Ajah is fast becoming a pivot residential area in Lagos. The fast-growing area has become one of the people’s favorites, especially when it comes to buying a land or building a house. While the area is not the most centralized and accessibility is quite limited, it is one of the most convenient places to live in in the current Lagos and its accessibility to Victoria Island, the central area for business in Lagos, is top-notch.
With a lot of positives in the bag when it comes to buying a building a house in Ajah, this post takes a look at how much lands cost in Ajah today.
Cost of Land in Ajah
Estimating the exact cost of a plot of land in Ajah is quite tricky. This is because there are lots of factors that determine how much the plot goes for. Ajah is relatively big and the cost of land varies per area. On the average, it is safe to say that the closer the land and area is to the main parts of Lekki, the more expensive the plot might likely be.
As it stands, a plot of land in Ajah costs between N6 million and N14 million or even more, depending on the area and location. It should also be noted that the eventual amount the plot of land goes for depends on the bargaining power of the buyer and other clearance charges involved.
Factors that Affect the Cost of Land in Ajah
There are lots of factors that determine how much a plot of land goes for. Generally, these factors should be consider when a seller looks to cash on a land. Factors affecting how much land goes for are of importance to calculate and estimate the value of a plot of land.
Getting a grasp of these factors will provide more precise and realistic value of the land you are looking to buy, or sell. These factors affecting how much land goes for do not essentially give the exact worth but are helpful in making judgement about the estimated value of a land, and in this case, in Ajah. Here are some of the core factors that affect the costs of land today:
This factor was briefly explained in previous sections. The more simply economic activity is accessible, the more is the value of the plot of land. In this case, the closer the land is to Victoria Island, Lekki Phase 1, and other places regarded as the centre of commerce in the state, the most expensive the plot of land will be
This is largely because of the proximity to the economic activities and workplace. This factor having an effect on the value of a land is the sole most important factor which led to the development of various land value models in urban economics.
This is one of the core factors that affect how much a plot of land will eventually go for. These include the quality of location, landscape, availability of water, drain lines, and so on. More and better amenities are credited to a more expensive price of land.
Topography has a more direct effect on the building cost and thus the whole development cost. The amenities thus developed on an irregular or bumpy land will have a much higher cost when compared to the flat landscape.
Present and Future Land Use
This is another critical factor that affects how much a plot of land goes for is the land use permitted in the land area. For instance, if we compare the. Prices of plots of lands are determined by what the area permits – whether it is a commercial environment or residential.
Generally, people are willing to pay a higher amount for commercial land, in some cases business or institutional land use might attract even higher prices. Also, the proximity of the area to the closest commercial area will also affect the eventual price of the plot of land, as stated earlier.
Function of Demand and Supply
Let us dive into some Economic here, shall we? With the noteworthy demographic changes in the cities and towns with time, the need for land also upsurges with the equivalent factor. Also, with the surge in population there is a rise in economic and other activities. This unswervingly increases the demand in the plots of land and hence, how much it goes for.
The expectation of high yields may also encourage false scarceness of land; hence the site advantages of the properties at specific time within the city boundaries which then makes economic values of land to be significantly increased. For any site, there are definite points of alteration in use, strictly related to the substructure and facilities, where an increase in the value of the land will occur.
In a setting like Lagos state, this is another factor considered to have a significant effect on how much plots of land go for in Ajah. The plot(s) of land situated in the area of the high level of infrastructure amenities or the one located in or close to the area of concentrated economic activities like markets or businesses have usually cost more.
Transport connections are also vital since they oversee the ease of movement to and from the area. Clearly distinct hierarchy of roads, proficient public transportation and lack of congestion are some of the looked-for transport attributes of any area.
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