Real Estate investment in Nigeria

[Admin]

This is the best Real Estate forum thread about Nigeria's real estate market. If you are looking to dive in and get wealthy from owning properties or you want to by a home to live in or buy homes for your children. This is the right place for you.

Feel free to ask questions about anything related to the real state market in Nigeria.

People often also ask the following questions in this Real Estate Forum about Nigerian property market.

for real estate jobs, look here.
Can foreigners buy property in Nigeria?

The answer is Yes, they can

What is real estate in Nigeria?
Real Estate the same in Nigeria like it is around the world. People invest in properties to make money, they buy and sell it, the construct nice homes from scratch and sell it or live in it. Ther are good neighborhoods and there are bad neighborhoods like any other country.



Is real estate a good investment in Nigeria?
Yes, it is, But like any other country, or like any business it's also risky if you don't know what you are doing. Be careful of fraudsters. Be sure that you do your due diligence and deal with the main owner.

1. 
   
   
   • Do not cut corners in any real estate transaction in Nigeria,
   • have proper documentation
   • have all papers before you pay
   • Verify that the land or building documents are authentic
   • Make sure they haven't sold the land for multiple people

Which estate is the best in Nigeria?

Top 10 Real Estate Locations In Nigeria

• 
  
  
  • Ikeja GRA, in Ikeja (Lagos State) – N250Million/$1,562,500. ...
  • GRA Phase 2 in Port Harcourt (Rivers State) – N145Million/$906,250. ...
  • Lekki Scheme I, Lekki (Lagos State) – N140Million/$875,000. ...
  • Alalubosa GRA in Ibadan (Oyo State) – N100Million/$625,000. ...
  • Ibara in Abeokuta (Ogun State) – N80Million/$500,000.

Banana Island is a good spot to live in for the Elite Nigerians.



What is it like to own a Real estate in Nigeria?

It's a great relief and when you own a property in Nigeria, it's yours forever. Also, there is no other cost that goes to the government like tax, etc. All you need to have is money to maintain your property.

 

[Admin]

A lot of people own land and house but the monthly rent is not much. However, it can bring in a decent income.

 

[ViciousKing]

Well, I think it depends on what kind of real estate you're talking about. Sometimes investing in real estate is a bad idea even in rich countries. I inherited a house in the London suburbs. I thought that it's cool. The house near London. I thought that I will sell it for a very good price. But - no. It was in the gang neighborhood and nobody wanted to buy it. Then my English cousin told me about this thepropertybuyingcompany.co.uk company. I just outsourced this task to them and somehow they sold my house. But I wasn't able to do it on my own. Because the property was in a bad neighborhood.

 

[Melvin]

Some land dealers in Nigeria receive massive returns through long term investing in land (depending on level of development in such areas overtime) and at that knowledge and experience is held at high esteem to bag such a successful real estate investment.

Owning a Rental property; like a house to be specific- prices (for sale or/and monthly or annual rent) often depend on the area or location with major foci been on security, infrastructural development (tourism, companies, schools, factories etc.) and others must be put into consideration in other to bag good returns; without the necessary know-how many real estate investor are often misguided therefore overspending and most definitely running at losses when they would have been able to bag that great deal, enjoy great return at relatively lower prices.

 

[AmeliaHornsby]

never thought Nigeria could be a good investment.

 

[Melvin]

AmeliaHornsby, it's a gold mine but most persons still don't realize it...

 

[Melvin]

Why do banks make it so difficult to acquire loans for both newbie and even some professional real estate investors?

 

[Oberin]

Sometimes investing in real estate is a bad idea, even in rich countries. Many countries make huge profits through long-term investments in land (depending on the level of development in such areas overtime), and yet the knowledge and experience are highly valued to get such successful investments in real estate. My father told me tips for home. Investors invest in real estate to get good returns. So they spend too much money and certainly suffer losses, although they could get such a great return, get a great profit at relatively lower prices. This is the most important thing.