Nigeria Housing properties. Where to rent or what to buy?

Demand for Nigeria Housing is very high and it can be a source of very high returns on investment. Ownership of Land is controlled by the State Governments since the Land Use Act of 1978.

Private housing or Nigeria real estate is very vibrant with returns on rent and price appreciation as high as 30% a year.

Take a tour of some featured properties.

Although reform is underway by the present administration to remove the need for the Governor's consent, at present make sure before buying, the Governor's consent is obtained. Get a lawyer to advise you on the transfer of rights to occupy a property and obtaining your Certificate of Occupancy or C of O.

In Nigeria you buy the rights to a property not the property or land itself. Instruct your lawyer to check the title and other documents presented by the seller.

Most people desire to buy land to build on and Nigeria real estate developers often build gated residential communities serviced with roads, water, electricity and security. Click here for an example of such estates.

In Lagos, the business community tend to rent or buy in prime areas like the Lekki peninsular, Ikoyi or Victoria island. These places are famous for their exclusivity along with Ikeja GRAwhich is very nice as well.

In Abuja the capital, real estate is at a premium but can be worth the investment, especially if you look at developing districts within Phase II and Phase III of the Abuja master plan.

You should estimate the cost of building an average house in Nigeria to be at least ₦20m.

To qualify for a mortgage, register with the National Housing Fund if you have a current account with a Nigerian bank that has been active for at least six months.

Read about steps to take when buying a house in Nigeria.

Be prepared to pay between 10%-30% deposit and a high rate of interest. If renting, you maybe asked to pay for up to 3 years of rent in advance. It's common practice for Landlords to demand multiple years of rent in advance.

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