While the real estate market in Nigeria is currently growing at a slow pace, it has the potential to rise significantly if the right players play their cards correctly. With a housing deficit of 16 million to 22 million units, Nigeria has continued to face housing challenges in the face of a growing population and expensive apartments. With Nigeria’s rapidly expanding urban population and creativity sweeping the country, it’s not unrealistic to expect Nigerians to employ more cost-effective and affordable construction methods in the near future. Since these houses will not be built in the air, landowners in urban Centres will be King.
This has prompted many Nigerians, both within and outside the country, to seek to purchase as many land plots as possible. Unfortunately, due to the distance, Nigerians living abroad are vulnerable to scams perpetrated by families, friends, and agents. Many of them have been absolutely dissuaded from purchasing land as a result of it. This does not have to be the case, though. Although there are many ways for a Nigerian in the diaspora to buy land in Nigeria, including through family and friends or through traveling down to the country, buying directly through a real estate firm is the safest choice.
To prevent fraud, however, due diligence must still be carried out, and the good news is that this can be achieved without having to travel to the country. Here are the measures a Nigerian in the diaspora should take before purchasing land in Nigeria.
- Request photos, videos, and the land’s coordinates, then use Google Maps to verify that the advertised landmarks are actually located around the estate. This allows you to determine whether you are purchasing in a prime location with a high rate of return or in a location that will never appreciate in your lifetime.
- Get a trusted friend or family member to carry out a physical inspection on your behalf.
- Request the gazette number if the property is being marketed as government excised land.
- Conduct a search at the State’s Land Registry to determine who the true owner of the land is, as well as any encumbrances on the property, such as government acquisition, mortgages, or any type of leasehold.
With clients in several countries worldwide, Epiphany Estate takes pride in our high level of integrity and transparency.
