Real Estate

Ibadan, the largest city in West Africa, is currently experiencing immense growth and expansion in recent times. Aside from the city being a developed one, there are other factors that make her more interesting and a great prospect for your next real estate investment.

 

Ibadan today boasts of an array of modern shopping malls springing up in and around the city. Also, the ease of traffic on the major roads within the Ibadan metropolis has been the envy of many neighbouring states for decades. Unlike in other states with hellish traffic, Lagos especially, commuters in Ibadan move around the city with relative ease.  Without arguments, as against what obtains in Lagos, Ibadan generally boasts of quality standards of living and yet, a relatively low cost of living which is inclusive of lower rents for properties and apartments, cost of amenities and food items, cheap transportation within the city, quality and affordable schools to mention only a few.

Oyo State through one of its agencies, Oyo Housing Corporation, has been directly involved in the provision of houses for the residents of the State. The Housing Corporation has under its purview, the provision and management of State-owned real estate within and outside the city of Ibadan some of which include; 6 housing estates within Ibadan and about 7 housing schemes outside Ibadan. However, the capacity of the existing housing schemes in the State is still significantly lower than the housing demand.

Ongoing Initiatives

With proposed developments and in view of the completion of the Lagos Ibadan Highway cum Lagos Ibadan Rail Line, Oyo state is gradually becoming a real estate hot spot for investors. With the anticipated expansion in a bid to reduce the housing gap, the State has beamed its focus on a number of housing initiatives to cater for the lower class and middle class. These housing developments are carried out according to a urban city development masterplan. 

  • Mass housing: The development of new towns Statewide to answer the mass housing demands. 
    • Ajoda New Town- a 360 Unit medium and low housing estate situated on 13 Ha real estate development that is off the Ibadan- Ife expressway
  • Premium housing: Several premium housing projects on prime real estate property owned by the State are currently being developed by investors.   
    • Pacestter-Wood Estate Project Bodija
    • Pacesetter-ProjectScope Estate Projects Bodija
  • Recreational and Leisure Real Estate: A number of existing moribund leisure real estate have been reactivated
    • Bodija Recreation Centre
    • Renovation and repurposing of Agbowo Shopping Mall

Investment Opportunities and Strategic advantages:

  1. Opportunities exist for the construction of Smart Cities, Industrial residential estates and urban mass housing initiatives.
  2. The commencement of the Special Economic Zones comprising of the Ibadan Inland Dry Port, Oluyole FTZ, Pacesetter Industrial Park vis a viz Oyo being home to new business hubs, SMEs and companies. This has seen a lot of foreign investors in the manufacturing and industrial sectors moving into Ibadan because of the availability of space and land.
  3. Ibadan is relatively affordable economically compared to states like Lagos, Ogun and others. 
  4. Lands in Ibadan are 75% cheaper than lands in Lagos.
  5. Ibadan is peaceful. Oyo State is the most secure State in Nigeria and commute times within Oyo State is relatively shorter. 

 

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Real Estate