Any knowlege about real estate in Nigeria, is it a good advice to go into it.

In fact, it's the best you can think of. Real estate is HOT in Nigeria. If you can catch in on the V/I-lekki axis, you are made.
The entry level is high though because a plot of land in VGC cost on d average N6 Million and lots of peeps are looking for it. You can buy for 6M and sell for 10M. U need your links anyway because those who own properties there arent all that willing to sell.
They are other prime areas like garki in the FCT.

I just found out that u could make up to N270,000 monthly (by investing N8Mill in a landed property in the heart of the comp villa. All you need do is buy a big house on 3 plots, demolish it and turn the place to a parking space charging drivers 150 naira per day (currently 200N and there is a very high demand for parking space within the villa).

Layi, there's another company already running a motor park in the computer village, and their motor-park is usually not very close to being full.

I really don't have up to 8 million naira but I can raise something, however whatabout other areas apart from lekki. Are there still available lands and houses in ikeja, Obanikoro, ilupeju, or any other cool area

I have concerns about V/I-Lekki axis, with the possible future rises in sea levels and the fact that most of these areas are sandfilled and low lying, if there's a New Orleans scenario, will the government protect these areas or abandon it ?

I think any investor needs to consider this before investing there

You know you are right Ijebuman. When I was in Nigeria some years ago I was living on the island actually very near the bar beach, and there was a rise in sea level that flooded the whole area including houses close to the sea. It has been predicted it might happen again in the near future. It might look good but the risk tied around it is great.

who knows anything about AJA area

Who knows anything about Osu University area? I hear they don't have good standard house or could do with more. What about Kwara University area and Kwara Poly area?

What is it like collecting rent from students/workers in nigeria? Do they pay direct to an acount or you literally have to do Baba-Suwe and knock on their doors?

real estate is about the best form of investment in nigeria especially in areas around some really "bubbling" universities like "UniPoRT" "UniLAG". The tenants here in UniPoRT pay between 75k and 90k annually for a "self contained" and the rents keep increasing annually. They can pay through a designated account at the bank in the school premises.

Apart from the location consideration, there are a few other reasons why real estate is probably the best, safest investment you can do in Nigeria:
* clean-up of the banking sector makes the banks captalisation higher and allows the banks to present longer term deals, more specifically offerering mortages to more people
* a growing population and move to the cities adds extra pressure on the housing market
* availability of mortages will dramatically increase the prices of residential real-estate

I guess now is the time to enter the market as mortages are not easy to obtain, yet and the pressure from the the increased demand has not yet manifested itself.

That motor park business is very worthwile but what about security. If you have one in lagos lsland those lawless agberos might gang up and rob the place, how does one go about ensuring security. I'm going to build a motor garage, and its going to be multi-layered so i can host more cars.

I really need to buy guns and place them at strategic places in my house when i build one. These damned armed robbers,

As per security, you can hire private security firms. Halogen is a very good security company used by banks and show promoters.
You can negotiate long term deals with them. Their men are almost 7ft tall. , very huge people in their workforce.

@beddone,

Ajah area is good for real estates too. but u need linkups

Any real estate investor?

Dear bedone,

When you say go into it do you mean as a business or you are looking for investments. The market right now is a speculators market, high risk, high rewards. It would be interesting to find out how many people that have given their advise so far have invested in the market and what the returns are.

There are many VERY NICE developments/houses in Lekki Phase 1, Ajah etc that are currently empty - no buyers and no tenants. You have to do some work on what type of properties you want to invest in or build, who your target market is - find out what the salary level of young professionals are and how much of this they can save and pay for a place - if you are looking for rent and capital gains.

Please remember there are no guarantees. I hear the see the words HOT etc. There is a lot of activity as far as people building in those areas but the quick rentals are under N500,000. The quick sales are under N5m. Anything around N10m and you could struggle competing with larger developers.

Hope this helps.

Good luck!

layi:

In fact, it's the best you can think of. Real estate is HOT in Nigeria. If you can catch in on the V/I-lekki axis, you are made.
The entry level is high though because a plot of land in VGC cost on d average N6 Million and lots of peeps are looking for it. You can buy for 6M and sell for 10M. U need your links anyway because those who own properties there arent all that willing to sell.
They are other prime areas like garki in the FCT.

I just found out that u could make up to N270,000 monthly (by investing N8Mill in a landed property in the heart of the comp villa. All you need do is buy a big house on 3 plots, demolish it and turn the place to a parking space charging drivers 150 naira per day (currently 200N and there is a very high demand for parking space within the villa).

Hi @layi,

I am really interested in the car park business. When you said 'comp villa', where are you talking about?

The car park business is what i have been looking into all this while.

Kindly feed me with what you know and think about this business.

Thanks

my fear is just the ease of buying & seeling without the necessary papers? Is it very liquid as that?

why not try invest in hostel accomodation, it pays if you manage and package it well, i tried something like that with not so much and i tell you , long term it pays,  ---------------------------------------------------------30 room well furnished  with all mordern amenities- at least -each room goes for about 150 gees, about 4.5 m each session, land aint so expensive like yaba for lag etc , or you could refurblish houses there on agreement

@Zebudaya & Co.

I guess when you are talking about security of your Car Park what you need to do to make it work is to make it account holders only or a mix of account holders and 'pay on use'. The account holders will have to pay into your account on a monthly basis for X number of reserved places whether or not it is used. They will in turn nominate the registration numbers of the cars that are allowed. You won't have any of their money on site, since they pay direct into your account.

With the 'pay on use' customers, all you need to do is to get them to buy Vouchers for daily Parking or collect Cash at the gate. You will not have to keep a lot of cash on site by approaching it this way.

You may need to vary the approach slightly to suit the peculiarities of your locale but I hope this helps a bit.

there is a new site www.nigerianpropertysearch.com where you can have lots of materials on real estate investments, interior decor etc. though the site is just taking off it is fantastic for a nija site, especially the intention. tell others about it

netzymes:

Dear bedone,

When you say go into it do you mean as a business or you are looking for investments. The market right now is a speculators market, high risk, high rewards. It would be interesting to find out how many people that have given their advise so far have invested in the market and what the returns are.

There are many VERY NICE developments/houses in Lekki Phase 1, Ajah etc that are currently empty - no buyers and no tenants. You have to do some work on what type of properties you want to invest in or build, who your target market is - find out what the salary level of young professionals are and how much of this they can save and pay for a place - if you are looking for rent and capital gains.

Please remember there are no guarantees. I hear the see the words HOT etc. There is a lot of activity as far as people building in those areas but the quick rentals are under N500,000. The quick sales are under N5m. Anything around N10m and you could struggle competing with larger developers.

Hope this helps.

Good luck!

Netzmes,
I am surprised u said one can get a place for 5million in lekki quick sale though and that their are empty properties also; i thot its HOT as in HARD to get!!!. I am looking at getting something in lekki axis, i would appreciate any contacts on this props!! thanks n cheers

u guys should quit talking bout lagos, anyone should come invest about 10million, in real estate, anywhere within the fct, and u stand the chances of reaping 3 times what u have invested withing 7 and a half years.

sartorius:

why not try invest in hostel accomodation, it pays if you manage and package it well, i tried something like that with not so much and i tell you , long term it pays, ---------------------------------------------------------30 room well furnished with all mordern amenities- at least -each room goes for about 150 gees, about 4.5 m each session, land aint so expensive like yaba for lag etc , or you could refurblish houses there on agreement

Sartorius, do you really think this will still be profitable long term? It's been rumoured that Lag, for example, is going to start putting a limit on it's annual student intake. Doing the simple maths of it, that means an automatic drop in the student population,

Point taken that the government will cap the rate of new entries to the Uni but the existing students need a conducive environment to study.

The government wont (cant) reduce the current population of students but would ask them to find decent accomodation and that is what the investor is providing.

I think its a good idea and good prospects exist. The government should also look at developing more universities as the population of university students continues to be on the rise. Maybe they should outsource the provision of campus sites (as a private initiative scheme) so we all can make money?!!

Ladz,

if the government were to out-source such that'll be a great idea! , if the contracts aren't allocated to their own people first!!

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ok

Please check out my post. I am doing research so that I will soon give mortgage and real estate opportunities to people who want to buy a home in Nigeria, both abroad and in Nigeria. The rates and prices will be clear when I start it. But first I need to research the property market. this is only my preliminary research. I am trying to make a change!

https://www.nairaland.com/nigeria/topic-55819.0.html

is isheri north a great place to invest in?
am looking into purchasing directly from the govt, do they still have lands available?

Hey Guys, talking about real Estate in Nigeria. there is a Real Estate Portal here: http://propertyNG.com. Very simple to use real estate web application. you should check it out. Also on facebook here: http://www.facebook.com/pages/PropertyNG/69216866896 COOL

The properties at PropertyNG.com are expensive. Many Nigerian property portal seem to overprice properties as a matter of routine. Majority of Nigerians at home cannot afford the properties and banks in Nigeria are not giving mortgage loans to average Nigerian.

Nigerians in diaspora are going through hell with the current economic chaos all over the world.

Who are these properties really made for?

I will not be surprise if these properties remain unsold after a year or more.

I visited Nigeria for the first time March 2009. From my understand, in order for you to buy property in Nigeria you need to come with your "cash". Banks don't give mortgages. As for investment loans to develop real estate the interest rate is between 20-25%. It is not easy for you to get that type of loan. You can get land for free if you "know people". I am curious to know how the average man can buy these properties bases on the salaries they make? Also if Nigeria want to develop what are they offering to get investors?