Title: Top Things to Consider Before Buying Property in Lagos, Nigeria
Lagos, is the commercial capital of Nigeria and is Nigeria’s bustling economic hub and top investors destination, also lagos Nigeria is one of the fastest-growing cities in Africa, it offers numerous opportunities for alot of businesses, including property investment.
With over 20,000,000 Population, Lagos boasts of a lot of investment opportunities, and attracts a lot of foreign direct investment yearly.
However, before diving into the real estate market in Lagos, it is important to keep you abreast with top things to consider as key factors and guide to buying or investing in lagos real estate.
Location:
The first and foremost consideration when investing in Lagos is the location.it is very important to know the location of the property, most properties like land in lagos mainland are cheaper, while some locations in lagos island like epe are also very cheap.
Top Cheap locations in lagos island to invest: As an investor, who have chosen Lagos island, these are top cheap areas in lagos island to buy or invest : ibeju lekki ,and epe are cheaper ,while some parts of awoyaya are also very affordable, The price of lands in Epe are between 1m to 1.5m, excluding estate development, and documentation fees .
In Ibeju lekki, the average price of lands measuring a plot is between 5,000,000 to 8,000,000 ,some lands under pre-launch prices in ibeju lekki can go for N3,500,000 ,while the documentation and estate development fees are not included.
Buying land in awoyaya lekki, awoyaya is located after sangotedo ,awoyaya has a famous estate known as mayfair gardens estate, and other top estates, it is a very developed area with increase in prices of residents, and residential rents per year.
The average price for a plot of land in awoyaya is N10,000,000 to 25,000,000 with its close proximity to sangotedo ,shoprite ,chrisland schools and lagos business school, awoyaya is an attractive area to invest in lagos island.
Cheap Locations to buy land in lagos mainland :
Lagos mainland is so occupied,and has little vacant land space, most of the lands are already with one structures or another, as an investor these are areas in lagos mainland with cheap lands, ayobo, iyana ipaja, badagry, ikotun,igando, and isheri ,Alapere ketu , these places have lands or demolishable structures for sale ranging from 5,000,000 to N15,000,000 .
Ikorodu is the cheapest area in lagos mainland, prices of land in ikorodu ranages from 1,500,000 to 3,000,000. Also houses in ikorodu ranges from 7,000,000 to 15,000,000.
varying neighborhoods, each with its own unique characteristics and advantages. Consider factors such as proximity to business districts, schools, hospitals, transportation hubs, and amenities like shopping centers and recreational facilities. A well-chosen location can significantly impact the property’s value and rental potential.
Infrastructure and Development of the property
Assess the state of infrastructure and development in the area you intend to invest in. Lagos has rate of collapse of structures. Check the buildings with a developer or engineer where necessary Additionally, inquire about future development plans, such as proposed road expansions or government initiatives that may affect the property,t he government has long term plans ,and can execute it, any moment, the status can be verified from ministry of lands if the land is gazetted.
Property Title and Documentation
Ensure that the property you plan to purchase has a valid title and all necessary documentation is in order.
How to verify title search, you can Engage the services of a real estate professional to conduct a thorough title search and verify the authenticity of the property documents. most property documents are defective or lacks authenticity from ministry of lands in ikeja.
Lands without good title is a red flag, good lands must show the records of ownership of the land .
Complying with this step helps protect against potential legal disputes and ensures a smooth transfer of ownership.
Security and Safety
Lagos, like any other major city, has its security concerns. Research the crime rates and safety records of the neighborhood you are considering. top areas with lots of risks are usually filled with area boys .Factor this in before buying.if the property is located in a gated estate or street, it is also good security strategy.
Investing in a secure location not only provides peace of mind but also adds value to the property.
Budget and Financing Options
Have a clear understanding of your budget and financing options before embarking on a property purchase. There are alot of finance companies ready to work haelp you in acquiring property in lagos.
Most estate companies also have payment plans options for their properties, you can pay up to 12 months or more. Consider the total cost, and potential renovation or maintenance expenses. there are properties in lagos that are serviced. find out their payments before buying.
Growth Potential and Market Trends
Assess the growth potential and market trends in the Lagos real estate sector. Research factors like population growth, economic prospects, and ongoing infrastructure projects. Understanding the market dynamics will help you make an informed decision and potentially maximize your return on investment in the long run.
Conclusion
Investing in property in Lagos, Nigeria, can be a lucrative venture, but it requires careful consideration of these various factors. Take the time to conduct thorough research and seek professional advice to ensure a successful and rewarding property purchase experience in Lagos, Nigeria
