The Lagos-Ibadan expressway is one of the fastest developing real estate locations in Nigeria. However, a particular part of the expressway that has seen the greatest number of development in terms of property transaction is Isheri North, a boundary spot between Lagos State and Ogun State. Over the last few years, the rivalry between the two state governments to ensure dominance in the region has led to rising property prices in the axis. Lagos State already takes the lead with the development of its LSDPC Estate. Ogun State is now on the heels of Lagos with a superb initiative to fully harness the potentials of its River View Scheme, in Isheri North.

Apart from the River View Scheme which is a government schemes, there are currently a number of private estate developments in the area, as well as other corporate establishments. Notable among them are Aspen Estate, Chevron Staff Housing Estate, the Nigerian Turkish International School, and Compass Newspapers. Some of the proposed developments in the area that are anticipated to change the face of the axis include the development of VGC 2 by HFP and new Shoprite Shopping Mall by.

 

From the aforementioned, this may just be the right time for potential real estate investors to move into this relatively affordable location and take advantage of inherent opportunities before the market moves beyond your reach. Current, the most developed part of Isheri North is the Lagos State side where we have the Lagos State Scheme and other estates privately developed estates. The Ogun State side of the axis is however just coming up. Electricity in both the Lagos and Ogun State sides of Isheri North is from the public mains and relatively constant. Roads in the Lagos State side of Isheri North are well tarred and motorable, there are however several efforts from the Ogun State Government to improve on infrastructure on its own side of the area.

 

In the Lagos State Scheme a plot of land which was allocated about five years ago for between N1million and N1.5million now sells for between N8million and N10million. Plots that are far into the scheme and do not have road access still sell in some cases for between N4million and N5million. All plots of land in the Lagos State side of Isheri North are now sold in the secondary market as they have been fully allocated by the Government.  In one of the privately developed estates in the Lagos State side of Isheri North known as Aspen Estate; currently there are different plots of land available for sale in the estate. Plots measuring approximately 600sqm sells for N3.9million, plots measuring 300sqm sells for N2million, while plots measuring 900sqm sells for N5.85million. Buyers of the plots are expected to develop their plots on their own, but with guideline from the owners of the estate. Owners of plots are expected to build not more than a duplex on a plot of land. Other estates on the axis include: Guinness, Lonex Gardens, LSDPC Estate, Chevron Estate, Discovery Gardens and Havillah Villas. Not far away are Magodo Isheri and Magodo Shangisha as well as Omole Phases 1 and 2.

On the Ogun State side, so many activities on the part of the State Government have been recorded in recent times. The Ogun State Government has been very proactive in its bid to transform the area into an investment destination of choice. Currently at its Riverview Estate Scheme, a number of high-end properties have continued to come up. The governor of  Ogun State as promised that is administration is poised to open up the hinterland with the construction of an East-West axial road as proposed in their Regional Plan document. This move will decongest the clustered settlements of Mowe, Ibafo, Akute and Ojodu along the Lagos-Ibadan expressway axis and free the major highways. Prices in the Ogun State side of Isheri North especially on the government scheme have however appreciated significantly in response to vested government interests. On the Ogun state side behind Lonex gardens plots of land can still be gotten for as low as N2million.

Outside the government scheme prices have also appreciated significantly. Currently, a plot of land in Isheri after the Ogun State and Property and Investment Company OPIC sells for between N1.5million and N2million depending on nearness to the expressway. This is against the price of same plots some three years ago. As at 2006, a plot of land in the area sold for between N500, 000 and N800, 000. A word of caution however goes to anyone who intends to buy land outside the Ogun State scheme in this area. Such a person is advised to seek necessary information on the status of the land from the Ogun State Lands Bureau before consummating transaction.

The investment prospects of buying properties in Isheri North are quite enormous. The assumption is that with Magodo GRA and Omole Phase 1 just some few minutes away from Isheri, where property prices are already between N60million to N100million and even more, buying in this relatively affordable location may just be the best investment decision for both short term and long term returns. The gap between these locations is expected to close up soon especially as the government is already at an advance stage of its plans to expand the Lagos Ibadan expressway. Other projects directly aimed for the Isheri North axis is the proposed bridge by the Lagos State Government to connect Isheri to Isawo in Ikorodu and another bridge proposed by the Ogun State government link the axis directly with Akute.

AVAILABLE PROPERTIES IN ISHERI NORTH:
LAGOS
20 plots of land directly opposite Lagos State Scheme with C of O  N5M each
Plot of land 500sqm  N5.5M
Contact  Laolu Faturoti & CO
Tel no  07026842500, 08032467772, 01-8166433

Isheri North a plot of land measuring 700sqmPrice  N5M
1,500sqm - N10M
Contact  AMS GLOBAL PROPERTIES
Tel no  08033481020, 08085713331, 08037227071

700sqm @ block 31 plot 13  N4.2M
Contact  Vinegate Royal Properties
Tel no  08062144472, 08076676601, 08023313918

920m2 plot of land @ Blk 1, Isheri North Estate  N7M
Contact- Adeniji Adetola
Tel no -01- 7450163, 070294338798, 08037122989, 08074249813 

Isheri North
Blk 64 plot 10A [820sqm]  N7M
Blk 1 plot 14 [940sqm] -N7M
Ahis enterprises
Tel no  07030288758, 08023146000, 01-7757425

Isheri North - Block 106,
Plot 700m2  N5M
Contact  Uche Eke & co
Tel no  08023145328, 01-4084863, 01-7757425

Various plots of land @ Isheri North  N5.5M
N6M and N16M respectively with C of O
Contact  Seye Fasoranti & CO
Tel no  01-7624576, 07027930737, 07027930731

Isheri north
Blk 1 plot 13 947m2  N6M
Contact  DPC Estates
Tel no  08023085214, 07030798307

A plot of land measuring 800m2 @ Isheri North with C of O  N7M
Yinka Okunusi & associates
Tel no  01-8153334, 08033204658

2 plot of land directly on tarred roads with C of O {Isheri North}  N8M
Contact  Accom Properties
Tel no  08053301739, 08061660725

OGUN
2 Plots of land [dry land] behind compass newspaper  N16M
Contact  Laolu Faturoti & CO
Tel no  07026842500, 08032467772, 01-8166433

Isheri North block 91 plot 8  N4.5M
Contact  AMS GLOBAL PROPERTIES
Tel no  08033481020, 08085713331, 08037227071

Comment posted by Dontay Jackson on Thursday, February 11, 2010 11:03 AM Absolutely nothing was mentioned about the location being submerged by flood each raining season. The area is in dire need of big time dredging. What is the government plan on this? What is the anticipated cost and who will bear the cost. Nothing was said of the security level of the location. As usual, the attempt of the article is to put fear in the populace and make the not so discerning person rush to buy at exorbitant prices. This isn't morally correct.