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Tips for Buying a Property in Lagos if You Live Abroad

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Tips for abroad

Are you considering the idea of buying property in Lagos, Nigeria, while residing outside the country? You’re certainly not alone! Lagos, a vibrant city on Africa’s west coast, has caught the attention of investors, expatriates, and individuals seeking a touch of familiarity in a new place. Whether you aim to invest, secure a vacation retreat, or plan for the future, the prospect of purchasing property in Lagos from a distance can be both exhilarating and daunting.

In this blog post, consider us your trusted companions, here to assist you in navigating the process of buying property in Lagos while living abroad. We’ll guide you through a comprehensive journey, covering everything from comprehending the Lagos real estate landscape to negotiating deals, addressing legal matters, and ensuring a smooth and successful property acquisition. So, fasten your seatbelts as we embark on this voyage to transform your Lagos property aspirations into reality.

Understand the Lagos Real Estate Market

Before buying property in Lagos from overseas, getting what’s happening in the Lagos real estate scene is super important. Knowing the lay of the land will be your starting point and keep you on the right track as you make choices.

Overview of Lagos Neighborhoods and Popular Areas

Lagos is a sprawling city with diverse neighborhoods offering unique charm and characteristics. To make an informed property investment or purchase, it’s crucial to acquaint yourself with these neighborhoods. Some popular areas to consider include:

  • Victoria Island: Known for its upscale living, Victoria Island boasts high-end apartments, commercial centers, and proximity to the business district.
  • Ikoyi: Another affluent neighborhood, Ikoyi, is characterized by its luxury real estate, lush greenery, and exclusive clubs.
  • Lekki: Located on the city’s outskirts, Lekki has seen significant development in recent years, making it a prime destination for residential properties, especially for expatriates.
  • Banana Island: An exclusive artificial island, Banana Island is synonymous with luxury living, featuring waterfront mansions and extravagant amenities.
  • Mainland Lagos: For a more budget-friendly option, explore mainland areas like Ikeja or Surulere, which offer a mix of residential and commercial properties.

Market Trends and Property Types

The Lagos real estate market is dynamic and ever-evolving, with various property types catering to diverse needs. To navigate this market effectively, you should be aware of the following:

  • Apartments: Lagos offers many apartments, from studio units to spacious penthouses. Apartments are a popular choice for investors and those seeking comfortable living spaces.
  • Houses: Detached, semi-detached, and terraced houses are available in various neighborhoods, catering to families or individuals with more significant housing requirements.
  • Commercial Properties: Lagos is a hub for business, and commercial properties such as office spaces, retail outlets, and warehouses are in high demand, making them attractive investment options.
  • Luxury Properties: If you’re looking for abundant living, Lagos boasts a selection of high-end luxury properties, often equipped with premium amenities and breathtaking views.

Local Laws and Regulations Related to Property Ownership

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Before diving headfirst into the Lagos real estate market, you must acquaint yourself with local property ownership laws and regulations. These may include:

Land Tenure System: Understand Nigeria’s land tenure system, which varies from state to state, and how it affects property ownership.

Land Documentation: Familiarize yourself with the necessary documentation for property transactions, including titles, deeds, and surveys.

Property Taxes: Learn about property taxes and their implications for your investment or ownership.

Legal Restrictions: Be aware of any legal restrictions or requirements related to foreign property ownership and transactions.

Define Your Property Goals

As you venture into the Lagos real estate market from abroad, you must envision your property goals. 

Understanding your financial capabilities, the purpose of the property, and your specific requirements will guide your decision-making process and help you find the perfect property in Lagos.

Establish Your Budget and Financial Capabilities

Establishing your budget and understanding your financial capabilities is a critical first step when considering buying property in Lagos while living abroad. This step forms the foundation for your entire property-buying journey. Here’s an in-depth exploration of this crucial aspect:

Assess Your Finances: Begin by evaluating your financial situation. Determine how much you can comfortably afford for a property in Lagos. Consider factors such as your savings, income, and any potential financing options.

Account for Additional Costs: The property cost is just part of the equation. You’ll also need to budget for property taxes, maintenance, insurance, and transaction-related expenses like legal fees and real estate agent commissions.

Currency Exchange: If you’re dealing with multiple currencies, consider exchange rates and how they may impact your budget and purchasing power.

Determine the Purpose of the Property

When buying property in Lagos, Nigeria, while living abroad, one of the crucial early steps is determining the property’s purpose. This decision will shape your property search, financial planning, and long-term goals. Here’s an expanded insight into this critical consideration:

Investment: Are you looking to generate rental income or capitalize on potential appreciation? Determine whether your primary goal is long-term capital growth or short-term returns through rental income.

Vacation Home: Is the property intended for personal use during vacations or as a holiday retreat? Consider location, accessibility, and amenities that align with your vacation needs.

Permanent Residence: Are you planning to relocate to Lagos permanently? If so, factors such as proximity to work, schools, and healthcare facilities become paramount.

Identify Your Specific Property Requirements and Preferences

Identifying your specific property requirements and preferences is a pivotal step in the process of buying property in Lagos while living abroad. This step helps you narrow your options, streamline your property search, and ultimately make a well-informed decision that aligns with your needs and goals. Here’s a closer look at how to expand on this essential aspect:

Size and Layout: Determine the ideal size and layout of the property based on your needs and family size. Are you seeking a spacious family home, a cozy apartment, or a compact bachelor pad?

Location: Consider the neighborhoods or areas best suit your lifestyle and preferences. Proximity to schools, workplaces, shopping centers, and public transportation can significantly impact your decision.

Amenities: Make a list of amenities that matter most to you. Do you prioritize a swimming pool, gym, security features, or a waterfront view?

Future Growth: Consider the potential for development and property value appreciation in your chosen area.

Resale Value: Even if you’re not planning to sell immediately, it’s wise to consider the property’s resale potential and marketability.

Research and Due Diligence

Conducting thorough research and due diligence is crucial before diving into the Lagos real estate market. This phase sets the foundation for informed decision-making and ensures a smoother property-buying process, especially when living abroad.

Conduct Thorough Online Research

Conducting thorough online research is crucial when buying a property in Lagos while living abroad. It is the foundation of your property search and helps you gather valuable information to make informed decisions. Here’s an expanded explanation of this essential aspect of the property-buying process:

Explore our reputable real estate websites and online forums dedicated to Lagos property listings and discussions. 

We have valuable information about what you need and property listings available. More so, other resources like email newsletters and YouTube videos can be invaluable resources. 

We provide information on available properties, market trends, and expert insights. Check out our guide for the best neighborhood for you and your family. If you want to invest, you can get valuable insight into the best neighborhood.

Network with Locals and Expats:

Contact local contacts, expatriate communities, or fellow investors with experience with the Lagos real estate market. They can offer valuable insights into the local property scene, share their experiences, and provide recommendations.

Online Communities and Social Media:

Join online expat groups, forums, or social media communities related to Lagos real estate.

Engage in discussions, ask questions, and seek firsthand-knowing recommendations from individuals.

Benefits of Hiring Our Agent:

Our experienced agent will guide you through the entire process, from property search to negotiation and closing. We have access to off-market properties and can provide local market insights that may not be readily available online. 

Legal Considerations

Navigating the legal landscape of property acquisition in Lagos, Nigeria, is critical when buying property while living abroad. Compliance with local laws and regulations is essential to a smooth and secure real estate transaction.

Familiarise Yourself With Nigerian Property Laws

Familiarizing yourself with Nigerian property laws is a crucial step when considering the purchase of property in Lagos, especially if you live abroad. Understanding these laws will help you navigate the legal complexities and ensure that your property investment is secure and compliant with local regulations. Here’s an expanded look at this important aspect:

Land Tenure System: Understand Nigeria’s land tenure system, which varies by region. Lagos typically operates under the Land Use Act, which vests land ownership in the state government.

Property Rights: Familiarize yourself with property rights and land ownership regulations in Lagos, including the rights and restrictions associated with different land titles.

Leasehold vs. Freehold: Know the distinction between leasehold and freehold property rights, as these can impact the duration and nature of your ownership.

Understand the Process of Property Acquisition

Understanding the property acquisition process in Lagos, Nigeria, is fundamental when considering purchasing real estate from abroad. Like many other places, Lagos has its unique set of rules and procedures for property transactions. Here’s an expanded overview of what you need to know:

Property Search: Be aware of the property search process, including how to identify potential properties, review listings, and gather information on the property’s history.

Negotiation: Understand the negotiation process and how to offer a counteroffer and reach a mutually acceptable agreement with the seller.

Title Verification: Know the steps in verifying the property’s title, including conducting searches at the land registry or local government offices.

Documentation: Familiarize yourself with the required legal documents for property transactions, such as deeds of assignment, certificates of occupancy, and survey plans.

Verify Property Titles and Ownership Records

Verifying property titles and ownership records is a critical step in the process of buying real estate in Lagos, Nigeria, especially when you’re living abroad. Here’s an expanded explanation of the importance and process of verifying property titles and ownership records:

Title Searches: Conduct thorough title searches to confirm the property’s ownership history, existing encumbrances, and legal status.

Due Diligence: Perform due diligence on the property to ensure no disputes, liens, or legal issues could affect your ownership or investment.

Engage Professionals: Consider hiring legal professionals or property surveyors to assist in the title verification process, especially if you’re unfamiliar with Nigerian property laws.

Seek Legal Counsel if Needed

Seeking legal counsel when buying property in Lagos, Nigeria, from abroad is a prudent step to ensure a secure and compliant transaction. Here’s an expanded explanation of why and when you should seek legal counsel:

Legal Expertise: If you have any doubts or uncertainties regarding the legal aspects of your property acquisition, consult a qualified Nigerian real estate attorney specializing in property law.

Contract Review: Have legal professionals review all contracts and agreements related to the transaction, including the sale agreement and title transfer documents.

Compliance: Ensure your property transaction complies with all relevant laws and regulations, including tax obligations and stamp duties.

Finances and Banking

Managing your finances effectively is crucial when buying property in Lagos while living abroad. Ensuring you have the necessary funds, understanding currency exchange rates, and exploring financing options are essential for a successful property purchase.

Open a Nigerian Bank Account

Opening a Nigerian bank account is crucial if you’re planning to buy property or engage in financial transactions in Nigeria, whether you’re a resident or living abroad. Here’s a detailed guide on how to open a Nigerian bank account:

Selecting a Bank: Choose a reputable Nigerian bank and consider factors like accessibility, services, and fees. Some well-known banks in Nigeria include Access Bank, Zenith Bank, and First Bank of Nigeria.

Account Types: Depending on your needs, you can opt for a domiciliary account (in foreign currency) or a local Naira account. A domiciliary account is typically used for foreign transactions.

Documentation: Be prepared to provide required documentation, such as identification, proof of residence, and any additional documents requested by the bank.

Understand Currency Exchange Rates and Transfer Methods

Understanding currency exchange rates and transfer methods is critical to buying property in Lagos, especially when you live abroad. These factors can significantly impact the cost of your investment and the efficiency of your financial transactions. Let’s delve deeper into this essential consideration:

Currency Exchange: Stay informed about currency exchange rates, as fluctuations can impact the cost of your property purchase. Consider consulting with financial experts or using online currency conversion tools.

Transfer Methods: Explore various transfer methods to Nigeria, such as bank wire transfers, online money transfer services, or working with specialized currency exchange providers. Compare fees and exchange rates to choose the most cost-effective option.

Set up a Budget for Property-Related Expenses

Setting up a budget for property-related expenses is critical when buying a property in Lagos while living abroad. Let’s delve into the details of how to establish a budget for property-related expenses:

Initial Costs: Create a comprehensive budget that covers all initial expenses, including the property purchase price, legal fees, stamp duties, real estate agent commissions, and any applicable taxes.

Ongoing Costs: Factor in ongoing expenses, such as property maintenance, utilities, property management fees, and property taxes.

Contingency Funds: Maintain a contingency fund to cover unexpected expenses arising during the property buying process or afterward.

Property Inspections and Assessments

Before finalizing your property purchase in Lagos, it’s crucial to thoroughly inspect and assess the property, ensuring it aligns with your expectations and investment goals. Property inspections and assessments provide valuable insights and help you make an informed decision.

Schedule Property Inspections

Scheduling property inspections is a crucial step in the process of buying a property in Lagos, especially when you’re living abroad. Here’s an expanded explanation of why property inspections are essential and how to go about scheduling them:

Multiple Visits: Whenever possible, visit the property in person at different times to assess factors like noise levels, traffic patterns, and neighborhood dynamics.

Virtual Inspections: If you can’t be physically present, arrange for virtual inspections via video calls or virtual meetings with your real estate agent or inspector.

Professional Inspector: Engage the services of a professional property inspector with experience in Lagos real estate. They will conduct a comprehensive inspection to identify structural, electrical, plumbing, or other issues.

Assess the Condition of the Property and Potential Renovation Costs

Assessing the condition of a property and estimating potential renovation costs is a critical step in buying real estate, especially when considering purchasing property in Lagos from abroad. Here’s an expanded view of this crucial aspect:

Structural Assessment: Evaluate the overall condition of the property’s structure, including the foundation, walls, roof, and any signs of water damage or structural issues.

Utilities and Systems: Check the functionality of electrical, plumbing, HVAC systems, and appliances. Ensure they meet safety and performance standards.

Renovation Needs: Identify any necessary renovations or improvements. Estimate renovation costs and factor them into your budget.

Maintenance History: Request information on the property’s maintenance history, which can provide insights into potential ongoing maintenance requirements.

Evaluate the Neighbourhood’s Amenities and Infrastructure

Evaluating a neighborhood’s amenities and infrastructure is crucial when considering buying a property in Lagos, especially if you’re living abroad. The neighborhood you choose can significantly impact your quality of life, property value, and overall satisfaction with your investment. Here’s an expanded look at how to assess these essential factors:

Proximity to Essentials: Assess the convenience of the property’s location about essential amenities such as schools, healthcare facilities, grocery stores, and public transportation.

Infrastructure and Services: Research the quality of infrastructure in the neighborhood, including road conditions, water supply, sewage systems, and access to utilities like electricity and internet.

Safety and Security: Investigate the neighborhood’s safety, including crime rates and security measures such as gated communities or security services.

Future Development: Consider the potential for future development in the area, as this can impact property values and quality of life.

Community Environment: Interact with neighbors or residents to gain insights into the community dynamics, lifestyle, and potential challenges.

Negotiation and Purchase

Negotiating and finalizing the purchase of a property in Lagos is a critical phase of the process. Effective negotiation, documentation, and transparency are crucial to securing your dream property. Let’s delve into the critical steps involved in this crucial phase:

Make a Reasonable Offer Based on Market Conditions

Making a reasonable offer based on market conditions is a crucial step in the process of buying a property in Lagos, especially when you’re living abroad. Here’s an in-depth look at this essential aspect of the property acquisition process:

Market Research: Begin by utilizing the knowledge gained from your thorough research. This information will help you make an informed and competitive offer. Your offer should align with the property’s market value, considering location, condition, and recent comparable sales.

Consider Market Trends: Take into account the current market conditions in Lagos. This includes evaluating demand, supply, and the prevailing property prices in your chosen area.

Room for Negotiation: While you may anticipate some negotiation with the seller, ensure that your initial offer is reasonable and respectful. A fair starting point can set a positive tone for the transaction and foster goodwill between both parties.

Negotiate Terms and Conditions With the Seller

Negotiating terms and conditions with the seller is a pivotal step in the process of buying property in Lagos, especially when you’re living abroad. Here’s an expanded view of how to negotiate effectively with the seller:

Terms of Sale: Engage in discussions with the seller to negotiate the terms of the sale. This includes the final sale price, payment schedule, and any contingencies or conditions you wish to include in the contract.

Property Repairs or Renovations: If the property requires repairs or renovations based on your inspection findings, negotiate responsibilities and costs with the seller. Clarify who will be responsible for completing the necessary work.

Timeline: Define a clear timeline for the transaction. Specify the expected closing and possession dates, ensuring that both parties agree.

Contingencies: Consider including contingencies in the contract. These could relate to the property inspection results, your ability to secure financing, or any other factors that may impact the sale. Contingencies provide you with an exit strategy if certain conditions are not met.

Complete All Necessary Paperwork and Documentation

Completing all necessary paperwork and documentation is a critical step in the process of buying a property in Lagos, especially when you’re living abroad. Proper documentation ensures that your property acquisition is legally sound and protected. Here’s an expanded overview of this crucial phase:

Legal Documentation: Collaborate closely with your real estate agent and legal advisor to ensure that all required legal documents are prepared accurately and in compliance with Nigerian laws. This typically includes the sales agreement, deed of assignment, and transfer of title documents.

Due Diligence: Double-check the property’s title and ownership records to ensure accuracy and legitimacy. This step is crucial to avoid any future legal complications.

Fulfillment of Agreed Terms: Ensure that all terms and conditions negotiated with the seller are accurately reflected in the final contract. Thoroughly review the contract to confirm that both parties’ expectations are met.

Ensure Transparency and Clear Communication Throughout the Process

Ensuring transparency and maintaining clear communication throughout the process of buying property in Lagos while living abroad is crucial for a successful and stress-free experience. Here’s an expanded look at why this aspect is so vital and how to achieve it:

Open Communication: Maintain transparent and open communication with all parties involved in the transaction. This includes the seller, your real estate agent, legal advisors, and any other relevant parties. Promptly address any questions or concerns that may arise.

Review Documents: Carefully review all documents before signing them. Seek clarification on any terms or provisions you do not fully understand to avoid misunderstandings later.

Transparency: Be forthright about your intentions, expectations, and concerns during the negotiation and purchase process. Honesty and transparency contribute to a smoother transaction.

Documentation Records: Keep meticulous records of all communication and documentation related to the transaction. Having a clear record of interactions can be invaluable for reference and dispute resolution if necessary.

Property Management

After successfully acquiring your property in Lagos, it’s essential to have a plan in place for its management. 

Whether you intend to use the property as an investment, vacation home, or permanent residence, effective property management is critical to its long-term success and your peace of mind.

Decide on Property Management Options

Deciding on property management options is a crucial step in the journey of owning property in Lagos, especially when you live abroad. How you manage your property can significantly impact its profitability, maintenance, and peace of mind. Let’s delve into this topic further:

Self-Management: If you have the time, local presence, and expertise, you can manage the property yourself. This option allows for direct control over all aspects of property management.

Professional Property Management Company: Consider hiring a reputable property management company in Lagos. They can handle day-to-day property management tasks, including tenant relations, maintenance, and rent collection.

Hybrid Approach: Some property owners prefer a combination of self-management and outsourcing specific tasks, such as hiring a property manager for tenant-related matters while handling other responsibilities themselves.

Hire a Property Manager if Necessary

Hiring a property manager can be crucial when you own property in Lagos, Nigeria, but live abroad. It offers numerous benefits, but evaluating whether it’s necessary for your specific situation is essential. Let’s delve into this topic further:

Research Property Management Companies: If you opt for professional property management, research and interview several property management companies in Lagos. Choose one with a solid track record, good references, and a transparent fee structure.

Evaluate Services: Discuss the range of services the property management company offers. This may include tenant screening, lease management, property maintenance, and accounting services.

Contract Terms: Carefully review and negotiate the terms of the property management contract. Ensure it outlines responsibilities, fees, reporting, and termination clauses.

Regular Communication: Maintain open lines of communication with your property manager to stay informed about the property’s status and any critical developments.

Set up a System for Maintenance and Rental Income Collection

Setting up a well-structured system for maintenance and rental income collection is paramount when you own property in Lagos, especially if you’re living abroad. A robust system ensures that your property remains in good condition and helps you manage your finances effectively. Here’s an expanded view of how to establish such a system:

Maintenance: Establish a system for property maintenance. Schedule regular inspections and address any necessary repairs promptly to ensure the property remains in good condition.

Rental Income Collection: If renting out the property, create a streamlined process for collecting rent from tenants. Consider online payment options to make it convenient for you and your tenants.

Accounting and Record Keeping: Maintain accurate financial records related to the property. This includes tracking income, expenses, and taxes. Consider hiring an accountant or using property management software for this purpose.

Emergency Contacts: Provide tenants with emergency contact information if issues arise that require immediate attention, such as plumbing or electrical problems.

Tenant Relations: If you have tenants, establish clear communication channels for addressing their concerns and requests. Address tenant inquiries and maintenance requests promptly to maintain a positive landlord-tenant relationship.

Legal Compliance: Ensure your property management practices comply with local laws and regulations, including tenant rights and property maintenance standards.

Currency Exchange and Tax Considerations

Currency exchange and tax considerations play a significant role in the financial aspects of owning property in Lagos while living abroad. Properly managing these factors ensures your investment’s profitability and legal compliance.

Manage Currency Exchange Risks

Managing currency exchange risks is critical to purchasing property in Lagos, especially if you are living abroad. Here’s an expanded look at how to effectively manage currency exchange risks:

Currency Fluctuations: Stay vigilant about currency exchange rate fluctuations, as they can impact the value of your investment and your ability to repatriate funds.

Hedging Options: Explore currency hedging options with your bank or financial institution to mitigate exchange rate risks. This may include forward contracts or options that allow you to lock in exchange rates for future transactions.

Diversify Holdings: Consider diversifying your investments to spread currency risk. Holding assets in different currencies or types of investments can help balance your exposure.

Understand Tax Obligations in Both Nigeria and Your Home Country

Understanding and managing tax obligations in Nigeria and your home country is crucial to owning property abroad. Failing to do so can lead to legal complications, financial penalties, and unnecessary stress. Here’s an expanded explanation of this vital consideration:

Nigerian Tax Obligations: Familiarize yourself with Nigerian tax laws related to property ownership. This includes property taxes, capital gains tax, and any other applicable taxes. Ensure that you fulfill all tax obligations to avoid legal issues.

Home Country Tax Considerations: Understand how owning property in Nigeria may affect your tax situation in your home country. Depending on your home country’s tax laws, you may need to report income or capital gains from your property in Lagos.

Double Taxation Treaties: Investigate whether a double taxation treaty exists between Nigeria and your home country. Such treaties can relieve double taxation and determine which country has the primary taxing rights.

Tax Planning: Consult with a tax advisor specializing in international taxation to develop a tax-efficient strategy for your property investment. They can help you navigate the complexities of cross-border taxation and ensure compliance with Nigerian and home country tax laws.

Consult With Financial Advisors for Tax Planning

Consulting with financial advisors for tax planning is critical when buying property in Lagos while living abroad. Tax planning ensures that you comply with all relevant tax regulations and optimize your financial position. Here’s an expanded explanation of this important aspect:

Financial Advisors: Seek guidance from financial advisors experienced in international investments. They can help you create a comprehensive financial plan considering currency exchange risks, tax considerations, and long-term financial goals.

Legal and Tax Professionals: Collaborate with legal and tax professionals with international real estate transactions expertise. They can provide personalized advice on structuring your investment to minimize tax liabilities and maximize returns.

Regular Updates: Stay informed about changes in tax laws and regulations in Nigeria and your home country. Tax laws can evolve, and it’s essential to adapt your investment strategy accordingly.

Record Keeping: Maintain thorough records of all financial transactions related to your property investment, including income, expenses, and tax filings. Good record-keeping will be valuable for tax compliance and audits.

Moving and Settling In

Once you’ve acquired your property in Lagos, the following steps involve planning your move, ensuring legal compliance, and settling into your new home. Proper organization and timely actions are crucial during this transition period.

Plan Your Move Logistics

Logistical Planning: Plan the logistics of your move, including packing, shipping, and transportation. Consider hiring professional movers or shipping companies with experience in international moves.

Documentation: Ensure you have all necessary travel documents, including visas, passports, and any required permits for living in Nigeria.

Personal Belongings: Decide which personal belongings you’ll bring and what you’ll leave behind. Consider local customs regulations for importing goods.

Temporary Accommodation: Arrange temporary accommodation in Lagos if needed. Having a place to stay while you settle into your new home can be helpful.

Register Your Property With the Appropriate Authorities

To ensure the legal recognition of your ownership and safeguard your investment and property rights, you must Register your property with the appropriate authorities in Lagos. Here’s an expanded explanation of this important aspect:

Title Transfer: Complete the formalities for transferring the property title into your name. This may involve submitting the necessary documentation to the relevant local authorities and paying associated fees or taxes.

Property Registration: Register your property with the appropriate government authorities to ensure legal ownership and protect your investment.

Documentation: Keep copies of all property-related documents, including the deed of assignment, certificates of occupancy, and any other relevant paperwork.

Connect Utilities and Essential Services

Utilities: Contact local utility companies to set up essential services such as electricity, water, and gas. Ensure that meters are correctly installed and in working order.

Internet and Phone Services: Arrange for internet and phone services to be connected in your new home, as these are essential for communication and everyday life.

Security: If you’re concerned about security, consider installing a security system or reinforcing existing security measures on your property.

Local Services: Explore and connect with local service providers, including healthcare facilities, schools (if you have children), and nearby stores for groceries and household items.

Local Community: Engage with your new community and neighbors. Building positive relationships can help you settle in and feel more at home.

Banking: Update your local bank and financial institutions with your new address and contact information, especially if you’ve opened a Nigerian bank account.

Frequently Asked Questions

What to Consider Before Buying a Property in Nigeria?

Before buying property in Nigeria, ensure legal clarity and ownership, understand the local real estate market, assess your budget and financing, conduct thorough due diligence, including inspections and legal reviews, consider location dynamics, and engage professionals like lawyers and surveyors to guide and protect your interests.

Is Buying Property in Nigeria a Good Investment?

Buying property in Nigeria can be a promising investment due to population growth and urbanization, but it carries both opportunities and challenges. Success varies by location, market conditions, and property type, so thorough research and professional guidance are essential. Consider potential legal and regulatory complexities and factors like currency fluctuations when assessing the investment’s risk and suitability for your long-term goals.

How Do I Choose a Property?

To choose a property, define your budget, priorities, and desired location. Research the real estate market, work with a local agent, inspect properties, consider amenities, and confirm legal documentation. Ultimately, select a property that aligns with your goals and lifestyle needs.

What Are the Factors Affecting Property Value in Nigeria?

Location, infrastructure development, economic factors, security, and government policies influence property values in Nigeria. Prime locations and access to amenities tend to raise property values, while economic conditions and security impact demand and pricing. Government policies can also significantly affect property values, with changes in regulations or tax policies playing a role in shaping the real estate market.

What Documents Should I Ask for When Buying Land?

When buying land, requesting and verifying essential documents, including the Certificate of Occupancy (C of O) for ownership and title, Deed of Assignment for ownership transfer, Survey Plan to define boundaries, payment receipts, and Governor’s Consent if required. Additionally, an approved building plan may be necessary for construction, and a search report from the land registry helps confirm title and ownership. Consulting with a legal expert or real estate professional is vital to ensure the authenticity and validity of these documents before purchasing the land.


To buy property in Lagos while living abroad, thorough planning is essential. Understand the Lagos real estate market, define your goals, and research extensively. Comply with Nigerian property laws, manage finances wisely, and prioritize property inspections. 

You must also be diligent in negotiations, consider property management options, and stay informed about currency exchange and tax obligations in Nigeria and your home country. 

Careful planning and expert guidance can help you successfully navigate property ownership in Lagos while living abroad.

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