This is a story based on a businessman who failed to verify the land title on the property he bought.
SegunAbejuis a businessman who decided to invest in real estate. His decision was based on the need to securelong-term investment and a retirement plan. After talking to an oldfriend about his plans to buy a few plots of land, his friend claimed to know a family who was selling offparts of their large estate at a give-away price at Sangotedo.
Segunsaw this as an excellent opportunity to cash in and immediately bought into the idea. He was confident that his friend was handling the transaction. He went ahead to make the first deposit of N4,000,000 to his friend’s account.Later that week, his friendscheduled a site visitation to inspect the land.Segunnoticed the shabby signboard at the entrance, but his friend argued that since itwas a family property, they hadn’t bothered with maintenance. Segun didn’t mind, after all, the land reportedly had a C of O. He didn’t know much about verifying land titles. He didn’t want to bother himself with the stress.
Two weeksafter the site visitation, Segun didn’t hear anything from his friend. He tried calling him several times yet no response. It was one excuse after the other with this said friend. After a month of no headway, Segun decided to takematters into his hands. He went out to checkthe land for the second time, in an attempt to get in touch with the family that ownedthe land.
To his surprise, everything had been an act. There was no signboard and even the man who had posed to be the first son of the family was a paid actor.Itturned out the landbelonged to the government. For months Segunstruggled to get a hold of his friend but to no avail. He later found out had travelled out of the country.
Segun couldn’t believe he had been scammed. In his words, “God will punish all those people, it will never be well with them. I cannot believe my own so-called friend did this to me.”
As sad as it sounds, Segun is just one out of the many Nigerians that fall into the trap of fraudsters. When itcomes to acquiringproperty, verificationis a crucial process.It doesn’t just end at inspecting the property.Youneedto ensure the land you inspected is owned by the seller.
Recently, we hadanotherclient who had been previously cajoled into buying a propertyhethoughthad a C of O. It turned out the land document he had seenbelonged to anotherproperty, completely different from the propertyhe had inspected.
Benefits Of Verifying Land Documents:
It shows proof beyond doubt of the validity and ownership of the property.
Itacts as a form of insurance.
Italsogivesyou the freedom to do anything you want with the property; either construction or re-selling.
Don’t just go for a site inspection.Always ask for a copy of the land documents. Take these land documents to the The General Surveyor’s office at Alausa, Ikeja.
How to Confirm the Authenticity of a Property Title
Ask for a copy of a survey plan and get a Surveyor to ensure the site you’ve visited fall within the stipulated survey plan.
Ask for a copy of the land document. Check the authenticity of land documents at the Land Bureau at Alausa.
Use the coordinates to cross-check what the plot of the land has been set aside for at the Master Plan in the Ministry of Physical Planning. Avoid lands that have been set aside for agricultural purposes or allocated for government use. Stick to lands allocated for residential purposes.
Demand to see the layout plan and pick a suitable plot.
Find out if there’s an ongoing dispute or litigation over the land.Find out if the land was inherited or bought.
Make sure dates check out. Cross-check documents to ensure they aren’t fake.
Document every single part of the transactions involved in buying land in Nigeria. From the cost of land to the survey fees.Treat every land transaction as it should be, a business transaction.
It doesn’t matter is the personyou’re buying from or interfacing with is your uncle, aunty, boss, friend, pastor…make sure they provide all the documentationyouneed before proceeding to makepayments. Also, take the time to read the documentsyou’re given carefully.
Great! We’d loveto help Call us today to find out more about investing in real estate in Nigeria. You can call us right now to book a land inspection at 09081234564, 09095757575 or send us an email at email@example.com
Deciding when to buy land in Lagos is not the easiest decision to make.Buyinglandrequires a huge financial commitment which appreciates after a number of years. With the current economic downturn in Nigeria, investing in real estate isn’t the most practical option.
1. You’re Nigerian Ever heard the saying, “everyone is a Lagosian?” Anyone can ownacquireproperty in Lagos and if you’re Nigerian, evenbetter.Lagosis the friendliest state to do business even if you don’t live in Lagos. In 2015, the UN projectedLagos to have an annual growth rate of 6-8% per annum, making her the 11th Mega City in the World. There’s more, statistics from the Nigeria Immigration Service (NIS) indicated that the number of foreigners that come into the country is more than those that left the country within the last five years. A more detailed report stated that 86 people migrate to Lagos every hour. Of course, the explicable reason for this gross influx of peopleis the ease of doing business in Lagos.
How can these numberspay you? As a landowner in Lagos, your land appreciates in values twice as much than any other state in Nigeria. Areas like Ikoyi, Ibeju-lekki and its environs reap even higher value appreciation.
2. You Have Money in Your Savings Account
“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.“ – Robert G. Allen
While buyingland is a huge financial commitment, it pays enormously in the long run. It might seem a clever idea to hold on until you’ve saved enough but, the realityis the cost of land always tend to rise in the long run.So, while youwait, landgets more expensive plusyou’d have to factor in inflation rates.
What does this mean to you? You can start with what you have right now to get your own land. You don’t necessarily need to start with the extremely high-end lands. You begin with growing outskirts like the Ibeju-Lekki region. Thisregionhas high growth potential. If you’re looking for a rapid turnover, here’s your chance.
3. You Have Investment Plans Investingis the quickest way to buildwealth. However, every form of investmentinvolvesrisks at varyingdegrees. Fortunately, investing in real estate isthe safest investment option in Nigeria. The best part is, anyone can invest in real estate. You don’t have to be a land expert to buyland. Your main concern should be the location of the land for sale. Buyingland allows you to buildequity in invaluable assets, which can be sold for cash,used as collateral or used to fund other projects. Once you’ve found suitable land for sale with valid land documents, make the move!
4. You Need A Retirement Plan As you get older, you’d need a steady flow of income. Being a landlord in Lagos givesyou this much needed financial leverage. The cost of housing in Lagos is one of the most expensive in West Africa. Frequent spikes in rents are triggered by the high demand for houses and land.
Most influential families with properties in V.I, Ikeja, and Ikoyi, etc. currently benefit from the proceeds on their properties. Evenbetter, it serves as an incredible way of passing something on to your children.Let’s just say, unless you’ve mapped out or hoarded for yourselves the absolute retirement fund, you should consider venturing into property acquisition.
5. Youhave a luxury car or two Nigeria is the number one buyer of cars in Africa, with Lagos incubating majority of these cars.I once saw a social media meme that read, “If youlive in Lagos, you’d think a Range Rover is N 250, 000.” If you can afford a luxury car then, you can afford to buy landed property and you should.
Quick math: The depreciation value of an average brand-new car is up to 40% by the end of its firstyear and this number increases to about 60% by the time the caris three years old. Of course, these statisticsvary depending on the brand, mileage and other factors. Let’s compare this to buying a plot of land at Ibeju-Lekki.(I continually mention this region due to its high rate of value appreciation.)
Three years ago, an average600sqmeters with a C of O was sold at 2.8 million. Last year, this price went up to N3.5m and today, the lowest you’d getisN5m. See the difference?
Got Questions? Great! We’d loveto help Call us today to find out more about investing in real estate in Nigeria. You can call us right now to book a land inspection at 09081234564, 09095757575 or Send us an email at firstname.lastname@example.org
Someone once told me to forget about building wealth if I wasn’t willing to take the risk of investing in long-term ventures. They are typically two types of investments; long-term investments and short-term investments. Each option comes pros and cons. Typically, the economy you find yourself in determines the sort of business you should invest in.
Nigeria is an emerging, middle-income, mixed economy with rapidly expanding manufacturing, financial, service, communications, technology, entertainment and real-estate sectors. Although fairly stable, the Nigerian economy is immensely influenced by its political stability and transference of power. Each political tenor typically comes with new policies and in most cases, hinder the furtherance of the past tenor’s developments. In a country that works like this, investing in real estate is one of the safest investment options that hardly succumbs to the frequent political alterations.
Real estate is the quickest way to build wealth (not overnight) in a lifetime. It is largely a numbers game. Investing in real-estate is not reserved for the financially buoyant, it’s an open playing field that guarantees good financial returns and you can be a part of it.
Read what Pastor Paul Adeferasin, Head Pastor of the House On The Rock Church has to say about investing in real estate in Nigeria:
10 years ago, we bought House On The Rock, an area just under 10 acres for ₦25 million. This same area without the brick and mortar is currently valued at ₦3 billion. In other words, we’ve created an asset base with 10 years differential of ₦3 billion with just ₦25 million. With the fully finished and furnished building, the value spirals to at least ₦10 billion naira today. What about 50 years from now?
(Text has been revised and paraphrased)
How Can You Benefit From This?
The value of the property appreciates over time. There are various ways to invest in real estate, however, this article focuses on land acquisition. The simple rule of thumb is, buy low, sell/lease high, save profits and re-invest in acquiring more properties. This is how to exponentially grow your real-estate portfolio particularly if you’re just starting out.
Go For Land
Acquiring land gives you the opportunity to start on a small scale, with minimal maintenance. Land can lay fallow for years and still appreciate in value compared to a property that needs constant maintenance and a truckload of cash. However, with acquiring lands, you need to tap into the gift of foresight; see where the future is going and get there before the crowd does.
Today’s most lucrative estates where once seen as far-off and unreachable. For instance 10 years ago, the Lekki region was extensively swampy and seemed to have low prospects of growth. At this time, the lands were inexpensive and seemed unprofitable. 10 years down the line and a plot of land (if available) in this area is worth millions.
What Makes Nigeria Such A Fabulous Location?
Rapid Growth Rate
As reported by Worldometers, Nigeria’s current population is 197,363,050 based on the latest United Nations estimates. With a population density of 215 per Km2 (557 people per mi2.) 51.0 % of the population lives in urban areas (99,967,871 people in 2018)
The median age in Nigeria is 17.9 years. (An actively growing population) The total land area is 910,770 Km2 (351,650 sq. miles); an amount that’s relatively fixed.
With the above statistics, this is a good place to quote Mark Twain.
How to spot a great location for land acquisition?
The smartest decision with buying land is the location. Choosing the right location to buy land is EVERYTHING. In choosing where to buy land, consider the following the following factors:
The economic growth potential of the region
The level of immigration
Nature of land; is it prone to flooding?
The biggest mistakes investors make is buying overpriced land in an economically declining area and yet expecting a high ROI in a few years. While the value of land appreciates, there are areas that appreciate faster than others. Some might take 10 years, while others take 5 years.
Find out where the industries going. Consider the history of the area. Is the area prone to social, political or religious riots? Where are multinationals pining their tents?
Keep in mind: where companies go, young people go; where young people go, smaller businesses follow and then, the demand for housing needs shoot up.
Just because you have gotten the perfect location doesn’t mean you should pay the first amount they ask for. Always compare the price of the land with the neighbourhood. Strive to get the best deal possible, baba ask questions. Most importantly, ask for the land title.
LekkiVale Estate is located at the heart of Ibeju-Lekki. Ibeju-Lekki is generating all the buzz in the economic development sphere in Lagos state. This region is expected to be the prime commercial hub of West Africa by 2025.
LekkiVale Estate presents the perfect opportunity to invest in this booming region. Lekkivale Estate is 100% dry land with a Certificate of Occupancy. Call us today at 09081234564, 09095757575 for more information or Send us an email at email@example.com.
Real estate development revolves around prime locations. Almost every aspect of land for sale can be changed except where’s it’s located. Location determines the price of a property.
For instance, you can have identical buildings, one located at Egbeda and the other located at Banana Island. Both houses built using the same materials and design will command different prices. The house located at Banana Island would cost as much as four times more than the house located at Egbeda.
Factors to consider in determining the right location to buy property
As an investor, you should always consider the present and the future when making investment decisions. For instance, an area that appears to be of enormous financial value now, might not be the case in the next five years or ten years. Just like a disregarded area now might explode in five years. However, in both cases, there are several forecasting determinants like the following:
Would there be access to basic amenities on the land for sale?
The concept of sustainable development leans toward the availability of constant electricity, water supply, security, and well-paved roads. Look out for areas that have access to water, electricity supply and security. All these are the basis for economic growth without which, sustainable growth may be limited. Long-term real-estate developments are directly associated with and dependent on the availability of these variables.
The value of land for sale is correlated with the social class of people living within the area. Going back to our comparison of Egbeda and Banana Island: Egbeda is predominantly made up of low to middle-class income earners while Banana Island is inhabited by predominantly high-income earners. This social and economic disparity influences the price of both properties. In urban areas, town planning decisions largely depend on ‘who’s’ moving into or living in the area. As minimal as it sounds, it is extremely important to consider who your ‘neighbour’ is when buying land.
Is it close to major roads?
Access to the land via paved road is crucial. When it comes to buying land, convenience is everything. Areas located close to a major highway invariably attract sustainable development and thus high ROI on real-estate investments.
What is the official title on the land?
This is perhaps the most critical factor on this list. Even if a plot of land possesses all the above factors, if the land for sale doesn’t have a valid C of O or Governor’s consent, it’s best to avoid the land for sale. There are different land titles and each land title influences the price and ownership status of a property.
For instance, two plots of land located in the same region will command two different prices if they have different land titles. Suppose the first plot of land title is excision in process and the second plot has a C of O. The second plot would likely cost twice and in some cases three times the price of the first land. The reason is, a C of O land title guarantees ownership and secures real-estate investments.
Every once in a while, a fantastic opportunity for real estate investing like the Ibeju-Lekki area presents itself. Ibeju-Lekki has attracted massive industrial investments like the Dangote Refinery, The Deep Seaport, The New International Airport, The Fourth Mainland Bridge, etc. However, amidst all the buzz and rush to this region, there are severe cases of fraudulent land sales. If you’re not careful, you might lose your money by buying land you should avoid.
Firstly, most of the land available in this region do not have proper land titles. The Ibeju-Lekki area has been marked by the government as a growing urban zone and thus, most of the region legally belongs to the government. The common land title is the excision in progress title, which gives you a 50/50 chance of actually OWNING the land. While, A Certificate of Occupancy (C of O) protects you from all these uncertainties, and you’re assured of 100% ownership.
LekkiVale Estate offers you the BEST deal available in Ibeju-Lekki today, offering you the following:
LekkiVale Estate has a valid C of O
Flexible Payment Plans for up to 12 months.
Strategically located by the Lekki-Epe expressway, opposite the proposed New Airport.
LekkiVale Estate offers you FREE bespoke architectural plans worth up to N250,000 to choose from.
Ibeju-Lekki is the fastest growing commercial and residential hub located in the Epe Division of Lagos State, Nigeria. Ibeju-Lekki is undoubtedly one of the hottest locations to invest in Lagos. Here are our top 10 benefits for moving into Ibeju-Lekki:
1. Beautiful landscapes and Amazing beaches
Ibeju-Lekki is home to one of Nigeria’s most palm-fringed beaches. Its beaches, landscapes, and lagoons make this area a prime tourist spot. Most of the indigenous people make a living from fishing. It’s quite common to see children swimming in the ocean or the grown-up’s cozying to a bowl of special fish soup locally called ‘ Imooyo’.
Ibeju-Lekki offers the perfect escape from the rowdy, crowded parts of Lagos. To top it all, LekkiVale Estate strategically located in Ibeju-lekki offers you just the perfect home; allowing you to explore and experience a better work-life balance, access to great outdoor activities and cheaper living costs.
2. The convenience of Well Paved Roads
Most of Ibeju-Lekki is connected to Lekki and other areas of Lagos by the Lekki-Epe expressway. It’s easy to move around Ibeju-Lekki using public transportation or a private vehicle. LekkiVale Estate is located along the Lekki-Epe expressway allowing you easy access. It takes approximately 45 minutes to get to LekkiVale Estate from Lekki phase one.
3. Endless Entertainment Options (Even on Weekdays)
Ibeju-lekki is a growing town and has attracted a good number of hotels, resorts, and lounges. This budding town offers you a wide array of fun activities. You can visit the white-sandy Eleko beach or give your family a treat at Funtopia, Tickle Bay, Omu Resort, La Tropicana, and many others. There’s something for everyone and if you love fresh fish then, you should definitely reside here.
In addition, LekkiVale Estate offers for you and your entire family fun outdoor activities like a tennis ball court, basketball court, swimming pool, and a clubhouse.
Ibeju-Lekki is home to mouth-watering seafood cuisine on this side of the West. As a new resident, your taste buds would be wowed. Ever had the real fisherman’s soup? Keep your fingers crossed.
Several shopping complexes are located across Ibeju-Lekki to cater to the shopping needs of the residents. Shoprite, as well as a number of other multinational retailers, are currently under construction to cater to the anticipated 800, 000 people expected to move into Ibeju-Lekki by 2020. Just to add, the community is every mother’s dream, they have the cheapest fresh foods.
5. Low Crime Rate
Ibeju-Lekki has lower crime rates compared to other areas of Lagos. The possibility of robbery and other crimes are relatively low. Life on this side of town is more peaceful and generally calm. If you intend on raising a family in a serene and tranquillity, then this is the pristine region for you.
6. Less Crowded
Ibeju-lekki is spread across 455km2 (176 sq mi) and has an estimated population (2006) of 117,481. This means you wouldn’t have to deal with all the congestion that comes with living in crowded areas. LekkiVale Estate offers you and your family ample parking space and a large backyard, where your kids can play in the sun. You can say goodbye to neighbour squabbles over parking space.
7. Better Job Opportunities
Ibeju Lekki has attracted massive industrial projects like the Dangote refinery and fertilizer plant at the Lekki Free Zone area, a petrochemical and power plant, a deep-sea port, the fourth mainland bridge, the New International Airport, a blossoming tourism sector, and even the Pan-African University all make this area the new commercial hub of Lagos.
Ibeju-Lekki is also one of the locations for the Lagos Smart City deal with Dubai. With the actualization of this blueprint, this region would become a central hub for business, manufacturing, warehousing, and logistics and will create many job opportunities.