Real estate is one of the many ways to acquire wealth in the country. There are two main ways to invest in real estate in Nigeria, you can either buy an existing home or you can build one from scratch, we spoke to Babakayode Lateef-Ibrahim: Senior Commercial Executive, Ramos Realty, a luxury real estate firm that specializes in building, selling and renting quality homes. He spoke about the importance of investing in Real Estate and how there are various opportunities in the sector.
In our conversation with him, he listed some benefits of real estate investments such as Passive income generation, inflation hedging, stable source of cash flow, financial security, wealth generation and more. He also gave insight into crucial information a buyer needs to know before purchasing real estate.
When selecting a location to acquire real estate, we need to consider the following affordability, accessibility & Luxury. Affordable in this sense refers to places that are not so expensive (regardless of the location). If you’re looking to acquire affordable Real Estate, you want to be looking at the following areas: Ajah, Sangotedo, Orchid Road, Ikota etc.
Accessible options refer to those that are central or in close proximity to the major commercial centres in Lagos. These options include: Chevron, Osapa, Agungi, Ikate, Ologolo, Ilasan, Oniru
The Luxury category refers to properties in the Highbrow areas of Lagos. These include Lekki Phase One, Ikoyi and Victoria Island. If you’re buying to resell, investing in affordable locations is your best bet at getting very good returns. If you’re buying to lease, the affordable and accessible categories should be your preferred locations.
If you’re buying in the luxury category, you’re most likely buying for yourself or to venture into the hospitality business (Air BnBs). Leasing also works here but is not as common as in the other two categories.
The price of a property in Lagos greatly depends on the type of property and its location, off-plan houses typically allow for a payment plan schedule. Why fully built houses will prefer outright payments. Ramos of Lagos is always ready to help understand clients’ specific situations and advise/negotiate good payment deals/mortgages for them to afford their dream homes.
Getting documentation in Lagos is not the most difficult thing to do but a lot of Red Tape doesn’t make it the easiest either. The first step is to get a competent lawyer who fully understands Real Estate law. After this, everything else becomes easy and straightforward.
You get your deed of assignment after you purchase a property, the Governor’s Consent is then perfected using that deed of assignment. These are the major bits of documentation that need to be done by your lawyer; any other thing you need to do will be better advised by your lawyer.
Ramos Realty can help with the acquisition of real estate properties in Nigeria. Their processes are seamless and hassle-free. You can reach them via [email protected]