BEST 12 LOCATIONS TO PURCHASE CHEAP LANDS IN LAGOS, NIGERIA
Acquiring land is a necessary component of tremendous riches. Amazingly, 5% of Nigerians purchase new land every year. If you’re wondering what to expect, it’s reasonable to assume that 5% of Nigerians purchase more than one parcel of land annually based on the data. To put it another way, there is a lot of land for sale. The obvious query is:
How and where can you get a nice and reasonably priced piece of land in Lagos?
Unfortunately, there isn’t a precise response to this. But this step-by-step manual can be very helpful to you. So let’s get started. First to begin with, Lagos State is without a doubt Nigeria’s main activity centre. It is safe to argue that Lagos serves as Nigeria’s unofficial international business hub. It is the trendiest business centre as a result. Consequently, it draws visitors from all across the country.
According to statistics, there are approximately 20 million people living and working in Lagos, a state in Nigeria. Purchase of land in Lagos due to the constant influx of people seeking access to the legendary “land of milk and honey” has caused residential sites to be constantly in great demand. The good news is that no matter where you reside, investing in Lagos real estate is a certain way to gain access to the city that flows with milk and honey. And the way to do that is to buy either land or property.
If you’re trying to decide between the two, choose option B, having in mind that both of them have different end-points in a meaningful way. Your preferable choice completely depends on the objective you have in mind. For instance, if you want a quick return on your investment, consider renting or leasing and the best course of action is to purchase real estate. If the situation is the opposite, that is, you are pursuing a long-term objective, then you can consider purchasing land in an undeveloped areas. For your investment, that will be the best course of action.
WHAT SHOULD A PROSPECTIVE LAND PURCHASER IN LAGOS KNOW?
Before purchasing land in Lagos, there are a few factors to keep in mind. Here are a few that I came up with:
- Purchasing an undeveloped land to begin construction involves a lot of hard lifting.
- Purchasing the home before it is fully constructed will be less expensive to do so than to wait until it is completed.
- Purchasing land in an estate that is still being developed saves money and increases your real estate investment in line with the pace of local growth, as you adhere to their suggestions. The fact that these real estate recommendations are mostly for long-term investments increases the possibility that your investment will generate excellent returns. Of course, it also depends on what you decide to buy and your investment decision whether you’re purchasing land for residential or commercial uses.
If you’re trying to decide between buying a house that has already been built and buying undeveloped land to build on. Here’s what I think about it: In this instance, it is preferable to purchase land and custom-build a residence just to make sure that your dream home is constructed according to code and with high-quality materials. When it comes to building homes, you can build your home to your preferences in places like Badagry, Ikeja, Ibeju-Lekki, Epe, and Ikorodu. If you choose, you might say: pertaining to existing built-up areas like Ikoyi, Lekki, or Victoria Island. It would be preferable to purchase a home that has already been constructed and is the style you want. Just a fact to be aware of to comprehend that I think it’s good and smart to purchase land close to colleges or universities. Because there will always be a flood of people in these places. Thus, whichever of the two you choose, it is a terrific investment for residential or commercial use.
When purchasing land in Lagos, do your homework to determine whether the land is family land or not and whether the vendor actually owns it in order to prevent being a victim of a fraudulent land purchase receipt. You might also hire a real estate expert or a property lawyer to take care of the land verification on your behalf. You must take the following factors into account.
- Location. This has the ultimate significance. Consider it in this way. Suppose you’ve made the decision to begin your investment adventure and you’ve established your budget. What comes next? To identify land that you could purchase for the price you had specified.
- Comprehension of land title documents. You could be better able to assess the legitimacy of the property you want to buy if you have a thorough understanding of land title paperwork. This is to prevent trouble.
- Object of use. Abuse is inevitable when there is no purpose. This implies that if you do not clearly define your objectives when purchasing a home, you’ll be persuaded to make a purchase without doing your homework. What should you be on the lookout for before purchasing land? Purchase land where the value is high. The government is favouring these areas with projects and basic infrastructure like network roads and commercial sites. It’s no news that Ibeju-Lekki and Epe is a central pieces land investing for investors in the eyes of the government. Another noteworthy point is that additionally, keep an eye out for regions where businesses are moving in. Your investment may benefit greatly from that approach. Investing in landed property will only result in a significant return on investment because land is an asset that increases in value. In other words, if you spent 600,000 Naira to buy the land, it would cost at least eight times as much to keep it in five years. With these ROI rates, you won’t need to worry about running out of money when you retire. Avoid attempting to purchase pricey land unless you are certain that you will receive a fair return on your investment. It’s a good idea to confirm whether a piece of land is located in a promising development region before purchasing it. This is to stop you from spending money on things that won’t meet your needs and in the long run, you need to be sure to ask the right questions and get precise information on the best land that can accommodate the objective you have in mind. The actual reality is if you don’t want to be conned out of your land, always schedule a visual examination to ensure that you receive exactly what you purchased. To avoid getting duped out of your money by being sold land that doesn’t exist or that isn’t on the market, to put it another way or in a location of your choice. If possible, conduct an on-site inspection with a lawyer and surveyor to ensure the procedure appears more efficient and professional. The optimum time to do a site inspection is while it is raining. As a result, you will be better able to determine the land’s greatest and worst uses. You can determine whether a location is muddy, prone to erosion, or has a poor road connection during the wet season. And each of these will affect your property in some way. Choose the right employees you’ll be purchasing because it’s an island. Not a horrible concept at all. It would be easier for you to know exactly what you will be investing in if you work with a surveyor to measure and map the area. The land’s suitability for construction or any other use you might have in mind will also be determined by the surveyor.
- Perform due diligence on the property vendor. There have been countless instances where individuals have purchased land from a specific person only to learn afterwards that they had been duped by a fake. This implies a fraudster obtains a false property document claiming ownership of land in a certain location. To prevent this first, make an effort to perform due diligence on the vendor to determine whether the property actually belongs to him or her. Because doing so will assist you and keep you from getting wounded and losing money. To keep things in order, you might have your attorney even prepare legally enforceable paperwork.
- Documents need to be double verified. Survey plans, power of attorney (if the sales are from a third party, not necessarily the landowner), and deeds of assignment are examples of such documents. You and your attorney must thoroughly cross-check all of these documents. Because doing so will ensure that you receive the proper documentation and are free to assert your ownership whenever you like. An additional intriguing fact is that you can use this to determine whether the land is genuinely for sale as well.
Now that you are aware of the fundamental steps involved in purchasing land in Lagos, Nigeria the subsequent step is you still to know the ideal locations in Lagos State to purchase land. The truth is in three to five years, the development of these places will be enormous. The top 12 areas in Lagos, Nigeria, to invest in or purchase land include:
- Sangotedo
- Epe
- Eti-Osa
- Agbowa
- Akute
- Amukoko
- Ibafo
- Badagry
- Ikorodu
- Ojo-Alaba
- Apapa
- Ibeju-Lekki
This area is a real find because it is currently the site of 40% of government development projects. Another thing to note is that it has a significant annual appreciation because of the estimated population growth of 15%.
CONCLUSION
You should now be able to decide where in Lagos State to put your money in land acquisitions.
CONTRIBUTORS:
- ISOCHUKWU MICHAEL
- AYENI OMONIKE
