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Real Estate In Nigeria: What Is It Like?

Any knowlege about real estate in Nigeria, is it a good advice to go into it.

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Yes if you hv d money to do d construction

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STILL BETTER THAN THE BEST!!

PLOTS OF LANd for sale @INFINITY GARDENS phase 1 and 2,ibeju-lekki, lagos NOW SELLING AT N800,000.

LOCATION: CLOSE TO IBEJU-LEKKI LOCAL GOVERNMENT SECRETARIAT Before elekon junction,lekki-epe expressway.

NEIGHBOURHOOD:

*IBEJU-LEKKI LOCAL GOVERNMENT SECRETARIAT

*THE NEW INT’L AIRPORT

*THE NEW PAN-AFRICAN UNIVERSITY

*THE LEKKI FREE TRADE ZONE

*THE NEW SEA PORT

*TWO GOLF COURSES ,etc.

TYPE OF LAND: SANDY, DRY LAND.

OUTRIGHT PAYMENT:

N800,000 ONLY (MEASURING 120FT BY 60FT EACH)

FOR MORE INFORMATION CALL BLESSING ON: 08064082637,

OR EMAIL: besunproperties@yahoo.com

*Site inspection takes place every workday and Saturdays.

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Get in touch for the processing of your Building Plan Approvals and Titled Documents( C of O, Govs. Consent, Ratificatn Cases, Survey Plans, etc), within Lagos,Ogun and Abuja.

I work as a Town Planning Officer/Consultant with the Lagos State Govt.

My email addy is: select500@yahoo.com or via BB PIN- 3079A6DB

Cheers!

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Properties in the Ajah, lekki-epe axis remains  your best bet in real estate business. The worth of a land here appreciates as soon as you purchase it. this is because several developmental projects are ongoing by the state government, and majority of Lagosians are moving towards this area; as soon as the road reconstruction is completed, I can assure you that the properties here would have sky-rocketed. If you are thinking of real estate business, think ajah,lekki,epe.

Currently I have the following land for sale:

1 plot of land with 3bedroom foundation, badore road, ajah @ N5m (survey plan and CoA)

1 plot of land at majek estate, Abijo @ N4.5m

2 plots of land, fenced with 2 detached BQ at majek,Abijo @ N10m

2 plots of land opposite serve trust, beside Fidelity bank, ikota @ N30m

4 plots of land by Lagos Business School, N28m

10 hectares of land at awoyaya, N70m/hectare (asking) the survey map reveals that this parcel of land is earmarked for an estate. should you be thinking of building an estate then this a cool choice as the land is some km away from the lekki freetrade zone and golf course.

pls note that all the properties have the necessary documents.

Contact me on 07033146262 or mejitech@yahoo.com

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Buying a Land or building your house afresh which will you prefer? Not a few people have reached crossroads over this decision, side by side we will consider the advantages of one over the other.

1)Ongoing building may collapse .A standing house may not likely collapse, for one it is standing for the period of you acquiring it.

2)Substandard materials may have been used for a standing building while you can actually monitor materials used for an ongoing project. 3)Fresh building can be easily customised or designed to suit your taste perfectly. With A standing building you can achieve little with changing or remodeling.

For all your real estate deals see Tribarn Properties www.realestatenigeria.tribarn.com

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Real estate in Nigeria is a lucrative business

I have developed a site for my real estate business at http://realestatenigeria.tribarn.com/

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Hi all, it was great to know your thoughts and knowledge about the real estate in Nigeria. There are really instances that a real estate has problems about businesses. Real estate also has a law which is the body of regulations and legal codes.

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Neva,

Average Nigerians cannot afford property in Nigeria at the moment. Things may change later but the current situation is that an average Nigerian cannot afford the cost of properties. Although it is cheaper to buy land in places like Ikorodu in Lagos and Mowe/Ofada in Ogun state, the major problem is with land speculation. A number of people who cannot normally afford their property outright have purchased land which they intend to sell when prices appreciate. The consequence is that most purchased land remain unbuilt for many years and becomes a big bush. This has negative effects on people who really want to purchase their land for instant property development. Imagine purchasing a land where all your neighbours are land speculators.

Although some Nigerians do not have a chance of owning their own built properties now, they are still hoping that things will get better. That is the prayer of faith though.

The current high prices cannot be sustained over a long period, high brow properties or not.

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budzeg,

Nigeria estate agents are not very good with marketing and advertisement on the web. The problems I have identified are:

- Most estate agent websites are not adequately functional and not updated

- Most agents have very limited information about their products online

- Prices are often omitted from advertisements

- Some published prices are often unrealistic

- Property photographs are either unclear and obscure or not present at all

- etc

Prospective property buyers need clear and unambiguous information to make their own decision without physical visitation at the initial stage. As you know, time is money. Good digital photographs should be the norm. Adequate and concise description will help.

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@Beknown you will agree with me that most of the properties posted so far are exotic properties in choice locations (Park View Estate etc). While i will agree with you that alot of properties in Nigeria are overpriced i also dare to say that the less exotic properties end up being under-publicized. I small square advert in Castles Mag costs about N8000. At such rates real estate agents must find a balance such that they are not running at loss . As a result of this most affordable properties end up being advertised on chalk boards etc. what is the reach and the retention capability at that level?

With the likes of PropertyNG such advertisement figures will nose dive and alot of middle men will be eliminated. It is just a matter of time for such initiatives a PropertyNG to become the major advert avenues help reduce this all time high property pricing.

Before Facebook for instance, how many companies were advertising online not to mention individuals? Now How many?

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I visited Nigeria for the first time March 2009. From my understand, in order for you to buy property in Nigeria you need to come with your "cash". Banks don't give mortgages. As for investment loans to develop real estate the interest rate is between 20-25%. It is not easy for you to get that type of loan. You can get land for free if you "know people". I am curious to know how the average man can buy these properties bases on the salaries they make? Also if Nigeria want to develop what are they offering to get investors?

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The properties at PropertyNG.com are expensive. Many Nigerian property portal seem to overprice properties as a matter of routine. Majority of Nigerians at home cannot afford the properties and banks in Nigeria are not giving mortgage loans to average Nigerian.

Nigerians in diaspora are going through hell with the current economic chaos all over the world.

Who are these properties really made for?

I will not be surprise if these properties remain unsold after a year or more.

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is isheri north a great place to invest in?

am looking into purchasing directly from the govt, do they still have lands available?

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Please check out my post. I am doing research so that I will soon give mortgage and real estate opportunities to people who want to buy a home in Nigeria, both abroad and in Nigeria. The rates and prices will be clear when I start it. But first I need to research the property market. this is only my preliminary research. I am trying to make a change!

http://www.nairaland.com/nigeria/topic-55819.0.html

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WHAT IF YOU INVEST ON LAND IN AREA LIKE IKORODU LAND PER PLOT GOES BTW 150 TO 450K. YOU CAN BUY AND KEEP OR DEVELOP BECAUSE THE AREA WILL BE OPEN UP BY THE FOURTH MAINLAND BRIDGE WHICH WILL OPEN UP IKORODU FOR GOOD.

@OTHERS, LAND AT IKORODU IS QUITE CHEAP AND FOR LINKS CALL 08055170867 OR 08083308588

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Point taken that the government will cap the rate of new entries to the Uni but the existing students need a conducive environment to study.

The government wont (cant) reduce the current population of students but would ask them to find decent accomodation and that is what the investor is providing.

I think its a good idea and good prospects exist. The government should also look at developing more universities as the population of university students continues to be on the rise. Maybe they should outsource the provision of campus sites (as a private initiative scheme) so we all can make money?!!

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Sartorius, do you really think this will still be profitable long term? It's been rumoured that Lag, for example, is going to start putting a limit on it's annual student intake. Doing the simple maths of it, that means an automatic drop in the student population,

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Netzmes,

I am surprised u said one can get a place for 5million in lekki quick sale though and that their are empty properties also; i thot its HOT as in HARD to get!!!. I am looking at getting something in lekki axis, i would appreciate any contacts on this props!! thanks n cheers

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there is a new site www.nigerianpropertysearch.com where you can have lots of materials on real estate investments, interior decor etc. though the site is just taking off it is fantastic for a nija site, especially the intention. tell others about it

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@Zebudaya & Co.

I guess when you are talking about security of your Car Park what you need to do to make it work is to make it account holders only or a mix of account holders and 'pay on use'. The account holders will have to pay into your account on a monthly basis for X number of reserved places whether or not it is used. They will in turn nominate the registration numbers of the cars that are allowed. You won't have any of their money on site, since they pay direct into your account.

With the 'pay on use' customers, all you need to do is to get them to buy Vouchers for daily Parking or collect Cash at the gate. You will not have to keep a lot of cash on site by approaching it this way.

You may need to vary the approach slightly to suit the peculiarities of your locale but I hope this helps a bit.

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why not try invest in hostel accomodation, it pays if you manage and package it well, i tried something like that with not so much and i tell you , long term it pays,  ---------------------------------------------------------30 room well furnished  with all mordern amenities- at least -each room goes for about 150 gees, about 4.5 m each session, land aint so expensive like yaba for lag etc , or you could refurblish houses there on agreement

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my fear is just the ease of buying & seeling without the necessary papers? Is it very liquid as that?

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Hi @layi,

I am really interested in the car park business. When you said 'comp villa', where are you talking about?

The car park business is what i have been looking into all this while.

Kindly feed me with what you know and think about this business.

Thanks

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Dear bedone,

When you say go into it do you mean as a business or you are looking for investments. The market right now is a speculators market, high risk, high rewards. It would be interesting to find out how many people that have given their advise so far have invested in the market and what the returns are.

There are many VERY NICE developments/houses in Lekki Phase 1, Ajah etc that are currently empty - no buyers and no tenants. You have to do some work on what type of properties you want to invest in or build, who your target market is - find out what the salary level of young professionals are and how much of this they can save and pay for a place - if you are looking for rent and capital gains.

Please remember there are no guarantees. I hear the see the words HOT etc. There is a lot of activity as far as people building in those areas but the quick rentals are under N500,000. The quick sales are under N5m. Anything around N10m and you could struggle competing with larger developers.

Hope this helps.

Good luck!

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Any real estate investor?

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@beddone,

Ajah area is good for real estates too. but u need linkups

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That motor park business is very worthwile but what about security. If you have one in lagos lsland those lawless agberos might gang up and rob the place, how does one go about ensuring security. I'm going to build a motor garage, and its going to be multi-layered so i can host more cars.

I really need to buy guns and place them at strategic places in my house when i build one. These damned armed robbers,

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Apart from the location consideration, there are a few other reasons why real estate is probably the best, safest investment you can do in Nigeria:

* clean-up of the banking sector makes the banks captalisation higher and allows the banks to present longer term deals, more specifically offerering mortages to more people

* a growing population and move to the cities adds extra pressure on the housing market

* availability of mortages will dramatically increase the prices of residential real-estate

I guess now is the time to enter the market as mortages are not easy to obtain, yet and the pressure from the the increased demand has not yet manifested itself.

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real estate is about the best form of investment in nigeria especially in areas around some really "bubbling" universities like "UniPoRT" "UniLAG". The tenants here in UniPoRT pay between 75k and 90k annually for a "self contained" and the rents keep increasing annually. They can pay through a designated account at the bank in the school premises.

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Who knows anything about Osu University area? I hear they don't have good standard house or could do with more. What about Kwara University area and Kwara Poly area?

What is it like collecting rent from students/workers in nigeria? Do they pay direct to an acount or you literally have to do Baba-Suwe and knock on their doors?

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who knows anything about AJA area

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You know you are right Ijebuman. When I was in Nigeria some years ago I was living on the island actually very near the bar beach, and there was a rise in sea level that flooded the whole area including houses close to the sea. It has been predicted it might happen again in the near future. It might look good but the risk tied around it is great.

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I have concerns about V/I-Lekki axis, with the possible future rises in sea levels and the fact that most of these areas are sandfilled and low lying, if there's a New Orleans scenario, will the government protect these areas or abandon it ?

I think any investor needs to consider this before investing there

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I really don't have up to 8 million naira but I can raise something, however whatabout other areas apart from lekki. Are there still available lands and houses in ikeja, Obanikoro, ilupeju, or any other cool area

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Layi, there's another company already running a motor park in the computer village, and their motor-park is usually not very close to being full.

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In fact, it's the best you can think of. Real estate is HOT in Nigeria. If you can catch in on the V/I-lekki axis, you are made.

The entry level is high though because a plot of land in VGC cost on d average N6 Million and lots of peeps are looking for it. You can buy for 6M and sell for 10M. U need your links anyway because those who own properties there arent all that willing to sell.

They are other prime areas like garki in the FCT.

I just found out that u could make up to N270,000 monthly (by investing N8Mill in a landed property in the heart of the comp villa. All you need do is buy a big house on 3 plots, demolish it and turn the place to a parking space charging drivers 150 naira per day (currently 200N and there is a very high demand for parking space within the villa).

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