A land is a solid piece of the uppermost part of the earth, having no structure or buildings on it. A land is a reservoir of natural resources ranging from crude oil to coal to gold and the list goes on and on. The value of land increases when there is a high demand for it or if the land is embedded with natural resources.
Before now, people owned vast land in Lagos for the purpose of agriculture as a means of livelihood. The era of agriculture began to fade away as the demand for lands to build residential and commercial edifice got to a high increase.
Land can be used for residence or for commercial purposes, it can also be a good source of investment as it does not depreciate. In recent times, the land has been on a high demand due to the reason that everyone in Lagos wants to build a home to be referred to as a Landlord. Lagos is densely populated and lands have become a scarce commodity within the metropolis except for those that want to resell the lands they owned. Demand for land on the Lagos Island in recent times has been high owing to the luxuriousness of this place than on the Lagos Mainland.
However, there are virgin lands available at the outskirts of Lagos in areas still undergoing development in the state and even areas sharing boundaries with other states. Such places include; Ikorodu, Ayobo, Epe, Badagry and villages in Lekki and Ajah. The price of land for rent in Lagos Mainland ranges from ?2,500,000 to ?6,000,000 while the price of land for rent in Lagos Island is about ?5,000,000 to ?1,000,000,000.