Buy and invest in land in Nigeria. You live abroad but you wat to invest in properties in Nigeria, well this blog provides an expert guidance on how to safely invest in properties. Real estate investment has become a lucrative form of investment and land investment in Nigeria has become a lucrative enterprise because Nigeria has emerged as a promising market for international buyers.
With its vast natural resources, growing economy, and increasing urbanization, to invest in land in Nigeria from abroad can be a lucrative venture.
However, as with any investment, it is crucial to proceed with caution and ensure that you are well-informed to avoid falling victim to scams or fraudulent activities.
Whether you are domiciled in Nigeria or abroad, there are risks involved when buying land in Port Harcourt, or any other place in Nigeria. And this risk is greatly multiplied if you are abroad.
Because many Nigerians in disapora, eager to invest in the Nigerian real estate sector have lost millions while trying to buy land in Nigeria from abroad.
So, in this comprehensive guide, we will reveal the four best ways for you to buy land in Nigeria from abroad while minimizing risks and maximizing your chances of a successful investment.
1. Get a Trusted Friend or Family Member to Help You Buy and Invest in Land in Nigeria
Chances are that you have one or two trusted friends or family members whom you trust. Emphasis on the word TRUSTED!
They can serve as your eyes and ears in Nigeria and they will help you buy the land you need. Your friend or family member, will show you videos and pictures of the land, and any other information you may need.
They will serve as a bridge between you and the land owner.
Although many have also been scammed via this route, but if you have honest friends and family members you can be rest assured that you will get what you paid for.
2. Engage The Services of a Skilled Lawyer When Buying and Investing in Land in Nigeria
Navigating the legal intricacies required to invest in land in Nigeria can be complex, especially for foreign buyers. Consequently, engaging a qualified legal professional who specializes in real estate transactions in Nigeria is highly recommended to guide you through the legal framework and ensure compliance with all relevant laws and regulations.
A skilled lawyer will assist you in reviewing and preparing the necessary legal documents, such as the purchase agreement and transfer of title. They will also verify the authenticity of the land documents and registrations to protect your interests. By seeking expert guidance, you can avoid potential legal pitfalls and safeguard your investment.
Although this option can be pricey, but you can be guaranteed a professional touch and you don’t have to be in Nigeria and follow them up before they do their job.
3. Make a Trip To Nigeria and Buy and Invest in The Land Yourself
One of the safest options for those living abroad to buy land in Nigeria, is to do it themselves.
In this situation, you travel down to Nigeria yourself, personally carry out a thorough inspection and do the much needed property search, and consultations before parting with your money.
On the average, this should take you between 3 – 7 days.
Your letter of acknowledgement, purchase receipt, and contract of sale will be prepared for you immediately after making your payment.
On the other hand, documents such as Survey Plan, Deed of Conveyance, and Letter of Allocation may take an additional 5 – 8 weeks to process. Consequently, you may have to return or have your legal counsel, friend or relative pick it up on your behalf and forward the same to you via any of your preferred postal services.
4. Engage a Reputable Real Estate Agency When Buying and Investing in Land in Nigeria
Last but definitely not the least, save yourself the headaches and hassles by engaging the services of a reputable real estate agency in Nigeria.
Recently, this option has begun gaining wider popularity and greater appeal amongst Nigerians in the diaspora. Largely because finding a reliable friend or family member to send money to is just not feasible for many reasons, chief among which is the fear of getting scammed. Yes, these things do happen.
Secondly, traveling down to Nigeria can be capital intensive; besides that you would have to factor the disruption to your work and business into these things.
These amongst many others is the main reason why clients are opting for this option of engaging the services of a reputable real estate company.
Partnering with a reputable real estate agency in Nigeria is actually a crucial first step in your land-buying journey, because a trusted agency can provide you with valuable insights, market knowledge, and a wide range of property options that suit your preferences and investment goals.
Therefore, look for agencies with a strong track record, positive client testimonials, and a transparent approach to business.
By leveraging the expertise of a reliable real estate agency, you can benefit from their established network of local contacts, legal expertise, and negotiation skills. They will guide you through the entire process, ensuring that all necessary due diligence is conducted to verify the legitimacy of the land and minimize the risk of scams.
Conclusion
Buying and investing in land in Nigeria from abroad can be a rewarding venture. But it requires careful planning, due diligence, and the guidance of trusted professionals.
By engaging a reputable real estate agency, conducting thorough due diligence, utilizing secure payment methods, and seeking expert legal guidance, you can mitigate risks and increase your chances of a successful land purchase.
Remember, the Nigerian real estate market is dynamic and constantly evolving. So it is essential to stay informed about market trends and seek updated advice when necessary. By following these four best practices.