Real Estate-Nigeria - The classy show of affluence of living in Lekki, the emerging choicest residential axis of sub-Saharan Africa is said to be the factor pulling novo rich in Nigerians to want to reside in Lekki -Peninsula. But the race to settle in Lekki is been jerked up by another factor broached by renewed interest by investors and property developers following the speed in the development of the Lagos Free Trade Zone (LFTZ) on the axis. Besides, Daily Champion investigations show that on the heels of visit by the Singaporean delegation that proposed investment portfolio up to $1.3 billion worth of projects, earlier reluctant developers have accessed funds even from abroad to either complete abandoned schemes or begin new one in the Other new attractions are the Nigerian Ports Authority (NPA), which has also indicated interest in the construction of a designated port, to be known as " Lekki Port " as well as Unity Bank Plc bankrolling a credit facility of N5.5 billion for a project tagged "La Plage Project," which will form "Lekki Business District".

Further findings attest to the fact that the LFTZ has contributed immensely to the resurgence of real estate development in the once sleepy communities, especially villages surrounding the LETZ zone.

Currently, the land value in the axis is now at the rooftop as dealers and speculators make brisk money.

The growing demand for residential and business property in the corridor are up also by the recent plans by the State government to build an Airport to service the region considered as the fasted growing axis in the Sub-Saharan region.

Real estate observers say the salutary developments ranging from emerging quality road infrastructure, LETZ, Airport and others have therefore triggered of high demand for land, which has made price to skyrocket or almost double. Among factors prompting an increase in demand of property is the presence of foreign investors. Some of them have already commenced construction activities such as clearing of sites, and provision of infrastructure, installation of equipment on sites.

Government statistics show that well over 100 individuals and organisations has either purchased land or in the process of completing the process at the Ibeju-Lekki Urban and Regional Development Authority, a department of Lagos Urban and Regional Development Authority.

Currently a competent source at the ministry confided in Daily Champion that there has been an upsurge in application for approval in the last one year, saying applications and request for information doubled in 2010, compared to what was obtainable in 2008-2009. "We have received more than 60 applications in the last eight months, despite the individual prospective house owners who may have started their projects before seeking for approval".

According to the Permanent Secretary, Ministry of Commerce, Mr. Wale Raji, the ministry overseeing the free trade zone project said the development is a welcome one.

He said requests for land by corporate organisations and manufacturing groups in the entire locality have been in high demand, adding that whereas government welcomes demands, it is conscious of the need of traditional landowners whose interests need to be protected even in the rush to raise business developments.

"It is true that demands for land is increasing on daily basis, but government is conscious of the need to protect the villagers to ensure that they get the needed land excised for them for their personal use," he revealed.

Daily Champion/04/03/2011