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|Understanding Real Estate Terms by Oyedepopeter: 9:56pm On Apr 11|
Here are some Real Estate terms you must know.
Most people who purchase land in Lagos dont really understand the meaning of this Real Estate terms.
The first hurdle is to understand the system of Land measurement in Nigeria.
In Nigeria today, Land is measured in Hectares, Acres, Meters and Feet. These measurements are affected by factors, which includes development pattern, human and environmental factors.
Lets start by asking what is the size of standard plot in Nigeria?
According to the dictionary meaning of a plot: A plot is a marked out piece of Land for the purpose of building or farming.
The word 'plot' is an arbitrary term used to describe a land division carved out for property development.
The size of a plot can vary for different reasons but according to Nigeria's land division, the appropriate plot for a house construction is 50 x 100ft which can accommodate a standard house with a small compound.
To better understand Land divisions used in Nigeria, different units of area are used as follows:
A hectare is one of the least known metric units and one which potential buyers and Estate developer seems to struggle with - it is a land measuring 100m x 100m OR 328ft x 328ft OR 10,000sqm. It is about two and half acres.
A Hectare consist of 15 plots.
An Arce is a standard unit of measurement used by Land sellers and it is almost equivalent to the size of a standard football field.
An Acre is a product of any rectangular plot of land giving a total of 4,046sqm OR 43,560sq ft.
An Acre consist of 6 plots each measuring 60 x 120ft.
In Lagos State, the standard size of a plot is 60 x 120ft ( 18m x 36m ie 648sqm), while in some other cities of the country, plots are measured in 50 x100ft.
Now that you have understand land sizes in Nigeria. There are available plot size in Lagos you can invest in at the moment.
We have 300, 500, 600 and 648sqm respectively. However a full plot is 600sqm in Lagos.
For real estate investment in Lagos island, Ibeju Lekki and Epe respectively. Visit the website below�
Or for apartment with appropriate land sizes, visit the website below �
For further details, information call/WhatsApp 09015094850
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