“The best investment on Earth is earth.”
Land Ownership remains one of the easiest way to join the property ladder and also a vehicle to achieve great wealth. With all the random pieces of information on how and where to buy land in Nigeria, we have identified 4 proven ways to buy land in Nigeria.
1. Friends and Family
Buying land from people you know is one way of joining the Property ladder. Buying from close friends, family members and people you trust is a good thing. They can also make quality recommendations for you based on their experiences and connections.
2. Communities (Omo Onile)
This is currently the most common way into land ownership. Buying Land from Community and Traditional leaders remains popular during to the sheer availability. They also tend to be cheaper alternatives than buying from Real Estate firms or the Government. However, it remains the most risky form of ownership with issues ranging from duplicate payments to harassment and extortion.
3. Real Estate firms
This is a fast growing method of acquiring land as more Real Estate companies are entering the Estate development landscape. Popular Real Estate firms in Lagos include Lekki Gardens, Adron Homes, King Builders. This is usually the most expensive methods to obtain Land but offers Infrastructure and Peace of mind. There are usually several hidden or ambiguous charges like Development fees and Estate management fees.
4. Government schemes
Buying Land from the Government remains the least common way of Land ownership – This is partly because they are not publicly advertised. Yet, this is one of the more transparent method of ownership and the charges are more transparent. Our Family Home is Ikorodu is an example of Government Scheme where the C of O (Certificate of Occupancy) was already granted, all the plots were clearly laid out, extensive road network were provided and Building plans were easily approved. As a point of warning, there are reports of some buyers of Government schemes who have not been allocated their plots of Land after several months/years so conduct due diligence before subscribing to any Government scheme. See examples of current Lagos state Government schemes:
- Kings Court Mixed Development, Erelu Estate, Idera City and Sangotedo Court – Off Lekki-Epe Expressway – Lekki Sub-region
- Ehinbeti City and Ehingbeti Waterfront – along the Lekki Epe Expressway – Epe
- Oba Akran Gardens, Magotho City Residential, Fadaka City and Iya Afin – directly accessible from the Badagry Express Road – Badagry axis
- Igando – along LASU- Iba expressway.
Bonus: Employer Cooperative scheme
Some employers offer their staff the opportunity to purchase land through cooperative schemes.