TO BUY OR NOT TO BUY

Monday

I get a lot of enquiries about land and property prices and where the best areas for investments can be found. My advice is to do some research on what and where you want to put your money before making any decisions. I can only give my own views which may not be representative of theirs or anyone else’s views. However what I can advice on, is on the cost of land and properties, and the possible sale/ rental income that can be generated from them.

If you are buying land for development, you must first check what type of developments are allowed in that area, is it residential or commercial or is it mixed? What is it you want to build on the land? You must ensure you get your title documents and survey plans. You must obtain land information and check validation of titles from the St ate Land Registry. There are a lot of private land sales that are illegal and dishonest. Buyers beware! It is usually faster to instruct a Lawyer to carry out a search.

Tuesday

Popular areas for land development at the moment include the Lekki Epe Expressway Axis, Lekki Ph 1, Osapa, Agungi, iLekki Ph 2, Ajah, ibeju Lekki and so on. In Ph1 which is nearest to Victoria Island and Oniru, a typical 800- 1000sqm plot will sell for between N60-100million. The rate of development in this area is quite astonishing, as you can daily see luxury apartments and commercial buildings springing up. Rent will typically go from N2-5mill per year for a 2-4 bedroom property.

Further along the Lekki Expressway, developments of small and large estates are taking place in pockets. Commercial developments are springing up fast and furious. One of the largest mixed use shopping complexes in Africa is located along this area. The Ikota Shopping complex contains at least 7000 retail and office units. Located along this axis is also some of the largest well managed residential estates, the further along you go, the more availability and cheaper the land becomes.

Wednesday

I visit a property today where the security is better than Alcatraz! When we build houses, we barricade ourselves in them, as if locking ourselves in prisons and off from the world. I do understand the fear of armed robbers etc, but care and safety should be taken and allowances given for the eventuality of a fire and a route to escape, other than the entrance door.

Thursday

It appears the short period of improved electricity supply, has come to an end. Estates are now seeing an increase in demand for diesel supply once again. It was reported in the news that power generation has dipped following the resignation of the Minister for Power!  What is clear is that our days of epileptic power supply may be far from over.

Friday

I get a brief from a “friend of a friend” who seems to think that he is doing me a favour by asking me to find property for him at an unrealistic low price in a high brow area. I try to explain that this may not be possible, but his response is that he is paying me!?

Until next week!