Research Insights

In 2019, PwC estimated that as much as $900Bn dead capital is locked up in Nigeria’s residential and agricultural real estate market. According to the consulting firm, approximately 95% of household dwellings in Nigeria have no title or a contestable title. More than anything else, Nigeria’s complex land title and documentation process is a major […]

Data that we have validated shows that Africa’s commercial real estate space is a $15 Trillion industry. This is approximately 5x the value of the continent’s GDP. Compared to other regions, Africa’s real estate market is grossly underdeveloped. One of the biggest challenges plaguing the African market has been inefficiencies and general opaqueness. In 2022, […]

Enhancing property ownership in Nigeria through Auction - BuyLetLive. A property auction is a sales event (whether online or offline) where potential buyers place competitive bids on a property. People use auctions for real estate sales for several reasons. The most common is that it provides an avenue to sell off assets to buyers with ready cash. Buyers prefer auctions because they provide access to a wide range of properties that in most cases are below market value. Auctions also make it easier to sell properties that may be difficult to sell through other methods.   Across the world, auctions have helped countries in tackling major housing problems. Although the adoption of auctions is relatively low in emerging economies like Africa, it has the potential to curb major housing issues, especially the housing deficit in a country like Nigeria. In this article, we provide context to how auctions can be used as a veritable tool for enhancing home ownership in Nigeria. Before we dive in, let’s look at the global property auction market. 

A 2018 report by the Infrastructure Consortium for Africa (ICA) found that between 2013 and 2017, the average annual funding for infrastructure development in Africa was $77 billion. Comparatively, this is double the annual average in the first six years of this century. Since 2018, investment in the continent has continued to grow among governments and international organisations, alongside foreign and local institutional investors. Although nearly half of the recent activity has been in West and East Africa, the bulk of infrastructure spending between 2013 and 2017, came principally from African governments, accounting for 42 per cent of total funding as of 2017. This was followed by international governments, with China leading the radar. Since 2018, however, there seems to be a growing interest in Africa’s infrastructure stemming from private institutional investors. 

Across the globe, specific laws provide frameworks that guide the relationship between tenants and landlords. Whether you are a renter or a property owner, understanding the rights and responsibilities of a tenant is crucial, especially in a market like Lagos. Tenants have certain rights and responsibilities as per the tenancy laws and regulations in Lagos. Knowing your rights as a tenant can help ensure that you are treated fairly and receive the full benefits of a rental agreement. Some of the key rights of tenants in Lagos include the right to quiet and peaceable enjoyment, the right to privacy, and the right to possession. On the other hand, tenants also have responsibilities such as payment of rent, property maintenance, and respect for the property. In the following paragraphs, we will discuss the specific responsibilities and obligations of tenants in Lagos as contained in the Lagos Tenancy Law of 2011.  The tenancy law in Lagos provides several protections and rights for tenants. These rights are designed to ensure that tenants are treated fairly and have a safe and secure living environment. It is important to be familiar with these laws and ensure that they are followed to avoid conflicts. Tenants who live in rented apartments in Lagos have several rights and privileges, as outlined in the Lagos Tenancy Law 2011 and other relevant laws.

In 2023, Nigeria saw the highest devaluation in the Naira and the steepest spike in interest rates in its history. These fluctuations have a significant impact on various segments of the real estate market, particularly the residential sub-market. One of the most profound impacts on residential occupiers has been the surge in house prices especially […]