You have been hearing stories that the Festac Town property market is collapsing. You are thinking of selling your property there. Or you are thinking of buying because prices are low. You are confused. What is the truth? Is Festac Town dying, or is it a good investment?Let me give you a clear picture of the Festac Town property market.
Festac Town was built in the 1970s to host the Second World Black and African Festival of Arts and Culture. It was a prestigious place. The houses were large. The roads were wide. The community was organized. For many years, Festac was one of the best places to live in Lagos.
But over the years, Festac Town has faced many challenges. The roads have become bad. The drainage system is poor. Flooding happens regularly in some areas. Many of the original houses are old and need renovation. Crime rates have also increased in some parts of the estate.
Today, the property prices in Festac Town have not collapsed, but they have not risen as fast as other areas in Lagos. A 3-bedroom flat in Festac Town currently sells for between ₦15 million and ₦25 million, depending on the condition of the building. This is lower than similar flats in Surulere or Ikeja, which can sell for ₦35 million or more.
However, this does not mean Festac Town is a bad investment. Festac has some advantages. It is still close to the Lagos-Badagry expressway. It is close to the new Lagos port development in Apapa. The government has announced plans to rehabilitate the roads and drainage in Festac Town. If these plans materialize, property prices will go up.
What is the future outlook for Festac Town? The market will not collapse. The demand for housing in Lagos is too high. People need places to live. Festac Town still has good quality housing. The prices are affordable compared to other parts of Lagos. As the government improves the roads and infrastructure, prices will increase. Festac Town may not become Lekki Phase 1, but it will remain a good middle-class area.
What should you do if you want to invest in Festac Town? First, buy properties that are in good condition. Avoid houses that are badly damaged. The cost of renovation may be too high. Second, buy in areas of Festac that are not prone to flooding. Some parts of Festac flood regularly. Avoid those areas. Third, wait for the government's rehabilitation plans. When the roads are fixed, prices will rise.
What should you avoid? Avoid buying a property in Festac without inspecting it physically. Some houses look good in pictures but are falling apart. Avoid paying the full price without a proper survey. Make sure the seller has valid documents. Avoid buying in flood-prone areas no matter how cheap the price.
In conclusion, the Festac Town property market is not collapsing. Prices are stable and affordable. The future outlook is positive if the government follows through with its rehabilitation plans. Festac remains a good option for middle-class buyers and investors.
Frequently Asked Questions:
Q: Are the houses in Festac Town expensive to maintain?
A: Yes. Many of the houses are old and require regular maintenance and repairs.
Q: Is Festac Town safe for living?
A: It depends on the specific area within Festac. Some areas are safer than others.
Q: Will the government actually fix the roads in Festac?
A: The government has announced plans. Whether they will be executed on time is another matter.
Published: July 26, 2026