Nigeria has been a promising destination for both local and foreign investors when it comes to real estate investment. From the business hub of Lagos to Abuja, where you have the political whims and caprices, a lot has gone down in the real estate industry. And it is not just about companies and individuals buying for commercial reasons; others are also purchasing property for personal use.
Therefore, if you are looking to invest in the Nigerian real estate space anytime soon, you need to be aware of certain factors. This article will be briefing you on some of those factors;
Nigerian real estate laws
Several laws regulate how real estate business in Nigeria should be conducted, with the most popular being the Land Use Act 1978. As stipulated in the law, the Governor of the state has the sole right to control and administer the land space within his jurisdiction for the good of the state’s citizens. The Governor grants the right of ownership to whoever is applying for ownership of land. And that makes it irresponsible and unlawful to have a land space transferred to anyone without the knowledge and consent of the Governor.
Real estate acquisition
There are a couple of legal processes you are expected to go through before someone can transfer a property to you. From conducting due diligence on the land to the actual post-completion stage, you are meant to complete every process.
For instance, you are expected to secure the Governor’s consent, get the document stamped, and make sure the document is properly registered. All of these processes will not happen in a week. It takes time to accomplish these procedures. You may require more than three months to fulfill these three legal procedures, depending on how fast your papers are processed.
Real estate and foreign investors in Nigeria
Usually, you cannot invest directly in a property in Nigerian as a foreigner. But, thanks to the Acquisition of Lands by Alien Laws, foreigners are now free to invest in real estate in Nigeria, with the condition that the property in question gets the necessary clearance or go-ahead from the state governor.
Another way to invest in real estate in Nigeria as a foreigner is by going through corporate bodies registered in Nigeria. The potential investor has to be sure the state government has approved the property they intend to invest in.
The real estate industry in Nigeria is developing rapidly, and investors are making a hell of money off the property business. Hence, if you are looking for a real estate agency that can guide you through all the processes required by Nigerian Law, Oakwood Heights Limited is here to serve you. Whether you are a Nigerian or a foreigner, we can help you by ensuring you don’t go through hell to acquire property in Nigeria.
For inquiries, please reach out to us on 07047214004 or send us a mail at firstname.lastname@example.org