Reasons Why You Should Invest In Real Estate Business in Nigeria

Real estate is a lucrative business that has a lot of potential in Nigeria. When real estate is mentioned, people will cast their mind to acquiring big houses, forgetting the fact that procurement of land also belongs to real estate business and that one can make millions of Naira from this business.

The business has its own challenges but the fact remains that it is an investment worth considering owing to the rate at which the properties and property values in Nigeria are increasing. The reasons why you should invest in Nigerian real estate properties are following-  

1. Nigeria's economy grew by 6.56% in the first quarter of 2013. And in a way it is appearing to be a real-estate investor's dream. Nigeria is at the heart of the urbanization and so there is a boom in the real estate sector. Land is a good asset that always appreciates and there is no fear of losing your money once you buy a property from a reliable source.
2. Investing in banks will yield you maximum 10% interest. However, the money invested in the real estate business in Nigeria will yield you more than 100% in a year.
3. Investing in other businesses like stock exchange brings low return on investment. With the economic meltdown that crippled the market few years ago, stock market cannot be labeled as a stable business to invest a large amount of money in. Besides, you cannot predict the future of stock market, as comparatively, which makes it an even more uncertain investment.  
4. In the near future, many international companies are going to invest in Nigeria and are presently in the process that is increasing the assets available for sale and purchase. A typical example is the China-Africa Lekki Investiment limited. Since there is no or very little risk involved as compared to other businesses, investing in real estate will be a viable option.

 
There are other reasons to support why investing in real estate business in Nigeria is a wise choice. But before you take the decision of investing in real estate, contact an authentic real estate company in Nigeria and consider the related factors that will lead you to purchase, rent or sell properties. 

Finding the Best Properties and Land for Sale in Lagos

Representing the most populous city in Africa, Lagos is a major metropolis and the economic and financial capital of Nigeria, although it was replaced with Abuja as the official capital in 1991. While most of the population lives in one of the many mainland districts, most people are probably settling in one of the major urban islands- Ikoyi Island, Victoria Island and Lagos Island.

Lagos Island is Lagos' business and administrative hub and is home to many markets, upscale shops and boutiques. Ikoyi Island is noted to have the most expensive real estate on the whole of the continent, where the average new apartment sells for around one million US dollars. Similarly, the Victorian Island is also one of the most exclusive living areas in Nigeria. This is where many of the first-class restaurants, western-style shopping malls and entertainment complexes are to be found, along with an array of nightclubs, hotels and bars, making it a very popular area with tourists and locals.

There is a tourism boost in the city of Lagos following development efforts and economic growth that promises many opportunities to investors. The result is a rapidly growing real estate sector offering not only houses apartments and commercial properties, but also land for sale in Lagos. These are being sold for half the current value with developed properties and in some cases, for one third of the current market price. Highbrow apartments and land are available on the Island while the Mainland boasts of places such as Surulere, Ikeja, Gbagada, Ilupeju, Festac, Satellite town and others. These places have single apartments, duplex and office spaces etc. available for sale, which have the accessibility to the main islands through a proper road network.

If you are willing to buy a property or land in Lagos, then you can check out the classified online advertisements and several other websites of real estate companies to find the preferential ones. The other way is to contact a single platform to find the best real estate options and to purchase the most in-demand properties in Lagos. This will provide details of real estate in Lagos like homes, office spaces, lands and other commercial properties.

How to Recognize Emerging Real Estate Market?

No one can deny the fact that real estate investors have made huge profits by investing in emerging markets. The most important factor attached with such deals is that most of the interested buyers fail to calculate a property's future prospects and do not invest in it. Whereas a few others go on putting in their money in the same house or land and later reap high benefits.

How do people calculate the worth of emerging real estate? Curious isn't it? Well, with the information below, we have tried to unveil some important factors to be kept in mind while evaluating a property.

The first one being nearness of market, employers near the area, the basic fundamental behind this is, people generally want to live at a place near their work place. Apparently, there is a direct connection between job markets and estate value. This is the reason property close to commercials hubs sees rapid development along with great deal of rise in prices.

Next important thing to be considered is proximity of existing schools, institutions, government offices or similar upcoming projects. In Nigeria, the state government has established free trade zones and is looking for investors. Such projects are likely to gain momentum in no time.

The probability of growth of construction and supply business in these is very high, which means that your property is sure to give you good returns. As the population creeps in these areas, there would be an increased need of schools, hospitals and other basic structures. There would be a need of supermarkets and commercial buildings too. This again will result in property's value increase.

The above mentioned guidelines may appear simple, but there are lot more factors to be kept in mind while making a real estate deal. If you make the right move, you are likely to be millions richer than your present state.

The wisest thing would be to remain at ease, don't be too hasty or too slow while making such decisions and once you are sure, go for it.

Emerging real estates in Nigeria is one of the best business ventures, which any one can consider while looking for money making plans.

How to invest Safely in Nigerian Real Estate?

Investors have significantly resorted to real estate business in Nigeria, just because of the better financial security it carries along in comparison to stock market and shares. Real estate investment in Nigeria has become the latest money making trend and must be considered at least once.

The country has a number of business alternatives but people are inclining towards investment in property because it fetches high returns in less time. Considering other West African countries, Nigeria has a better growth perspective for business ventures and property investments. The major reason behind this conducive environment is population relocation probably. People are adopting urban life; hence there is always a shortage of accommodation in almost every town in Nigeria.

You must have also observed that the property rate almost doubles here atleast every three years depending upon the situation of your property. The rate of appreciation is quite high in developing areas, for instance Ibeju Lekki, Igbesa and Mowe.

Done with the advantages of investing in real estate in Nigeria, we would now discuss secure ways to make investments. If you are looking for investing in ready-made villas, flats, buildings instead of virgin lands, rely on Real Estate Investment Trusts (REIT) or companies indexed on the stock exchange.

Below are some steps to avoid scams and make safe real estate investments:

1. Evaluate the correct value of property by doing extensive research on its location, use, neighborhood and physical state.
2. Make sure that it is in accordance to Environmental Impact Assessment (EIA) guidelines.
3. Do not forget to consult real estate professional advisors. They can be better assessors in case you are not a professional.
4. All the documents including ownership, interests, titles, registration and documentation must be easily verifiable.

Investing in real estates in Nigeria of course brings huge profits, but there are certain pitfalls to take care of. Never go for a property with incomplete documentation and never ever get tempted by a building's looks, it might be faulty structurally. Similarly, do negotiate on whatever you are buying. If you can’t do it on your own, involve a professional in the process.

Factors to Consider While Buying Property in Nigeria

There are some important factors to keep in mind while investing in property in Nigeria. The first step is to understand what kind of a property you want to buy and then learn all that you can about who is selling it. You will need to look into the verification and documentation procedures required as well.

Any investor will want only the best value for his/her money. It is important to consider the future growth and development in the area where the property under consideration is located. You should aim for a property that shows potential of growth. You may look for a flat, an apartment, an independent house or a bungalow, just study the surrounding infrastructure before investing money.

When buying property in Nigeria, be very particular about finding out who is the owner of the property. Be cautious about the name appearing in the ownership papers. The seller of the property may not be the owner himself/herself. Find out if the person negotiating a deal is a relative or friend or someone else in relation to the property’s owner.

It is important to note that in Nigeria, the Land Use Act of 1978 is under force. This Act decrees that all land in Nigeria is State Land. Under this law the Governor of the State manages all land for the people. As a consequence, no land is privately owned. During a sale or purchase of real estate in Nigeria, on paper a ‘seller’ transfers the rights to a ‘buyer’.

So, keeping these aspects in mind understand the terms of ownership and identify the true owner accordingly. Find out if the owner has any liabilities vis-à-vis the property and if there is any litigation. For any entitlement or alteration, the Governor’s consent is required which comes as a statutory certificate. This certificate does not however entitle the ‘owner’ to sell or sub-let a property. Any such move will have to be sanctioned by the State Governor.

Once you have satisfied yourself on all these aspects you can make the payment to the owner and collect the purchase receipt. Remember to acquire the contract of sales, building plan and other original relevant documents. And last but not least do register the documentation of your purchase with the state government.

You can find listings of excellent properties in Nigeria for sale with a reliable and experienced Nigerian property search engine. You will be well advised on the various laws and procedures involved in the selling, buying and renting of property in Nigeria. 

Property Websites Make Real-Estate Dealings Easier in Nigeria

The buying, selling or renting of a property in Nigeria is certainly easier with a Nigerian property website. A customer friendly website can provide you with all the relevant information pertaining to Nigerian laws. It becomes a single platform for agents, owners, tenants, buyers and sellers to share their own resources to strike deals.

The websites deal in all kinds of properties such as apartments, houses, offices, land and varied commercial spaces. A good Nigerian property website will be able to provide hi-tech slides showcasing high resolution pictures and virtual images of a property under consideration for sale or purchase.

You are also given an insight into the property and real estate market in Nigeria if you are interested in investing in real estate. Good websites offer you experienced consultancy services to help you make financially rewarding investments.

Sometimes it is not possible for buyers or sellers to travel physically to the location of each property that is listed. If you wish to buy some property in Nigeria but are actually living in Libya, you may first like to make a short list of the properties you find most appealing before scheduling a visit to Nigeria.

Virtual property tours and high quality images help you determine which properties you find most appealing so that less time is wasted in going physically to each and every listed house for a visual impression.

Apart from this advantage, a website also provides information in a concise, relevant and comparative manner so that decision making becomes easier. You get to save on unnecessary travelling time and expenses.

If it is property rentals you are looking at then Nigerian property websites are the best to refer to as they save a lot of hassle and unnecessary effort in going from one property to another. You can sit back, relax and choose a suitable property from those listed in the comfort of your home or office.

So, for updated and comprehensive information on real-estate, it is best to utilize the services of an experienced, reliable and trustworthy Nigerian property website to get the listings of the most in-demand properties in Nigeria.

Living on Rent in Lagos

The former capital of Nigeria, Lagos, is a metropolitan city which is a melting pot of global cultures and sensibilities. It is a city growing at a rapid pace, both in terms of its infrastructure and its population. Living here on rent can be an enriching experience if one gets used to the power cuts and traffic jams.

There is a lot of good in Lagos; plenty of talent and career opportunities. Lagos is a wonderful and beautiful city for making good friends and leading a carefree life amidst scenic beauty. The beaches entice people and the thriving nightlife keeps young and old alike completely enthralled.

The fantastic people of Lagos make it a wonderful city to live in, work in and thrive in. The Lagos people are really helpful and friendly. This makes all the difference for people who live on rent in the city. Finding apartments and houses to rent in a friendly neighbourhood makes life easier and more fun.

People from all over world work and live here so there is a lot of diversity in culture and clothes that is visible on the streets. Nigerian people are very fashionable and always remain on top of the trends. People who come from other countries, on the other hand, love to wear traditional Nigerian clothes.

Lagos and Abuja (the Nigerian capital) are witnessing a housing boom that has opened up many options for people looking for houses for rent in Lagos. However anyone seeking to have a hassle-free stay here must ensure that all the relevant paper work is completed as per Nigerian law.  

You can rent apartments of various sizes and shapes in Lagos. The property will have different rates depending upon the location of the apartment. You will be lucky to rent one that allows the soaking in of the natural scenic beauty. The scenery can be quite breath-taking and the culture really distinct in Lagos. Have a great time!

Finding a House for Rent in Lagos

Lagos is a port city and a great place to stay in Nigeria. Since it is the second fastest growing city in Africa, a large population is drawing to Lagos.

A huge number of people who move to Lagos are not able to afford a property in the city. But, there are beautiful houses and flats available on rent, which will take away your stay related worries in Lagos.

There are many beautiful islands in Lagos which contain attractive high class luxurious bungalows. The rate of this high class accommodation ranges from $4,000 to $100,000 an year. You can also enjoy the pleasure of high class hotels but you have to shell out a few more bucks as staying in a luxurious hotel will be more expensive in comparison to renting out a lovely house or flat.

If you are in search of luxurious house on rent; Victoria Island, Ajah Extension, Epe, Idumota, Victoria Garden City, Admiralty Way, Akin Adesola are some of the places where you will find beautiful houses for rent in Lagos.

Many people come to Lagos for business purpose and short trips. Instead of staying in hotels they prefer to take a house on rent and spent quality time there.

There are several areas in the mainland, which are preferred by people with budget restrictions. The accommodation will have minimal or no luxury, but will be pocket friendly.

Whether you are a bachelor or have a family to take care of; finding houses for rent in Lagos will not be a difficult thing. You can make the rental property search even easier by referring to an online real estate website. A number of online property finding sites provide information about rental properties & houses for sale in Lagos & other areas of Nigeria, which can be of great help in carrying on with the property search.

Buying Property in Nigeria

There is a housing boom in Nigeria, particularly in Lagos and Abuja. There is an influx of mobile phone companies into the country who are investing heavily. Nigeria’s natural gas is another attraction for global companies and now even Nigerians overseas who have created wealth elsewhere are buying property in the country.

The most important Nigerian law pertaining to the buying and selling of property is the Land Use Act of 1978. This led to the conversion of all land in Nigeria to State Land. What this means in lay man terms is that in Nigeria, the Governor of the State has the responsibility to manage all land on behalf of the country’s people.

This means no land is owned privately. For any kind of entitlement, use, occupation, improvement or alteration, you need the Governor’s consent in the form of a statutory certificate. With this certificate you cannot however sub-let, sell or give away a property. Any such plans will have to be further consented to by the State Governor.

The sale of real estate in Nigeria does not actually involve any selling and buying. What happens on paper is a transfer of rights from a ‘seller’ to a ‘buyer’. This process is referred to as an assignment; so effectively, a seller ‘assigns’ property rights to the person who purchases it from him.

If a foreigner wishes to purchase real estate in Nigeria he/she can do so by obtaining a lease from the State for a period of 99 years. Nigeria permits companies and non-residents to buy land rights for the purpose of any activity that is declared beforehand to the government.

Buyers also have to cater to the Consent Fee which is to be paid for the consent of the Governor. As the government is the ultimate owner of land, any ‘assignment’ including lease, must have its consent. Before any purchase ensure that the seller has obtained the consent of the Governor for the sale.

For buying property in Nigeria it is best to go through a reliable, trustworthy, experienced and customer friendly Nigerian property website that can provide all relevant information and be a single platform for buyers, sellers, tenants, owners and agents to interact on. This way comprehensive and updated information can be on your finger tips about the most in-demand properties in Nigeria.