Real Estate and Property in Nigeria for Rent and Sale – An Overview

October 12, 2021, 10:56 am Blog Naija Real Estate Seen: 64
Real Estate and Property in Nigeria for Rent and Sale – An Overview
Real estate sector is one of the most globally recognized sectors. Real estate and property sector in Nigeria comprises of four sub sectors - housing, retail, hospitality, and commercial. The growth of this sector is dependent on the growth in the corporate environment and the demand for office space as well as urban and semi-urban accommodations.

Real estate and property investment in Nigeria is one of the major investments attracting both local and foreign investors. From the commercial city of Lagos to the center of power, Abuja, to the oil rich places like Port Harcourt, Benin City, several individuals and companies engage in real estate and property business, while many also buy real estates and property in Nigeria for just personal use.

In the real estate and property business in Nigeria you can find property for rent, sale, lease, let and school hostels. There are homes and plots of land for sale, rent and lease. Government, communities, and private individuals can choose to sell their land or house. Most times people buy to resell and make profit.

Real estate and property in Nigeria are sold, leased and rented out by either the owner, an agent or property managers. Most at times when investors buy land and houses, they handle it over to someone else to manage, watch over and secure their real estate and property here in Nigeria. Buildings for rent are mainly managed by managers, just in few cases where owners take charge.

Because of the character of individuals and behaviour of tenants, buyers or owners of real estate and property in Nigeria hands over the property to legal professionals.

Real estate and property business is one of the leading areas of investment that has contributed to the financial economy in Nigeria. However, Nigeria real estate sector is still witnessing a lot of crisis, which include fraudulent practices by land grabbers, breach of contract by real estate sellers, sale of government acquired lands, among others. Considering all these problems, the real estate buyers and investors are advised to always retain the services of good real estate solicitors to navigate such investments.

In Nigeria, the real estate and property sector is one of the highest employment generator, after the agriculture sector, oil and gas. It is also expected that this sector will incur more non-resident Nigeria investment, both in the short term and the long term. Lagos is expected to be the most favored property investment destination for none resident, followed by Abuja, Port Harcourt, Benin City, Kano, Ibadan, and Onitsha.

Real state and property business in Nigeria is done by both none graduate, under graduate and graduates. Experts and novice also gets involved, too. It’s a sector that employs everyone. It’s also a sector that anyone can venture and go into once you have the passion.

People can go into real estate and property business in Nigeria by becoming an agent, developer, online advertisers of property, real estate blogging and news, property managers, legal and solicitors.

There are different ways you can find real estate and property in Nigeria for sale, rent, lease, let and school hostels.

1 - Meeting the Owner
2 - Through Networking
3 - By driving or walking around
4 - Through an online real estate and property website
5 - Through an agent or manager
6 - Through a developer

This is just a brief overview of Real Estate and Property in Nigeria, this is a very interesting topic to talk about as it has to do with how buying, renting, selling, and leasing business goes in Nigeria. With this knowledge, you can be able to fashion out ways to go about finding real estate and property in Nigeria for sale and rent quick and without stress
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