Real estate market Lagos Nigeria - The Nigeria real estate market provides unique opportunities to make money if you invest right.
Before you invest in Lagos real estate, you need to weigh your investment options carefully. It starts with the plans you have.
Your financial capability will determine what category you can play in. But even if you have the financial muscle to invest in the different categories
mentioned above, you still have to weigh the extent of investment you want to make.
One thing you know for sure is that money doesn't come easy. And financial capabilities differ. So, how much are you willing to invest in the Nigeria real
estate market? Once you determine that, the next question will be . . . where should you invest it to maximize your return?
Here's a straightforward example to illustrate what I mean.
As at the time of this writing, a plot of land measuring 1000 square metres cost about 130 million Naira (about $870,000 USD) in Lekki phase 1 Lagos
Nigeria. The same plot of land in Banana Island Ikoyi cost about 200 million Naira (about $1.3 million USD). Again the same plot of land cost 1.2 million Naira (about $8,000 USD) in the Mowe Ofada axis of Ogun state Nigeria.
Now, suppose you want to invest in Nigeria real estate, where should you invest? Lekki phase 1? Banana Island Ikoyi? or Mowe Ofada Ogun state?
Clearly, it depends on the financial resource at your disposal. Here's what some real estate developers in Lagos Nigeria have done.
They sourced for large expanse of land in the Mowe Ofada axis of Ogun state and bought the land enmass. Some of these real estate agents bought as much as one million square metres at giveaway price from the land owners who were badly in need of money. Then they went to the state government to complete the legal documentation and get a certificate of occupancy (c of o).
The next step?
They then fenced the entire land, called it an estate and gave it a brand name to establish brand identity. Then they started selling to Lagosians
who badly needed a home they could call their own.
I took a tour of an estate in the Mowe Ofada area of Ogun state in company of a real estate developer one bright Saturday morning. That particular day,
over 20 people showed up to inspect the land.
All of those people who came for the land tour were from Lagos. And the company holds that tour every Saturday with good attendance by Lagosians anxious to be property owners.
That is the reality of the Lagos Nigeria housing market.
Many Nigerians resident in Lagos Nigeria want a home of their own.
However, many do not have the financial capability to buy expensive land or property in Lagos. Real estate developers realize this, so they have provided these Nigerians a cheaper option in Ogun state . . . a neighbouring state to
Lagos. And Lagosians are trooping there to buy.
Study the market and invest where you will get the most value.
Warning: Property prices change over time. So prices mentioned in this article may have changed substantially from reality. Please do your own price research.