[quote author=IbeOkehie post=129663965]

I know a little about lands and real estate in Nigeria. First of all, private "ownership" of real property in Nigeria doesn't exist. Per the Land Use Act, all lands in Nigeria belong to the Government. While Section 34 allows ownership of property, in actual fact, the Land Use Act is the default operative law. Therefore at the very least, private ownership & control of real estate in Nigeria is legally controversial.

So while I personally own buildings in Nigeria AND the USA, my ownership is more secure and protected by law in the USA. This is the reason families of many of Nigerian government officials, politicians and wealthy businessmen buy houses in the USA, including President Tinubu's children and Cabinet Minister Festus Keyamo. They know their property is more secure in the USA than in Nigeria.

I know you will dispute my statement above, but your own comments above highlighted as (1) and (2) in bold CONFIRM or give some credence to my claims. Why should I have to know anyone, be connected to those in the know or whatever just to exercise my economic rights? Why should my tribe matter, why should it dictate where I choose to invest? The Igbo apparently have lost their rights in parts of Nigeria, your rights depend on your tribe and someone still thinks it's a good country to invest in. Hmmmm. The cognitive dissonance is simply amazing. And people come on Nairaland shouting racism in UK/US. Truly Nigeria is finished. For real. Moving on...

I and members of my family have owned, bought and sold several lands and buildings in Nigeria and the USA. We've had several issues with ownership disputes in Nigeria AND not one single controversy in the USA. In fact one of my siblings bought property in Abuja and lost it because the Federal Ministry of Lands disputed the C of O issued by the FCDA or vice versa. We've bought in the village and had dispute. I know people that have bought in Aba, Owerri and PH and had disputes or had their land or houses taken away by government or the community. I know Let me ask you directly - do you know of any such cases similar to what I've alluded to here?

This is my real name, I'm being as open as I can here. I can definitively state that by law, usual and customary everyday practice and by personal experience and observation, private ownership of real property doesn't exist in Nigeria. I can boldly state that property rights are not well protected in Nigeria. Those are facts.

Now as to the business proposition of real estate in Nigeria. You wrote this above:



I know several people living in Nigeria AND abroad, who've incurred huge losses on Nigeria real estate over the years. So I want to know your opinion of the following story.

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/



Property investment in Nigeria is an almost guaranteed loss for any Nigerian based in US/UK in particular and it's more serious when compared to the potential returns the same Nigerian can get by buying a British or American house with a mortgage. Having personally experience both sides of the coin, my personal decision now is to NEVER invest a penny in Nigerian real estate. It's not worth it, especially in the long term. And I'm an Igbo man, so....

Good Luck to Nigeria






[/quote

jara:
Again you are wrong. Nigerians find justification for anything before they reason out the modalities.

If you have loads of Naira buried in the graveyard to take to bureau du change or the opportunity to corner an allocation, you may be right. This is not most Nigerians that Japa.

Decision whether to buy or rent depends or credit record, how much you are paying in rent, the down payment which deter many people, where you are buying and how small or big the house is.

This is why the children of home owners with very high incomes than their parents ever earned cannot move out of their parents' basement.


.

** Mortgage in abroad is not meant for everyone.. if you are eligible for mortgage in abroad have stable income abroad, can afford your monthly repayment, have down payment. It has several advantages over renting mainly if you are staying in abroad for a long time. This wouldn’t stop you from investing back home thereafter

jara:
Some Nigerians are selling houses, cars and land they have no loans or mortgage on to buy tickets and visas. Is this being naive or gullible?

You then celebrate from abroad to Nigerians at home that you own a house in less than two years.

Fail to pay mortgage or taxes, you will find out who own your house.

*** even if the house get repossessed as a result of not meeting up the payment.. your equity on the house is still guaranteed ** if you plan to stay in abroad for a long time and have the resources, go for mortgage first because in renting a house/ apartment abroad, u may be helping another person to offset his mortgage *** Rent money na dead money in abroad ***

franchasofficia:
It's mostly married Nigerian ladies abroad that celebrate owning a mortgage house, Nigerian men, the sensible and wise ones don't celebrate it.


If you are a Nigerian man abroad, before you think of getting a mortgage house abroad, please make sure you have acquired two or three solid commercial buildings in a bubbling city in Nigeria. Don't be in a hurry to get a mortgage house as a Nigerian man.
***

Don't be deceived, houses and lands appreciate a lot in Nigeria too.


I know some properties and lands I bought some few years back how much they are today if I am to sell them.


But before you buy any land or property in Nigeria, especially in Lagos, please get a competent property lawyer to go to Alausa secretariat to check the status for you, dont be in a hurry to buy, check the status first.


If you are Igbo, focus more on buying lands and properties in Southeastern cities like; Owerri, Onitsha, Enugu, Aba (though lands don't appreciate fast here dunno why), and maybe Asaba.


Avoid Lagos and Portharcourt if you don't live in Nigeria. Buying land in Abuja as an Igbo person living abroad is even better than buying in Lagos and Portharcourt. This advice is mainly for Igbos living abroad because currently, with the Lagos state government policies of recent, buying land or properties in Lagos if you are not a Yoruba person or you don't live in Lagos is risky, avoid it if you can.


Botswana is another nice place to invest in.

Ivory Coast is also okay.


Avoid Ghana, Ghana used to be good but situation seems to be changing of recent, guys are selling off now.

***You really don’t know the benefits of mortgage in abroad*** what do you stand to gain in renting house/ apartment in abroad? For your information your mortgage repayment form part of your equity.. The equity you have in a certain house abroad over time can buy a house outright in Lekki*** rent money in abroad na dead money

heroshark:


80% of Nigerian students in my cohort did fake proof of fund and were struggling to pay tuition, most of them are married with kids and average age above 30years old. There is no way many of them will be granted Canadian student visa unless they are on scholarship or going for PhD.

How is it not true ?

PS: I didn't say all, I said many.

Canada as a country is overrated by Nigerians. Every western country has its own pros and cons.

please asking for a friend who applied for dependant visa recently : He was asked by visa officer to re print his bank statement with a back dated timeline ranging for 3 months. Please what is the best way to respond to this knowing fully well that the account was funded just one month ago by POF third party

Goldie10:



Congrats again, please which broker did you use and can you recommend them?

The property we got offer for is in Scotland as we reside in Scotland. I used cascade mortgage solutions limited

OfferAccepted:
Fantastic!!!! Congratulations!!!!

Please what's the duration between when you submitted the mortgage application and the formal offer?
Did you use a broker too?
Thank you!

All happened within 10 working days. I used a broker

Finally, offer letter from Barclay bank dropped. Thanking everyone who has answered my questions in this group. We were able to get offer even with a fair credit score.

Wristler:

Hello Rapitex, was this a 2 persons application?

yes it is 2 persons application but the interest rate dropped to 5.25 ( fixed for 2 years) with 15% deposit. I have submitted full application. Finger crossed

Hello All… is this time actually the best period to go on mortgage?. I got 2 options from Barclays Bank so far 5.75 percent (fixed for 2 years) and 5. 00 percent fixed for 5 years with 10 percent deposit on a tier 2 visa with just 2 years residence in uk..is this a fair deal considering the market of today and future forecast

Please recommend a good mortgage advisor for a tier 2 holder with 2 years residency in uk so far

ibtommy:

Tinubu go soon change that narrative when one dollar goes down to as low as #50. All Nigerians in the UK will cry to come back home. Na overrated country. No wonder they are given PG admission to every Tom Dick and Harry.

You are dreaming with Tinubu narrative. Pounds may get to #1200 under his watch

Please. I need an urgent advice. I got offers for MSc Mental health nursing and MSc Social works. Which of this profession is more lucrative in uk? Secondly, Which of them has more prospect for tier 2 after graduation. Thank you