Nigerian Real Estate Industry is one of the most promising and profitable opportunities for investment which is open to Nigerian Citizens living abroad or Foreigners who are interested in investing in the Sector. Property in Nigeria can yield a huge healthy return on investment for both long-term and short-term investors.
There are a lot of Nigerians living abroad and Foreigners who wants to Buy Properties for investment purposes – Commercial Properties like Malls, Estates, Office Complex or Office Space, Warehouses, Factories and even Apartments for Airbnb (Short let), or probably Residential Properties like Duplex, Bungalow, flats where they will love to stay whenever they visit Nigeria but don’t know how to go about it.
Here are some valuable tips and some important information which will let you know how you can buy a Property in Nigeria as Nigeria Citizens in Diaspora or a foreigner willing to invest in the Nigeria Real Estate Sector.
Buying a property in Nigeria from Abroad or anywhere in the World
Have a look at the information below to understand things more effectively:
First and Foremost, which is one of the most important steps;
Hire a Realtor – Real Estate Agent
Although, buying real estate in Nigeria is simple, but it’s also complicated. Some people make a mistake during these processes. If you want to avoid these mistakes in the best possible way, then it is highly important to work with a professional realtor. Because a professional, skilled and renowned realtor can let you understand the fundamental differences in buying property in Nigeria as a foreigner or a Nigerian Citizen in Diaspora with ease. Furthermore, they can also let you understand the land laws of Nigeria especially in Lagos State which can have profound effects on property purchases in Nigeria.
How to Find a Reliable, Efficient and Trusted Realtor in Nigeria Online
We all know the importance of the internet, and it is your best option to find a realtor in this digital age. 80%-90% of the realtors have their websites, portfolio, and any other related information available on the internet.
To save your time, we can recommend Marvelrealtor to give you the Best Real Estate Services, They are one of the most reliable, trusted and efficient Real Estate Company in Lagos Nigeria base on recommendation, satisfactory service and are result oriented as they have always met and surpassed the client’s expectations.
They offer Full-scale Real Estate Services from Buying, Selling, Leasing /Renting of Land, Flats, Luxury Apartments for Commercial and Residential Purposes to Real Estate Development and Property (Facility) Management in Lekki, Ikoyi, Eko Atlantic, Victoria Island and Other parts of Lagos to Major cities in Nigeria with great customer review and 100% Customer Support.
Marvelrealtor Agents can Broker your Real Estate deals whether you are Buying, Selling or Renting. You can be assured of an expert and professional service with your mind at ease. You can check them out online.
Also, you can use the internet to find a realtor because there are a lot of websites available. Nearly 85% of the people search for a realtor online. One thing that you can do is to find out which are the best brokerages in your city, go to the website of a brokerage, Real Estate Agency Company and sort through the agents.
Using Search Engine to Check for a Realtor Online
You can use Google.com or Bing.com; for example, you live in Texas and want to buy a Property in Lagos Nigeria, you can go to Google and Search for “Best Realtors in Lagos Nigeria”, Google will show you the top-rated realtors in that area and you can see their portfolios to know more before contacting them.
After You Find the Real Estate Realtor (Agent)
Once you’ve found a realtor, check the facts. Go to their website or Google Business page to see their reviews. Then set up meetings with the realtor if you are on ground or via Video Call and discuss what you intend to achieve from the kind of Property you want to Buy to the environment and neighborhood of your choice.
Furthermore, ensure to inspect their social media profiles, including Facebook, Instagram, and LinkedIn, for additional business and personal details.
If Buying a Property as a Foreigner: Understand your eligibility
There are some certain requirements to be eligible to invest in Nigerian real estate as a foreigner. Here we have some of them for you:
- To be eligible for buying a property in Nigeria you need to find a lawyer and also know the Law governing the purchase of property in Nigeria
- As a foreigner, it is necessary to have an entry visa in Nigeria.
- You must have a signature of validity to apply for the Land registry in the name of new property owner.
Inspect the site
If you are interested to buy a land or property in Nigeria, then it is highly important to inspect that before completing its purchase payments. Make sure to arrange a way to see the site in-person. But if it is not possible for you because of some reason then hire someone on your behalf for a site inspection. This will certainly keep you from ant loss in the future.
Understand land laws in Nigeria
Here are some Land laws;
- In Nigeria, only leasehold properties for foreigners available because all the land belongs to government. The lease hold can go for 99 years in various parts of Nigeria.
To buy property in Nigeria, the following issues are necessary to consider for foreigners.
- You can buy an off-plan or under construction property in Nigeria which can be less expensive and have a higher resale value.
- Buying from a new developed or old property. Prices in this situation are slightly higher compared to off-plan purchases.
Searching for the Property you want to buy
After getting your desired Realtor, it’s time to begin searching for the Property you want to buy. Be realistic by identifying your wants versus your needs before beginning your search.
Make an Offer
Once you find the property you want, your real estate agent will prepare to make an offer based on the price and terms you choose. Sending an offer letter helps distinguish yourself from other candidates. The owner of the properties will take you serious when an offer is submitted for any proper negotiation to commence.
Negotiating the price in Buying a Real Estate Property is one of the most crucial aspects of your real estate journey. It’s also the point at which your agent’s expertise can make the most dramatic difference.
Property Document Verification
Before closing the deal, you need to do a proper document search to verify it legitimacy with the help of a professional like a Lawyer or Real Estate Consultant. Documents like Certificate of Occupancy, Governor’s Consent or Other Landed Documents search must be carried out to as far back to 30years ago as required/advised by Land Registry in Lagos State and Judiciary, and also check if the property is subject to Litigation (In Court).
When closing the deal, you and the seller will sign all necessary documents to finalize the sale and transfer the ownership of the property.
Get the assistance of the best “Marvel Realtor” for effective investment
Investing in the Real Estate Industry or Buying a property from abroad in Nigeria, You definitely need to have a professional Realtor (Agent) to guide and protect your interest because a lot of information is required especially with the laws and regulations from the Land registry guiding buying a property and investing in the real estate industry in Nigeria.
This is the place where Marvel Realtor can come in handy. Because Marvel realtor can assist you in the process from start to end and will work effectively to make your buying process super easier for you.
Do you need any further assistance in the process of buying a property in Nigeria? Feel free to contact Marvel Realtor. It is because of they are always there to assist you throughout the process professionally.