Home
Forums
Blog
Life in Nigeria
Gallery of Lagos
Lagos Hotels
Cheap flights
Nigeria Housing
Nigeria Culture
The Currency
Home mortgages
Money Transfers
Oil companies
Internet Providers
Health Care
The Economy
Trade
Nigeria TV
Nigeria Visa
Car Rental
Cell Phone
Nigeria Time
Nigerian Banks
current news sites
Newspapers
Victoria Island
Contact
Glo Mobile
Map of Nigeria
About me
Nigerian Scams
Lagos Lawyers
Weather
Airfares
Nigeria Facts

XML RSS
Add to My Yahoo!
Add to My MSN
Add to Google
 

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

nigeria housing development The Nigeria Housing market is very vibrant. Ownership of Land is controlled by the State Governments. No private ownership of land exists since 1978.

Before selling/sub letting/giving/ or improving a piece of land, you need the consent of the State Governor. So make sure before buying, the governor's consent has been obtained for the sale.

A very popular book on UK property investment

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. See the Land Use Act of 1978.

Most people buy land to build on because there are service schemes with roads, water, electricity and security that sell land or properties to future home owners.

In Lagos, business people tend to rent or buy in areas like the Lekki peninsular, Ikoyi or Victoria island. These places are famous for their exclusivity. Although Ikeja GRA is nice as well. In Abuja the capital, real estate is at a premium but can be worth the investment.

Advert -> UK property investment after the credit crunch.

You should estimate the cost of building an average house in Nigeria to be at least ₦10m.

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.

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


What's the most important issue to consider when buying property in Nigeria?

Buying government property is usually safer than from private ownership. The issue I find most important is that of avoiding " omo onile", who are basically thugs that claim inheritance to the land you bought. You'll need to pay them off to avoid their trouble. What about you? What have you found to be the most important issue to consider before buying property?

Enter a heading. E.g Avoiding omo onile

.Add your comments. [ ? ]

Upload A Picture (optional) [ ? ]

Add Picture Caption (optional) 

Author Information (optional)

To receive credit as the author, enter your information below.

Your Name

(first or full name)

Your Location

(ex. City, State, Country)

Submit Your Contribution

Check box to agree to these submission guidelines.


(You can preview and edit on the next page)

What Other Visitors Have Said

Click below to see contributions from other visitors to this page...

Purchase of vacant land  Not rated yet
i need a land for one of my client at lekki ,ajah and its environs

Springmortgage  Not rated yet
Learn about the types of Mortgage accounts and services available in Nigeria. More details at:

SpringMortgage Accounts

House prices and rent in Ikoyi, Lekki ,Magodo and VI  Not rated yet
Ikoyi, Victoria Island,Government Reservation Area in Ikeja, Lekki-Ajah and Magodo are the most expensive residential areas in Lagos State, an investigation ...

Buy to let in Lagos outside the Island for quicker ROI.   Not rated yet
I won't advice building a house on the Island unless you intend to live there or even any where else, if investment is your main priority. The cost can ...

Rent in Abuja is very expensive  Not rated yet
Areas in Abuja like the Central and Garki district are very expensive rent wise. If you can afford to buy a house in these places your ROI can be very ...

return from nigeria housing.