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Buying properties and land in Nigeria
With international investments in Oil growing rapidly, and Nigerians living abroad re-investing in their country, Nigeria has been undergoing a housing boom over the past several years. Developers have been investing heavily in new, modern homes and commercial buildings.
Nigeria allows any company or non-resident to buy land property rights for a maximum of 99 years, as long as the purchase is declared to the government beforehand.
Purchasing land in Nigeria can be a great investment and a good experience. If you are planning to purchase land, particularly previously un-owned or community land keep a few things in mind to ensure all goes smoothly:
Who owns the land?
Be sure to validate that the person/group you are buying real estate from is the correct owner. There have been many instances of land being sold by unauthorized owners, or being sold to more than one buyer. To protect yourself ensure a land title review is performed at the appropriate government office and land valuation is also performed. There is usually a fee for these which is paid for at the buyer's expense. It is well worth the price.
Always review all documents yourself, and involve yourself in all steps of the property buying process.
As an extra safety measure have an independent lawyer review your documents before you transfer funds.
Nigeria Real Estate Development Requirements
If you are purchasing undeveloped land in Nigeria there may be development timeline requirements set forth by the government. It is common that you are required to build at least basic infrastructure such as a well and building or foundation within a 2 year period. Developing the land also helps to ensure fewer questions of ownership or unwanted harvesting of trees or other assets of the property. Development requirements should be determined before any purchase at a governmental office.
The best way to ensure a safe step into Nigeria property ownership is to use an official, registered Nigerian real estate agency. If you have any questions or concerns feel to contact us here at Nigeria-Property and we will be happy to put you in contact with a reputable agency.