What Is Really Happening, Explained Simply.

Many people, especially diaspora investors ask this question every day:

“Is it still good to buy land or house in Nigeria?”
“Is real estate still safe?”

In this article, I explain what is happening in the Nigerian property market in a simple way.

I no de blow big grammar.
No confusing numbers.
Just facts you should know.

Property Prices Are Still Rising (Especially in Lagos)

In Lagos, house and land prices are still going up.

Why?

• Lagos is crowded
• More people are moving in every year: About 6,000 people move in daily and only half return – Deputy Gov. The Governor of Ogun State, Dapo Abiodun said that about 2 million people move to Lagos from Ogun state daily because Ogun is conducive.
• The Lagos State Government is also carrying out demolition exercise in Makoko and other waterfront communities for security, safety and environmental protection. Unconfirmed report puts the number of displaced persons at 10,000.
• Land is not increasing, but people are increasing

Because of this, land and houses are becoming more expensive, especially in places close to roads, markets, offices and big projects.

Some areas are expensive already (like Banana Island, Ikoyi and Victoria Island).
Other areas are still cheap but growing fast (like Epe, Ibeju-Lekki, Ikorodu).

Rent Is High Because People Need Houses

Rent is high in many parts of Nigeria, especially Lagos.

The reason is simple:

• Many people cannot buy houses
• They must rent
• Houses are not enough for everyone: Main reason Lagos is building more homes to tackle the staggering deficits estimated at 3 million units – Akinderu-Fatai. Also, the Federal Government says it needs to deliver 550,000 units yearly for the next 10 years to bridge the gap.

Because of this, house owners are making steady money from rent.

If you own:

• A small flat
• A room self-contain
• A simple bungalow

You can still earn rent every year. Some diaspora owners complain about unreliable property managers in Nigeria, but the point is there are good ones who can deliver.

Some Areas Are Growing Faster Than Others

Not all places grow the same way.

Some areas grow fast because of:

• New roads
• Government projects
• Companies moving in
• Ports, factories, or markets nearby
• Establishment of tertiary institutions, etc.

Examples of fast-growing areas in Lagos:

• Lekki axis
• Ibeju-Lekki
• Epe
• Ajah
• Ikorodu

Ibadan and parts of Ogun state are also appearing in the picture!

People who buy early in these places usually smile later. Surulere, Ikoyi, Victoria Island, etc., are good examples.

Big Houses Are Not Always the Best Investment

Many people think:

“Let me buy a big, luxury house.”

But the truth is:

• Big houses are expensive to maintain
• Sometimes they stay vacant for long
• Rent may not come quickly

Small and medium houses:

• Rent faster
• Are easier to manage
• Bring steady income

Simple houses for common people are in higher demand than luxury houses. That is not to say that luxury properties don’t have their fair share.

Nigerians Abroad Are Buying a Lot of Properties

Nigerians in the UK, US, Canada, Europe and other countries are buying land and houses in Nigeria.

Why?

• They want a home back home
• They want to invest their savings
• They don’t trust keeping all money abroad
• To take advantage of favourable exchange rate

Because of this, property demand is increasing, especially for:

• Verified land: C of O, Gazetted, etc.
• Safe locations
• Trusted agents

Real Estate Is Still One of the Safest Investments

Money in the bank can lose value.
Business can fail.
But land does not disappear.

Even when the economy is hard:

• People still need land
• People still need houses
• People still need to rent

That is why real estate remains strong. Andrew Carnegie and these real estate millionaires aren’t lying about their experiences.

What Smart Buyers and Investors Are Doing Now

Smart people are:

• Buying early in developing areas
• Asking questions before paying
• Avoiding “too good to be true” offers
• Working with registered professionals

They are not rushing.
They are thinking long-term.

Real estate in Nigeria is not dead.
It is not crashing.
But you must be wise.

Location matters.
Due diligence matters.
Patience matters.

If you buy right, you will smile later.

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