Oniru Estate: A burgeoning enclave where property value jumps 300% in 5 years

Oniru Estate comes off easily as a burgeoning residential and commercial enclave in Lagos that has become a hub for luxury real estate, high-end living, and thriving business activities.

The enclave, also known as Victoria Island Extension, is highly sought after due largely to its prime location, development momentum, and affluent residents, all of which have combined with efficient facilities management to drive up property value.

Oniru, as it is fondly called, is home to the Palace of His Royal Majesty, Abdulwasiu Omogbolahan Lawal CON (Abisogun II) – The Oniru of Iru land.

HRM Oba Oniru ascended the Throne of his forebears on June 6, 2020, that is, five years ago. Since his ascension, Oniru Estate has witnessed significant improvements in facilities management, courtesy of His Majesty’s passionate quest to continually raise the standard.

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The Oniru Estate administration has implemented various initiatives to enhance the estate’s infrastructure and services. These have not only made the estate a desirable location for residents and investors, but also led to the over 300 percent jump in value appreciation that properties in the Estate have seen.

According to figures obtained from Estate Links Limited, a firm of estate surveyors and valuers, five years ago, a 2-bedroom apartment in Oniru was renting for between ₦2.5 million and ₦4 million per annum. Today, a 2-bedroom apartment in Oniru goes for between ₦8 million and ₦10 million per annum.

A three-bedroom flat in 2020 went for between ₦3 million and ₦5 million per annum; but today, it goes for between ₦10 million and ₦16m per annum.

In 2020, a 4-bedroom Townhouse was sold for between N80 million and N90 million. Now, the same-sized house is selling for between N425 million and N550 million, showing an all-time high value appreciation within a space of five years.

Land, according to the Estate Links’ figures, has also witnessed significant value appreciation. In 2020, land in the estate was selling for between ₦150,000 and ₦250,000 per square metre.

In 2021, the price went up to between ₦200,000 and ₦350,000. Today, just five years after, a square metre of land in the estate goes for over ₦1,200,000.

“That’s the reality of the Oniru Estate property market,” Yemi Stephen, Managing Partner at Estate Links, told BusinessDay, adding, “but there’s no magic in what we are seeing. There have been deliberate efforts by His Royal Majesty to make the place an attractive destination.”

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Stephen listed some of the initiatives that Oniru Estate Administration has put in place and continues to do, with security as a top priority, all in a bid to improve the estate for both residents and investors. These include:

Access Control: The introduction of access control measures has improved security, restricting unauthorized entry and ensuring only authorized personnel and residents can access the estate.

Increased Security Personnel: Additional security guards have been deployed to patrol the estate, providing an added layer of safety for residents and their properties.

Regular Security Patrol: Regular security patrols are conducted within the estate to ensure maximum security.

Fire control: The first ever fire station in the vicinity was commissioned by the Monarch in 2024, giving a new lease of life to fire disaster control in Iru and beyond.

Street Lighting: Installation of street lights has illuminated the estate, reducing crime and improving night-time visibility.

Street Cleaning and Vegetal Control: Regular cleaning and maintenance of streets and green spaces have enhanced the estate’s aesthetic appeal and environmental sustainability.

Regular Townhall Meetings/Engagements: The Oniru Estate Administration, through its facilities manager (FM), has maintained open communication with residents through regular Townhall meetings, addressing concerns and gathering feedback.

There have also been monitoring and enforcement of physical planning rules and regulations and the Estate, through the FM, has been able to enforce physical planning rules, ensuring that developments align with the approval order of the Estate.

The Estate has partnership with the police and government agencies and this, too, has enhanced security and addressed safety concerns, ensuring a secure environment for residents and investors.

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The Estate collaborates with Iru Victoria Island LCDA to maintain and upgrade roads, and improve the overall infrastructure of the Estate.

All these initiatives, Stephen noted, have ensured that the Estate has become a sought-after location, driving up property values and making it an attractive investment opportunity. Several forward- thinking residents have also been cooperating in contributing to the running of the services in line with the ‘Let’s Grow Iru Together (LEGIT)’ vision of HRM Oba Oniru.

“Notably, the number of housing units in this Estate has grown significantly in the last five years, reflecting the estate’s growing popularity and desirability,” he stated.

SENIOR ANALYST - REAL ESTATE

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