A real estate executive has suggested that recent improvements in Lagos’ water transportation infrastructure could significantly reshape property investment trends across the state.
Elliot E. Odia, Founder and Group CEO of Wisecom Realty, stated that the completion of more than 50 kilometers of channelization works along major ferry routes by the Lagos State Government may signal the beginning of a major shift in how property value is determined in the city.
According to him, Lagos real estate prices have historically been driven largely by proximity to major road networks and bridges connecting the mainland to the island. However, the growing integration of a multimodal transport system, particularly water transportation, could alter that long-standing dynamic.
Odia described the development as the beginning of what he called a “Waterfront Dividend,” arguing that improved ferry access could effectively expand the city’s prime residential and commercial zones.
He noted that routes capable of reducing travel time between areas such as Ikorodu and Victoria Island could increase investor interest in previously overlooked waterfront communities.
The property expert also observed what he described as a gradual shift in investment strategy among high-net-worth individuals and institutional investors, with greater attention now being placed on accessibility and transport efficiency rather than traditional land positioning alone.
“In a city of over 25 million people, time has become one of the most valuable assets,” he said, adding that emerging waterfront locations may soon rival established high-value districts.
He further warned that portfolios dependent solely on road transportation may become less competitive as Lagos continues to invest in alternative transit systems.
The comments have sparked wider conversations about whether Lagos is prepared to evolve from a predominantly road-based city into one where water transportation plays a central role in urban mobility and economic growth.