The disparity between housing prices on the Lagos Island and those on Lagos Mainland has increased over the years, this might be due to many factors. Once can claim that the nerve centre of business has always been Lagos island then Victoria island and recently Lekki, but one can not deny that Ikeja has always been a commercial stronghold of Lagos. It can also be postulated that the cream of the crop from colonial times have always lived in the plush areas of Ikoyi, but it is evident till today that Yaba was also a home for the colonial masters; a lot of streets are still named after them till today. Whatever the case is, over the years Island prices have constantly come up tops when compared to Mainland prices for reasons we can only postulate about. The geographical boundary of Lagos originally only included what is know as Lagos Mainland today, all of its population lived within this area; it is no wonder than most of the population of Lagos today lives on the mainland. Some of the places first settled in include Yaba/Ebute Metta/Ijora/surulere and more recently Ikeja/Magodo/Ogudu. We will examine 2 of these areas.
Yaba today has arguably the best proximity to the island amongst areas on the mainland, hence it enjoys some advantages due to this, however its buildings are mostly still in the state they were first constructed in. Of every 10 houses in yaba, 6 are Portuguese architecture built and are usually over crowded, they are standalone structures and have a short or no fence at all. Some of these houses are being redeveloped to reflect modern day architecture and design; these are the properties that stand a chance at competing with areas on the island in the future.
Ikorodu and Epe Joint Administration popularly known as Ikeja, like the name implies, has always be an administrative area; the seat of Government. It is very well planned area hence it commands high residential prices, in fact Allen Avenue used to be the most expensive street in Lagos. It houses the only Airport in the state hence hotels and commercial centres are sprawled everywhere to support this use. If we are calling a spde a spade, Ikeja should be the singular area with the highest property values in the state; it is undoubetdely the king on the Mainland, however the island has since caught up and are fast overtaking it.
If an area on the mainland isn’t overcrowded, old fashioned or far from ‘civilisation’ (ie proximity to nerve centres sometimes due to inaccessibility) then the area will surely have prices that can compete with elite Lagos Island markets. Sadly, only Ikeja isn’t plagued by one of these factors. A massive regeneration/redevelopment needs to be done to rejuvenate a large portion of the areas there, the population has to be decongested and massive investment has to be put into some of the areas. Some areas like Yaba have begun the regeneration process, Ikrodu is being opened up by road construction and commercial centres like malls keep springing u everywhere so theres a ray of hope.
The Island however isn’t sleeping on its laurels, as the Mainland takes 2 steps forward the Island usually takes 5 leaps, suffice to say that the mainland will never catch the island with regards to property prices.