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Speculators mop up land in Lagos’ $15bn free trade zone
Some real estate investors/developers and speculators are raising stake in land purchase in Ibeju-Lekki communities, home of Lekki Free Trade Zone (LFTZ), Lagos, New Telegraph has learnt.
According to investigation, more than 200 property firms, business owners and home seekers are jostling for space in the corridor, acquiring large expanse of lands, while others have already registered their presence.
Presently, New Telegraph’s finding shows that land prices in the locations cost between N1 million and N6 million, depending on nearness to Dangote Refinery and the ongoing Deep Sea Port projects.
Investigation revealed that the same plots of land were selling between N150, 000 and N1 million five years ago, representing 500 per cent increment in land values since then.
According to the President of Perfection Real Estate Investors’ Cooperative Society, Mr. Niyi Adeleye, price of a plot of land for earlier subscribers to his estate was N1 million five years ago, but has increased to N6 million in 2018.
New Telegraph, December 12, 2018
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