Nigeria is one of the most developed countries in Africa with a population of approximately 168,800,000 and a GDP of 262 billion2 (US$) (World Bank, 2012). Lagos is arguably the city with the largest population in Nigeria and is the economic and commercial hub of the nation.
The opportunities in the real estate market are vast, considering the shortage in various aspects of real estate property. There is a housing deficit of an estimated 17 million houses nationwide. The corresponding figure for Lagos state is around 5m, putting housing deficit in the state at its highest ever level. Owing to the rapidly emergent middle class in the state, effective demand for housing is also quite high, especially in clear-cut middle class areas like Lekki-Epe Expressway. Hence, this study’s objective, to carry out market analysis and present relevant data that is crucial to investment decisions along the Lekki-Epe axis.
The Lekki-Epe axis is a prime area which is approximately 35 km from Victoria Island, the heart of commercial and economic activities of the state. There is good accessibility from the site to other business areas in Lagos. Lekki is an area that has attracted many property projects executed by reputable property development investment companies and the site is in proximity to a number of housing estates.
The study makes use of various analytical tools including SWOT and Porter’s five forces to critically examine the commercial attractiveness of residential estates in the location. The researcher concludes that the market is investment-friendly but commercial success remains heavily reliant on the expertise and strategies adopted by developers and investors.