The Lagos State government recently announced the main contractor of the proposed Fourth Mainland Bridge project (4MB) to be China Civil Engineering Construction Corporation (CCECC) – CRCCIG. 

According to the Lagos State Government, the Bridge is expected to be the second largest bridge in Africa when completed, with a span of 4.5km. This will start from the Abraham Adesanya axis close to Ajah, and traverse the North West towards the Lagoon shoreline of the Lagos-Ibadan Expressway via Owutu/Isawo in Ikorodu. 

This announcement is coming just a few weeks after the Lagos State Government announced the completion of another major transportation network, the first Phase of the Blue Line railway. 

It is noteworthy to mention that CCECC is also the main contractor of the Blue line railway project as well as some other major transportation projects such as:

• The Red Line Railway project by Lagos State Government
• The Lagos-Ibadan Railway by the Federal Government, 
• The Abuja-Kaduna Railway by the Federal Government, as well as many others.

The announcement of the awarded contract is sure to open up conversations about the effects of the bridge on the real estate market along the bridge stretch. This is just as in the case of the rehabilitation of the Ibeju Lekki-Epe Expressway and other infrastructures on Epe’s real estate market. This is also a moment for property developers to project into the future as to whether or not to invest in properties at the two ends of the bridge’s stretch.

Based on the massive real estate growth in Epe and its environs due to the ongoing infrastructural developments, here are four ways we expect the upcoming Fourth Mainland Bridge will impact real estate in its neighbourhood areas: 

• Multiple infrastructure developments are likely to result in increased property prices

As is naturally expected, infrastructure developments are likely to result in property and land prices growth. 

So far land prices in  the Epe area have grown by over 100% in 5 years. It is necessary to note that within this period, there have been  multiple infrastructural developments such as the rehabilitation of the Ibeju-Lekki-Epe Express way and completion of the Lekki Sea port in the Lekki Free Zone area. 

Therefore, we expect the proposed 4th mainland bridge will also add on to the allure of its close neighbourhood Ajah area as well as Epe as an investment hotspot resulting in further growth in land prices.

• Increased accessibility is set to result in increased demand for property 

With the 4th mainland bridge set to enhance accessibility between Ikorodu and Abraham Adesanya-Ajah to Ibeju-Lekki areas, increased demand for property is expected as Ikorodu and even Epe generally ranks as one of the most affordable neighbourhoods in Lagos. So far average rent prices in Epe have grown by 9.81% over the past 5 years. We anticipate this trend will continue especially in the areas along the bridge as Lagos residents continue to seek out more areas that meet the nexus of affordability and accessibility.

• Increased development activity is likely to firm up Epe’s position as a leading real estate submarket

According to the special Advisor to the Lagos State Governor on Public-Private Partnerships, the Fourth Mainland Bridge project will also include the development of adjacent estates.

Furthermore, rising demand in residential real estate is likely to result in an influx in developments. As a result, Epe will likely emerge as one of the leading real estate submarkets in Lagos.

 

• A ripple effect is anticipated on the neighbouring submarkets

The positive impact of the bridge is set to cascade to neighbouring areas such as Ajah area and Ikorodu area. Already these areas have seen an increase in demand over the past five years, recording 25.25% and 23.81% land price growth respectively. 

With increased accessibility resulting from the infrastructure developments we expect even further growth as investors leverage on their proximity to Epe. 

Overall, the 4th Mainland Bridge is a great addition to Epe and to its real estate market. 

We love your feedback! Let us know what you think about the impact of the Fourth Mainland Bridge on Epe’s real estate.