Real Estate in Nigeria

[pandorasbox]

www.glo-con.com/region_directory.php?country_code=156&real_estate=Y

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).

[selfmade]

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.

[thinkvision]

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.

[foodanddrinks]

Watch out for the 419ers in Naija land

[tamala]

foodanddrinks said:

Watch out for the 419ers in Naija land

Yes becareful and watch out for those crooks.

[foodanddrinks]

foodanddrinks said:

Watch out for the 419ers in Naija land

Stop being ignorant, Scammers are everywhere

[lodonohoe]

Well I have working in Nigeria on / off for the last four years in V.I. and I would not recommend touching property in Nigeria with a barge poll, as a foreign investor.

The currency is worthless, you cannot expatriate any of your hard earned profits into forex in any reliable manner. It is probably the most corrupt nation on earth. Quality of accomodation is crap, infrastructure is appauling at best.

Stick to reliable, stable 1st world economies for property investments.

[Anthony Phillips]

Thank you, you bring an interesting perspective.

[thinkvision]

I have heard some shady things about Nigeria.
Be very careful if you choose to deal with them.