What the Approved Lekki-Epe International Airport Means for Properties in Epe, Lagos

It is no longer news that the Lagos State Government has obtained the approval of the Federal Government of Nigeria for the construction of an international airport in the Lekki-Epe Axis (approximately 30 minutes’ drive from Epe) under a Public-Private-Partnership model. The entire airport infrastructure is expected to be sited on 3,500 hectares, with the first phase of the project estimated to cost $900 million. The airport is designed to handle five million passengers per annum with scope for future expansion. We expect the economic and social impact of the project to be significant, with ripple effect across multiple verticals, including the real estate landscape in Epe. Here are our predictions on the impact the Lekki-Epe International Airport will have on real estate properties in Epe:
  1. Increase in property value and higher return on investment. The airport will be a major driver of population growth, increase in the demand for real estate properties for commercial and residential purposes, and value-based infrastructural developments and urbanisation. Accordingly, the value of real estate properties in the Epe axis will skyrocket, leading to higher return on investment for smart real estate investors. In our view, the airport will give early real estate investors in Epe a fantastic head start before affordability is redefined. (It is not too late to start).
  2. Diversification of real estate portfolio. Here, the keynote for clients and real estate investors is “buy the future, today”. With expected rise in property value and higher return on investment on properties in Epe, real estate investors and property owners would broaden their investment appetite and reposition their real estate portfolios to accommodate several types of real estate assets in Epe, whether they are buying for themselves, their children, or others.
  3. Investment opportunities for millennials and Gen Zs. Smart. Young. Full of life. Millennials and Gen Zs who are interested in buying affordable properties at the lower end of the market, are best positioned to become property owners in Epe. The game changer here would be smart affordability with a short-to-long term capital/asset appreciation. The airport (along with other developments) in the Epe axis provides the needed comfort for millennials and Gen Zs to become property owners in the Epe, where they can buy properties for as low as N500k. For millennials and Gen Zs, this is incredible investment opportunity, with no negative impact on their plans to Japa, if any.
The impact of the Lekki-Epe International Airport on the real estate sector in Epe remains promising, particularly as Epe already boasts of massive interconnected economic and infrastructural developments including higher institutions, industrial areas, real estate projects, recreational facilities, among others. The best time to invest in the Epe real estate sector is now.

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Adesewa Adeyoju works in the growth and strategy team of Greenetro, where she performs administrative tasks and manages customer relationship. She takes pride in her ability to foster effective communication and relationship between the company and it’s partners to ensure a smooth experience.

Adesewa has a bachelor’s degree in English and Literary studies from Obafemi Awolowo University. She is also a graduate with honors from Alx where she took courses on customer service and communication.

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Consultant, Project Development

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Consultant, Strategy & Acquisitions

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Segun Akolade is the co-founder of Greenetro, where he serves as the Managing Director, responsible for managing the business operations. Segun has over 10 years’ experience in engineering, business administration, and facility management.

Segun started his career at Riggs Engineering managing multiple projects, and then FBN Insurance managing corporate assets and infrastructures. Segun holds a Master of Business Administration (MBA) from Ajayi Crowther University, Nigeria with specialization in finance. Segun holds certificates in mergers & acquisitions, investment management, private equity and venture capital, and enterprise design thinking.

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Co-founder & President

Aaron Olajide is the co-founder and president of Greenetro, where he is responsible for strategic business development. Aaron has legal and business experience across project finance and development, renewable energy, and tech. Prior to co-founding Greenetro, he founded Ronvisory (a management consulting and deals advisory firm, advising clients in the US, the UK, and Nigeria) and Ronvisory Tactical Acquisitions (an asset acquisition firm).

Aaron started his career in the Lagos office of Matrix-Solicitors, and then Daystar Power Group advising on renewable power projects across Africa. He has a bachelor’s degree in law from Obafemi Awolowo University, a qualifying certificate from the Nigerian Law School, and a Diploma in Business Management from the International Business Management Institute (IBMI), Germany. Aaron holds certificates in infrastructure finance and investment, private equity and venture capital, and corporate finance.