₦airaland Forum

MPA is along that newly tarred road that goes all the way to Exide battery. After General gas when coming from the Bashorun area turn right into this newly tarred road. The said road is roughly 2 minutes drive after General gas. It's well before Alafia Estate and the Army Cantonement.
2.5m. I have letter of allocation so far and survey plan.

Chaircover - Omo Ibadan kini show - I have a few plots at Akobo MPA. Do you know any one who might be interested in buying JUST ONE?

Liftedone - Any idea of when all facilities would be completed at the Mowe project. I may be very much interested.

Lawyer,

I have purchased a few plots in the past from the likes of HFP and they have always provided me with deeds of assingnment. Is it a problem ? You have mentioned that the purchaser should prepare and present deeds for the seller to sign. Could you clarify please?

Full Kitchen units with granite work top as shown in the picture. 6.3m X 3.6m.

How much ?

qt247@hotmail.co.uk

I dont intend to discredit or disregard your work, but the Kitchen with the granite work top looks foreign. Have you ever replicated something of the sort ?
I am doing up a place behind Chevron on the Lekki axis and I am at the stage of preparing for my furniture n fittings, the Kitchen particularly.

For a Kitchen that is 3.6 X 6.3m, how much roughly would it set me back ?

iron rods

Imported per ton : 10mm - 180,000 naira, 12mm - 160,000 naira, 16mm - 115,000 naira

locally made - 120,000 per ton

Moves,

I have a feeling that there will not really be any adverse effect on the rental side of things. The rental income has not really appreciated a great deal over recent years therefore the common man who really can't afford to buy a house worth over 80 mil on the Island for instance may consider renting on the same island because of better security and at the same time buy and build somewhere on the mainland, possibly Isheri North.

If this is the case then there may be an increase in rental figures due to the effects of demand and supply.

Moves

The truth of the matter is that the over 10%'s are not as easy to come by any longer.

If we are to consider Lagos island, I may want to lean towards Lekki Phase 2 where an estate plot of land is considerably cheaper than phase 1. Also one where multi dwelling units are permitted on a plot of land for maximisation. Some estates only allow one unit dwelling on a plot of land.

Most of the Island has peaked.

The likes of Ikoyi and VI may not necessarily achieve the 10% but because the rental income is higher than other surburbs it boosts cash flow.

People are talking about the Mowe/Ofada axis but my view is that there is too much speculation. Nobody knows tomorrow therefore I tend to focus on the present. I will only be tempted because the axis is relatively cheap price wise.

It has also been noted that as close to the Lekki processing zone is a good one but then again it's speculation. Then again as it's relatively cheap I will be tempted.

You may want to consider Abuja. At the end of the day it all depends on how powerful your pocket is and your place of interest.

Oyewole 123

Contact the following, I biz with all of them.

Ideal quarters - 02085990701
Omega Lettings - 02089882838
Smart Hotels - 02084825511

Moves

Just to give you food for thought.

Capital Intensive - You might want to start small in Nigeria with capital raised at minimal interest rates from the western world. This I have done before.

Purchase vs income - If your P/E ratio is over 10 i.e. over a 10% yield in your terms then you are not doing too badly. For ex those who purchased plots of land in Lekki 1 and VGC in Lagos about 8 years ago for just over 1.5 million Naira could achieve a yield of over 10%, note that building materials were much lower in price in those days. I personally bought cement then at 495 (now about 1700) naira a bag, a ton of iron reinforcement for about 40,000 naira (now about 200k). My point being you can't go wrong when you enter the market at rock bottom price. Those entering the Lekki axis now (prices have peaked to an extent) are taking a greater risk as rental income has not increased as much as property prices over the years and prices could crash.

Ownership issues - Personally, i don't touch plots that don't form part of a recognised estate. Not even with a very long pole. I always purchase properties within estates and from the source i.e. not on the secondary market. You are very safe when you buy VGC plots from HFP engineering, unfortunately they ran out of plots a few years ago. This douses your fear of Omo onile, fake documents and govt acquisition.

Non payment of rents - If you rent out at the top end of the market you hardly encounter problems. High earners seldom like embarrassment. I have rented out to the Oyinbos in the UK and i have in the past had to drag a few of them through courts to gain back possession, infact, because of this I stopped renting out privately. In the UK i do long term leases.

I am a bit of an old fashioned Nigerian man but my wife has to be in some kind of employment as I hate any form of liability. I also have to be in employment on a full time basis whether as an employee or self employment regardless of whether the wife is working or not as i believe that there are basic needs that a man would desire/need from time to time and one may feel uncomfortable asking the wife for money when such need or desire arises.

I only financially support the extended family on both sides whenever i want to or if the situation is life threatening and i can afford to.

Just recently bought an apartment at alsalam city for under 29k sterling. Good value for money i would say.