In recent years, I’ve observed a growing demand for landed property across Nigeria.
It seems like everyone is looking to get a piece of land they can call their own. And why not? The sense of owning a piece of the earth is not just emotionally fulfilling but also a wise financial move.
Imagine – a tangible asset that appreciates, a blank canvas for your future, and a foundation for financial security.
In the dynamic landscape of Nigeria, especially in thriving areas like Lagos, Abuja, and Port Harcourt, the value of land has been on a steady rise. This isn’t just good news; it’s a golden opportunity for anyone looking to invest.
Whether it’s building a family home, a rental property, or even using it for agricultural purposes, the benefits are as vast as the land itself.
Now, let’s explore all about landed property in Nigeria and how you can get one!
It’s a path to building your wealth and future!
Understanding the Nigerian Property Landscape
Navigating Nigeria’s property landscape can be very difficult, especially if you are new to it.
Let’s break it down into simpler chunks, shall we?
A. Types of Landed Property
In my years of investing, I’ve come across three main types of land to consider:
- Residential Plots: Buying a residential plot means you’re looking to build a house where families can create memories. It’s all about comfort, safety, and that cozy feeling of home.
- Commercial Plots: If you’re eyeing a commercial plot, you’re looking at land where shops, offices, or factories can be built. It’s where the buzz of daily commerce happens and money changes hands. That said, you should absolutely check out Mixta Africa’s commercial plots!
- Agricultural Land: This type is the breadbasket. It’s where food is grown, or cattle are raised. Investing in agricultural land means you’re either getting into farming or leasing it to those who farm, tapping into the ever-important food market.
B. Location Factors to Consider
Choosing where to buy land can make or break the experience. Here’s what I always look out for:
- Proximity to Amenities: Just like you wouldn’t want to travel miles for a loaf of bread, it’s important to consider how close the property is to essential amenities like markets, hospitals, schools, and shops. Convenience is key!
- Infrastructure: Good roads, electricity, water supply, and telecommunications are like the veins of property, keeping everything alive and functioning. A well-connected area promises growth and ease of living or doing business.
- Future Development Plans: I always try to get a sneak peek into the future by looking at the government or private development plans for the area. Knowing that a new highway, shopping mall, or industrial park is coming up can turn an ordinary piece of land into a goldmine.
Understanding these aspects of the property landscape can guide you to make informed decisions, just like it has for me.
How To Get a Landed Property in Nigeria
Finding the perfect piece of land can be a bit like looking for a needle in a haystack, but with the right tools and knowledge, it can be a rewarding journey.
Let’s explore how you can snag that ideal property.
A. Finding the Right Property
Solo Search:
- Online platforms: The internet is your friend here. Just like shopping online, you can find listings for all sorts of lands available for sale. Websites and apps dedicated to Nigerian real estate can show you options with pictures, prices, and locations. It’s convenient and lets you browse through many choices from the comfort of your home. Consider established developers with a strong track record, like Mixta Africa. They offer a variety of residential plots in prime locations across Lagos, including Elms Garden, Adiva, Zuma Plains, and the prestigious Lakowe Lakes estate with a world-class golf course.
- Local inquiries and networking: Sometimes, the old-fashioned way works best. Asking around in the area you’re interested in can lead to some great finds. Talk to friends, family, or locals. They might know someone who’s selling exactly what you’re looking for. Networking can open doors that the internet can’t.
Engaging a Real Estate Agent:
Getting a professional real estate agent can make things a lot easier. They’re like your personal property shoppers who know where the best deals are. Here’s why you might want one:
- Benefits: They have the inside scoop on the market, can negotiate deals better, and handle the nitty-gritty details of property transactions. They save you time and stress.
- Qualifications to look for: Choose an agent with a good track record, someone who’s knowledgeable and experienced in the area you’re interested in. Make sure they are licensed and have positive reviews or feedback from previous clients.
B. Due Diligence
This is the detective work part of buying land, and it’s crucial. Here’s what it involves:
- Verifying seller’s identity and ownership rights: Make sure the person selling the land owns it and has the right to sell. Ask to see their identification and the property documents to confirm they’re legit.
- Conducting a land search: Before you commit, check for any issues with the land. This means finding out if there are any legal disputes, claims, or other problems (like unpaid taxes) tied to the property. A clean land search means fewer headaches later.
- Engaging a lawyer: Having a lawyer to look over all the paperwork, especially the Certificate of Occupancy (C of O), is a very good decision when buying land. They can spot issues you might miss, ensure everything is above board, and give you peace of mind that your investment is safe.
Don’t miss my guide on investment property types.
Additional Considerations For a Landed Property
A. Tax Implications of Property Acquisition
Buying land isn’t just about paying the purchase price; there are taxes to consider too. In Nigeria, property acquisition comes with its share of tax obligations:
- Stamp Duty is the government’s way of approving your transaction. When you buy land, a certain percentage of the purchase price goes to the government as stamp duty.
- Capital Gains Tax: If you sell the property later and make a profit, the government will be interested in a piece of that pie, which is where capital gains tax comes in. It’s a tax on the profit you make from selling the property.
- Property Tax: Depending on the location, you might have to pay annual property taxes, which are based on the value of your land or property.
Understanding these taxes and planning for them can prevent surprises down the line. It’s wise to consult with a tax advisor to get a clear picture of your tax responsibilities.
B. Building Permits and Development Approvals
If you’re planning to build on your newly acquired land, there’s another layer of bureaucracy to navigate: permits and approvals. Here’s the gist:
- Building Permits: Before you start construction, you need to get a building permit from the local government or planning authorities. This is their way of ensuring that your proposed building meets all the zoning, safety, and environmental standards.
- Development Approvals: Sometimes, especially for larger projects, you’ll need additional approvals. These can include environmental impact assessments, utility connections, and other regulatory clearances.
Getting these permits and approvals can seem daunting, but they are essential steps to ensure that your development is legal and up to standard.
Plus, having all your paperwork in order can increase the value of your property and save you from legal headaches in the future.
Conclusion
Getting into the landed property market in Nigeria is quite an adventure, but it’s definitely worth it.
So, whether you’re looking to build a home, start a business, or just invest in the future, land is a valuable asset that can bring great rewards.
Just take it step by step, stay informed, and before you know it, you’ll be on your way to becoming a savvy landowner in Nigeria.
Author’s Note: Hi, I’m Joy – a seasoned finance professional based in Lekki, Lagos. I balance a fulfilling career with successful real estate investments in Nigeria. Join me as I share insights on navigating the world of real estate investments in Nigeria. Let’s find your dream home and unlock financial success together!
