Houses in Nigeria: Affordable Houses in Oko Oba, Lagos, Nigeria

Oko Oba is one of the densely populated neighbourhoods of Lagos. It is located in Agege Local Government Area of the state. The area is famous for it’s commercial viability and today has some of the well known consumer retail markets in Lagos.
 
 
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Sept. 7, 2009 - PRLog -- Oko Oba is one of the densely populated neighbourhoods of Lagos. It is located in Agege Local Government Area of the state. The area is famous for it’s commercial viability and today has some of the well known consumer retail markets in Lagos. One of such markets is the Abbatoir Slaughter Market in the heart of the town.

Before Nigeria’s return to democracy in 1999, Oko obna was predominantly a neighbourhood for the low income group with the spectre of multi-tenant buildings spread across the area with only minimal compliance to planning regulations. However, the Lagos State Government, under Bola Ahmed Tinubu, the erstwhile State Governor, has since changed the face of the area.

The main road leading to the area was dualized and upgraded, leading to what is now known as the New Oko Oba, while several residential schemes were set up through the New Town Development Authority (NTDA). Residential Estates were also built by ministries and extra ministerial agencies of the State Government like the Lagos Ministry of Housing and the Lagos State Development and Property Corporation (LSDPC). Today, New Oko-Oba has over 10 private and government built estates with available properties for the upper middle class, middle class and budget class prospective home owners. New Oko Oba is about 30 minutes drive from Ikeja (without traffic) and can be assessed from Ikeja through the Oba Akran Road.

The New Oko Oba Road, which in the past used to be the Old Lagos-Abeokuta Expressway, leads directly to Abule Egba on the Lagos-Abeokuta Expressway axis.

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Maplewood Estate is one of the estates in Oko Oba which is now well developed by private property developers. It came into the limelight some 7 to 8 years ago when the Lagos State Government decided to allocate plots of Land to individual property seekers to build their homes. Then, plots of land in the scheme were allocated for between N250,000.00 and N300,000.00 per plot. Currently, however, the same plots in the estate now sell for between N15 million and N20 million on the secondary market.

A visit to the estate reveals that currently there are only a few plots available for sale as most of the plots of land have been developed into houses.

House types in the estate include detached houses of different shades and designs and blocks of flats and duplexes.

Currently, a detached house of 4 or 5 bedrooms in the estate, depending on the level of finishings, sells for between N50 million to N60 million. A block of 4 flats in the estate sells for between N45 million and N50 million, while a wing of 4 or 5 bedroom duplex in the estate sells for between N35 million and N40 million. These figures show a price rise of properties in the state by 20% to 25% over the last two years.

2 years ago, a detached house in the estate sold for between N40 million and N47 million, while a block of 4 flats and a wing of duplex sold for between N30-34 million and N30-32 million respectively.

Rent rates are also impressive in the estate, A 4 or 5 bedroom detached house in the estate currently rents for between N800,000.00 and N1,000,000.00. A 4 bedroom flat rents for N400,000 and N500,000 and a wing of duplex rents for between N700,000 & N850,000.

Maple Estate, as it is now being referred to by the Resident Association of the estate, has some of the best infrastructural facilities one can get in a housing estate. The roads in the estate are properly tarred, there is good drainage as well as a solid security presence.

Visitors to the estate are checked at the main gate, while private security employed by the residents association regularly conduct patrols to protect the estate from security threats.

Visit http://www.mynigeriaproperty.com and http://real-estate-property-home-lagos.blogspot.com
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