Looking for Properties in Lagos

Hi,

My wife and I are thinking of buying a compound with multiple apartments in Lagos. We have seen video footage of a number of properties in the Ketu Quarters.

Can someone give me some general insight in the Real Estate market in Lagos.

As people with no direct interest in the transaction, maybe you can give some advice on (not exhaustive):

* which areas show good appreciation?
* what are the price ranges for different area's?
* are there any mortage facilities available?
* how exactly do you properly register your properties (and what steps need to be taken)?
* are there major infrastructure works going on/planned for Ketu Quarters?

We're currently just investigating the possibilities and are very new to the specif circumstances of real estate in Lagos (my wife left Nigeria 9 years ago). Any insight is very welcome

Regards,

Niek

Not immediately (maybe at retirement - or earlier if my business ideas work out). This would rather be an investment. Taking into account the demographic trends in Nigeria, and especialy Lagos, you should be able to get good appreciation of the properties

Niek

There were several properties I have seen, I will look up the details when at home:
- one big compound: 2 floors, 4 apartments, don't remember how many bedrooms.
- one smaller, duplex, 2 apartments
- one unfinished (2 floors, top floor not yet finished, 4 apartments), enough land to build an extra compound

The main thing here is that my wife got the information from a friend of hers. the only properties she currently got information from were in Ketu Quarters. This doesn't mean that we would not be interested in properties somewhere else.

The main criteria would be:
- quality of the area (close to business, infrastructure, utilities, roads, prone to erosion or flooding, etc)
- future appreciation value (is there development around, etc)
- vacancy rates (is it easy to rent them out and how quick do you find suitable tenants)

If you could give me some general information about Ketu Quarters, that would be greatly appreciated. As I pointed out before, we are not present and we'D like to get as much information from different sources as possible

Regards,

Niek

But why ketu? everyone is looking into Ikorodu at the moment. the rate of development is alarming. All the banks and eateries are moving in. A plot of land which used to sell for 250,000 2 years ago now goes for 1Million and still increasing. i guess its as a result of the proposed 4th mainland bridge to link victoria island and ibeshe. i actually leave in Ibeshe. I personally will pick several places before ketu. magodo, ajah, ikorodu and lekki are hot locations for property investment.

my fellow nairaland people who can give me some geniune info into buying a property in Lagos or Ibadan. Nothing to costly !!! something between the range of six million for starters. Any hope?

Hi Ladz, in reply to your comments regarding buying a property in Lagos I would not mind getting a proerty in the outskirts of Lagos, a bungalow of some sort with a bugdet of 6m naira. any ideas??

if you are looking for investment properties in Lagos.
what you should look out  for is the rental trend in the locations.
the type of property( multifamily apartments or single units)
i will rather advise for multifamily apartment ie blocks of flats for a start.
surulere, isolo, yaba areas are most promising because the up coming professionals
are looking for apartments in these location because of proximity to Victoria island
Festac houses and amuwo odofin has shown consistency in capital appreciation too.
i advise you shop around the different estate agencies first for professional advise
and if possible an in dept analysis of the rental projections and capital appreciation in the recent times for the various locations , before you commit your money.
houses in estates are always liquid and appreciates faster too

hi deledele,
i have already replied through your email  remgab20@hotmail.com.
regards.

Please check out my post. I am doing research so that I will soon give mortgage and real estate opportunities to people who want to buy a home in Nigeria, both abroad and in Nigeria. The rates and prices will be clear when I start it. But first I need to research the property market. this is only my preliminary research. I am trying to make a change!

http://www.nairaland.com/nigeria/topic-55819.0.html

hi niek,

i have tried to answer some of your enquiries, which by the way are commonplace
- property appreciation in Lagos depends on accessibility to a major highways, proximity to the business districts, the possibilities of using the property for   
  commercial purposes, the general environment (high brow or not), security, tarred roads. generally areas with luxury apartments,trees and low density 
  appreciate faster. i would say for purposes of investment - ketu is not currently the best because the rents are not very competitive and you may not sell easily 
  should you decide to.
- prices vary highly, but the best returns are currently around lekki, Victoria island, ikoyi, gbagada, Maryland, ilupeju, ikeja, apapa and prices vary
  considerably from 8 million for rundown properties to as high as 100 million
- there are mortgages but they are not as accessible as in Europe or America and the terms are not always easy
- to have your properties properly registered you need a lawyer and it takes about between one month to six months
- there are no major infrastructure currently planned for the ketu area

hope i have been of some assistance to you. should you want more info, please contact me at mistaizce@gmail.com or 234 1 8123 371

Hello,
I wonder why u r moving back to Nigeria but if u indeed want to,I happen to have properties for sale in Lagos that might suit your taste.If u need to be furnished with more information,u can email me at jidekid@yahoo.com so that we can discuss options available.