CategoriesEvents

Lekki Property Show 2.0 London

Lekki Property Show 2.0 London is the Nigerian Diaspora Guide to purchasing real estate in the hottest location in Lagos. This London exhibition showcases serviced plots and quality properties from top Lagos developers including LSDPC.

A meeting point for buyers to connect with exciting developments, with the details of Lekki real estate explained. This is our second London event after August 2021.

Lekki Property Show 2.0 London features;

  • Lekki Master Plan
  • Understanding Land Titles & Sizes
  • Lifestyle Homes
  • Flexible Payments and more

This event is hosted by Pedigreat House & Associates, a Lagos international real estate consulting firm helping Nigerian Diaspora in UK, USA and Canada make informed and confident purchase decisions about Naija real estate without issues.

EVENT DETAILS

Date: Saturday, 08 July 2023

Time: 11AM

Venue: Holiday Inn Express London Greenwich, Bugsby Way, Greenwich SE10 0GD

RSVP: 07478 287 967

Real estate law
CategoriesReal Estate Law

Real Estate Law In Nigeria (2022)

The main laws that govern real estate in Nigeria are:

  1. The Constitution of the Federal Republic of Nigeria 1999 Cap C23, Laws of the Federation of Nigeria (LFN) 2004 (as amended) which guarantees the right of every Nigerian to own and acquire real property/estate in any part of the country.
  2. The Land Use Act 1978 Cap L5, LFN 2004, which primarily regulates land ownership in Nigeria.  It enhances the principle of leasehold by which land in each state is vested in the governor of a state, to be held in trust for the benefit of Nigerians within the state. 

Real estate is, however, largely regulated by the laws in the state in which the land is situated and differs from state to state.  The laws governing real estate in Lagos State (the commercial capital of Nigeria) include the following:

  1. Land Registration Law Cap L41, 2015.
  2. Land Use Charge Law 2020.

1.2        What is the impact (if any) on real estate of local common law in your jurisdiction?

The decision of judges is a core element of the Nigerian legal system.  In interpreting local legislations on real estate, the principles of law upon which a court bases its decision in relation to material facts become judicial precedents, which must be followed by lower courts in deciding future cases with similar facts. 

1.3        Are international laws relevant to real estate in your jurisdiction? Please ignore EU legislation enacted locally in EU countries.

International laws are not relevant to real estate in Nigeria as real estate is governed by the law of the place where the property is situated.

To read the full article visit https://iclg.com/practice-areas/real-estate-laws-and-regulations/nigeria

house
CategoriesReal Estate Tips

5 beginner tips to invest in Nigerian real estate

This article provides tips for Nigerians who want to invest in real estate within the country as well as foreign investors who want to do business in Nigeria and open a real estate agency or a property management company.

Here are our tips on how to invest in Nigerian real estate effectively:

Location is Everything
No matter what kind of real estate you’re looking for, it’s important to think about where you want to live.

If you’re interested in owning a home near your place of work, choose an area with plenty of economic activity.

Conversely, if you need an affordable place to live but don’t want that location to put a strain on your commute time or budget, look for areas that are not experiencing much growth or development.

You should also consider price when thinking about location; areas with higher housing costs may have better amenities and entertainment options but could be cost-prohibitive depending on your budget.

Find the Right Agent
You may be surprised at how many real estate agents there are in any Nigerian city, such as Lagos. To make sure you find a great one, start by asking friends and family for recommendations.

Then, do some research: check out agent websites and read online reviews before making your final decision.

When meeting with potential agents, ask them questions about their experience and customer service; if they seem hesitant or unsure, move on to somebody else.

Insurance
Every real estate investment comes with risk. But you can minimize those risks by properly insuring your investment.

Talk to an insurance agent about getting coverage for your new property, which will ensure that your investments are covered should something go wrong—be it fire, flooding or theft. And don’t forget about owner and liability insurance too.

Owner’s coverage protects against damage to the building itself, while liability insurance covers lawsuits arising from slip-and-fall accidents or tenant injuries on your property.

Conclusion
Once you’ve got your real estate agent in Nigeria, it’s time to start scouting for properties and doing thorough research before making a purchase.

Only then can you take advantage of all that (arguably) low-risk, high-reward Nigerian real estate investments have to offer. Good luck!

Source: The Guardian

Lagos sky view
CategoriesReal Estate News

New Lagos law will protect real estate transactions

Lagos authorities have explained that the recently signed Lagos State Real Estate Regulatory Authority (LASRERA) law will make real estate transactions in the state conform to global best practices.

Governor Sanwo-Olu signed the Bill into Law at Lagos House, Ikeja last week to regulate, sanitise and monitor activities of real estate transactions through LASRERA.

The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, explained that the law seeks to protect individuals from illegal real estate transactions and fraudulent persons/organisations in the real estate sector in the state.

She stated that with the signing of LASRERA’s law,’’ the registration of tenancy agreements below five years are now expected to register their transactions with the agency to enable it warehouse data of transactions, persons, organisations in the sector.

Benson-Awoyinka maintained that the signing of the law would boost financial transparency in the sales/purchases of properties, adding that investors/investees can now be prosecuted upon discovery of fraudulent practices in transactions in the real estate sector.

She said that “it is now an offence for an individual/organisation to engage in real estate business in Lagos State without being registered with the agency,” urging real estate practitioners to comply with the provisions of the new law.

The Special Adviser added that the new law will contribute to ease of doing business in the state by curbing fraudulent and sharp practices as well as unregistered practitioners in the sector.

She revealed that the new law has now professionalised real estate practice, stressing that the minimum educational requirement to practise in the State is West African Senior School Certificate Examination (WASSCE) in additon to certification from a professional agency, which has power to organise stakeholder’s workshops/ training periodically for those in the sector.

During the signing of the bill into law last week, Governor Babjide Sanwo-Olu, said the law would regulate the real estate transactions and protect the citizens; the unsuspecting Lagosians, who fall prey to many real estate professionals, adding that the law would also help players in the real estate sector to know what is expected of them and for government to be able to track who is doing what in the sector.

“It is really about ease of doing business and ensuring that we can continue to attract private sector investments into the real estate space. We believe this law would be the very first in the country that has taken a deep dive into what is happening in that space and it further strengthens our intervention in housing through the Ministry of Housing,” he said.

Source: The Guardian