•For Mowe, Ibafo & Magboro
The Lagos/Ibadan expressway has now
become the hub of real estate investment, especially since the completion of
the road. In the past five years, suburban areas near Lagos, such as Mowe,
Ibafo, and Magboro, have become popular destinations for real estate investors
and average Nigerians who cannot afford properties in Lagos. This region has
suddenly emerged as a key area due to the influx of people relocating from
Lagos in search of more affordable, convenient, and comfortable housing.
According to the last data from the
2023 National Bureau of Statistics, land transactions in suburban areas
increased by 25 percent in the first quarter of the year. And according to
recent data from the national Bureau of
Statistics (NBS), the real estate sector experienced a 5.4% growth rate
in Q3 2024, indicating a steady recovery post pandemic, and this statistics
affects the growth in the suburban areas.
Developers are capitalizing on this
trend by focusing their efforts on these outlying regions, constructing a range
of properties from affordable apartments to luxurious estates. Notably, areas
in Ogun State, particularly the Obafemi Owode and Ado-Odo/Ota local government
areas, are among those benefiting from this trend.
Developers are capitalizing on this
trend by focusing their efforts on these outlying regions, constructing a range
of properties from affordable apartments to luxurious estates. Notably, areas
in Ogun State, particularly the Obafemi Owode and Ado-Odo/Ota local government
areas, are among those benefiting from this trend.
In light of the recent demolition of
houses and structures in Lagos State, the Mowe/Ibafo axis has become a primary
destination for many victims, including both Landlords and Tenants whose homes
were destroyed.
Several reasons explain why real
estate investors and potential homeowners are flocking to this region:
Rapid Urban Growth: Mowe, located
approximately 29 km from Lagos, has evolved from a rural settlement into a
thriving urban hub. Its strategic location along the Lagos–Ibadan Expressway
connects it to major towns like Sagamu and Ibafo, attracting significant real
estate development. Many investors feel confident in committing their funds and
time to this promising area due to its rapid growth.
Affordability: Land in Mowe and the
Mowe-Ofada axis is significantly cheaper than in well-established areas of
Lagos. This affordability makes it an attractive option for developers and
homebuyers seeking lower entry costs.
Space and Topography: Mowe offers
larger, naturally dry parcels of land, which help developers save both time and
money on sand-filling and site preparation—requirements that are often
necessary in many swampy areas of Lagos, such as Lekki.
Effect of Lagos population: As Lagos
continues to expand and become more densely populated, the demand for housing
spills over into neighboring Ogun State communities like Mowe, which benefits
from proximity to the economic hub.
Perceived Simpler Acquisition:
Developers often view the land acquisition process in Mowe as less complex than
in Lagos, which is known for rigorous title processing and a multitude of
regulations and agencies involved in land administration.
Overall, these factors are
contributing to the significant interest in Mowe and the surrounding suburbs as
viable alternatives for housing and investment.
RCCG’s Redemption City: The globally
influential headquarters of the Redeemed Christian Church of God (RCCG), known
as Redemption City, is located nearby. This expansive camp covers over 2,500
hectares and is home to approximately 200,000 residents as of March 2023. It
includes houses, banks, schools, hospitals, a power plant, and more,
contributing to growth and urbanization in the region.
Key Transportation Improvements: Ogun
State has announced plans to construct Compressed Natural Gas (CNG) bus
stations along the expressway, including locations at Mowe and Ibafo. This
initiative is part of a cleaner, more efficient mass transit system aimed at
easing commuter movement, reducing emissions, and promoting sustainable
transport.
Strong Real Estate Momentum: The
Mowe–Ibafo corridor is currently experiencing a real estate boom. Investors and
homebuyers recognize that ongoing infrastructure upgrades, including
enhancements to the expressway, are driving land values upward.
The Obafemi Owode Local Government
area, which includes Owode, Mowe, and Ibafo, is well-connected by a network of
federal and state roads linking it to Sagamu, Ofada, and beyond. Situated at
the vibrant Omu Junction, between Mowe and Ibafo in Owode, this area offers
more than serene luxury—it is an investment epicenter poised for growth. The
robust federal road network provides seamless access to Papa Lantoro, Lafarge
Cement Plant, Sagamu, Mowe, the RCCG Redemption Camp, and the bustling
Lagos–Ibadan Expressway.
Real estate values are already
surging, with some land appreciating by over 300% in the last decade. This
region is being positioned as the “New Lagos.”
Lagos real estate is fraught with
challenges such as land grabbing (known as “omonile practices”), multiple sales
of a single plot, government demolition of properties in “illegal” estates
(those lacking proper layout approvals), and general bureaucratic hurdles in
title processing. These issues create significant risks and uncertainties for
investors.
While Mowe may face fewer issues than
some areas of Lagos, it is not entirely immune to land disputes. Conflicting
claims, unclear boundaries, and sales by unauthorized community representatives
can still occur, reflecting concerns prevalent in Ogun State as well.
Land-grabbing remains a problem in both Lagos and Ogun.
The Ogun State government has
implemented strict regulations and enforcement measures to manage land use
effectively. Agencies such as the Ministry of Physical Planning and Urban
Development are actively working to shut down illegal developments and private
estates that lack the necessary government approvals. Officials emphasize the
importance of following the law to prevent the state from deteriorating into a
slum.
Additionally, Ogun State has enacted
rigorous anti-land grabbing laws similar to those in neighboring states. These
laws impose severe penalties, including imprisonment, for illegal land
occupation and forceful entry. The government is dedicated to prosecuting
offenders, regardless of their status.
In Ogun State, anyone intending to
develop or advertise land for sale is required to obtain proper planning and
layout permits. Property owners must also secure building permits and
Certificates of Occupancy (C of O) to avoid government interference and the
risk of having their structures demolished.
Finally, real estate players view the
Mowe-Ibafo axis as a more viable and less stressful alternative for navigating
the systemic land issues common in Lagos. However, investors must still
exercise due diligence to ensure secure land acquisition.
–Isaac Abimbade
08155107955
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