Best Places to Buy Property In Nigeria as a Nigerian in Diaspora

Nigeria’s property market is booming, and it’s not just locals who reap the rewards. Buying property in Nigeria is also attractive for international investors thanks to a growing population and thriving economy.

While purchasing property from a foreign country can be daunting at first, don’t let that discourage you. With careful research and guidance, you could soon be the proud owner of a lucrative piece of Nigerian real estate.

But where to start? This article will explore the top places in Nigeria for overseas buyers to invest in property. We’ve covered you, from bustling urban centers to serene coastal retreats.

Nigerian Property Market

The Nigerian property market has experienced significant growth over the past few years, fueled by the country’s strong economic performance and growing population. Nigeria is one of the largest economies in Africa, and its property market is becoming increasingly attractive to local and foreign investors.

The demand for housing and commercial real estate has increased as more people move to cities like Lagos, Abuja, and Port Harcourt. This has led to a construction boom, with developers building new properties. The Nigerian government has also introduced policies encouraging private investment in the real estate sector, such as tax incentives and streamlined processes.

Popular Areas To Buy Property In Nigeria

Lagos

Lagos is a city that needs no introduction. As the most populous city in Nigeria, Lagos boasts a thriving real estate market that presents numerous options for property buyers. You can explore popular areas like Lekki, Victoria Island, Ikeja, and Ibeju- Lekki, which are all known for their lively real estate scene and an impressive selection of modern and luxurious homes:

Lekki

Lekki is a top property investment destination in Nigeria due to its strategic location, growing economy, and high standard of living. Its proximity to multinational corporations has fueled economic growth, while real estate and infrastructure development have increased property values and improved connectivity.

Victoria Island

Victoria Island, Lagos, is an ideal location for property investment. It boasts high-end residential and commercial properties, excellent infrastructure, stunning views of the Atlantic Ocean and Lagos lagoon, and various leisure and shopping options.

The well-connected roads provide easy access to the neighborhood, and you can find cultural experiences at the National Museum, IMAX Cinema, and Silverbird Galleria. The area also includes the largest luxury high-rise estate in Sub-Saharan Africa, 1004 Estate, and Oniru Beach, a popular destination for locals and tourists alike.

Sangotedo

Sangotedo is quickly becoming one of Nigeria’s most sought-after locations for property buyers from overseas. This is due to its proximity to Victoria Island, a vibrant and bustling business district home to many of the country’s corporate headquarters. The area also offers buyers great access to the rest of Nigeria, with excellent air and road connections, making it easy to get around the country.

Ikeja GRA

Ikeja GRA, located in Lagos State, is one of Nigeria’s most popular residential areas and an excellent choice for those looking to buy property from abroad. The well-developed area has excellent infrastructure, high-quality roads and buildings, and plenty of parks and green spaces. The site is close to major transportation hubs, including the Murtala Muhammed International Airport, giving buyers easy access from abroad.

Ibeju-Lekki

Ibeju-Lekki, a local government in Lagos State, is a prime location for property investment due to its scenic beauty and real estate potential. Its coastal area makes it an ideal spot for beachfront properties and farmland. In addition, its proximity to landmarks like the Lekki Free Trade Zone, Lagos-Ibadan Expressway, and the upcoming deep seaport and Lekki-Epe International Airport makes it a highly desirable option for investors.

Abuja (FCT)

You probably already know that Abuja is the capital of Nigeria and that it has become a popular destination for business owners, entrepreneurs, and expats  alike. But what makes Abuja so unique from the property perspective?

For starters, Abuja is fast becoming a hub for investment-grade real estate. It is home to several luxurious properties and developments offering an excellent investment return. Most of these developments are near the city center and have access to good infrastructure and amenities. You can find a wide selection of residential and commercial properties in the following areas:

Wuse

Wuse is a prime location to buy property in Abuja because of its strategic location, low crime rate, well-developed infrastructure, convenient amenities, and high demand for properties. Its central location makes it popular for professionals and expatriates, and its reliable security makes it a preferred residential and commercial area. Properties in Wuse tend to have a higher resale value and rental income potential.

Maitama

Maitama is one of the best places to buy a property in Abuja due to its great location. It provides easy access to good roads, a serene environment, and exotic houses. The area also benefits from excellent security services, facilities, and plenty of government buildings and private businesses for residents to take advantage of.

Jabi

Jabi is a centrally located area in Abuja that boasts a range of amenities, making it a desirable location for residential and investment properties. The area has good transportation links, excellent schools, and plenty of shopping opportunities, including the famous Jabi lake mall. Jabi Gardens and Jabi Lake provide great recreational spots for events, occasions, and celebrations.

Asokoro

Asokoro in Abuja is ideal for overseas property buyers due to its luxurious reputation, top-notch amenities, and excellent security. The area is home to banks, supermarkets, hotels, clinics, schools, bars, and clubs. It is also home to various government offices, including the Economic Community of West African States (ECOWAS) and the National Intelligence Agency, ensuring the area’s high level of security.

As a result, real estate prices are relatively high in Asokoro, making it an excellent choice for those seeking a more upscale property investment.

Rivers State (Port Harcourt)

Port Harcourt, Rivers centenary city is well known for its thriving business community and a wide range of investment opportunities. The area has plenty of oil and gas reserves, making it an attractive destination for those looking to buy property in Nigeria.

The city also manufactures various products, including steel structure, glass bottles, plastics, enamelware, aluminum products, tires, and other goods. The best places to buy property in Port Harcourt include

GRA

GRA is a highly sought-after neighborhood in Port Harcourt. It offers a peaceful and secure residential area with easy access to commercial and entertainment hubs. The high-end properties are well-designed with modern amenities and excellent infrastructure. GRA also boasts outstanding social amenities, including top schools, hospitals, shopping centers, and restaurants.

Ada-George

This area offers many advantages for those looking to purchase real estate.

One of the main factors that make it attractive is its dualization of roads, which has made it a highly sought-after area in Port Harcourt. It offers residents easy access to other parts of the city, making it an ideal location for commuters and businesspeople.

Omagwa

Omagwa is one of the most sought-after locations for property investments in Port Harcourt due to its proximity to major industries such as Omagwa Airport and Eleme Petrochemical. It is a highly industrialized region, making it one of the best possible places to invest in plots of land.

Rumudomaya

Boasting a coastal shoreline, Rumudomaya is the perfect place to buy a property if you live abroad. The area offers stunning views of the ocean and the city skyline and is only 30 minutes from Port Harcourt International Airport, making it a great location for international buyers. It offers excellent security for its residents and attracts a diverse mix of people, from families to business professionals.

Kano State

 

Kano is considered one of the best places to buy property in Nigeria due to its rapidly growing economy, strategic location, and low cost of living. As a Nigerian in the diaspora, investing in Kano’s real estate market can offer a great opportunity to diversify your portfolio and potentially earn a high return on investment. 

The city has seen significant infrastructure development in recent years, including improved transportation and healthcare systems, making it an attractive location for real estate investment. Additionally, Kano has a rich cultural heritage, a bustling commercial sector, and a large population, which further increases its potential as a profitable real estate market.

Nassarawa GRA

Nassarawa GRA is a high-end residential area with modern infrastructure, good road networks, and well-maintained gardens. It is located close to major commercial areas in Kano, making it an ideal location for business and residential purposes.

Dala GRA

Dala GRA is another upscale neighborhood in Kano known for its luxurious homes, excellent road networks, and proximity to essential amenities such as hospitals, schools, and shopping centers. It is also an attractive location for Nigerians in the diaspora looking to invest in property in Nigeria.

Gwale GRA

Gwale GRA is a prestigious residential area in Kano that is popular among high net-worth individuals. It boasts of well-planned road networks, top-notch security, and a serene environment, making it a perfect place to buy property in Nigeria as a Nigerian in the diaspora.

Oyo State (Ibadan)

Ibadan is one of the best places to buy property in Nigeria due to its strategic location, growing economy, and rich cultural heritage. Ibadan is the capital city of Oyo State, one of Nigeria’s largest states with a rapidly growing population. Its proximity to Lagos, Nigeria’s commercial capital, also makes it an attractive location for business and investment.

Additionally, the city is home to several top universities and research institutions, which have contributed to the growth of the knowledge economy in the region. With a wide range of properties available at relatively affordable prices, Ibadan offers a great opportunity for real estate investment and growth in the following places:

Akobo Estate

Akobo is a leading location for real estate investment in Oyo, with several large estates, including General Gas and Akala Way. Although not inexpensive, the area offers state-of-the-art technology and amenities. Akobo is an excellent choice for property investment in Oyo.

Ikolaba GRA

Ikolaba GRA in Oyo is a highly exclusive neighborhood where A-list celebrities live. It is a government-reserved area and home to various government agencies. The community offers access to top-notch facilities and is a profitable investment opportunity due to its consistent value growth.

Oke Agala Estate

Oke-Agala Estate has become one of the most attractive and desirable places to buy property in Nigeria for those living abroad. Located in Ibadan’s seedy Igbo-Agala Yemetu neighborhood, the area has become a vibrant and safe haven for those looking to purchase a property and settle down.

Aerodrome Estate

Aerodrome Estate, previously known as the Samonda municipal airport in Oyo, has become a highly sought-after and rapidly growing neighborhood. Situated just off the well-paved Ojo Express route, it’s conveniently located within walking distance of the Ibadan business district and the University of Ibadan.

Anambra State 

Anambra State, located in the southeast region of Nigeria, is considered one of the best places to buy property in Nigeria, especially for Nigerians in diaspora. There are several reasons why Anambra State is a desirable location for real estate investment.

Furthermore, the state has a thriving economy with a large market for trade and commerce. The state is home to many successful entrepreneurs and businesspeople, which makes it an attractive destination for people looking to invest in real estate.

In Addition, Anambra State has a growing urban population and a rising demand for housing, making it a great place to invest in real estate. The state is also strategically located, with good road networks, making it easy to access other parts of Nigeria

Awka GRA

Awka GRA is a high-end residential area in Awka, the capital city of Anambra State. It is known for its beautiful and well-planned layout, serene environment, and modern infrastructure. The neighbourhood is home to affluent residents, including top government officials, business executives, and expatriates.

Onisha GRA

Onitsha GRA is another upscale residential area in Onitsha, a major commercial city in Anambra State. The neighbourhood is well-known for its beautiful and luxurious houses, serene environment, and modern amenities. It is a preferred location for high net worth individuals, including business moguls, politicians, and celebrities.

Nnewi

Nnewi, on the other hand, is a bustling industrial city in Anambra State, with a growing real estate market. The city is known for its entrepreneurial spirit, as it is home to many successful businessmen and women. The real estate market in Nnewi is still relatively affordable, making it an attractive location for investors looking for good returns on their investment.

Ogun State 

Ogun State, located in the southwest region of Nigeria, is known for its rapid development and growing economy, making it a prime location for real estate investment. As a Nigerian in diaspora, purchasing property in Ogun State can be a smart investment decision due to its promising economic outlook and high potential for returns.

One of the main factors that make Ogun State an attractive destination for property investment is its proximity to Lagos, the economic hub of Nigeria. As Lagos continues to expand, the demand for affordable housing in neighboring states like Ogun is on the rise, making it a lucrative market for investors.

Ibara GRA (Abeokuta)

Ibara GRA is a high-end residential area located in the city of Abeokuta, the capital of Ogun State in Nigeria. It is known for its serene environment, well-planned layout, and modern facilities. Ibara GRA is considered one of the best places to buy property in Nigeria as a Nigerian in the diaspora for several reasons.

Kaduna State 

Kaduna State is one of the best places to buy property in Nigeria, especially for Nigerians in the diaspora. Located in the northern part of Nigeria, Kaduna State is a major economic hub with a rapidly growing real estate market. The state is home to a diverse population and boasts a rich cultural heritage, making it a great place to live, work, and invest in.

Kaduna State offers several advantages to property buyers. The cost of living in Kaduna is generally lower than in other major Nigerian cities, such as Lagos and Abuja. This means that property prices are more affordable, making it easier for investors to purchase property with a higher return on investment.

In recent years, the Kaduna State government has made efforts to improve the state’s infrastructure, including road networks, power supply, and water systems. These efforts have helped to boost the state’s real estate market and attract more investors.

Barnawa 

Barnawa is a bustling and thriving neighborhood that offers a diverse range of properties, including apartments, flats, and detached houses. The area is characterized by its well-paved roads, excellent security, and proximity to shopping malls, schools, hospitals, and restaurants. Barnawa is also known for its vibrant nightlife, making it an ideal location for young professionals and families who want to experience a blend of modern and traditional living.

GRA

GRA is a prestigious neighborhood in Kaduna State that is home to some of the city’s wealthiest individuals. The area is known for its spacious and luxurious properties, including mansions, duplexes, and high-end apartments. GRA is well-maintained, with beautifully landscaped streets, reliable power supply, and round-the-clock security. It is an ideal location for individuals who value exclusivity, privacy, and top-notch amenities.

Malali

Malali is a residential area that offers a blend of affordable and luxury properties. The neighborhood is characterized by its well-lit streets, good road network, and accessibility to basic amenities. Malali is known for its vibrant community, with several social and religious groups, making it an ideal location for individuals who value community living. It is also a popular location for families, as it offers a wide range of educational institutions, including primary and secondary schools.

Enugu State

Enugu State, located in southeastern Nigeria, has become a popular destination for Nigerians in the diaspora looking to invest in property. There are several reasons why Enugu State is considered one of the best places to buy property in Nigeria.

Similarly, Enugu State is a fast-growing city with a high demand for housing. The city has experienced significant development in recent years, which has attracted many people to the area. As a result, the demand for housing has increased, creating a ripe market for property investment.

Additionally, Enugu State has a stable political climate, making it a safe place to invest in property. The state government has also taken steps to improve the business environment, making it easier for investors to acquire land and develop properties.

Independent Layout

Independent Layout is a well-planned residential area in Enugu State that boasts of a serene environment, good road network, and modern infrastructural facilities. The neighborhood is known for its high-end properties, including luxurious villas, apartments, and townhouses. Investing in Independent Layout can be a smart move for a Nigerian in the Diaspora, as property values are expected to appreciate over time.

GRA

GRA is a high-end neighborhood in Enugu State that is known for its luxurious homes and upscale amenities. It is home to some of the most expensive properties in the state, and it attracts wealthy Nigerians and expatriates alike. GRA is a well-planned and well-organized neighborhood with excellent road networks, constant power supply, and top-notch security.

Thinkers Corner

Thinkers Corner is a fast-developing neighborhood in Enugu State that is rapidly gaining popularity among investors and homebuyers. It is a bustling commercial area with a diverse range of businesses and shops, making it an attractive place to live for those who prefer a vibrant and dynamic environment. Thinkers Corner is also known for its affordable properties, making it an ideal location for first-time buyers and budget-conscious investors.

Factors to Consider When Buying Property In Nigeria as a Nigerian Living in Diaspora

For those living abroad, buying a property in Nigeria can be intimidating. However, with the right information and support system, it can be a rewarding experience. Here are some factors to consider when buying property in Nigeria from abroad: 

Cost and Budgeting for Nigerian Property

One of the critical factors to consider is the cost of the property and the budget available for it. It is important to have a realistic budget and to research the property prices in the desired area to ensure that it aligns with the budget.

Rental Yields in Different Areas of Nigeria

In Nigeria, you can find solid rental yields in many locations nationwide. These are typically found in the major cities, such as Lagos and Abuja, but also in other areas, such as Port Harcourt, Ibadan, etc. When buying a property in Nigeria remotely, it is essential to consider the potential rental yields in different areas                                                                                                                                                        

Accessibility to the Property

Accessibility is crucial when buying property in Nigeria. It is important to consider the property’s proximity to essential amenities such as schools, hospitals, markets, and transportation networks.

Documentation and Legal Requirements

The documentation and legal requirements for buying property in Nigeria can be complex and time-consuming. It is essential to engage a reputable lawyer’s services to help navigate the legal requirements and ensure that all the documentation is in order.

Property Taxes and Other Fees

When buying a property in Nigeria from abroad, it is essential to consider the cost associated with ownership. Property taxes and fees can significantly impact the total cost of ownership. Property taxes are generally set by local governments and can vary from one area to another.

Additionally, property owners may be required to pay other fees, such as registration or transfer fees. It is essential to consider these costs when evaluating potential properties in Nigeria.

Property taxes and additional fees are also necessary when buying property in Nigeria. It is essential to research and understand the tax and fee structure in the desired location and to factor them into the budget.

Security

Security is an essential factor to consider when buying property in Nigeria. It is vital to research the security situation in the desired location and ensure that the property is in a safe and secure area.

Tips for Buying Property in Nigeria From Abroad

If you are living abroad and looking to buy a property in Nigeria, it can be challenging to know where to start. Here are some tips to help you get the most out of your investment:

Work With a Reputable Real Estate Agent

Finding a trustworthy real estate agent in Nigeria can be challenging, especially if you are unfamiliar with the country’s property market. However, working with a reputable agent with experience in dealing with international clients can help you find the right property at a fair price. A good agent can also help you navigate the local real estate laws and regulations and provide valuable insights into the local property market.

Conduct Due Diligence

Before making any offer on a property, it is essential to take reasonable steps to verify the legal title of the property. You can conduct online research, visit the property in person, and engage the services of a local lawyer or surveyor to verify the property’s ownership, title, and physical condition.

Ensure Proper Documentation

It is crucial to ensure all the required documentation is in place before making any payment or signing any agreement. This includes the property’s title deed, land survey plan, sales agreement, and other relevant legal documents. 

Ensure you obtain a copy of these documents and review them carefully with the help of a lawyer to avoid any legal issues later on.

Seek Legal Advice

Buying property in Nigeria involves a lot of legal procedures and documentation, and it is essential to seek legal advice from a local lawyer who understands the country’s property laws and regulations. A lawyer can help you review the legal documents, verify the property’s ownership, and ensure the transaction is legally binding.

Consider Financing Options

If you cannot pay for the property outright, consider financing options such as mortgage loans or payment plans offered by the property developer. It is crucial to review the terms and conditions of the financing option carefully and seek professional advice to avoid any hidden charges or risks.

FAQs

Conclusion

The real estate industry in Nigeria offers excellent opportunities for foreign property investment, thanks to its diverse property portfolio, attractive rental yields, and favorable tax incentives.

Nonetheless, conducting comprehensive research and seeking the assistance of a trustworthy real estate agent is crucial to guarantee a hassle-free buying experience. By investing in a suitable property in Nigeria, living abroad can become a lucrative venture that paves the way for a bright future.