From a different angle, MUST IT BE LAGOS?
Consider 2plot of Land close to a good higher institution, Like FUNAB, OOU, MAPOLY, TASUED, to mention few where land is not up to a million. Build barracks , Barrack no dey empty is a year thing.

Building is cheap ass in cheap in Abeokuta, Ijebu Ode. Walahi
30tons sand is 55,000
30tons Granite is 80,000
Cement 1,300
Bhole may not be friendly 250k-300k
Iron rod too cheap
only your fit-ens will be cost you more because of transportation from Lagos

Call me on 08028650671

bebe2:
thank you all for you contributions.
i decided to get a plot in ajah.

if any agents here have properties pls post them here with full specifications and pictures.
tnk u.

HI everyone,
am going to keep it short,

the pound to naira exchange rate is going thru the roof, and i think its the best time to invest in nigeria

BUT i dont want to buy a plot and build as i have been ripped off before in the building process.

i cud also buy a cheap property in the uk, but my fear is how things go can terribly wrong in the west, the recent crash comes to mind.

can i get a gud 4flats in a gud area of lagos for about #20m dat can revenue about 1.2m a year?
which area shud i be looking at?

all suggestions appreciated.

N.B
PLS dont pm me. all discussions shud be solely done on the forum.
thank u

You can buy where you are and still make money. You buy a small property that can be easily rented. Property market may crash like 2008/09
but rental does not. In fact when it crashes again, rental will increase. A friend has small rental apartment that cost around $65,000 it brings in $800/month After Tax and fees. $800 X 300 Naira= 240,000/month.

amanikondo:


You can buy where you are and still make money. You buy a small property that can be easily rented. Property market may crash like 2008/09
but rental does not. In fact when it crashes again, rental will increase. A friend has small rental apartment that cost around $65,000 it brings in $800/month After Tax and fees. $800 X 300 Naira= 240,000/month.

The whole thing tire me.

Still Looking into all options , the uk will be my last resort.

Chekitaut:
From a different angle, MUST IT BE LAGOS?
Consider 2plot of Land close to a good higher institution, Like FUNAB, OOU, MAPOLY, TASUED, to mention few where land is not up to a million. Build barracks , Barrack no dey empty is a year thing.

Building is cheap ass in cheap in Abeokuta, Ijebu Ode. Walahi
30tons sand is 55,000
30tons Granite is 80,000
Cement 1,300
Bhole may not be friendly 250k-300k
Iron rod too cheap
only your fit-ens will be cost you more because of transportation from Lagos

Lol @ barracks, the reason why i say lagos is becos Dats where I know.

I have tried benin and it didn't work out. I really don't mind hostels close to higher institutions but the hassles dat come wit it and it's management.

Land flipping will be it for now.

Hi Ecel,
Can you furnish you contact details please?
I am considering investing in the UK market.

ecel:


Rent is good in England as your investment pay back period is shorter than in Nigeria BUT property appreciate more in some parts of Lagos than England. You have to pay Tax on your rental income in the UK unlike Nigeria that you may not declare anything to the govt. I can help anyone considering a mortgage in UK or an outright purchase.

Hi Euromillion,
Please ping me your contact details.
I don't mind doing some JV in Ireland.

euromilion:


Hahahaha,instalment?how do you mean?.

To tell you the truth am not into selling properties,just that am sick of Nigeria investments,I'll not invest in that country again.

I have decided to dispose my three properties over there and never to put money there again.

If you have such money to invest,I'll recommend you come to ireland,properties are doing well here,I can partner with you if you want.

However,if you are really serious about Lagos property,make me an offer and we can take it from there.

This is very informative and useful for everyone.
I was thinking of investing on the mainland but not sure of what areas to go into?

I have a budget of 6m for now. Where would you advice?

Also what area in the mainland did you build this shops/security post?
I was on the opinion that you get a much better ROI than this.

Please advice

brabus:
@bebe2,

Have you considered Maryland Estate, Badore. 2 bedroom flat go for 700k, 1 bed is 500k and you can have 8 units on a plot.

Land still sells between 6 - 10m in the area and the occupancy rate is higher.

I'm not an agent not canvassing for business. Just an advice if you want quick ROI. Building is not just saving cost of materials but getting good ROI.

Why will you choose Ogombo over Maryland?

Cost? You'll realize your extra spend on land within the first 6 months.
Neighbourhood? We won't be fair comparing Ogombo with Maryland where there's better planning.
Security? It amaze me that there's less of Omo-Onile issues in Maryland unlike Ogombo where it is their main business.
ROI? The most beautiful 2 bedroom flat in Ogombo will go for 400k at most, whereas the most ugly 2 bedroom in Maryland BADORE goes for 600k.
Infrastructure? Why invest in an environment where you can only leave on empty promise? Govt will fix the road in XYZ year, bla bla blah. The road in Maryland is one of the best road done in any residential estate I've seen around that area and it is well managed with dedicated generator powering the streetlights everyday.



The biggest mistake starts from location. And choosing a good one. A good location is a sell on its own whether here or abroad. We need to always ask ourselves this question "3 years from now, will I want to live here myself?" "Is there a better choice?"

A good house in a wrong location is a bad investment. It cost almost the same figure to build in Lekki and Iyana Ipaja but the rent is incomparable. ~ Brabus.

Happy Hunting!

________
Good Scenarios

1. I've built a 3 apartment house within a year for someone here for 40m, land, fence and documentation cost additional 10m and the first year rent alone is 7.5m which means she will recover her fund in less than 7 years. Within the first 3 months, rent per flat has gone up to 3m which means she's getting 9m next year excluding maintenance fees.

2. I've built a 3 unit lockup shops and a security house for a client on here for 1.2m in a location on the mainland and the rent is 60 or 70k per annum. Meanwhile, a similar shop built on almost the same budget in BADORE road goes for minimum of 300k per annum for each shop.

Property investment is cool in Nigeria but people actually pay for the location than the actual property itself. ~ Brabus

befto:
Hi Euromillion,
Please ping me your contact details.
I don't mind doing some JV in Ireland.

What country do u base bro?

I am between Naija and UK.
You can mail me @ Jarel_tj@yahoo.com

euromilion:


What country do u base bro?

bebe2:


Aunty ify, u just put the fear of God in me by mentioning omonile

Do they also operate in estates?

Is badore before or after thomas estate? Dat ba where I know rd reach o

Omonile doesn't necessarily mean tout. Lol

Lots of big, sons of the soil are omonile eg Eleshin, Otun of Ajiro etc. They are simply sons of the soil who have reliable and first hand contact as to who owns what land and the best part for me is, no one dares disturb you if you buy from them. They settle all the small omoniles, agberos and fellow big masquerades.

Chekitaut:
From a different angle, MUST IT BE LAGOS?
Consider 2plot of Land close to a good higher institution, Like FUNAB, OOU, MAPOLY, TASUED, to mention few where land is not up to a million. Build barracks , Barrack no dey empty is a year thing.

Building is cheap ass in cheap in Abeokuta, Ijebu Ode. Walahi
30tons sand is 55,000
30tons Granite is 80,000
Cement 1,300
Bhole may not be friendly 250k-300k
Iron rod too cheap
only your fit-ens will be cost you more because of transportation from Lagos

How much is the rent there? Nobody wants to build and after 5 years, yet to recoup basic workmanship and materials money .

brabus:


Good one as ever! Greenville is cool. Infact, I'm working on something for a Nairalander there.

Cool.
Ogombo as you suggested is likewise good. Same as Lakowe and Bogije.

ifyalways:

How much is the rent there? Nobody wants to build and after 5 years, yet to recoup basic workmanship and materials money .

Bed space is 70k-80k

Chekitaut:
Bed space is 70k-80k

Per annum?
Does the landlord rent out bed spaces or rooms? How many rooms in a floor and how many bed space in a room?

This thread is quite informative. I found out land deals are more lucrative in Lagos , pH and abuja.
Am done with investing in east and off to lag. I missed one my office sold , very close to crown estate,lekki. They even offered half plots for sale for staff like me but I was blind.

2 years later, I started paying for an estate in agbara.Ive paid the fee for the cost of land ( cos I didn't want to miss it again) before a friend based in lag told me that island is the in thing. The rate of appreciation is faster and cannot be compared.
Y
Am currently on the look out. Thanks brabus, ifyalways and everybody for your input. I will make out time to visit the mentioned estates b4 Feb ending.

ifyalways:

Per annum?
Does the landlord rent out bed spaces or rooms? How many rooms in a floor and how many bed space in a room?

Madam Bed space per annum ooo
2 - 3 bed in a room

ifyalways:

How much is the rent there? Nobody wants to build and after 5 years, yet to recoup basic workmanship and materials money .

u no go kill us for Nairaland.

Please leave that Addo Badore area. That area is under govt acquisition. Any cheap land you buy there, you would have to buy it from govt again. Some areas are even committed lands that people are trying to codedly get rid off.

blank:
Please leave that Addo Badore area. That area is under govt acquisition. Any cheap land you buy there, you would have to buy it from govt again. Some areas are even committed lands that people are trying to codedly get rid off.

Really? Can you give the specific areas to avoid? I live in Badore and to my best knowledge the area is fully built up. I have nothing less than 20 plots in my custody and I'm hearing this for the first time.

I've been in that area since 2003.

blank:
Please leave that Addo Badore area. That area is under govt acquisition. Any cheap land you buy there, you would have to buy it from govt again. Some areas are even committed lands that people are trying to codedly get rid off.

Please, are Greenville estate and harmony estate affected?
I prefer gated estates in those areas cos I can't handle omonile issues also price of gated estates appreciate faster than the lands In the neighbourhood.

blank:
Please leave that Addo Badore area. That area is under govt acquisition. Any cheap land you buy there, you would have to buy it from govt again. Some areas are even committed lands that people are trying to codedly get rid off.

really ? I know Greenville estate has official gazette from LASG

Chekitaut:
Madam Bed space per annum ooo
2 - 3 bed in a room

My question remains, would she( landlord) rent out bed space or room?

brabus:

u no go kill us for Nairaland.

Lol. 80K per annum? Abeg I don't have that patience. And trust me such tenants sabi owe and spoil house. Collect 80K, use 30K repair room, spend 10K on charge and bail lawyer wey go help u collect the rent by Fire by force. Not for me, biko.

Quote below is from the lawyer...from property section.

One more thing. If you intend to buy a property in Addo/ Badore Ajah Estates, please dont waste my time and your time. 85% of those lands / Estates there are under government acquistion and are Committed Areas. Governmnent has Acquired over 300 Hectares of Land in that place and thats approximately almost 5000 plots. .......

ifyalways:

Lol. 80K per annum? Abeg I don't have that patience. And trust me such tenants sabi owe and spoil house. Collect 80K, use 30K repair room, spend 10K on charge and bail lawyer wey go help u collect the rent by Fire by force. Not for me, biko.

Cheap properties do not necessarily translate to good investment. I'll rather build in a place where I'll be getting my steady 500k per annum in a shop than where I'll be getting 30k per annum on 20 shops. The 30k shops will come with 20 problems from each tenant. And the maintenance is overbearing in the long run.

My point exactly!
Ikota shopping complex have been existing for over 10 years. Rent starts from 400K per annum and people are renting it, maintenance is OK and owners are smiling to the bank each year. Now compare that with those cheaper complexes at Ajah that have become mini sahara/ breeding points for rodents cos of lack of patronage because the owners believed they could provide a cheap alternative. Personally, if I must spend money to build, location matters. Why 70K per annum when I can get 300K or more for a RSC?

brabus:


Cheap properties do not necessarily translate to good investment. I'll rather build in a place where I'll be getting my steady 500k per annum in a shop than where I'll be getting 30k per annum on 20 shops. The 30k shops will come with 20 problems from each tenant. And the maintenance is overbearing in the long run.

brabus:


Really? Can you give the specific areas to avoid? I live in Badore and to my best knowledge the area is fully built up. I have nothing less than 20 plots in my custody and I'm hearing this for the first time.

I've been in that area since 2003.

Speaking from personal experience, Oke-Ira area is totally under govt acquisition. Almost bought a house on 2 plots there for about N20m in 2009. We had concluded before i heard that you have to do search etc etc. We did the search and found out that it was under govt acquisition and the area was under litigation with another family that won. So, we would have paid 4m to the family that won and then paid 12m to govt to ratify the land. (Ratification is based on land size). Although we could have sold the second plot for about N5m then but the increase in the cost was too much and profit would be hard.

Then we went on to look for other houses or lands closer to Ajah roundabout but they were all the same. We just wasted money on searches. Some were committed lands and for those ones, there is no ratification. I don't know about Greenville estate but what i have come to understand is that that area was meant to be for the fourth mainland bridge.

Just ensure you do your own private search and that the search is comprehensive which should include litigations etc. No look say fine house dey there. If govt decides to knock them down, the loss will be more.

Interesting

Make i spread mat here.....this is getting very interesting.

wait! can you believe that i haven't been to Ogombo till now? We bought a piece of land from a Nairalander Kaflex in 2012 after our wedding with the small change wey remain. We collected our documents within weeks, fenced it immediately and just left it there to season for another 2yrs with no wahala watsoeva. In 2015 January Brabus broke ground, built us the carcass for Desmond flats and this week / next week we should be painting. My point is I will rather buy in Ogombo (peace of mind) wait for the area to catch up (appreciate) cos of its global C of O which was confirmed than to buy cos of how much rent is in other areas with no documents. like I said earlier I love to gamble but not with Lagos land and cant deal with land issues beside am too young for that.

BTW. We chose Ogombo cos Nairaland Lawyer endorsed it and even wrote a thread about it. Walai everything he said was correct.

Why on earth would anyone with good financial training and opportunity to invest in USA,uk,Ireland and many other countries with massive potential want to invest in Nigeria?

I've made that mistake,but not anymore.
Check this out.
Let's say joe invested 40million in a duplex in Nigeria.
Joe was lucky enough to get a professional couple that agreed to rent off joe duplex for 500k per annum.joe felt happy,forgetting that 500k is less than $2000.

On the other hand Michael invested his 40million in uk,us or ireland in a house or apartment that could be rented for between €1000-1400per month.

Who is the intelligent investor among them?

euromilion:
Why on earth would anyone with good financial training and opportunity to invest in USA,uk,Ireland and many other countries with massive potential want to invest in Nigeria?

I've made that mistake,but not anymore.
Check this out.
Let's say joe invested 40million in a duplex in Nigeria.
Joe was lucky enough to get a professional couple that agreed to rent off joe duplex for 500k per annum.joe felt happy,forgetting that 500k is less than $2000.

On the other hand Michael invested his 40million in uk,us or ireland in a house or apartment that could be rented for between €1000-1400per month.

Who is the intelligent investor among them?

.......interesting angle to the discourse, investing in the west or saner climes is preferable, so many challenges to contend and deal with in Nigeria, real estate investment in Nigeria is not for the fainthearted

guy u make sense

euromilion:
Why on earth would anyone with good financial training and opportunity to invest in USA,uk,Ireland and many other countries with massive potential want to invest in Nigeria?

I've made that mistake,but not anymore.
Check this out.
Let's say joe invested 40million in a duplex in Nigeria.
Joe was lucky enough to get a professional couple that agreed to rent off joe duplex for 500k per annum.joe felt happy,forgetting that 500k is less than $2000.

On the other hand Michael invested his 40million in uk,us or ireland in a house or apartment that could be rented for between €1000-1400per month.

Who is the intelligent investor among them?