Do you want to know the best places to invest in real estate in Nigeria for more profit?
If YES, then read this post to the end.
Real estate is one of the most profitable businesses to invest in Nigeria.
Many smart entrepreneurs have delved into real estate.
From research, a piece of land in Lekki as of 2001 cost about ₦6m but it is about ₦150m currently and it’ll keep rising, despite the area being surrounded by water.
People need shelter and investment, hence the continuously rising need for real estate.
However, not all real estate involves lots of cash.
Depending on your budget, there are cheap places, and there are places of high value.
11 Best Places to Invest in Real Estate in Nigeria
You can invest in real estate in any part of Nigeria, but not all places yield a high return on investment.
Before investing in real estate, some factors to consider are the economic value of the state, social amenities, the standard of living of the residents, and the level of industrialization in the state.
Some lands located in some places do not appreciate.
Here are the best places for real estate investment in Nigeria:
1. Lagos State
Lagos state is known for its high economic value and buzzing commercial activities.
Generating over 40% of the country’s revenue, Lagos state serves as the economic center of the country.
With over 200 million residents, investing or buying in any residential or commercial estate is a big win.
There are many options to consider, like hotels, banks, factories, industries, and companies to invest in.
More so, there is a high demand for accommodation in Lagos state because of the large number of populations there.
It is one of the best places to invest in real estate in Nigeria.
This is because lands in Lagos, even though expensive, are worth it and profitable.
2. Abuja
Abuja is the country’s political hub.
The federal capital territory, although lacking in commercial activities, makes up for a lot of political activities.
As it serves as a home to many politicians, high-class business moguls, and foreigners.
Investing in real estate in Abuja equals a high-profit return.
Its advantages are good roads, luxurious properties, social amenities, many residents, and that it is the country’s capital.
Just like Lagos, investing in this state is costly, but it yields mouthwatering returns.
3. Rivers State
If you are looking for one of the best places to invest in real estate in Nigeria, Port Harcourt, Rivers state is your surest bet.
The city is filled with a lot of beautiful structures ranging from industries, refineries, airports, and firms.
The state is known for its good economic value, as it is one of the oil-producing states in the country.
It also harbors lots of residents, so investing in properties in Port Harcourt is a wise investment.
4. Oyo State
Ibadan is the largest city by land mass.
Unlike other places, properties in Oyo are quite affordable.
The city accommodates quite a lot of highly educated and middle-class citizens.
If you are looking for a real estate investment opportunity, then you should consider Ibadan.
5. Akwa Ibom State
This state ranks number 5 on the list of best places to invest in real estate in Nigeria.
Uyo, the state capital, is a beautiful city filled with different tourist attraction centers and is good for the real estate business.
6. Delta State
Delta state is said to be the richest oil state in Nigeria.
It has lots of petrochemical companies that contribute massively to its economic value.
Asaba, the state’s capital, is closest to one of the largest economic, revenue-generating cities in the country, Onitsha.
Places like Warri and Asaba are said to be good for real estate development, as many rich celebrities are a product of the place.
7. Ogun State
Another affordable place to invest in real estate in Nigeria is Ogun state.
People who cannot afford the high cost of living in Lagos seek accommodation there as it is close to Lagos state.
It has good roads and other social amenities.
It is also filled with companies, industries, and firms.
Looking for an affordable place to invest in real estate?
Then begin with Abeokuta.
8. Imo State
Owerri, the bustling city, ranks the highest in nightlife activities.
The cool climate condition of the state makes many expatriates and foreigners live there.
Like the delta, it is also an oil-producing state with many petrochemical industries.
It also has a lot of attraction centers that attract lots of foreigners.
Owerri is one of the top places to invest in real estate in Nigeria.
9. Enugu State
The coal city state.
Although low in economic activities and standard of living, it comprises higher institutions, shopping malls, and beautiful landscapes and scenery.
It is one of the best places to invest in real estate in Nigeria because it harbors a lot of students.
You’d likely see a lot of student hostels around, so investing in one will fetch you high profits.
10. Cross River State
Calabar is one of the booming cities in commercial activities.
It is filled with beautiful structures and industries.
It is also a place for tourist attraction.
It hosts one of the biggest festivals in the country.
If your goal is a place with good security and economic value, then you should consider Calabar.
11. Ebonyi State
Ebonyi is one of the best places to invest in real estate in Nigeria.
This is because the state is a fast-rising economic hub.
Its capital, Abakaliki, is fast developing at high speed.
Investing in the young state will yield heavy returns soon.
Why Land is a Good Investment in Nigeria
Here are the reasons land purchase is the surest investment to make in Nigeria:
- Land doesn’t depreciate but appreciates.
- Buying land is a low-risk investment.
- With the current inflation in Nigeria, owning land gives one peace of mind and an edge.
- In cases of unforeseen circumstances or setbacks, selling the land can help you bounce back.
- Lands are also significant assets for collateral in banks.
Real estate is a great investment method, although it requires patience.
In Nigeria currently, there is an ever-increasing need for housing each passing day.
As people are migrating to urban cities, there is a need for shelter and a business place.
Many startups company require a location for their companies and industries, which is tantamount to a demand for land (space to build).
Buying land in a less developed area and waiting for it to mature in the nearest years to come can be the best way to grow your wealth.
Imagine selling land you bought for ₦200k five years back for ₦2m.
That’s like ten times the amount you spent to acquire such land.
Most people do not even sell their land.
They build on it and reap the reward for a lifetime.
Another ideal way to grow your wealth is land flipping.
Buying of lands and selling in the nearest two or three years, when the land value must have increased.
The versatility of land makes it possible to turn it into anything like a school, firm, hotel, industry, or even a farm.
Owning land can birth many businesses venture.
5 Best Places to Buy Land in Nigeria
Depending on what you’re looking to do with the land, there are cheap and expensive places to buy land.
Owning land in any part of Nigeria isn’t a terrible investment, but there are few places with economic value that can get you a good value.
Here are the best places to purchase affordable and valuable land in Nigeria:
1. Lagos
Lagos is the economic center of the country; it is also the most industrialized state.
Buying land in Lagos is surely an excellent investment.
There are places like Lekki, Ikorodu, and Ekpe where you can get suitable lands that yield great value.
2. Abuja
The political hub of the nation with places like Kuje, Jabi, Katampe that are under rapid development and are also close to areas like Gwarimpa, Wuse, Kado, are advisable locations to own land in the nation’s capital.
3. Port Harcourt
Getting land in Port Harcourt is surely the best investment.
Being one of the busiest and most prosperous states with a good road network, security, seaports, airports, and industries.
Owning lands in the city hub or fast-developing sides like Peter Odili Road, Trans Amadi, and a few other locations would be a brilliant investment.
4. Ogun
Being close to Lagos and harboring most of Lagos residents, Ogun state is another sure bet place to own land.
Places like Ibesha, Ota, and Owode are under rapid development, and owning land there is a sure investment.
5. Ibadan
Notable places to own land in Ibadan are Ogbomosho, Ijaiye, Orile, and Olowo Egbeda, amongst other fast-developing areas in the city.
It is advisable to secure lands in the least developing places that have the potential of being developed and a hub of activities soon.
There are lots of notable places to buy land in Nigeria, but the above stated, are the best places according to research.
Steps to Purchasing Land in Nigeria
Like every other type of investment, there are steps and guidelines to follow when you want to buy land, or you risk falling prey to scammers.
Before trying to buy any land, it is pertinent to know the law.
In the constitution, the 1978 Land Use Act gives state government authority over lands within their borders.
It is best to make thorough inquiries before investing.
Follow these steps to buy a suitable land easily in Nigeria:
1. Research
The first step to take when buying land in Nigeria is to do thorough research.
Whether you are buying from a real estate company, an agent, or an individual, it is advised to do thorough research to avoid buying trouble or even being scammed.
Find out if the land is government-owned or if it is family dispute land or if the actual owner is aware of the sales.
Researching the land you intend to buy will save you a lot of trouble.
2. Go Through Realtors
It is advisable to go through realtors when you want to buy land.
This is because you are sure that you are not being scammed or if something eventually goes wrong, you know who to hold accountable.
Before any land is up for sale, realtors must have made thorough research about the land and must have bought all the documents required.
3. Be Specific
Before going to a realtor, you must have decided on the specific property you intend to buy.
If it is bare land or ongoing construction or a property in need of renovation.
Having the specific property in mind makes it easier to invest.
4. Get a Lawyer
It is best to have a lawyer who will represent you and help with all the paperwork and help with property management.
5. Documentation
Once the purchase is made, it is advisable to file all documents of the new purchase with the state government.
However, don’t forget to demand all the documents from the seller.
6. Land Title
Once you have a lawyer, they’ll help you with this.
Make sure all certificates and documents show real ownership.
Make sure to also have the contract of sale and certificate of ownership (C of O).
Meanwhile, you mustn’t buy a property because a place is fancy, rather buy based on the value the place offers.
Be careful of scammers and fake title deeds.
Conclusion
Whether you intend to buy land now or in the future, this article aims to guide you in the right investment to make.
Since real estate is one of the best investments in Nigeria, it is advisable to invest in it.
However, it is also advisable to make pocket-friendly investments that’ll be valuable to you.
We hope you make the right choice that’ll yield lots of returns and set you on the road to financial security.
