The Lagos real estate market is one of the most dynamic in Africa, offering massive investment opportunities but also posing challenges for first-time buyers. With land prices appreciating rapidly and increasing demand for properties in prime locations, entering the market can feel overwhelming.
However, with the right strategy, buying property in Lagos can be one of the smartest financial decisions you’ll ever make. Whether you’re looking for land to build on, invest in, or resell for profit, this guide will walk you through the key strategies to navigate Lagos real estate as a first-time buyer.
1. Define Your Goal—What Are You Buying For?
Before you start searching for property, get clear on your purpose. Are you buying to:
- Build a home? (Look for land in developed or developing areas with infrastructure.)
- Invest for future resale? (Focus on fast-growing locations with rising land value.)
- Generate rental income? (Prioritize properties in high-demand areas like Lekki, Ajah, or Ikeja.)
- Secure generational wealth? (Buy in sustainable, well-planned estates that will appreciate long-term.)
Your goal will determine where you should buy, how much you should budget, and what factors to prioritize.
2. Location is Everything—Choose Wisely
In Lagos real estate, location determines value. The difference between a property that appreciates quickly and one that stagnates is often its surroundings.
-Hot Emerging Areas: Epe, Ibeju-Lekki, Sangotedo, Badagry.
-Prime Investment Zones: Lekki Phase 1, Ajah, Victoria Island, Ikeja GRA.
-Commercial Hubs: Yaba, Surulere, Marina, Ikoyi.
What to Look For in a Location:
- Ongoing or planned infrastructure (new roads, airports, bridges).
- Proximity to business districts, schools, and shopping centers.
- Areas with government-approved developments.
- A community that aligns with your lifestyle or investment goals.
Pro Tip: Don’t wait until an area becomes “hot” before buying, invest early while prices are still low.
3. Verify the Land Title
Buying land in Lagos without verifying the title is a risky move. Many buyers have lost money to fraudulent sellers, land disputes, or unapproved layouts.
Land Titles to Look Out For:
-Certificate of Occupancy (C of O): Best for long-term security.
-Governor’s Consent: Guarantees legal backing from the state government.
-Registered Survey: Basic verification to confirm property boundaries.
Red Flag: Be cautious of land without proper documentation, if it sounds too cheap to be true, it probably is.
4. Work with Reputable Developers & Realtors
The Lagos market is full of agents and sellers, but not all are trustworthy. To avoid scams:
-Research the developer’s past projects and ensure they deliver what they promise.
– Buy within a registered estate (like MegaOne Lagos), where the land is verified and secure.
-Request to see original land documents before making payments.
– Ask for references from previous buyers to confirm credibility.
At Urban Living Development, we make sure our estates, including MegaOne Lagos, are not just investments, but fully secure, verified, and ready for ownership.
5. Budget Beyond the Purchase Price
Buying land or property comes with additional costs. As a first-time buyer, factor in the following expenses:
-Survey & Documentation Fees – Ensures legal ownership and proper land demarcation.
-Development Levy – Contributes to estate infrastructure (roads, drainage, electricity).
-Agency & Legal Fees – If using a realtor or lawyer, account for their charges.
-Building & Maintenance Costs – If you plan to build immediately, budget accordingly.
6. Leverage Payment Plans & Flexible Options
Not everyone can afford a lump sum payment for land. Many reputable real estate companies, including Urban Living Development, offer installment payment plans that make ownership easier.
What to Look for in a Payment Plan:
-Reasonable deposit amount (so you can secure the land early).
-Interest-free or low-interest monthly payments.
-Clear contract terms that protect your investment.
For example, at MegaOne Lagos, you can start with an initial deposit and spread the balance conveniently, making it easier to own land without financial strain.
Navigating the Lagos real estate market as a first-time buyer doesn’t have to be complicated. With the right strategy, you can avoid costly mistakes and make a profitable investment.
DM us today to get started on your real estate journey!