{"id":13604,"date":"2025-03-13T08:09:32","date_gmt":"2025-03-13T07:09:32","guid":{"rendered":"https:\/\/propertypro.ng\/blog\/?p=13604"},"modified":"2025-03-13T13:34:43","modified_gmt":"2025-03-13T12:34:43","slug":"3-factors-driving-the-value-of-your-property","status":"publish","type":"post","link":"https:\/\/propertypro.ng\/blog\/3-factors-driving-the-value-of-your-property\/","title":{"rendered":"3 Factors Driving the Value of your Property"},"content":{"rendered":"

Written by Tomiwa Odetayo<\/a><\/em><\/span><\/p>\n

Real estate is sometimes a myth to people who don\u2019t understand what drives its growth. In economics, they teach you that rent is the reward or return for the use of land. Land is considered one of the factors of production.<\/span><\/p>\n

How about a dormant land in a suburban area? How does growth suddenly occur on that property? Today, it is worth less than half a million Naira, and in two years, it will be selling for triple that. <\/span>Last year, I attended a real estate conference in Ibadan featuring notable industry experts, and one major topic stood out: What truly drives Property Value?<\/strong><\/span><\/p>\n

While many factors influence land appreciation, I wrote down three key elements that work together to determine how much your property will be worth in the coming years. <\/span>If you\u2019re an investor or aspiring homeowner, these are non-negotiable factors you must pay attention to. Let\u2019s get into it.<\/span><\/p>\n

ALSO READ:\u00a0Amusement Parks and Recreation Centres in Port Harcourt<\/a><\/strong><\/span><\/p>\n

1.<\/strong> Development<\/strong><\/span><\/h2>\n

You may have heard many times that development is the game-changer on most properties. Let\u2019s use an example:<\/span><\/p>\n

“Bro Yemi, do you know the government has started building a farm factory in that location we saw last month?”<\/span><\/em><\/p>\n

This is how property value skyrockets\u2014through development. Whether it\u2019s a government-backed project, private estates, or commercial infrastructure, development transforms a location from \u2018bush\u2019 to \u2018prime land\u2019.<\/span><\/p>\n

For instance, Ibeju-Lekki<\/a> in Lagos was once considered an overlooked area. But with the construction of the Dangote Refinery, Lekki Deep Seaport, and Free Trade Zone, land prices jumped from as low as \u20a6500,000 in 2015 to over \u20a610 million in 2024.<\/span><\/em><\/p>\n

The same applies to areas in Ibadan, like Moniya<\/a>, where the Dry Inland Port project significantly increased land value. Development is the signal that an area is about to boom, and smart investors always buy before the news goes mainstream.<\/span><\/p>\n

ALSO READ:\u00a0Guide To Selling A Property Online In Nigeria<\/a><\/strong><\/span><\/p>\n

Your next move:<\/strong><\/span><\/p>\n