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Types of Property you can Buy In Nigeria

There are broadly two types of property you may buy, according to the Land Use Act. You may buy land from a community (omo onile) or in an urban area. I will describe both categories. a. Omo onile or community land: According to the Land Use Act, some land rightfully belongs to communities. You can legitimately buy from them. But please note the following: – Ask whether the land you are interested in has been excised by the government and ratified in an official Gazette. Ask for a copy of the Gazette (it’s a document) and for the survey plan of […]

Nigeria’s property market on growth path

A large housing deficit and an increasing demand for residences in Nigeria have set the Nigerian real estate sector on course for a period of sustained growth. According to a report by Lagos-based  investment advisory and project development firm, CBO Capital earlier this year, the sector was valued at $39bn and growing at 10 percent a year. Even though local and foreign developers have carried out a large number of projects in recent years, in most segments demand has outpaced delivery. In Lagos, the country’s largest urban area and one of the fastest-growing cities in the world, around 70 percent of […]

Nigeria becomes second-largest shareholder in Shelter Afrique after $9.4m investment

The Federal Government has committed $9.4 million to pan African housing development financier, Shelter Afrique (SHAF), which is owned by 44 African governments, African Development Bank (AFDB) and Africa Re. The contribution moves Nigeria to the second largest in the organisation with 14.77 percent of the shareholding, behind Kenya with 14.87 percent and ahead of the AFDB at 14.28 per cent. SHAF is currently considering a $3 million equity participation in the newly created Nigeria Mortgage Guarantee Company (NMGC) having already been instrumental to the creation of the Nigeria Mortgage Refinance Company (NMRC). Advertisement Advertisement Nigeria will also benefit from […]

Nigeria’s housing market stabilizing, amidst improving economic conditions

After three years of house price falls, Nigeria’s property market is now stabilizing, mainly driven by improving economic conditions. House prices were almost unchanged, amidst steady demand. “The residential real estate market in 2018 was without significant changes in prices compared to the previous year,” said Nigeria-based online real estate firm, However, this masks local house price movements. Ikoyi, the most affluent neighborhood of Lagos, registered the highest y-o-y house price growth of 20% in May 2019, followed by Ibeju Lekki, with annual price increase of 12%, based on figures from the Nigeria Property Centre. House prices in Lekki, Ajah, Gbagada, Surulere, and Yaba were largely steady. On the […]

Tips To Getting A Mortgage loan Approval in Nigeria.

As the cost of acquiring houses in Nigeria continue increase( especially in Lagos and Abuja) most young Nigerians from the age of 25 to 35 are finding it difficult to become a home owner with the current economy situation of the country. But thanks to Mortgage loan, one can now become a landlord with ease – you only need to make installment payment which you can spread for years. However getting a mortgage loan in Nigeria can be quite difficult if you don’t know how to go about it! For this reason, In this article, I will be sharing some […]

Lagos State Government Make 9 Changes In LAND USE CHARGE RATES

In response to the continuous pressure on Lagos state government from Lagosians regarding the exorbitant rates for land use charge, Lagos Government has reviewed and made 9 changes to the Land Use Charge (LUC) Law by reversing the rates to pre-2018, thereby undertaking reforms to reduce financial pressure on citizens and accommodating the agitations of Lagosians in respect of the exorbitant rates. The government also took a step further to waive penalties for 2017, 2018, and 2019 which could lead to a loss of over NGN5.7 billion in the state’s revenue. The LUC reform is another way LASG wants to […]

Top 3 States to invest in Real estate in Nigeria 2020

Nigeria comprises of 37 states including FCT. And it is important to note that these states are different in so many ways, and could be regarded as best based on economy value, standard of living and varying level of industrialization. For these reasons, if you want to be a successful real estate investor, you need to know which of these state is best for to invest. Because… No matter the type of real estate investment you want to venture into in Nigeria, there is one important factor you must put into consideration for successful investment and that factor is Location. Lagos state […]

Real estate firm repositions for maintenance service delivery

For economic value, durability, safety, and cost-saving for clients, Shadop International, a real estate company, has repositioned to provide a 360 property maintenance, repairs, renovation, and service both the assets and occupants. According to the Group Managing Director, Dr. Damilola Adefemi, this is an all-round package for our clients especially those abroad who have been calling us for the sake of integrity to manage their property. Again, haven discovered that maintenance culture is one of the challenges facing most sectors in the Nigerian business environment, we are repositioned to take that responsibility for our clients so that they enjoy value […]

Housing pros seek review of multiple taxation in real estate sector

To improve the industry, housing professionals have implored federal and state governments to review multiple taxation imposed in the real estate sector, especially on first time homeowners. They spoke at a Webinar titled, “Understanding Nigerian real estate taxes and statutory charges”, organised by Fine and Country, Nigeria-a global real estate services provider in Lagos. Leading the appeal, the Chief Executive Officer, Fine and Country West Africa, Udo Okonjo said the significance of the tax burdens can’t be over emphasised in the light of the attended ambiguities and controversies that have been associated with the subject matter and the importance of […]

7 REASONS WHY YOU SHOULD INVEST IN LAGOS REAL ESTATE MARKET

Lagos which means Lakes is one of the 36 states in Nigeria. Though with the smallest landmass of 1,171.28 km.sq, Lagos is the most populous city in Nigeria with a population estimate of 22million. Popularly known as Eko city, Lagos remained the commercial capital of Nigeria after the Administrative capital was moved to Abuja in 1991. Why invest in Lagos Real estate… Ever Growing Population Population no doubt is a major growth driver for the real estate sector, Lagos is the smallest but most populous state in Nigeria. Lagos has grown from just 1.4million inhabitants in 1970 to approximately 22million […]