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Pastor Matthew Ashimolowo, the Global President of Kingsway International Christian Centre, has warned that those who do not invest in Lagos real estate now will likely regret it in the next decade.
He advised against investing in stocks, claiming that real estate offers a better return on investment.
Ashimolowo recalled a time when land in Lagos could be bought for as little as N500 or N1000, emphasizing how much prices have surged since then, as reported by Vanguard.
He stated, “Anyone who doesn’t invest in Lagos now will regret it in 10 years. I missed the opportunity to act on Lagos real estate early.
“When I first arrived in Lagos as a young pastor, a plot of land in Opebi was N500, and in Allen Avenue, it was N1000. These areas, including Ikeja and Opebi, were just undeveloped bushlands. In Isolo, land was also N500 per plot.”
“The same plot in Opebi that I passed on for N500 in 1979/80, I eventually bought in 2004 for N10 million.
“I built four flats and a small house on it, lived there for a few years, and then sold the entire property for around N120 to N150 million in 2018, with my total investment being N55 million.”
