HOW MUCH DO I NEED TO INVEST IN REAL ESTATE IN NIGERIA ?
How much do I need to invest in real estate in Nigeria is a question a lot of people consider when thinking about investing in properties in Nigeria. But one thing that should be known is that there are different aspects of real estate. Hence, the amount you will need to invest depends on the type of real estate investment you want to do.
In this article, I will shed light on some types of real estate investments people are interested in and the price range that can be sufficient to carry out these investments. Read to the end in order to get this much sought after knowledge.
TYPES OF REAL ESTATE INVESTMENT AND HOW MUCH DO I NEED TO INVEST IN REAL ESTATE IN NIGERIA?
BUYING OF LAND
When it comes to buying of land, there are things to be considered such as the purpose of buying it. It is this purpose that will determine the location you will consider, and the location also has a lot to do with the price the land will go for. For example, If you are considering investing in a land in order to build a home to live in, then you will consider buying a land with proximity to your place of work or a location that can give you easy access to you and your spouse’s place of work, good schools for your children, hospital and others.
Let’s say you work at Ikeja, you can consider buying a land in Oshodi, Agege, Dopemu, Iyana Ipaja, Egbeda axis. A typical plot of land in these areas go for 17 million naira and above. Some people with Huge pockets can also consider buying land in Surulere, Gbagada, Yaba, Omole, Ogba, Magodo, Ikeja etc. but keep in mind that land in these areas are usually more expensive. A typical plot of land in these areas go for 40 million naira and above.
If you are buying the land for investment purpose, it still depends on some things like: Is it for long or short term investment?
Short term investments means investing in properties in areas that are already developed or developing rapidly. Investing in areas like these usually give faster appreciation and high return in a short period.
Examples are areas such as Ajah, Sangotedo, Awoyaya, Eleko, Oshodi, Shomolu, Yaba, Surulere, Anthony, Gbagada, Egbeda etc. Click the link below to see some properties that belong to this category.
On the other hand, Long term investments means investing in areas that are not yet developed. Some of these areas have prospects for future developments and they are usually very much affordable. This is why many people buy lands here in bulk (acres and hectares). Prices of land in these areas can go for around 500k and above.
Examples of these areas are some locations in Epe, Ibeju Lekki, Ikorodu etc. Please note that I mentioned “some locations” because there are some other locations in these same areas that are quite developed. Click the link below to see some properties that belong to this category.
In addition, the title of the property is also an important factor that should be considered when investing in a land. One thing to know is that land title can also determine how high or low a property can sell for. For example, a land with C of O , Governor’s Consent, Gazette etc will be more expensive than a land with registered survey and deed of assignment even if they are in the same neighbourhood.
BUYING OF HOUSE
When considering buying a house, the location, the type of house (bungalow, apartment or duplex, terrace or semi-detached duplex, fully detached duplex etc), the features/amenities of the house (gym, swimming pool, 24/7 electricity, smart home, elevator etc), the foundation type, the property title and others, all have something to do with the price of the house. For example, a 4 bedroom terrace duplex in Lekki Phase 1 can go for around 130 million naira while a 4 bedroom terrace duplex in Ikota Lekki or Orchid can go for around 60 million naira and a 4 bedroom terrace duplex in Abraham Adesanya Ajah axis can go for around 50 million naira. Click the link below to see some properties that belong to this category.
From this example, one major factor that has led to the huge price difference is the price of land in the location of these properties. If a plot of land goes for 100 million naira in one area and that same plot of land goes for 20 or 40 million naira in another area, definitely the cost of houses in these locations cannot be the same even if the same quality of houses are built there.
Furthermore, the purpose of which a person wants to get the house is also important. Let’s say a person wants to go into shortlet or air bnb rentals, he can consider buying one or more apartments in a serviced estate. For example, he can buy a 1 or 2 bedroom apartment because there is usually much demand for either of these two for shortlet booking. As for the prices, a 2 bedroom apartment in Lekki Phase 1 can go for around 60 million naira while a 2 bedroom apartment in Ikota Lekki or Orchid can go for around 40 million naira and a 2 bedroom apartment in Abraham Adesanya Ajah axis can go for around 30 million naira. Click the link below to see some properties that belong to this category.
In conclusion, when thinking of ” how much do I need to invest in real estate in Nigeria “, the key is to do your research in order to find out the type of real estate investment that will be the best fit for you or you can speak with an experienced real estate consultant in order to get the needed advise and guidance before proceeding to venture into real estate investment in Nigeria. This is very essential in order to avoid being exploited or over paying for a property or even investing wrongly. Click the link below to chat with one of our dedicated and experienced real estate consultants : https://bit.ly/ChatWithHamborgp
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