‘Buy on the fringe and wait. Buy land nearing a growing city! Buy real estate when other people want to sell. Hold what you buy!’
John Jacob Astor; Real Estate and Business Mogul.
In 2001, a plot of land was sold in Lekki 1 and VGC for just over N1.500, 000 (One Million Five Hundred Thousand Naira). My Father who resided in Festac at the time went for an inspection with his friend Mr. Tony. My Father remarked that compared to Festac at the time, Lekki 1 at the time was water logged, swampy with parts of it inaccessible. He dismissed VGC as all jungle and bush, declaring it as a “no go area.” He simply declined to make a purchase in either area. Uncle Tony went ahead and purchased four plots in Lekki Phase 1 without informing my Father….perhaps he didn’t want my dad to dissuade him. Seventeen years later, a plot of bare land (if available) in Lekki 1 and VGC costs 100 Million and 90 Million Naira respectively.
That was the second wave of property revolution in Lagos. Take advantage of the second wave of property revolution.