Frequently Asked Questions

LAGOS • AbUJA • PORTHARCOURT • OGUN

Yes, a home can depreciate in value depending on several factors such as:

  • Location: If the area becomes less desirable (e.g., poor infrastructure, insecurity, or flooding).

  • Property Condition: Lack of maintenance, structural damage, or outdated facilities.

  • Market Trends: Economic downturns or oversupply of similar properties in the area.

  • Legal/Title Issues: Disputes or improper documentation can also affect value.

However, in most prime areas of Nigeria (like Lagos, Abuja, and Port Harcourt), real estate values tend to appreciate over the long term if the property is well-maintained and properly documented.

Yes, sometimes an older home can be just as valuable—or even more valuable—than a new one, depending on certain factors. Older homes in prime locations (like Ikoyi, Surulere, Ikeja GRA, or Old Gwarinpa in Abuja) often sit on larger plots of land, which appreciate over time.

However, you must consider:

  • Renovation costs – Older homes may require repairs or upgrades.

  • Building standards – Newer homes often follow modern designs and safety codes.

  • Land value vs. structure value – In Nigeria, land usually appreciates faster than the building itself.

So, while a new home may offer modern features, an older home in a strategic location can be an excellent investment.

A Certificate of Occupancy (C of O) is an official document issued by the government that proves you legally own land or property in Nigeria. It also shows the purpose of the land (residential, commercial, or agricultural) and the tenure (usually 99 years). Without a valid C of O, your ownership can be disputed.

  • Freehold: You own the land and property outright, with no time limit.

  • Leasehold: You own the property for a set period (commonly 99 years in Nigeria) after which the ownership reverts to the government unless renewed.

  • Conduct a search at the land registry in the state where the property is located.

  • Verify the C of O or Governor’s Consent.

  • Confirm that the land is not under government acquisition or litigation.

  • Work with a lawyer and surveyor to ensure due diligence.

Governor’s Consent is the legal approval given by the State Governor when a property with an existing C of O is being transferred to another buyer. Without Governor’s Consent, the new buyer’s ownership isn’t fully recognized by law.

Property verification usually takes 2 to 6 weeks, depending on the availability of records at the Lagos State Land Registry and whether there are any disputes on the property.

Yes. A property lawyer helps you:

  • Verify land documents.

  • Draft contracts.

  • Protect you from scams and legal disputes.

    Given the number of fraudulent land sales in Nigeria, this step is essential.

  • Key documents in Nigeria include:

    • Certificate of Occupancy (C of O) or Governor’s Consent

    • Deed of Assignment

    • Survey Plan

    • Approved Building Plan

    • Land Use Allocation

      👉 Always involve a property lawyer before purchase.

Off-plan means buying a property before it is built or completed, usually from a developer.

Pros: cheaper prices, flexible payments, and future appreciation.

Risks: fraud, delayed delivery, or poor quality.

👉 Only buy from reputable developers with verifiable records.

  • Outright payment (most common)

  • Mortgage financing (through banks like GTBank, Access Bank, or Federal Mortgage Bank of Nigeria)

  • Cooperative housing schemes

  • Developer payment plans (installments)

The Land Use Act of 1978 gives all land ownership rights to the government, meaning all land is technically leased for 99 years. This is why Governor’s Consent and C of O are important.

  • Location and infrastructure development (road, electricity, drainage).

  • Title documents.

  • Flood-prone or government-acquired land.

  • Reputation of the seller or developer.

  • Long-term growth potential (future city expansion, new highways, estates).

Yes, foreigners can legally own property, but:

  • Some states require Governor’s Consent.

  • Land cannot be purchased in some rural or family-owned communities without proper agreements.

  • Use professional valuers or estate surveyors.

  • Check government land valuation rates.

  • Research property websites like Bethel.ng.