When it comes to buying real estate in Lagos, it’s important to be cautious and do your due diligence. As the saying goes, “Shine your eye.” This particular phrase refers to Lagos in so many ways but particularly to buying real estate in Lagos. To avoid having a sad experience, you need to pay attention to these three crucial factors before purchasing a property in Lagos.
Location matters
The choice you make today in a matter of time could be the next hot location tomorrow. Not everybody may be able to afford properties in Lekki, Ikoyi or Epe, but with proper research, you may find some potential in the nearest future in places like Ikorodu and Badagry. This is the beauty of real estate; it appreciates with time. Aside from value over time, other factors like security, flooding, and accessibility should be considered when choosing a location to buy real estate in Lagos.
The condition of the property
The condition of the property is equally paramount to our final decision of buying real estate in Lagos. In a state where flooding has ravaged even some elite locations and building collapse has unfortunately become the order of the day, it becomes compulsory for potential buyers to determine the condition of a property before making payment. We strongly advise that buyers involve the services of expert third parties to double-check things like plumbing, sewage system, quality of roofing, electrical works, security, and so on. If you are purchasing land, a few things to look out for would be if the land is accessible, if it is swampy, and if it is free from land grabbers.
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Market value
Market value is also a critical factor to consider when buying real estate in Lagos. Buying a property for commercial or residential purposes today is quite expensive in Lagos, but you could make more money from selling the property in the future. Some locations have more market value than others due to factors like security, the commerciality of the area, nearness to major facilities such as airports and seaports, and so on. According to a Price Index Report released in 2023, a property in Epe that cost five hundred thousand naira five years ago would cost over five million today due to the huge market value appreciation in the real estate space today.
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In summary, when buying real estate in Lagos, it is crucial to pay attention to the location, condition of the property, and market value. By doing so, you can avoid making costly mistakes and maximize the potential of your investment.
At BuyLetLive, we ensure that all listed properties undergo thorough verification and assessment by trusted agents and developers like Facibus Housing, Veritasi, Dillon and more. These brands specialize in luxury properties in Lagos. They offer a carefully curated selection of high-end real estate options, including luxury villas, penthouses, duplexes and waterfront properties. When you choose Facibus Housing, you can anticipate a heightened level of service and access to some of Lagos’s most prestigious properties, guaranteeing a premium real estate experience.