Buying off-plan property in Lagos has become one of the most popular ways for investors and home buyers to access the real estate market. With increasing construction costs and inflation, off-plan purchases present attractive early prices—but they also carry risks you need to understand.
This guide covers everything you need to know about buying off-plan in Nigeria and how to avoid costly mistakes.
- What is Off-Plan Property in Nigeria?
Off-plan real estate involves purchasing a property before it is finished, typically at a discounted rate. This investment approach is especially common in Lagos, notably in areas such as Lekki, Ikoyi, Oniru, and Gracefield Island.
- Benefits of Buying Off-Plan in Lagos
- Lower Entry Price & Greater ROI: Early buyers benefit from the best prices—properties can increase in value by 20–40% before completion.
- Flexible Payment Options: Developers often offer 12–48-month payment plans, making it more manageable for buyers.
- Opportunity to Personalise Finishes: You can customise interiors, layouts, and fittings during the construction phase.
- Significant Capital Appreciation: Locations such as Lekki Phase 1, Ikoyi, and Gracefield Island experience notable capital growth due to limited supply and high demand.
- Risks to Be Aware Of
- Construction Delays: Common in Lagos—select developers with a reliable track record.
- Quality Control Issues: Poor materials or design changes might impact property value.
- Documentation Readiness
- Ensure the following documents are ready and genuine:
- Governor’s Consent
- Registered Survey
- Development approvals
- Contract of sale
- How to Select the Right Developer
- Proven Track Record: Investigate completed projects by asking for addresses, references, or testimonials from previous buyers.
- Transparent Pricing: Watch out for hidden costs such as infrastructure fees or titling charges.
- Clear Infrastructure Plans: Leading developments like Gracefield Island provide detailed information on roads, drainage, power, and other essential services, as well as security.
- Realistic Payment Plans: Overstretching financially is a warning sign.
Buying off-plan property in Lagos can be a valuable way to build wealth—if approached correctly. Collaborate with reputable developers and seek guidance from experienced advisors, such as CRL Real Estate, to safeguard your investment.
Need assistance in evaluating off-plan opportunities?
Book a consultation with CRL today.
