Over the last twelve months, land prices in Mende, Maryland (one of the most affordable real estate locations in the central part of Lagos Mainland) has seen notable rises. Mende is located on the stretch of land by the right hand side of the Maryland Tunnel/ Bridge when going towards Ojota from Anthony on Ikorodu Road; one of the landmark developments in Mende is the KICC Christian Worship Centre. Mende has three major parts, Arowojobe Estate, Okupe Estate and areas outside the two estates.
A review of land prices in these areas over the last one year shows similar and consistent patterns of rise. While land prices measuring approximately 748sqm in Arowojobe Estate and Okupe Estate has risen from N10million-N15million and N50million-N55million to N20million-N30million and N60million to N65million respectively, those of areas outside the two estates like Sunmola, Adekoya, Atila and Ajayi Streets have risen from N8million-N10million to N15million-N20million.
“The demand for the relatively affordable plots of Mende when compared to those of areas like Ikeja GRA and other parts of Ikeja is one of the reasons why land prices there have continued to rise”, says Hakeem Ashimi of HAS Properties Limited. According to Ashimi, there are more than fifty completed or ongoing medium sized multi-unit estate developments in Mende. “The developers have simply swamped the virgin plots in Mende and in a situation where demand is more than supply, prices are expected to naturally go up”.
Apart from being cheaper alternatives to the plots of the other expensive estates not far from Maryland, Mr. Kayode Adebayo of Kayode Adebayo and Co. a firm of Estate Surveyors and Valuers says the demand for plots in Mendeis also about its easy accessibility from almost all parts of Lagos. “Mende through Bank Anthony Way is less than ten minutes’ drive, and less than thirty minutes’ drive to the Island from either the Third Mainland Bridge or Ikorodu Road via Eko Bridge. Developers understand that the market for developed properties in Maryland is high and have simply been investing heavily in Mende where the virgin plots of the densely-developed Maryland are located”, he explained.
NOTE: Arowojobe Estate used to be an open community but now gated managed as a private estate. Infrastructure within the estate like roads and drainage networks are not in top shape. Okupe Estate on the other hand started as a privately developed estate and the road and drainage channels in the estate are in very good states. Prices quoted in the chart are for plots measuring approximately 748sqm.
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