Lekki Epe International Airport: All You Need To Know In 2024
The proposed Lekki Epe International Airport to be built in Ibeju Lekki is not a new project being considered by the Lagos State Government In Lagos.
According to CAPA, the proposal for the airport started during the Babatunde Raji Fashola administration as the governor of Lagos.
You can expect this airport to be a massive hub for travellers and businesses in Lagos State, Nigeria with world-class facilities and services to meet the yearning demands of the swiftly growing Nigerian economy.
It won’t replace the existing Murtala Muhammed International Airport in Ikeja but the complement it and aid its congestion and inadequacy to accommodate the increasing number of cargo and passengers.
According to an article by BusinessDay – 50 percent of passengers who use the Ikeja – Muritala Muhammed International Airport are from the Lekki Region and this makes establishing an airport on the Lekki Corridor very paramount as it will help traffic around the airport highways and bring improved economic growth to the Lekki region.
The new Lekki Epe International Airport is expected to cater to up to 5 million passengers annually with a runway that stretches up to 4.5km and can handle big commercial aircraft such as the Airbus A380 and Boeing 747.
LATEST UPDATE ON LEKKI EPE INTERNATIONAL AIRPORT 2024
However, the news of constructing this new Lekki Epe International Airport has been met with a lot of skepticism from the citizens as it is expected to be another white elephant project by the government.
A major announcement was made in October 2022 that the government is going to Lagos state government has received approval from the Federal Government to commence the construction of the airport.
For 12 months, nothing was heard again until recently – 2nd of January 2024, in a statement by a representative of the Lagos State Government that the construction of the airport will commence this year 2024.
LOCATION OF LEKKI EPE INTERNATIONAL AIRPORT
The airport will be constructed in the Aiyetoro Region of Ibeju Lekki and it will be surrounded by monumental projects that are already in the Ibeju Lekki region like the Dangote Refinery, Lekki Deep Seaport and Lekki Free Trade Zone.
EFFECTS OF LEKKI EPE INTERNATIONAL AIRPORT IN IBEJU LEKKI
The new airport is expected to accommodate 5 million passengers annually, and the effect of this is going to be heavily felt in Ibeju Lekki and Lagos as a whole in terms of economic growth, job creation, job opportunities, and business activities.
Real estate in this region will experience very high demand and this will lead to major property appreciation.
Tourism will experience a major boost and a lot of foreign investment will also come into the region which has already begun with the establishment of foreign companies inside the Lekki Free Trade Zone.
NEW AIRPORT START DATE, COMPLETION & COST
The new airport is expected to start this year 2024 and be completed come December 2025. Which means, activities should commence in the airport by 2026.
The airport is going to be built on over 3500 hectares of land which is approximately (3500 x 15) 52,500 plots of which has been acquired and demacated.
The project is expected to cost around $400 million and the government is at the stage of evaluating investors in a public private partnership settings.
HOW NEW AIRPORT WILL AFFECT REAL ESTATE
There is going to be a definite surge in property values and property appreciation and its only those who have invested in lands closer to the airport that are going to enjoy such appreciation but it is also expected to have a ripple effect on the entire Ibeju axis.
Imagine being begged to sell a land you bought at N15m for N100m in the next 5 years just because your bought close to the airport. This is likely going to happen.
Infrastructures around the airport are going to improve alot as old structures and fallow lands will be broken up to accomodate new and innovative real estate styles just to meet up with the standard of the airport.
With increased accessibility will come new business and new services and this will lead to increase demand in residential and commercial properties around the airport. Expect construction of high rises for homes and offices, expect lots of estate style residential homes to spring up and be the major property styles around the airport.
Hotels, Leisure centers and Restaurants are expected to recieve huge boost around the airport because of the expected boost in tourism.
HOW DOES LEKKI EPE INTERNATIONAL AIRPORT AFFECT YOU?
If you are someone who is interested in building wealth and making your money work for you through real estate. It would be a very good idea for you to invest in lands that are closer to the airport.
Lands around the airport now range from N15m to N100m and they offer from residential to commercial plots of land for sale.
In fact, I would say, even if you don’t have any idea whatsoever what to do around the airport. Just invest in a couple of plots and wait.
Let those who would need the land come chasing you to sell to them in the near future.
You can start with TIARA 2.0 which sells at an affordable N15m for 500 sqm and it’s a residential-style estate.
CONCLUSION
The Lekki Epe International Airport is a major project tha would change the real estate landscape of not just Ibeju Lekki but Lagos State as a whole.
Funnily, Lagos would now be unofficially officially be divided in the Island and the Mainland as each region would have its own airport and be able to breathe.
If you are reading this and you don’t have a property around or close to airport right now. You are sitting on a long thing.
Get in touch with us today and lets get you hooked up with a genuine property that would bring your great value.
