, which positively impacts land prices.
Current Market Trends and Prices
The real estate market in Ofada Owode is experiencing growth driven by improved accessibility and increasing demand for residential and commercial properties.
1. Overview of the Real Estate Market
Ofada Owode’s proximity to Lagos has made it a hotspot for people seeking affordable housing and commercial opportunities outside the crowded city.
With the Lagos-Ibadan Expressway concession and the expansion of alternate routes like the Berger-Akute-Mowe-Ofada road, the area is seeing increased real estate interest.
2. Average Price Range
Land prices in Ofada Owode range between ₦600,000 and ₦2,000,000 per plot, depending on the location, size, and purpose.
Residential plots are more affordable, while commercial plots, especially those near multinational companies and along major roads, are priced higher.
3. Prices for Residential, Commercial, and Agricultural Land
Residential plots in Ofada Owode typically range from ₦600,000 to ₦1,500,000. Commercial plots, especially those located near major infrastructure developments, can range from ₦1,500,000 and beyond. A typical example is our Beautiful Garden Estate in Ofada Owode.
Agricultural land is generally more affordable, with prices ranging from ₦500,000 to ₦1,000,000 and above.
4. Recent Sales Data and Trends:
With the continued development of the area and increasing interest from developers and investors, land prices have been steadily rising.
This trend is likely to continue as the area becomes more accessible and infrastructure improves.
How to Buy Land in Ofada Owode
Purchasing land in Ofada Owode requires careful research and due diligence to ensure a safe and secure transaction. Here’s a step-by-step guide to the buying process.
1. Research and Due Diligence
Before making any purchase, ensure you thoroughly research the land. Visit the site, check for environmental factors (such as flooding), and assess the surrounding infrastructure.
Verifying the title of the land and ensuring that there are no legal disputes or encumbrances is crucial.
2. Working with Real Estate Agents and Lawyers
Engage reputable real estate agents with knowledge of the local market and an experienced lawyer to ensure the legitimacy of the land sale. They can help you confirm ownership and guide you through the transaction process.
3. Documentation and Legal Requirements
Key documents to look for include the Certificate of Occupancy (CofO), survey plan and Deed of Assignment. Ensure that the land is free from government acquisition or any adverse claims.
It is also important to check that the land is not subject to issues like “Omo-onile” (land ownership disputes with local individuals).
4. Payment Options and Financing
Many estates such as Maxville Estate in Ofada-Owode, offer convenient and flexible payment plans. You can make an initial deposit and spread the balance across several months, making the purchasing process more manageable. Be sure to agree on payment terms before finalizing the deal.
Benefits of Investing in Ofada Owode Real Estate
Investing in Ofada Owode offers numerous advantages, particularly for those looking for affordable land with high growth potential.
1. Growing Demand for Housing and Commercial Spaces
As more people seek affordable housing outside of Lagos, Ofada Owode is becoming increasingly popular.
The demand for residential and commercial properties continues to grow as more estates and businesses move into the area.
2. Infrastructure Development and Government Initiatives:
The expansion of the Lagos-Ibadan Expressway and the alternate route from Berger-Akute-Mowe-Ofada, both part of Ogun State’s infrastructure development plan, make commuting between Lagos and Ofada Owode stress-free. These infrastructural improvements are driving growth in the real estate sector.
3. Proximity to Major Cities and Economic Hubs
Ofada Owode’s location within an hour of Lagos makes it an attractive area for people working in the city but seeking more affordable living.
Additionally, the proximity to multinational companies like Nestlé’s West African factory and other industrial hubs makes the area a thriving commercial center.
4. Potential for High Returns on Investment
Given the ongoing development in the area and its growing popularity, early investors are likely to see significant returns.
The growing demand for both residential and commercial properties, combined with improving infrastructure, makes Ofada Owode an ideal location for real estate investment.
5. Genuine Land with No Disputes
One of the most appealing aspects of investing in Ofada Owode is the availability of genuine land free from government acquisition or disputes with local claimants. This reduces the risks associated with land purchases, which can often be a concern in other parts of Nigeria.
Conclusion
Investing in Ofada Owode real estate offers significant benefits due to the area’s strategic location, ongoing infrastructural development, and growing demand for housing and commercial spaces.
With the right research, due diligence, and professional guidance, prospective investors can secure valuable land in a region poised for long-term growth.
Are you ready to invest in Ofada Owode if we tell you the cost of land? Explore available land options and take advantage of flexible payment plans today.
To explore any of our real estate investment packages like land banking, retirement plan, kids education investment plan, trade apprenticeship plan or if you want to purchase some plots where you will have residential or commercial buildings, send an email to us at info@affablehomes.com.ng or call +2349134056630.
