Top 5 States to Buy Land in Nigeria for Real Estate Investment

Thinking of investing your money in Africa? Then look no further. Nigeria is one of the best countries in Africa where you can invest your money, especially via real estate.

The real estate business in Nigeria is booming. It is fair to say only crude business is more lucrative, and even that is very debatable. Both locals and foreigners find it attractive to invest in real estate in Nigeria. From buying lands for sale in Nigeria to developing properties, real estate investment in Nigeria is the way to go.

That said, it is important to note that not all the 36 states in the country are fertile lands for real estate investment in Nigeria. That births the question, which are the best states to buy land in Nigeria?

Before buying a land in Nigeria, factors you should consider include

Accessibility and infrastructure

Some lands and properties look appealing online but the location and infrastructure can take away all the fun and excitement. As such ensure that the road network, drainages, and other infrastructures within the area are up to par, and if not, wait for the right opportunity.

Security

Security is a major risk factor when you want to buy land. Insecurity can plummet the value of land or property. Before you opt for any land, ensure it is safe and free from thugs, and any form of security threat. In short, do your due diligence before you invest any money.

Government policies and restrictions

Like every other country, the federal government has mapped out some places for certain purposes in the future. This can work in two ways; it can favour you or otherwise. If the government decides to develop such locations, this increases your land’s value. But if you do not do your due diligence you can end up buying land that you cannot own due to government policy or restrictions in that area.

In this post, we will explore the top 5 best states where you should buy land in Nigeria and delve into real estate investment in Nigeria.

Lagos

This is a little predictable, regardless we will hammer it again. Lagos is one of the fastest-growing cities in Africa, and the first city worth considering when looking to invest in real estate in Nigeria.

Reasons being that Lagos state has the highest return on investment with regard to real estate investment. Whether that be buying property or buying land for sale. This is partly due to the over 20 million people in the state.

Lagos might not be the capital of the country, but it is the commercial and business hub of Nigeria. Real estate investment is lucrative here. If you are looking to grow some funds or invest in the medium-term and long-term then you should buy land in Lagos.

Abuja

This is another state with lucrative prospects for real estate investment in Nigeria. Abuja is the capital city of Nigeria, and the infrastructure development here is second to none.

Abuja is the only state in Nigeria that competes with Lagos as the best state to buy land in Nigeria. Being the administrative hub of the country, Abuja host some high-end residential properties, in addition to the already thriving commercial spaces.

The real estate market in Abuja is so appealing as it guarantees good value for money and a high return on investment. If you are looking to invest in the real estate market in Nigeria, then Abuja should be one of your go-to states.

Oyo

Oyo state is one of the oldest and historical states in Nigeria. Make no mistakes though, it is one of the most strategic states to buy land in for sale or residency in Nigeria, especially in the capital city Ibadan.

Due to its proximity to Lagos, the population of Oyo state keeps growing by the day, which has increased the economic appeal. Here is a fun fact about Ibadan, this is the largest city in West Africa.

The government of the state has made infrastructure development a priority, coupled with the amazing road network in the city, you can imagine what the real estate investment in Ibadan will be like.

About a decade ago, a piece of land in Aerodrome Gra, Samonda, Ibadan cost about 1 to 3 million naira. Today, 800 sqm of land in the same location costs about 120,000,000 naira. That said, if you are looking for the best state to buy land in Nigeria, Oyo state is one to explore.

Ogun

Ogun state is another attractive location for real estate investment in Nigeria. If you are looking for one of the best states to buy land for sale in Nigeria, then this is an exciting option to explore.

Much like Oyo, Ogun shares good proximity to Lagos. It houses a thriving industrialization setup, it makes a good spot to buy lands for industrial purposes, residential or real estate development.

Although land prices are still relatively cost-effective in certain regions of the state, it is just a matter of time before the real estate market in the state explodes, if you want to have a slice of the pie, now is the time to invest.

The best part about buying land for sale in Ogun state is that the government has an investor-friendly policy that lures people to invest in the state. With favourable tax incentives among other things, Ogun state is a top contender.

Rivers

If you’ve heard of the Niger Delta region of Nigeria, then you must have heard of Rivers State, particularly Port Harcourt the state capital. It houses an international airport, a seaport, and some of the country’s best hotels. Rivers also hosts over 100 oil and gas servicing firms.

It is one of the best tourist destinations in Nigeria. Due to the nature of people and expatriates that flock to the state regularly, it offers a great opportunity for real estate investment.

It is worth noting that not all areas of the state are lucrative when it comes to buying land for sale or developing properties for commercial purposes. However, some of the most attractive real estate prospects are hidden somewhere in the heart of Rivers State.

Conclusion

Although Nigeria offers lucrative opportunities when it comes to real estate investment, some states stand out amongst others for several reasons.

It is worth noting that this is not an exhaustive list of the best states to buy land in Nigeria. However, if you are looking for the best value for money you cannot go wrong with any of these states.

Whether it be buying of land for sale, or residential development for profit, there are many lucrative options to explore in these beautiful states of Nigeria.