Last updated on August 27th, 2022 at 01:01 pm
When you check the price of a property in areas like Lekki, Ikoyi, Ikeja, and other top choices in Lagos, Nigeria’s commercial capital, you are likely to see NGN50million or more for a plot of land measuring 600 square meters
It becomes financially challenging for a prospective buyer to own property in the aforementioned top locations. But if you don’t have a huge budget, your dream of owning a property of your own can be fulfilled. And do you know that you can buy a plot of land with less than NGN10 million in many parts of Lagos?
House Deficit In Nigeria
There is no generally agreed figure on the number of house deficits in Nigeria because we’ve heard government officials contracting themselves.
For instance, a figure quoted by the Central Bank of Nigeria (CBN) says the country’s housing deficit as of December 2018 is estimated at 20 million units.
Another figure released by the United Nation says housing deficits in Nigeria is estimated at 22 million homes. But the Minister of Works and Housing, Babatunde Fashola, on July 15, 2021, said the figure about the housing deficit in Nigeria couldn’t be relied upon due to lack of census. The last census in Nigeria was held in 2006.
Irrespective of what the figure or the government says, the aim is to own your own home in Lagos.
Particularly, for a foreign investor who wants to pick Lagos as their location, below are the five locations where you buy a plot of land in Lagos at less than NGN10million per plot:
- Isawo, Ikorodu
- Badagry, Lagos
- Folu Town, Lagos
- Isheri North
- Ibeju-Leki axis
- Ibeju-Leki axis
In areas like Isawo, Ogijo, Imota, Ijede, and Igbogbo areas of Lagos you can buy cheap land. A plot of land around that location is between NGN2M to NGN5million for a land that has a Certificate of Occupancy and other legal titles.
Land could relatively be cheaper in these locations if you are buying directly from a family member but be careful so that you don’t buy a disputed piece of land.
You could get a plot of land at NGN1million at Isawo, Ikorodu if you’re going to process the land documents by yourself. In this case, it comes with a Survey Plan.
Note: Kindly check our concluding part on the caution you need to take when buying land in Lagos
A lot of Lagosians are migrating to Badagry while some avoid the place because of its location, however, land is relatively cheaper at this location.
You can get a plot of land at NGN800,000 which will be accompanied by a Survey Plan and land receipt. To get the one with C of O, you must be budgeting between NGN2million to NGN4million.
Folu Town, Lagos
For real estate investors or Nigerian abroad who want to build a waterfront recreational centre or an apartment that faces the ocean, Folu Town, after Lacampaign Tropicana, very close to Dangote refinery, Lagos, is another location where you purchase cheap land in Lagos.
Caution: When buying land in this location, be careful, watch out for dubious omo-onile (land grabbers) and other dubious individuals.
It’s important to carry out due diligence at Alausa, Ikeja to be sure the land isn’t government land or it hasn’t been bought by some else.
If you want to buy a plot of land near Nigeria’s popular TV station Channels, Isheri North part of Lagos is another location where you can at NGN7million or NGN9 million, depending on how interior it is. At the time of this research, NGN10m will take of it.
At Elemoro, Lakowe, Abijo, Ibeju-Lekki axis are some of the places you can get cheap land in Lagos, though most of the pieces of land in this location are better bought during the rainy reason. This is for you to know the true state of the land (topography).
At Elemoro, Ibeju-Lekki, for instance, a plot of land is between NGN5million to NGN8million with valid titles. Some of them come with C of O, Governor’s Consent, and land purchase receipts. According to a real estate marketing agency, buylandlagos.com buyers should be careful when a seller issues a land purchase receipt.
At Lakowe, a prospective land buyer can should have between NGN6million to NGN10 million for 600SQM
Epe used to be farmland even up till now, some parts are, but do you know that real estate companies are now moving to Epe to buy at cheaper rates and keep for development?
For as low as NGN800,000 you can get 600SQM at Epe. With NGN10,000,000, you can buy at least nine plots of land in Epe with valid documents, most especially if the purpose of the land is for farming or a developing area of Epe.
It is also very important to point out that you can also get a plot for NGN5M if you want a developed location.
8 Actionable Things To Do Before Buying Land In Lagos
1) As pointed out in one of our guides, investment in real estate is one of the ways Nigerians in diaspora can put their money on, but when buying land in Lagos, don’t be carried away by just the land titles, ensure you embark on an investigation before making payment.
2) Working with the right person or a genuine real estate company that has a fantastic track record in the business is very important.
3) Presentation of land documents like Governor’s Consent, Approved Excision, or C of O isn’t a 100 percent guaranty that the property is genuine, you need to investigate.
Some of the titles could be forged, as such, make findings at Land Registry at the Ministry of Works at Alausa, Ikeja, Lagos.
4) Isn’t it better to spend N100K or less to know the veracity of land before committing millions of Naira?
5) You can get a property lawyer to get the verification done for you.
6) Ascertain the true owner
7) Buying a piece of land or property because it is cheap is one of the biggest real estate mistakes to avoid, do your due diligence (https://infomediang.com/real-estate-mistakes-investor-should-avoid-nigeria)
8) Don’t buy disputed land that belongs to a family. All parties must be involved in such a deal. Investment in real estate requires extra caution. The investor must have done their background check.
If you need help on a completed apartment or legit plot of land, kindly drop your comment or use the contact us button.