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Posted by on Wednesday July 8, 2015 at 12:5:50:

More and more home owners in Surulere Lagos are selling their old homes to the ever growing number of buyers who still want a stake in a city that was an investor's delight in the 1980s and then called New Lagos aka Sports city.

Surulere is home to millions of people in Lagos and it's located on the mainland, away from the island and was initially developed for residential purposes. As population in the city gradually grew with very few residents moving away, Surulere is gradually turning to a commercial center and small businesses as well as big ones are finding it a profitable place to do their business. Even banks have gradually increased their presence in Surulere over the years by buying up real estate and old homes along popular streets like Ogunlana Drive, Adeniran Ogunsanya and Bode Thomas.

Based on reports I'm getting from real estate agents, a lot of homes have been sold for nothing less than N20 million, while some bungalows sell for N10m. Two or three Storey buildings sell for more but they are not commonly purchased. One storey duplexes are the ones most commonly purchased for around N20m to N25m while they get cheaper the closer they are located away from the center.

Real estate Investors who purchase old homes or duplexes in Surulere would either break the old building down in order to raise new ones or they would just renovate and rent or live in it. Some invest in such buildings for either commercial or residential purposes. Most of such homes have been built since the 1980s, over 30 years ago.

Want to buy land in Surulere Lagos? Then you'd need at least N10m if it's an empty land although it could be up to N20m in some streets. Want to buy an old home such has a duplex? Then you'd need at least N25m.

Most people who sell their homes in Surulere are surviving families of the original home owners who are just interested in sharing their family assets rather than leaving it at the hands of a single family member.

When old homes are purchased by a new investor in Surulere and he wants to break it down to build a new one, he would have to incur additional costs such as government taxes, omo nile fees(About N200,000) and other small costs. The cost of building a new duplex can cost as much as N15m excluding the purchase of the land.






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