Demand for long-lease properties in the Lagos Mainland market is increasingly being fueled by its attractive price-to-location value, as highlighted by the co-founders of RV Property Co. This segment of the property market, which includes areas like Ikeja, Somolu, Surulere, Yaba, and Gbagada, is benefiting from its proximity to business districts and commercial hubs.

Abdulbhaqi Al-Amin, co-founder of RV Property Co., stated that the Mainland market offers a more accessible entry point compared to Lagos Island, while still providing strong rental viability. He noted that the strategic location of these Mainland hubs, with their access to major road networks, significantly reduces daily commuting pressure for residents.

“The Lagos Mainland market, which includes submarkets such as Ikeja, Surulere, Yaba, Somolu, and Gbagada, sits at the centre of economic activity, where proximity to business districts, commercial hubs, and major road networks reduces daily commuting pressure. In a city like Lagos, where commute time directly affects quality of life, this alone sustains demand regardless of market cycles,” Al-Amin said.

He further elaborated, “The price-to-location ratio in Lagos Mainland still makes sense when compared to Lagos Island markets, as it offers more accessible entry points while still delivering strong rental viability.”

Olabanji Olatomiwa, the other co-founder, pointed out that the demand is largely coming from middle-income earners. This group includes entrepreneurs, business owners, and salaried professionals who find long-lease options appealing.

Long-lease properties are typically priced at approximately 30% to 40% of the outright ownership value. This pricing structure makes them an attractive option for both investors and end-users looking for lower initial costs and potential income generation.

In a report by RV Property Co. titled “Long Lease: The property option Lagos has been sleeping on,” the company categorized long-lease participants into three distinct groups based on their financial objectives and usage patterns.