Real Estate in Nigeria
Last updated on Feb 04, 2024
Summary: An expat looking to buy a home in Nigeria should start by researching the local real estate market. It is important to understand the different types of properties available, the prices, and the neighborhoods. It is also important to find a reputable real estate agent who can help guide the search. Foreigners are allowed to own property in Nigeria, but there are certain restrictions. For example, foreigners are not allowed to own land in certain areas, such as near the coast or in certain rural areas. It is important to research the local laws and regulations before making a purchase. Houses in Nigeria typically include basic amenities such as running water, electricity, and sanitation. Depending on the area, some homes may also include air conditioning, swimming pools, and other luxury amenities.
How do I find a place to live in Nigeria?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One way to find a place to live in Nigeria is to search online for rental listings. Websites such as Jumia House, ToLet, and Private Property Nigeria are great resources for finding available properties in Nigeria. Additionally, you can also search for rental listings on social media platforms such as Facebook and Twitter. Additionally, you can also ask friends and family who live in Nigeria for recommendations. Finally, you can also contact local real estate agents who can help you find a suitable place to live," said one expat who made the move to Nigeria.
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What is a typical expat home or apartment like in Nigeria?
"Expat homes and apartments in Nigeria typically feature modern amenities and are often located in secure, gated communities. Many expat homes and apartments come with air conditioning, swimming pools, and other luxuries. Expats can also find furnished apartments with all the necessary appliances and furniture. Security is a priority for many expats, so many homes and apartments come with security guards and CCTV cameras," said one expat who made the move to Nigeria.
What is the average cost of housing in Nigeria?
If you are thinking about moving to Nigeria, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Nigeria varies greatly depending on the location and type of housing. Generally, housing in Nigeria is relatively affordable compared to other countries, with prices ranging from low-cost rental apartments to luxury villas. The average cost of housing in Nigeria is typically lower than in other countries, making it an attractive option for those looking for a place to live," said one expat who made the move to Nigeria.
Should I buy or rent a home in Nigeria?
If you have not spent a lot of time in Nigeria, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Nigeria can be a great investment, as real estate prices are generally on the rise. However, it is important to consider the costs associated with buying a home, such as closing costs, legal fees, and taxes. Additionally, it is important to consider the amount of time and effort that goes into maintaining a home. Renting a home in Nigeria can be a great option for those who are not ready to commit to a long-term purchase. Renting can provide flexibility and convenience, as well as the ability to move quickly if needed. Ultimately, the decision to buy or rent a home in Nigeria should be based on individual needs and preferences," said one expat who made the move to Nigeria.
What do I need to know when buying property in Nigeria?
When we asked expats what advice they would give a foreigner before buying a property in Nigeria, they said:
"1. It is important to research the area you are looking to buy in, as well as the local market conditions. 2. Make sure to get a professional surveyor to inspect the property before you purchase it. 3. Ensure that you have all the necessary documents and paperwork in order before you make a purchase. 4. Be aware of the different taxes and fees associated with buying property in Nigeria. 5. Consider hiring a lawyer to help you with the legal aspects of the purchase. 6. Make sure to get a title deed for the property, as this will provide you with legal protection. 7. Be aware of any restrictions or regulations that may apply to the property you are looking to buy. 8. Be aware of the different financing options available to you when buying property in Nigeria," explained one person living in Nigeria.
Are foreigners allowed to own property in Nigeria?
When we asked expats what advice they would give a foreigner before buying a property in Nigeria, they said...
"Foreigners are allowed to own property in Nigeria, but there are certain restrictions in place. Foreigners are not allowed to own land in Nigeria, but they can own buildings and other structures on the land. Foreigners can also own shares in Nigerian companies, but they must obtain approval from the Nigerian Investment Promotion Commission before doing so. Additionally, foreigners must obtain a Certificate of Occupancy from the relevant state government before they can own any property in Nigeria," explained one foreigner living in Nigeria.
What appliances are typically included in a rental?
We asked foreigners in Nigeria what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In Nigeria, rental properties typically include a refrigerator, stove, oven, washing machine, and air conditioning unit. Other common appliances may include a microwave, dishwasher, and water heater. Furniture may also be included in the rental, such as beds, couches, tables, and chairs," said one expat in Nigeria.
Additional Information about Searching for a Home in Nigeria:
We asked foreigners in Nigeria what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats can search for homes in Nigeria by using online real estate websites, such as PropertyPro.ng, to browse listings of available properties. They can also contact local real estate agents to get more information about the properties and to arrange viewings. Additionally, expats can search for homes in Nigeria by attending open houses and property exhibitions, or by networking with other expats who may have knowledge of the local housing market," explained one foreigner living in Nigeria.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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