For decades, the perennial surge of the Atlantic Ocean at the Bar Beach coastline along the Ahmadu Bello Way on Victoria Island in Lagos was a nightmare to residents, businesses as well as motorists plying adjoining roads.

At a stage, it became a national embarrassment and, despite the axis' highly priced status, it soon began to lose its attraction as the nation's hotspot commercial and residential haven.

Besides the flooding by the seawater, there was likewise a considerable level of erosion, such that, at a stage, the beachfront had eaten deep into sections of Ahmadu Bello Way. The corroding effect of the salt water on the steel elements of nearby buildings also put their structural conditions to question. Then, the alarm bells went off.

Feuding federal and state officials were left with no option but to sheath their swords and attend to the crisis situation that the Bar Beach had become. A series of mouthwatering contracts were awarded and the problem, at some point, seemed to defy a solution.

But the authorities' relentless intervention appears to be paying off, courtesy of recent development with the troubled neighbourhood, where rising property values have left city-based realtors at a crossroad.

Courtesy of a combination of factors on VI such as the upgrading of roads, the high demand for properties especially by banks and the influx of new tenants, rental and sales values have in the last couple of years been on the rise.

But industry watchers see even a further surge in rates, courtesy of Bar Beach-induced interventions. These include the new-look Ahmadu Bello Way/beachfront as well as the multi-billion-naira "Eko Atlantic City."

In fact, stated, the realtors, indications are that the value of property in the axis might further shoot up before year's end.

Investigations by Daily Independent revealed that fears previously being entertained by prospective property seekers due to the perennial threat of the ocean water seem to have given way to enthusiasm.

According to a renowned estate surveyor and valuer, Mr.Akin Olawore, there was a dip during the consolidation period, perhaps as a result of funds that were being mopped up.

He said that towards 2006,the situation began to pick up again, noting that by December 2007, the rise in the price of property had shot up to about 50 per cent.

Olawore said that the value of property would certainly go up before the end of the year if one considers the conscious effort by government to improve the waterfront.

He said, "The effort of the state government in improving the waterfront would surely bring about a change of status in terms property. As you know, this development would boost tourism and eventually turn the place into a tourist centre, which inevitably would attract a rise in the value of property."

Olawore added that the proposed Eko Atlantic City, when completed, would bring about a massive transformation of the whole area, thereby causing a remarkable hike in property value.

He said for now the price per square metre of land goes for between N150,000 and N170,000. He added that the price might likely go up to about N200,000 per square metre.

Another estate valuer, Chief Kola Akomolede, said that, in recent years, rental values escalated in areas like VI, Ikoyi, Lekki and Dolphin Estate.

He added that on VI for example, a detached house that used to be leased for between N5 million and N7 million per annum, now goes for between N10 million and N15 million.

"It is too early to say that improvement of the beach front informed the surge in property values. But market surveys have attributed these increases along the major roads, which are an attraction for banks who are currently expanding and opening new branches," said Akomolede.

He added, "However, in the long run, the Bar Beach improvement and the new Atlantic City scheme will become fresh factors that will further push up property values in adjoining areas and on VI in general.

But a builder, Mr.Godwin Erhabor, said that the constant surge of the Bar Beach was a threat that no serious property seeker would want to ignore.

According to him, unless concerted efforts were made to address inherent problems, the possibility of property values going up was very remote.

He said that the value of property would only appreciate significantly if the proposed Eko Atlantic City becomes a reality. This, he noted, would not be the only determining factor as other indices would also play a prominent role in setting a price regime for property in the axis.

According to observers, Victoria Island has been experiencing acute erosion problems due to the construction of breakwaters at the entrance to the part of Lagos, the presence of Avon canyon near the coast, the steep nature of the coast and the nature of the waves.

They added however that, recently, the erosion problems were exacerbated by the more frequent occurrence of storm surges and relative rise in sea level.

"This led to the loss of beaches, the flooding of buildings and the destruction of the infrastructure such as roads, drains, and water pipelines. During storm surge periods, the sea level has often risen by up to 2.0 m above normal," said a source.

Government response has however been in the form of regular beach replenishment and monitoring of the replenished coast, as well as the construction of breakwaters as a form of permanent solution.

Some scientists believe that remedial measures, in whichever form, should take into consideration the impact of hard engineering measures on the Lekki Peninsula, which located on the downdrift side of Victoria Island.