What to Expect When Buying a House

1. What is the average cost of buying a property in Lagos?

The cost of buying property in Lagos varies significantly depending on the location. In high-end areas like Ikoyi, Victoria Island, and Lekki, prices can range from NGN 200 million to NGN 1 billion for luxury apartments and houses. In areas like Ikeja, Yaba, Gbagada, and Surulere, prices can range from NGN 90 million to NGN 300 million or more.

2. What is the process of buying property in Lagos?

The process typically involves several steps:

• Property Search: Identify the type and location of the property you want.
• Engage a Real Estate Agent/company: A local agent can help with finding properties and negotiating prices.
• Inspection: Visit and inspect the property to ensure it meets your requirements.
• Offer and Negotiation: Make an offer and negotiate the terms of the purchase.
• Legal Checks: Conduct due diligence to ensure the property has a clear title and is free from encumbrances.
• Payment and Transfer: Finalize the payment and complete the transfer of ownership through the appropriate legal channels.

3. Are there any legal requirements for foreigners buying property in Lagos?

Foreigners are allowed to buy property in Lagos, but it is essential to comply with local laws and regulations. It is advisable to hire a local lawyer who can help navigate the legal requirements and ensure that the transaction is legitimate and secure.

4. What types of properties are available in Lagos?

Lagos offers a diverse range of properties, including:

• Apartments: High-rise buildings and luxury condos.
• Detached Houses: Standalone homes, often with gardens and parking spaces.
• Semi-Detached Houses: Homes that share a common wall with another property.
• Terraced Houses: Row houses that share walls with adjacent properties.
• Commercial Properties: Offices, shops, and industrial spaces.

5. How can I finance my property purchase in Lagos?

Several financing options are available, including:

• Personal Savings: Using your savings to fund the purchase.
• Bank Mortgages: Many Nigerian banks offer mortgage loans to help finance property purchases. Terms and interest rates vary, so it’s important to shop around.
• Developer Financing: Some property developers offer payment plans and financing options for their developments.

6. What are the common pitfalls to avoid when buying property in Lagos?

Common pitfalls include:

• Not Conducting Due Diligence: Failing to verify the property’s title and legal status.
• Ignoring Hidden Costs: Overlooking additional costs such as legal fees, agency fees, and taxes.
• Rushing the Process: Making hasty decisions without proper research and inspection.
• Not Consulting Professionals: Skipping the advice of real estate agents, lawyers, or surveyors.

7. What are the ongoing costs of owning property in Lagos?

Ongoing costs can include:

• Property Maintenance: Regular upkeep and repairs.
• Utilities: Payments for electricity, water, and other services.
• Property Taxes: Annual taxes levied by the government.
• Service Charges: Fees for communal services in gated communities or apartment complexes.

By staying informed and carefully planning your real estate purchase, you can make a sound investment in the vibrant and growing city of Lagos.

Francis Akintola

#ministerofrealestate

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