Where to Buy Cheap Land in Lagos

Hello, Lagosians and those planning to become property owners. Do you want to find where to buy cheap land in Lagos? You are at the right place. Places such as Ikorodu, Ajah, Agege, Surulere, Alimosho, and Ibeju-Lekki have a lot more affordable properties.

In a city where the cost of real estate seems to be increasing every minute, finding a cheap piece can feel like searching for a needle in a haystack.

But don’t worry; I will help you navigate through this maze and let out all the hidden secrets about where to buy low-priced lands in Lagos.

Together, we are going to discover some hidden treasures and promising areas that could match your dream plot without pushing you to the edge financially.

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Understanding Land as a Business

Looking for affordable land in Lagos? Good news! The outskirts and rural communities around Lagos offer good prospects for property investment. Investing in land is an intelligent decision because it has high returns on investments.

Companies involved in real estate businesses mostly aid in selling land, where buyers often have installments as payment options. In Nigeria’s real estate market, land is one of the most valuable natural assets and has so much importance attached to it.

Many Nigerians participate in real estate activities by buying lands located either in rural places or undeveloped ones while waiting for their appreciation with time. Land ownership has been a common practice to build wealth; it may be a half plot, full plot, acres, or hectares.

This is for those who seek budget-friendly options for badagry, ikorodu, manikin (too aware), epe, shibari (image area), and many more. These places present opportunities for getting affordable land in Lagos.

Things To Consider Before Buying Land In Lagos, Nigeria

Lagos is a bustling city with a thriving real estate market; however, purchasing land requires some thoughtfulness. So before you jump in, these are key considerations that need to be put into perspective:

Budget and Finances:

• Land Cost: Investigate how much plots of land go for in the area you prefer. Think about sizes, location, and stage of development (plots that are already developed tend to be expensive). Besides, what is being asked now may be a partial price.
• Additional Costs: Also, think of other charges that might be hidden, such as legal fees or even potential future infrastructure costs.
• Financial Capability: Be realistic about your financial position. Take into account if you can still afford it in the long run while accounting for potential building expenses.

Location and Development:

• Accessibility: Consider the closeness to work, schools, and basic services; congestion in terms of traffic as well as future development plans.
• Security: In case you need security, check the crime rates in that region; you can think about gated communities or well-lit streets.
• Development Status: Undeveloped plots require future infrastructure investment. However, already developed plots are better off because they have all the necessary infrastructure, such as roads and water, but at a higher cost.

Legal and Documentation:

• Title Verification: This is crucial! This is a must! Make sure that there is a clear title deed for the plot to avoid any disputes in the future. Consult an attorney to carry out a complete title search.
• Government Approvals: Has it passed through all government approvals required for construction (e.g., planning permission)?
• Land Use Restrictions: Find out if there are any zoning restrictions on the land that may limit what you can put up on it.

Other Considerations:

• Environmental Issues: These include environmental hazards like flooding or industries around the area.
• Soil Quality: Conduct a soil test first before starting your construction project so that you know whether it matches your requirements.
• Future Development: Take into account what will be built next door and how this might affect your property’s value.

Additional Tips:

• Consult a Real Estate Agent: A good agent can help you through the maze of the market, identify suitable properties, and clinch deals at a price.
• Conduct Due Diligence: Do not hurry. Take time to research comprehensively and ask questions.
• Beware of Scams: Unfortunately, there are land scams. Avoid deals that seem too good to be true, and always deal with reputable sellers.

By considering these things carefully, you will enhance your chances of finding the right plot of land in Lagos with minimal mistakes. Remember, buying land is a significant investment, so do your research and make informed decisions.

Best Places Where to Buy Cheap Land in Lagos

Lagos is a bustling metropolis with a vibrant housing market. Some areas have expensive land prices, but others still offer options for those looking to purchase affordable land. Below are some of the top places to consider:

Ikorodu, Lagos

Ikorodu is a large, rapidly expanding neighborhood on the outskirts of Lagos that includes reasonable land values, infrastructure under development, and community spirit. The prices range from N3.5m- 8 million naira per plot, depending on location as well as size. It’s an ideal choice for those who can wait and invest in a growing neighborhood.

Epe, Lagos

This is another fast-growing part on the outskirts of Lagos known for its closeness to nature and development potential. Generally, Epe prices are lower than Ikorodu ones, as low as N1 million per plot. Nevertheless, it should be noted that some areas in Epe may need more infrastructure development.

Agbado, Lagos

An up-and-coming suburb on the mainland of Lagos with moderate rent levels yet easily accessible. It has roads linking it with other parts of Lagos state that are still being built. In Agbado, you can get vacant plots from N2m per plot;

Ibeju Lekki, Lagos

Ibeju-Lekki is a locality on the Lekki Peninsula that has been seeing intensive development. Although prices for land here are generally higher than in other localities listed above, you could still get an excellent deal, especially if you are ready to buy a plot that is further away from the sea.

Prices start at around N5 million per plot.

Badagry, Lagos

Badagry is a historical town outside Lagos with a laid-back feel. Badagry’s land prices are some of the cheapest in Lagos, starting at around N1 million per plot. However, it is important to consider proximity to the city center and limited development in some areas.

Additional Tips:

Think about working with a reliable estate company.

A good agent will help you locate the right property for your needs and budget and take you through the purchase process.

Be flexible during negotiations. As for Lagos land prices, there is always room for reduction; therefore, do not hesitate to quote below the asking price.

Conduct a thorough investigation before making any purchase. One must confirm the third-party title on which one wants to invest as well as ensure it complies with planning control laws so that one can be sure of using it in its desired manner.

Common Fact

• Standard Plot Size: A typical plot of land in Lagos has a standard size of 60ft by 120ft (18m x 36m).

Additional Notes:

• Although colloquially spoken in feet, the square meter is the most commonly employed unit for measuring land in Nigeria on official papers.
• For purposes of clear and accurate comparisons, it is vital to ensure that the area is given either in square meters or hectares.

What Are The Documents Required To Own A Land In Nigeria? 

In Nigeria, having possession of land involves having the right documentation to prove ownership and guarantee a smooth transaction. Below are the main documents you would normally need: 

Proof of Ownership:

• Certificate of Occupancy (C of O): This particular essential document serves as an official title document from the government, which confirms that private ownership exists on the assigned land. It also indicates where it is situated, its measurements, and if there are any restrictions regarding what can be done on it.
• Deed of Assignment (if applicable): If one buys land from a previous owner, this legal document comes into play. It acts as evidence for the transfer of ownership rights between the seller and you.

Land Details and Verification:

• Survey Plan: It provides detailed information on the size, boundaries, and location of the land compared to other landmarks. A licensed surveyor prepares it.
• Approved Layout Plan (if applicable): You may need an approved site plan for some areas, especially where governments allocate plots. This plan shows how parcels within larger development sites are zoned.

Transaction Documents (if buying

land):

• Purchase Agreement: It is a legal agreement that specifies the terms under which you buy land from one person to another, including price, payment date, and any contingencies.
• Receipt of Payment: This document acknowledges that you have paid the agreed sum of money to the seller for the land.

Additional Documents (may vary):

• Governor’s Consent (in some cases): In certain situations, a Governor’s Consent may be required as evidence of the transfer of title to real estate from one owner to another.
• Family Receipts (evidence of inheritance): If acquiring family lands, then it might require family comments or other relevant documents showing proof that it belongs to you.

Important Notes:

• Therefore, it is highly advisable to engage an attorney specializing in real estate transactions in Nigeria, who can facilitate the process, verify legal documents, and safeguard your interest.
• Always confirm the authenticity of all papers, especially the Certificate of Occupancy, so as to avoid future disputes over ownership.
• The requirements may slightly differ depending on the location and peculiarities of land possession.

Thus, by having your documents ready, you can easily own a plot of land in Nigeria without any difficulties.

How Much Is 1 Plot Of Land In Lagos? 

This price largely depends on various factors such as but not limited to:

• Location: Some regions, such as Banana Island, Ikoyi, and Lekki Phase 1, have properties for the rich, which means that such areas will attract high prices. However, outskirts with developing areas can be cheaper.
• Size: The larger the plot, the higher its cost.
• Development Status: Urbanized plots with developed infrastructure (roads, utilities) would be priced higher compared to rural ones.
• Market Conditions: They also affect prices for plots, resulting from waves in the real estate market.

Here’s a general idea of what you might expect:

• Range: Prices may range from N1 million naira for plots in developing areas on the outskirts up to N80 billion naira for prime waterfront locations in Banana Island.
• Average: It is almost impossible to identify one average rate because there are many variations. Nevertheless, Nigeria Property Centre has some sources that give rates per square meter for land, enabling you to find out how much it’s going for. (https://nigeriapropertycentre.com/)

Tips for Finding Land Prices:

• Real Estate Websites: Go through real estate websites such as Private Property Nigeria (https://www.privateproperty.com.ng/) and Nigeria Property Center for land listings with price tags.
• Land Agents: Seek advice from an honest land agent who specializes in your preferred area of residence to get information on the current market prices, as well as available plots. They can also handle negotiations.

Don’t forget that these are just approximations, and the actual cost will be based on the plot and market situation at present. Thus, it is important to do some homework on your budget and needs before purchasing.

How many plots make an acre?

• The number of plots that make up an acre depends upon how big each plot is. No standard formula exists because an acre is a unit of area. It is a static measurement equivalent to 43,560 square feet (4,046.86 square meters).
• Plot size varies: Plots come in different sizes. While the common size in Lagos is 60ft x 120ft (18m x 36m), there are variations in this case, too.

Here’s how to calculate the

number of plots in an acre:

1. Convert plot size to square feet (or meters): Multiply the length by the width of the plot. For a 60ft x 120ft plot, it’s 60ft x 120ft = 7,200 square feet.

2. Divide the area of an acre by the location of one plot: Divide the total area of an acre (43,560 sq ft) by the location of your plot (7,200 sq ft). In this example: 43,560 sq ft / 7,200 sq ft/plot = approximately 6.02 plots

Key Points:

• It takes slightly more than 6 plots (approximately 6.02) measuring 60ft x120ft to make up one acre.
• The number of plots will change depending on the specific size of your plot.
• Use square feet or meters to describe your plot size for accurate calculations.

Where To Get Affordable Houses In Lagos?

Finding affordable houses in Lagos can be difficult because it is an expensive place to live, and there is a high demand for real estate there. However, there are some parts of Lagos where housing can be purchased at relatively lower prices than in posh neighborhoods like Ikoyi or Victoria Island. Here are some locations in Lagos with cheap housing units:

1. Ikorodu: Ikorodu is located on the outskirts of Lagos with a variety of buildings that one can get cheap. It has different resident states and areas that have relatively low prices.
2. Ajah: Ajah is a rapidly growing area in mainland Lagos known for its affordable housing options with a combination of flats, duplexes, and detached houses being brought at cheaper rates.
3. Agege: Agege is a vibrant neighborhood situated on the Lagos Mainland with both residential and commercial districts. This provides apartments as well as bungalows ideal for middle-income earners.
4. Surulere: Surulere is an established part of Lagos that offers diverse accommodation types and comparatively lower prices than those found in high-end neighborhoods. For instance, it contains both old and new buildings, such as flats or townhouses.
5. Alimosho: Alimosho, one of the largest local government areas in Lagos, offers affordable housing to its inhabitants.
6. Ibeju-Lekki: Ibeju-Lekki is a fast-growing area with low prices for land and houses. It provides an opportunity for people who would like to invest in developing neighborhoods that may be appreciated in the future.
7. Aside from the fact that these areas have more affordable housing options, one should endeavor to do proper research, visit places, and talk to real estate professionals in order to identify the best match for your pocket and taste. Again, examining off-plan initiatives, government housing projects, and alternate means of funding can help make Lagosian home ownership a reality.

Conclusion

There is a need for thorough consideration and extensive background knowledge before investing in any piece of land within Lagos. Knowledge of legal matters, historical facts about the premise, its accessibility, and future trends are vital when making wise investments.

With the right questions posed and full assessment done, buyers won’t dupe themselves into buying properties that are both cheap and qualitative in Lagos.

FAQs

Where Is The Cheapest Place To Live In Lagos? 

The cheapest place to live in Lagos is often considered to be Ikorodu. Located on the outskirts of Lagos, Ikorodu offers moderately priced dwellings as compared with central areas. However distant it is from the city center, Ikorodu provides essential amenities and a decent quality of life for residents on a tighter budget.

What To Ask For When Buying Land In Lagos? 

If you purchase land in Lagos, be sure to ask about the title documents attached to it, which will help confirm its authenticity. You should also request details on where the land was previously owned and if there were any disputes arising from it.

Among other things that you need to think of are proximity to amenities and accessibility of the property, as well as future development plans in that area. Finally, get to know if water, electricity, and road networks are provided.

Where To Get Affordable Houses In Lagos?

The high cost of living makes it difficult to find low-cost housing in Lagos. Nevertheless, alternatives such as Ikorodu, Ajah, Agege, Surulere, Alimosho, and Ibeju-Lekki have a lot more affordable properties.

The housing types here range from apartments through duplexes down to bungalows suitable for different earning groups. For Lagos real estate market sailing, one needs a good study accompanied by expert advice.