{"id":1133,"date":"2016-08-08T12:29:06","date_gmt":"2016-08-08T12:29:06","guid":{"rendered":"http:\/\/www.tolet.com.ng\/blog\/?p=1133"},"modified":"2018-09-10T16:52:42","modified_gmt":"2018-09-10T15:52:42","slug":"5-implications-of-high-cost-of-property-in-lekki-lagos","status":"publish","type":"post","link":"https:\/\/propertypro.ng\/blog\/5-implications-of-high-cost-of-property-in-lekki-lagos\/","title":{"rendered":"5 Implications of High Cost of Property in Lekki, Lagos"},"content":{"rendered":"

Lekki, Lagos is no doubt one of the best locations for real estate investment in Nigeria<\/a>, if not the best. In fact, it is a sweet place to reside but when it comes to the prices of properties for sale or rent<\/a>, it\u2019s becoming a no-go area.<\/span><\/p>\n

While houses in the Lekki environ get the highest bidders in terms of buying and selling – since the rich are skewed towards that side of Lagos – the present economic downturn in Nigeria<\/a> is changing things.<\/span><\/p>\n

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Recently, a report by the Financial Derivatives Company Limited (FDC) stated that the number of vacant properties in the upper-class real estate neighbourhoods of Lekki, Victoria Island and Ikoyi has risen by 72 percent over the last 18 months. The report further stated that Lekki suburb, with the largest number of residential developments, recorded the highest vacancy rates.<\/span><\/p>\n

ALSO READ<\/strong>: How To Ensure Tenants for your Property<\/a><\/p>\n

What this means is that builders or developers might suffer long-term illiquidity before they sell their properties and that\u2019s if they are lucky to find buyers for their overpriced properties.<\/span><\/p>\n

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Likely Implications<\/b><\/h2>\n