TOP 5 REASONS TO BUY LAND IN LAGOS.
Figuring out when to buy land in Lagos is not an easy choice. Buying land costs a lot of money, but the value of the land goes up over time. Nigeria’s economy is in a bad spot right now, so investing in real estate might not be the best idea. But buying real estate is still one of the safest ways to invest for the long term in Nigeria. If you haven’t already thought about buying land in Lagos, here are the top five reasons why you should.
- You’re Nigerian. “Everyone is a Lagosian” is a phrase you may have heard”. In Lagos, anyone can buy property, and if you’re Nigerian, that’s even better. Even if you don’t live in Lagos, Lagos is the best place to do business. The UN predicted that Lagos would grow by 6-8% per year in 2015, making it the 11th Mega City in the world. Also, the Nigeria Immigration Service (NIS) says that more foreigners come into the country than leave it in the last five years. A more detailed report said that every hour, 86 people move to Lagos. It’s easy to see why so many people are moving to Lagos: it’s a good place to do business. If you own land in Lagos, its value goes up twice as fast as in any other state in Nigeria. Areas like Ikoyi, Ibeju-lekki, and the areas around them see even more value growth.
- Your savings account has money in it. “How many millionaires do you know who got rich by putting money into savings accounts?” That’s all I have to say.” – Robert G. Allen. Buying land is a huge investment of money, but it pays off in a big way in the long run. It might seem smart to wait until you have enough money saved up, but the truth is that the price of land always goes up in the long run. So, while you wait, land prices go up, and you’d also have to think about inflation rates. You can get your own land by using what you already have. You don’t always have to start with the most expensive lands. Start with growing areas on the edges, like the Ibeju-Lekki area. This area has a lot of room to grow. If you want to make money quickly, here’s your chance.
- You Have Investment Plan. Putting money into investments is the fastest way to get rich. But every type of investment has different levels of risk. In Nigeria, investing in real estate is the safest way to put your money to work. The best part is that anyone can buy property. You don’t have to know a lot about land to buy it. You should care most about where the land for sale is. When you buy land, you build equity in valuable assets that you can sell for cash, put up as collateral, or use to pay for other projects. Once you’ve found good land for sale with legal papers, it’s time to move!
- You need a plan for your old age. As you age, you will need a steady flow of money. Being a landlord in Lagos gives you this important way to make money. Lagos is one of the most expensive places in West Africa to buy a home. Due to the high demand for houses and land, rents tend to go up and down a lot. Most powerful families who own property in places like V.I, Ikeja, Ikoyi, etc., are currently getting money from their properties. Even better, it is a wonderful way to teach your children something. Let’s just say that if you haven’t planned or saved up enough money for your retirement, you should think about buying real estate.
- You have one or two high-end cars. Nigeria buys more cars than any other country in Africa, and most of them come from Lagos. I once saw a meme on social media that said, “If you live in Lagos, you’d think a Range Rover costs N250, 000.” If you can afford a luxury car, you can also afford to buy land, which you should do. By the end of the first year, a brand-new car’s value has dropped by up to 40%, and by the time it’s three years old, that number has risen to about 60%. Of course, these numbers change depending on the brand, the number of miles driven, and other things. Let’s say this is like buying a piece of land in Ibeju-Lekki. (I keep bringing up this area because of how quickly its prices are going up). Three years ago, a C of O for an average 600 square meters was sold for $2.8 million. Last year, this price went up to N3.5m, and today, the least you could get is N5m.