We’ve been thinking a lot about what it means when you invest in a property: the excitement, the hope, the dreams for your family, the business, your future. And then there’s the part we don’t always talk about so much, the risk. Today, we want to speak honestly, openly, heart‑to‑heart, about how flooding affects house values in Lekki Phase 1, and why that matters to you if you’re looking to rent or buy a property in prime locations like Lekki, Ajah, Ikoyi, Victoria Island or Sangotedo.
Why we’re concerned
We work with properties in some of Lagos’s most sought‑after spots: Lekki, Ajah, Ikoyi, Victoria Island, Sangotedo. These areas are prime for both rent and sale. But here’s the reality: even in top‑tier places like Lekki Phase 1, flooding is a real, recurring issue. One study showed that about 65% of respondents in Lekki had experienced flooding while living in their current property.
When flooding happens in your home, in your estate, in the access road, what do you think happens to demand, to value, to rental power? Exactly. It dips. Because people start asking: “Will this happen again? What will it cost me? Is this safe for my family?”
What the numbers say (because yes, we love data)
- Experts estimate that in flood‑prone cities, property values “may drop up to 5‑10%” when flooding risk is high. The Guardian Nigeria
- In a study covering Lekki Phase 1 and Oniru, the impact of flooding on land value in Lekki Phase 1 was between 1‑10% discount average, while Oniru saw between 11‑20%. crj.unilag.edu.ng
- In another report, properties located in high flood zones along Lekki, Ajah and parts of Ikoyi saw resale value drops of 12‑18% compared to safer zones. LinkedIn
So yes, even in the glamorous corridors of Lagos’s elite estates, flooding risk translates directly into value risk.
How it plays out for someone renting or buying
Let’s say we’re helping a client who wants a 4‑bedroom apartment in Lekki Phase 1. We show a beautiful unit: top security, great location, lagoon view. Then we walk around the estate after heavy rain. We see a patch of water pooling, drainage working slowly, and children wading through. That image stays in the mind.
- A potential tenant might say: “Hmm, promise sounds good, but if water comes in… I don’t want to deal with that.”
- A buyer may negotiate harder, insisting on a discount.
- If the ground floor is muddy, that unit might stay vacant longer; vacancy means value loss.
For landlords, the cost goes up: more maintenance, more drying out, maybe repairs after flood events. For investors, it means higher risk = either a bigger yield demanded or a lower value.
Why, despite this, values can still rise
Here’s the twist: We see in Lekki Phase 1 that values are still going up. One research found that between 2019‑2021, land prices in Lekki Phase 1 rose by 63% despite flood reports. Daily Trust
Why? Because demand remains very strong. Because location still matters. Because some buyers believe, “yeah, flood risk, but I want this address, I want this status.” Because infrastructure upgrades may help. Because Lagos continues to attract people, business, growth. We must be honest: the risk is factored in, but many are willing to take it.
For us at Hanuel Homes: what we do (so you don’t bear the surprise)
When we show you a property or help you pick one:
- We check if the estate or the plot is in a known flood‑prone zone (we know many clients fear “ground floor near lagoon”).
- We ask about drainage, elevation, building grade, and how the developer handled water‑rise.
- We talk about potential: “If heavy rain comes, how long will the water stay? What’s the escape route? What happened last year?”
- When we list for sale or rent, we’re honest about risk because we believe in long‑term relationships, not short‑term sale.
- We help you see the value‑impact: yes, you might get a discount for risk, but you also might get a premium because top‑end still in demand. We help you see the reality.
So, what should you do (whether you’re renting, buying or leasing with us)
- Ask the question: “Has this property flooded or been flooded before?” If yes: how deep, how long, what repairs?
- Consider elevation: higher is safer. Ground floor? Consider risk.
- Examine the drainage, the building covenant, and the estate plan. A home in a premium address is great; a home in a premium address that ignores water risk is dangerous.
- For rentals: negotiate for “flood clause” or “maintenance tyres”. Is the landlord responsible for cleaning up after a big downpour?
- For purchase: consider future sale value. We know flood‑risk properties may sell more slowly or for less.
- Work with an agent (yes, us!) who knows the nuances of Lekki, Ajah, Ikoyi, VI, Sangotedo and knows the impact of flooding in those corridors.
We’re still excited about living and investing in Lekki Phase 1, Ajah, Ikoyi, Victoria Island, and Sangotedo. These places are dynamic, full of life, and future‑oriented. But we’re also realistic. Because at Hanuel Homes we believe that part of building for the future means seeing the storms as well as the sunshine.
If you’re ready to explore rent or sales of residential or commercial properties in these prime locations, we’re here with you. We’ll walk the estate, check the flood‑risk, review the value, and negotiate with heart and head.
Contact us now at Hanuel Homes. Let’s talk about your next home or property investment, safe, smart, and informed. Flood risk matters. Value matters. Future matters. Let’s get you in the right place with the right advice.
