Agungi, located in the Lekki Peninsula region of Lagos State, is one of the fast-growing suburban neighborhoods that have become increasingly popular for property investment. Nestled between Chevron Drive and Jakande, it offers a convenient mix of residential comfort, growing commercial activity, and proximity to central Lagos, making it an ideal location for both families and professionals.
Here is a comprehensive guide to Agungi and its property market:
Location and Accessibility
Agungi is strategically located along the Lekki-Epe Expressway, providing easy access to major areas such as Victoria Island, Lekki Phase 1, and Ikoyi. It is part of the larger Lekki development zone, which has seen significant real estate growth due to infrastructure improvements and urbanization.
Proximity to Landmarks:
Victoria Island: ~20 minutes
Lekki Phase 1: ~10 minutes
Ikoyi: ~25 minutes
Chevron: ~5 minutes
Lekki Conservation Centre: ~10 minutes
The Lekki-Epe Expressway serves as the primary road for accessing Agungi, and the neighborhood benefits from alternative routes that reduce the impact of traffic during peak hours.
Residential Appeal
Agungi’s residential areas are a mix of modern apartment complexes, terraces, semi-detached houses, and fully detached homes, which cater to a diverse population. From young professionals to families, it offers accommodation for various lifestyles and preferences.
Key Features of Residential Properties in Agungi:
Gated Estates: Many parts of Agungi consist of gated communities that offer additional security and a communal environment. Estates like Royal Pines Estate and Horizon Estate provide serene, well-maintained environments with facilities like 24/7 electricity, security, and recreational spaces.
Apartments and Duplexes: The area is known for its wide range of apartments, ranging from 2-bedroom to 4-bedroom units. Duplexes and semi-detached homes are also common for larger families looking for more space.
Modern Architecture: The properties in Agungi tend to feature modern designs, with many newly built houses offering open-plan living spaces, en-suite bedrooms, modern kitchens, and other amenities that appeal to today’s buyers.
Commercial Activity and Amenities
While primarily a residential area, Agungi also hosts a variety of commercial activities. The growing number of businesses along the Lekki-Epe Expressway has boosted the area’s economic potential.
Shopping and Retail:
Agungi Shopping Mall: A mini-mall that serves residents with a variety of stores, supermarkets, and service-based businesses.
Circle Mall: Located a few minutes away, it is a hub for shopping, offering supermarkets, fashion outlets, and restaurants.
Schools:
Agungi is home to several schools, making it an excellent location for families with young children. Some notable options include:
Meadow Hall School – A top-tier private school offering both British and Nigerian curricula.
Lekki British School – A well-regarded school within close proximity.
Hospitals:
Evercare Hospital – A top healthcare facility located nearby.
Dining and Recreation:
Agungi boasts a growing number of restaurants and bars, catering to diverse tastes, from local Nigerian cuisine to international flavors.
Beaches and Resorts: Agungi is located near Elegushi Beach and other resort centers along the Lekki corridor, offering weekend relaxation spots.
Infrastructure and Development
The development in Agungi is largely driven by private real estate investments. The area has seen considerable improvement in road networks, drainage systems, and public utilities over the past few years.
Electricity and Water: Many estates in Agungi provide 24-hour power supply through estate management and private generators. Boreholes provide water, though there are plans for more consistent public supply.
Roads: While the major roads in Agungi are well-paved, some inner streets still require improvements. The ongoing expansion of Lekki-Epe Expressway will likely further boost accessibility.
Property Market in Agungi
The property market in Agungi is growing rapidly, thanks to its location, security, and infrastructural development. It attracts both investors and those seeking to rent or buy homes.
Property Types and Prices:
Apartments:
2-bedroom apartments: Ranges from ₦35 million – ₦55 million for sale, and ₦2 million – ₦3.5 million annually for rent.
3-bedroom apartments: Ranges from ₦45 million – ₦70 million for sale, and ₦2.5 million – ₦4 million annually for rent.
Terraces and Semi-detached Duplexes:
3-bedroom terrace duplex: Between ₦65 million – ₦95 million for sale, ₦3 million – ₦4.5 million for rent.
4-bedroom semi-detached: Ranges from ₦80 million – ₦120 million for sale, ₦4 million – ₦5 million for rent.
Detached Houses:
4-bedroom detached house: Ranges between ₦120 million – ₦180 million, depending on the location and facilities.
Factors Affecting Property Prices:
Proximity to the Lekki-Epe Expressway: Properties closer to the expressway tend to be more expensive.
Estate Living: Properties within well-secured and organized estates typically have a premium price.
Age and Condition of the Building: Newer buildings with modern designs and amenities are priced higher.
Rental Yields:
Agungi offers solid rental yields, especially for short-let apartments targeted at expatriates, young professionals, and business travelers. Investors who purchase property for rental income can expect competitive returns, particularly in the serviced apartment sector.
Future Prospects
Agungi’s proximity to Lekki’s major commercial centers, the ongoing infrastructure projects like the Lekki Free Trade Zone, and the anticipated completion of the Dangote Refinery are set to boost its property market further. With continuous urbanization, demand for both residential and commercial properties in Agungi is expected to rise.
Moreover, as Lagos expands, areas like Agungi will become even more valuable for residents looking to escape the congestion of central Lagos while still enjoying easy access to key business districts.
Agungi, Lagos, is an attractive destination for property investors and residents alike. With a growing real estate market, strong rental yields, and ongoing infrastructural development, it offers a promising opportunity for those looking to buy or rent in Lagos’ expanding urban landscape. Whether you’re a young professional seeking modern living or a family desiring a peaceful yet accessible neighborhood, Agungi provides a blend of convenience, comfort, and investment potential.
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