Nigeria housing information for business people.

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

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.

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.

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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

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