Real estate investment in Nigeria is an ever-increasing –value investment that must not be slept on. Many investors find it difficult to invest in real estate because of the fear of failure, they are being skeptical of investing due to the fear of being duped or scammed by fake real estate agents or companies or notorious land grabbers. However, others believe that real estate investment in Nigeria requires millions of Naira to start. This is not totally true because one of the ways to hacking real estate investment is by investing in developing places that have huge potential to increase returns on investment. For instance, Ibeju-Lekki, an upcoming area of Lagos is going to inhabit a billion-dollar project which cut across Epe too. With this, Ibeju-Lekki has good investment prospects. It’s no gainsaying that the real estate industry in Nigeria is a very profitable industry that has attracted both local and foreign investors.
Important Factors To Consider When Investing In Real Estate In Nigeria
Real Estate Acquisition
This starts with carrying out due diligence to discover issues related to the property. The service of a real estate lawyer is usually required in this case for proper guidance. After this has been done, the transaction of property transfer has to be duly signed by both parties.
Real Estate Laws
Various laws regulate the Nigerian real estate industry. The principal law enacted to regulate real estate ownership in Nigeria is the Land Use Act 1978. Summarily, this act withholds that the Governor of the state is responsible for granting the right of ownership for corporate bodies and individuals to hold and use a particular land for a limited time. A certificate of Occupancy, also known as a C of O or Governor’s consent is evidence for such grants by the governor.
Also read: Everything you need to know about certificate of occupancy
Having noted all these, let us dive into the different appealing ways of real estate investing in Nigeria
Appealing Ways To Real Estate Investment In Nigeria
- Land Banking: Land banking is the process of acquiring large acres of land for future real estate development at today’s prices which are foreseen to be sold at a higher price in the future. This strategy is usually done by real estate companies that foster development. Depending on the goals the companies want to reach, they might resell at a higher price in the future or develop lands building houses.
- Invest in rental property: This is a major way of building cash flow income in real estate. You buy properties in desirable locations and rent them out for rental income. Usually areas with good commercial activities. This is one way of making money both monthly or yearly. Honestly, location plays a vital role if you’re looking up to this kind of real estate investment in Nigeria.
- House flipping investment: House flipping means fixing an old property to make it modern-day housing and putting it back on the market. This is also a profitable real estate investment strategy.
In conclusion
If you are looking up to real estate investment in Nigeria, it is pertinent that why you follow due process and also have a goal of the kind of real estate investment you desire. Are you looking forward to investing in real estate in Nigeria? Check out affordable properties with payment plans.