It can get confusing when you hear Lekki and Ibeju-Lekki and think to use them interchangeably, thinking that they are in the same location. The truth is, both areas although sound similar are quite different.
In this blog post, we’ll be looking at the difference between Lekki and Ibeju-Lekki and what sets them apart.
Difference Between Lekki and Ibeju-Lekki
Lekki and Ibeju-Lekki are well-known areas in Lagos and are both located along the Lekki-Epe Expressway, with Lekki situated just after Victoria Island and Ibeju-Lekki extending further after Ajah moving towards Epe.
While both areas are situated on the Island, Lekki is more developed and boasts a wide range of infrastructures and amenities, like;
- Financial Institutions: Lekki is host to many banks and financial institutions.
- Shopping Centers and Malls: Lekki has a lot of upscale shopping centers and malls like the Palms Shopping Center, Sky Mall, and Circle Mall to name a few.
- Educational and Recreational Centers: There is a vast array of recreational centers situated in Lekki and schools as well.
- The Lekki-Epe Expressway: This highway connects Lekki to other parts of Lagos.
- The Lekki-Ikoyi Link Bridge: Connects Lekki to Ikoyi which is also on the Island.
Ibeju Lekki while still in its developmental stage also has a lot of emerging industries and landmarks like:
- Lekki Free Trade Zone: With the establishment of the free trade zone, companies can sell their goods and services with no withholding tax, or import and export duties.
- Lekki Deep Sea Port: Expected to boost regional trade and economic activities.
- Dangote Refinery: The refinery which is already in operation deals in the production and supply of diesel and petroleum.
- Pan Atlantic University: A non-profit educational institution that offers various academic programs and degrees.
- Lekki-Epe International Airport: The international airport plans to accommodate about 350 aircraft per time and cater to millions of travelers annually.
Geographical Location: Lekki and Ibeju-Lekki
Lekki and Ibeju-Lekki are both situated on Lagos Island. Lekki extends from the Lekki-Ikoyi link bridge to Lekki Phase 1 and 2, up to Ajah. If you’re moving from Victoria Island towards Epe, you’d need to pass through Lekki first, and then enter Ibeju-Lekki.
Ibeju-Lekki begins after Ajah and extends to areas like Awoyaya, Eleko and stretches towards Epe. The Lekki-Epe Expressways serve as a rough boundary between these two areas.
Real Estate Market: Comparing Lekki and Ibeju-Lekki
The cost of property prices in Lekki is quite expensive and the demand is also high. Lekki houses some of the most expensive real estate properties in Lagos, a plot of land in Lekki can go for as high as 50 million naira and even more.
The real estate in Lekki is well established as the prices of properties are at a premium rate. Choosing to invest in any property in this area is bound to yield high returns.
Ibeju-Lekki is also a hotspot for investors looking to yield profit in the future. At the moment, prices of properties are relatively lower. You can get a plot of land for as low as 650k to 1 million naira. This offers an affordable entry point for people seeking to invest in properties on the Island.
Investment Opportunities in Lekki and Ibeju-Lekki
There are lots of investment opportunities in these locations. For one Lekki already boasts of various established infrastructures and amenities, so investing in properties in this area is already a win-win. You are assured a good return on your investment. The downside to investing in Lekki is the high barrier to entry due to the price. Most of the properties in this area run into several millions of naira, and it can be quite frustrating if you don’t have such an amount to invest.
Ibeju-Lekki on the other hand is still developing and you can choose to buy low and sell for a higher price in the future. The growth potential is high and if you are looking for affordable investment options then Ibeju-Lekki is a perfect choice.
Conclusion
While Lekki and Ibeju-Lekki are situated on the Island of Lagos, they are not in the same location. Lekki is more developed with upscale residential and commercial areas, whereas Ibeju-Lekki is rapidly developing and home to a number of industrial areas like the Free Trade Zone.
Although they are connected by the Lekki-Epe Expressway, they are two different areas with distinct boundaries. Understanding their differences will help you recognize their potential when it comes to investing in these locations.
Frequently Asked Questions on Lekki and Ibeju-Lekki
Are Lekki and Ibeju-Lekki Connected?
Yes, Lekki and Ibeju-Lekki are connected by the Lekki-Epe Expressway.
Can I refer to Ibeju-Lekki as Lekki?
While some people may refer to Ibeju-Lekki as Lekki, it is more accurate to use the full name ‘Ibeju-Lekki’ to avoid any confusion.
What is the main difference between Lekki and Ibeju-Lekki?
The main difference is their location and development stage. While Lekki is more developed and closer to places like Ikoyi and Victoria Island, Ibeju-Lekki is still developing. Ibeju-Lekki is further away from Lekki, stretching towards Epe.
Is Ibeju-Lekki a good place to invest in real estate?
Yes, Ibeju-Lekki is a good location to invest in due to the ongoing development like the Lekki Deep Sea Port, and the proposed International Airport. While Ibeju-Lekki is not as developed as Lekki, it has the potential for property appreciation.
To purchase a property in Epe, Ibeju-Lekki or any part of Lagos State, call +2348134794494 or send a WhatsApp message to +2348134794494.