4 Things to Know Before Buying Houses for Sale in Lagos, Nigeria

In the city Lagos, Nigeria, there is currently a tourism boom about to be unleashed, resulting from the development efforts and economic growth that promises many opportunities to investors. The effect of it is a rapidly expanding real estate property sector, offering unlimited opportunities to reap bountiful harvests from.

Property for sale in Lagos is a thing you must think about, even though you can find land for sale or houses for rent also, but don’t let them pass by, grab the opportunity once you see it.

For instance, according to apartments for rent in Lagos website, 5 years ago undeveloped land in the Lekki axis of Lagos, Nigeria and Ikoyi areas sold for more than half its economic value, with developed properties selling for more than 1 / 3 of the current selling price.

That is an indicator that real estate business is flourishing in Lagos compared to the trading stocks boom of 2004 – 2008. Real estate business and properties in Lagos is surely an investor’s haven. Rent a house in Lagos is another boom that you can invest your money while renting out 2 bedroom flat if you already have the flats for rent in Lagos.

However, this brings us to some of the problems you can encounter, as a result of people preferences and choices when searching for houses for sale in Lekki, Lagos. Without doubt, several complaints are associated with buying and selling of houses in Lagos, Nigeria and it is good I mention some of issues before listing out places to find houses to sell or buy in Lagos, Nigeria.

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One of the leading problems would be the omooniles (descendants in the land owners or original occupants of various communities in Lagos, Nigeria). These are typically idle and Lazy people who would like to lay claim that they must be paid when major development are taking place on Lands they’ve already sold to another buyer.

They go about extorting money and collecting illegal fees from buyers who would like to buy or sell houses for sale in Lagos, Nigeria, including land for sale.

These omooniles make life difficult for homeowners or people wanting to build their own houses. Be cautious and keep an eye out for them whenever you may buy a house in Lagos, Nigeria. Your very best protection against omooniles is to buy from reputable real estate companies or acquire land completely from government entities and build as soon as possible.

Another problem you could face would be the real estate fraudsters, who could go as far as faking information of some the reputable real-estate companies in order to deceive those trying to acquire property in Lagos and also other real estate investors.

Most of the fraudsters make offers which can be too good to be true or unrealistically attractive in order to have your money. Always insist on patronizing reputable property agencies and companies and make sure you visit their offices to verify their authenticity.

In ’09, and onwards, there are many places to start researching for houses for sale in Lagos, Nigeria. Below is a summary of places to locate houses for sale in Lagos, Nigeria.

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1. Online Classified Adverts

Classified online adverts including those found on nairalist.com, nairaland.com and several websites of real estate companies can be a major channel to find houses along with other property easily obtainable in Lagos Nigeria.

2. Newspapers and magazine publications

Many newspapers run dedicated editions for advertising or informing people about the opportunity to buy and sell houses in Lagos, Nigeria. Essentially, the most recognized one of these is the Guardian Newspaper which runs a Monday Edition dedicated to the real estate sector.

Another popular publication to find houses for sale in Lagos Nigeria is castles magazine. Another highlight is Properties and Homes magazine and others. The down side is that the fact these publications could only be obtained in Nigeria as they don’t distribute globally, hence people living abroad may not find this choice convenient.

3. Recognized real estate companies and Agencies

There are many of real estate companies in Nigeria, just a few well-known ones include Jide Taiwo and co, Ubosi Eleh and Co, Diya Fatimilehin and co, UAC Properties Limited and Unions Homes and among others.

The down side is these publications are only able to be bought in Nigeria as they don’t circulate globally hence people living abroad might not find this approach convenient.

Contacting these companies when you’re searching for houses for sale is an additional way to do it. This option covers you, although not completely from those criminals called omooniles.

4. Inquiries on on-going projects.

You might like to make inquiries about on-going projects such as the construction of housing estates and also other similar projects directly with the contractors who could refer you to the real estate agency or company handling the work. The contractors could be the master to meet up with and negotiate an offer if at all possible, you could buy Lagos homes.

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However, don’t assume all housing projects have options for selling houses as a number of them may be tenement projects in which some cases the owners are simply considering renting them out.

So what is the catch?

Keep in mind that not all adverts or information made available on channels open for houses for sale in Lagos are credible and reliable, you are advised to still carry out some investigation in the claims because some real estate fraudsters take the prowl planning to defraud innocent buyers of houses in Lagos Nigeria.

Also, the simple way of locating houses for sale in Lagos Nigeria is through word of mouth from people within your online community, like social network websites, even though this is hardly as reliable as the other previous options given above.

One Response

  1. Samuel musa December 12, 2016

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