There is a situation currently going on in this country.
Its called excess land and no buyers.Banks and most nigerian's are learning to be smarter in look at properities for collaterial and for purchase,a properity that gives them value for their money in terms of if the want to sell,its at a price worth selling for.
This presents one more issue,since land as an investment takes a long time to mature,its has become a rear fact for sole individual to just pick a plot of land any where.Most properities being sold are sold to firms or organisations,and few of them are actually buying.
This alone brings down the tally of people buying properities in LAGOS as most people either prefer to lease or rent.

wbb

have you noticed, most of he estates advertised along the expressway n new ogun state are still undeveloped
seems many people buy to re-sale the land, it is very hard to now tell if those things promised by the 'developers'
are provided, how secure are those place for people who intend to build right away? many people buying land now are usually buying
just to sell them in the future-good business but when people are not forced to build withing stipulated times, those that build will be living with
uncompleted building or in construction zones, i doubt any developer will provide water, electricty and other things just because of some few occupiers

does anyone knows how long it takes to get your block and plot number from lagos state govt?
i have just completed my payment for land allocation at igbogbo-ikorodu.is the allocation done immediately or is it done is batches?
Any info will be appreciated.

Some are yet to see the lookahead in the land/property market. This is not the time to commit huge sums to property without a good plan.

A lot of those estates are stuck with no funds, while people have committed some even with mortgages at 25% +/- interest

Many rules are coming up now, e.g. Lagos - development within 2 years of C-of-O issuance.

I believe more rules might come soon. They would be welcome if they help the average person own a roof over his/her head.

The very rich have turned on this sector to try to extort people more. The Govt should introduce laws to check them.

@afh
Many rules are coming up now, e.g. Lagos - development within 2 years of C-of-O issuance.
please are you serious about this
when was it announced? i have 2 plots in amuwo and the c of o is almost 2yrs.
the worst is that i dont have a dime to start building on it right now.

@hbrednic

I heard this 2 year rule from a friend in Lagos.

I cant categorically confirm the authenticity, but I advise you make more enquiries to confirm the true information.

thanks ahf.

it is clearly stated on the letter of allocation from Lagos state government
that the land allocated must be fully developed after 2 years of issuance of c of 0.
will this be strictly enforce? who know? probably not,but u cant be too sure.

what's the market like now?