How Real Estate Makes Money in Nigeria
This article is about how real estate makes money in Nigeria
Nigeria is the first country that comes to mind when you hear the phrase “real estate investment in Africa”. This is because its ecosystem has made it easy for investors to make money in real estate.
BUT DON’T TAKE MY WORD FOR IT
There are stats to show for it…
Nigeria is one of Africa’s largest economies and is the most populated country on the continent.
It also had an average median age of 19 as of 2023, one of the youngest in Africa.
Nigeria also has one of the fastest-growing populations in the world, increasing by 2.52% in 2024.
BUT everything I just mentioned are facts. And they DON’T make you money in real estate.
In this article, I will show you
- Niches to invest in real estate in Nigeria to make money
- How to invest smartly in those niches
- What to do to protect your investment
Ensure you read it to the end, I added one extra hack to identify the best locations to invest in Nigeria in 2025.
How to Make Money in Nigeria Real Estate
If you want to start making money in real estate, you must invest in specific niches first.
These niches will determine how much you make in the long run.
They will also determine how long you have to invest before you get returns on your investment.
Here are the 5 best Nigerian real estate niches I always advise people to put their money in:
1. Rental Income
Many children in the university today are there because their parents had rental properties that kept generating revenue for them for many years.
The great thing about building a property for rent is that all you need to spend is your property maintenance and land charges.
On the other hand, your rental income keeps increasing almost yearly, depending on the inflation rate.
You can build any of these 3 forms of rental income properties:
- Residential rentals: For living only (apartments, duplexes, serviced apartments)
- Commercial rentals: For living and operations-related business activities. These include office spaces and shopping malls
- Short-term rentals: These are for short-term living agreements. An example is a Airbnb or a guesthouse
2. Land Banking & Property Appreciation
Unlike rental incomes where you buy land and develop it for rent, you only buy land and keep it until it appreciates. Land banking follows this formula:
L + A + S = P
Buy land + Let it appreciate + sell it = make your profit income
However, while this looks simple, there are factors you must consider when buying land. These include :
- Location of the land: If you buy land to sell later, ensure you buy in a place that has the potential to develop. One of the clear signs is the rising population around the place.
- The authenticity of the land: You must verify the ownership of the land before you start buying it. Where you cannot find the original owner of the land or the owners cannot produce the original document, don’t buy.
- Development around the land: Watch out for development around your land. If you buy land in a thick forest in the North Central, you may not see any yield for the next 20 years. Instead, you need to look for areas with slight development and potential to attract other buyers
Read also: best places to invest in real estate in Nigeria
3. House Flipping
House flipping is another way real estate makes money in Nigeria. It involves reselling a renovated property.
If you want to flip houses, here is what to do
- Buy a property that is unoccupied and needs renovation.
- Renovate it with new additions like tiles, POP, and new kitchen sinks
- Then put it back on the market for sales
House flipping is not so popular in Nigeria because people hardly leave their homes empty. But if you can keep finding properties like these through court or bank auctions, they can be a goldmine.
4. Real Estate Investment Trust
These are great alternatives to all other ways of making money in real estate.
Here, you come as an investor to add your funds to a company that acquires, manages, and generates income from various types of real estate investment.
Your investment will be more like a share in the company.
There are different types of REITs in Nigeria including:
- Equity REITs: These focus on residential and commercial properties and earn return-on-investment through rent and long-term property appreciation.
- Mortgage REITs: These REITs provide funding for property developers. They get dividends from the interest on the loans given to the developer who repays within an agreed period.
- Hybrid REITs: Hybrid REITs combine the properties of both equity and mortgage REITs. Thus, investors can benefit from both property income and mortgage interest earnings.
However, there are some things you must watch for with REITs. While they may look great on paper with the promises of passive income, you need to do
- Research and select a REIT company
- Open a brokerage account
- Monitor the company’s performance
- Reinvest your dividends on investment to get compounding returns.
5. Land Flipping
Land flipping is another great way to make money in real estate in Nigeria.
Just like house flipping, land flipping involves buying a raw land in bulk at a discounted price and reselling at a profit.
The difference between land banking and land flipping is; land banking means you buy a raw land and keep it for years, from 2 years and above before selling or building on it.
While land flipping means you buy land and sell almost immediately.
To successfully make money from land flipping, you'll need to add values to the raw land before selling.
Without this, you may not see a good profit margin from it.
7 Steps to Start Making Money in Real Estate in Nigeria
As you may have seen, real estate is a simple way to make money in Nigeria.
But if you take the wrong steps, you can lose both your capital and your profit…
Let me show you this routine I follow everytime I want to invest in any real estate project. It will help you too:
1. Define Your Investment Goals
Before you start investing in real estate, you need to know what you want to achieve. It can look like this:
- I want to make passive rental income in 5 years from now
- I want to make profit from my land’s long-term capital appreciation
- I want to work my normal job but make money through REITs
You may also choose to go for quick returns from property flipping.
Break down your goals into short and long-term achievable phases. Also, consider factors like budget, target locations, and expected ROI.
2. Conduct Market Research
After creating your goals, you need to do your market research to know how well the market patronizes that sector.
Also check for other factors such as
- Growth in the locality you are investing in
- Legal regulations in the area
- Demand for property
- Other risks attached to your investment type.
In a place like Nigeria with very little online resources, I’d suggest you visit the area by yourself to ask the people living there about these factors
You can also speak to real estate agents that operate in the area to keep you informed.
3. Choose the Right Investment Type
One of the ways you can really make real estate money is by focus. When doing your research, you may do it in many areas, but fix your focus on one and carry on from there.
As I mentioned above, there are multiple options you can pick from including:
- Land Banking
- Short-Term Rentals
- Real Estate Investment Trusts (REITs)
- Residential Properties
- Commercial Properties
4. Get Financing
Your next step will be to secure capital that will help you start and sustain your investment. You can use various means including:
- Personal savings
- Cooperative societies
- Bank loans
- Mortgages
- Partnerships.
- Joint Ventures
5. Work with Real Estate Professionals
Real estate is a very wide sector. You just can’t know it all. This is why you need to get as much guidance and support from professionals, no matter how experienced you are. Some of these professionals include:
- Real Estate Agents
- Surveyors
- Lawyers
- Accountants
- Property Managers
- Building contractors
6. Do Your Due Diligence
Before you finally buy a property, make sure you verify the legitimacy of the property and the seller.
Here are some important things you must look out for:
- Land titles (C of O, Governor’s Consent, etc.)
- Prior encumbrances or disputes
- Physical condition of the property
- Development plans in the area
Read also: The Complete Guide to Real Estate Investing in Nigeria
7. Manage Your Property Effectively
To manage a property effectively, you must regularly maintain it, collect your rent on time, and comply with housing laws of the state your investment is.
But that is not all
Also, include management that can help you to maximize profitability. These efforts should include:
- Renovations
- Upgrades (attaching newer fixtures and fittings to increase your property’s value)
- Expansion (if you have extra land space)
As You Start Your Real Estate Investment Journey…
I have been investing in real estate for years now…and I know that it pays.
But the difference between the investor who makes money and the one who doesn’t is simply information…
In this article, I have shown you the basics to making money in real estate in Nigeria.
You have also read the steps you ought to take to start your journey as a smart investor…
But it is not enough to read these, you must take action.
Do well to do your research before you start investing.
If you would like to make money in real estate in Nigeria, send an email to info@possilaproperties.com
Top 5 Reasons to Buy Land in Ikorodu
Introduction
This article, top 5 reasons to buy land in Ikorodu is written to show you why you should buy land in Ikorodu.
Some 10 years ago, Ikorodu was regarded as the “backyard of Lagos” where nothing happens.
Now, it is one of the only two cities in Lagos that have more than one million residents.
And this has made it one of the top places to buy land in Lagos.
Apart from the ever-increasing population, many other factors have made Ikorodu a top choice for real estate investors and private individuals.
In this article, I will show you
- How the Fourth Mainland Bridge will change everything about Ikorodu
- What universities have brought to Ikorodu's real estate economy
- How Ikorodu compares to other big cities like Ikeja
What Are the Top 5 Reasons to Buy Land in Ikorodu?
As I already mentioned above, Ikorodu is not only a fast-developing city, it is also one with a multiplying population.
Out of all the local governments in Lagos, it is one of the most strategically positioned areas.
Because of this, you can access good roads, city centres, and even leisure areas.
Here are five reasons why buying land in Ikorodu will be a smart investing decision:
1. Strategic Infrastructure Development
One of the top 5 reasons to buy land in Ikorodu is the high level of infrastructure development that is happening in that corridor.
If you look at the biggest cities in the world with the best real estate RoI, you will notice the presence of infrastructure.
London, for instance, is home to the tunnel train route that links the UK to Europe through France.
New York has one of the largest harbours in the world.
And Delhi has the highest number of foreign company offices within an Indian city.
Ikorodu is also on that journey with massive developments ongoing and in plans. The 38-kilometre Fourth Mainland Bridge will connect the city directly to Lagos Mainland and Lagos Island.
This will reduce travel time by hours. That way, commuters can easily skip the traffic jams that they encounter in places like Agric, Maryland and Mile 12.
Also, it will attract more investors as better traffic will result directly in more people moving into Ikorodu.
Nobody will want to rent a 2 million naira 2-bedroom flat when they can get a 3-bedroom flat for the same amount in a location with fast road access.
The Lekki-Epe Expressway brought an unbelievable price increase in land along that corridor. And this was good news for all investors who had bought land there early.
So, if you are considering investing in Ikorodu or buying to build, now is the best time before the prices increase.
Also, read: 7 mistakes to avoid when buying land in Ikorodu
2. Affordable Land Prices
Unlike most parts of Lagos that have lesser populations like Lekki and Victoria Island, land in Ikorodu is still affordable.
And the reason for this is not far-fetched.
Ikorodu was seen by many as a forgotten part of Lagos with no potential for growth because of its poor road network.
But when the Sagamu Road and the Mile 12 roads were constructed, the city suddenly began to get attention.
Yet, there are still so many unexplored hinterlands in Ikorodu. For instance, there are still parts of places like Odogunyan, Ijede, and Igbogbo that have not been developed.
Because of this, land in Ikorodu is very affordable compared to places like Ikeja and Ogba.
Don’t get me wrong, the lands in these super-developed areas of Lagos were also small at some point in the past. But it is a different ball game now.
And that is how Ikorodu will be in the near future too. So, take advantage now.
To make things more exciting, you can still find a real estate company that will allow you to buy land in instalments. So, you don’t need to wait for a fat check- you can start with just a fraction of your salary.
3. Proximity to Key Economic Hubs
Ikorodu is a border town that connects Lagos and Ogun. This has made it a go-to location for transporters, manufacturing companies, warehouses, and commercial structures like shopping complexes.
And because of all the infrastructural development underway, Ikorodu will allow its residents to have smooth access to the Lagos Free Trade Zone and the Lekki Deep Sea Port.
As a result, the city will also experience more traffic and more investment along the routes.
Because of these economic facilities and potential, Ikorodu is now an economic hub that provides
- Employment for workers
- Good startup locations for entrepreneurs
- Great atmosphere for investors
For companies, this central location helps them to speed up supply, get access to resources, and still reach the market faster.
For employees, it means shorter commute time to work and exposure to other opportunities
And for investors, it is a chance to explore multiple streams in one locality.
As I always say, land will not wait for you before it appreciates. So, no, don’t wait before you start buying land.
4. Presence of Educational Institutions
If you want to know if a place is really developing, look out for schools. It is the clearest sign of an expanding population and the economic standards of the neighbouring communities of that place.
Ikorodu is home to several reputable educational institutions, including Lagos State University of Science and Technology (formerly LASPOTECH) and Caleb University.
These institutions attract students, academic and non-academic staff as well as contract workers for specific projects. And this causes a steady flow of demand for housing.
This opens a huge window of opportunities for investors who may want to buy land and develop rental properties on it.
Not surprisingly too, Ikorodu has a huge number of schools. This shows a heavy presence of families who are looking to stay long-term in the area- and it presents another investment opportunity.
It is simple.
Just buy land
Hold it for some years. Let the price go up naturally.
Don’t worry about who will buy it. Just leave it
Some years later, people who are looking to settle with their kids for a long-term stay will come and buy.
This is one of the biggest reasons I always consider before I buy real estate anywhere in Nigeria.
5. Growing Industrialization and Employment Opportunities
Over the years, Ikorodu has developed into a full mixed-use area with commercial and residential areas.
Yet it has one of the most fascinating locations in Lagos- an Industrial Estate! Here, you have multiple companies like Dangote Pasta Factory and UAC Foods Limited.
Other major projects in the city include the Imota Rice Mill which is one of the biggest of its kind in Sub-Saharan Africa.
This mill alone has been creating hundreds of jobs at its construction level and is expected to create thousands of jobs, attracting workers and boosting demand for housing.
Where there are more jobs like this, there will be work-induced migration
And with more migration, there will be a heavier demand for rentals, schools, and even restaurants and hotels.
Final Thoughts on Why You Should Buy Land in Ikorodu
One of the secrets of smart real estate investors in Nigeria is knowing where and when to invest.
And Ikorodu is one of those where to buy land in Nigeria.
If ever you want to buy land in Lagos, here are the top 5 reasons why you should choose Ikorodu:
- Better infrastructure developments
- Affordable land prices
- Reputable educational institutions
- Proximity to economic hubs, and
- Fast-growing industrialization
Investing in Ikorodu now will allow you to capitalize on its potential before prices increase.
So, don’t miss the chance to be part of Lagos’s next big success story. Act now and secure your piece of Ikorodu’s promising future.
7 Mistakes to Avoid When Buying Land in Ikorodu
Introduction
This article is about 7 mistakes to avoid when buying land in Ikorodu.
Buying land in Lagos can be a crazy problem, especially if it is your first time.
It can be even worse if you buy land in a suburb like Ikorodu. This is because there is so little information about Ikorodu land online.
All you may see online about buying land in Ikorodu may be listings about land for sale. Because of this, many people make mistakes when buying land.
Buyers are likely to go headlong into transactions without researching properly and this is why many people get duped of their money.
In this article, I will be showing you
- 7 common mistakes you must never make when buying land in Ikorodu
- The documents you must have when buying land in Ikorodu
READ: what to know before buying land in Ikorodu
7 Common Mistakes to Avoid When Buying Raw Land in Ikorodu
When you often buy land in suburbs like Ikorodu, you can make these mistakes without knowing it.
And by the time you realize these mistakes, it may just be too late for you.
Here are 7 mistakes you must avoid actively if you want to avoid real estate troubles in Ikorodu:
1. Neglecting Due Diligence
This is the number one thing I tell anybody who wants to buy land for personal or investment reasons anywhere in Nigeria.
In advanced places like the United States and Europe, you can easily go online and find all the details you need about buying land in a particular place. All you need is your Internet and your computer.
But it is a different story in Nigeria!
Even if you have the fastest Internet network, there is so little information on land and its purchase process online.
And this is where you have to take due diligence seriously.
Due diligence is beyond just knowing the price of the land. Here are 3 things you should do when you're doing due diligence on land:
-
Meet the Landowner
If you have found a spot that you want to buy, make sure you connect with the landowner, if it is a private property.
But if you are buying a family land, make sure you meet the head of the family and the other decision-makers in the family.
When you are buying a family property, it is a different dynamic. If only the family head sells to you without the approval of the decision-makers in the family, it can be a problem.
This same rule applies when you are buying community land. If only the chief approves the sale, your land can be taken from you.
So, you need to ensure that you do not only meet the family or the community chiefs. Do well to ensure that the decision-makers in the family or the community approve your purchase.
Lastly, if you will be dealing with an agent, make sure that they are communicating your demands and needs to the owner of the property.
Also, confirm that you are communicating with the owner’s legitimate agent.
-
Go to the Land Office
Many times, you may want to trust the agent, the family head or the community chief because they have produced land documents.
But you should not rely on that.
Instead, get a surveyor and get the coordinates of the land you want to buy. Then, take the coordinates to the Land Office of the state you are buying in.
At the Land Office, you will be told who owns the land. You will also get to know whether or not the land is owned by the government or not.
This way, you will avoid buying land that is already reserved for government use.
-
Local Research
After you confirm the legal status of the land, you need to do your personal local research. Go to the community where you want to buy and ask questions like
- Is there any conflict on the land?
- What is the history of the owner?
- Why is the land vacant when there are developing properties close to it?
- Has there been previous development on the land?
- Which local leader do you need to meet if there is a conflict on your land?
Simple questions like this can save you a huge deal of legal issues in future.
2. Overlooking Proper Documentation
As I already mentioned above, it is not enough to see good documentation, it is necessary to verify them.
If the property already has a Certificate Certificate of Occupancy (C of O), get your lawyer to help you review it and confirm if it is valid. The best way to do this is to reach out to the Governor’s Office.
If you are using an agent, follow up every transaction that they make on your behalf. Ensure that the Deed of Assignment is signed by the right parties.
Also, look for an independent lawyer who can verify the parties to the Deed.
When you get these documents right, it will help you have a good defence if there is any conflict arising from the land in the future.
Read to the end of this article, I will show you 4 documents you must get when buying land in a place like Ikorodu.
3. Skipping Professional Surveys
Before you finally buy, make sure you get the coordinates right. Ensure you hire the services of a licensed surveyor who will help you get the correct coordinates.
Naturally, you may want to do this by yourself but it is advisable to use a professional who has more experience.
This single step will help you avoid issues such as boundary disputes and encroachment problems.
4. Ignoring Zoning Regulations
For every state, there are specific local zoning regulations. If you want to buy land in Ikorodu, you need to follow regulations that apply to Lagos State in the Lagos State Urban and Regional Planning and Development Law.
The law specifies peculiar issues such as
- How you can use certain lands
- The height of your building in specific areas
- Permits you need from the Lagos State Physical Planning Permit Authority (LASPPPA) before construction
- Plans for large developmental projects
- Building codes, structural integrity, and safety measures
Where you buy land without knowing the zoning regulations there, you can have restricted use of the land.
Here are some things you need to know about land use classifications in Ikorodu:
- Residential Zones: Residential zones in Ikorodu are mostly low-density and medium-density housing estates.
Most communities like Igbogbo, Gberigbe, and Ijede are now expanding fast with new housing developments.
Due to specific restrictions, you cannot build high-rises in these kinds of areas. - Commercial Zones: Places like Ikorodu Garage, Agric, and Ita-Elewa are dominantly commercial hubs.
Because of this, you see mixed-use development such as shops and offices within residential areas. - Industrial Zones: Ikorodu is a feeder town between Ogun and Lagos so this has made it a hot target for manufacturing companies. It allows them to access both states easily with the ease of transport ease.
Odogunyan Industrial Estate, for instance, is a major hub for manufacturing and heavy industries. Ikorodu is also home to Dangote Pasta Factory and UAC Foods Limited.
If you want to set up a factory or warehouse in Ikorodu, you’d have to get specific permits
. - Mixed-Use Zones: While some commercial zones are mixed-use, there are other dominant mixed-use locations in Ikorodu like Ebute, Owutu, and Baiyeku. In these places, you can have mixed residential and commercial developments.
- Agricultural and Green Zones: Some parts of Ijede and Imota in Ikorodu are reserved for agriculture. Other conservation and flood-prone regions are kept by the government for large-scale construction.
5. Failing to Conduct Physical Inspections
This is a mistake most absent investors make. Don’t rely on the documents to judge the kind of land you are buying. Some lands are flood-prone. Some have a terrible history of security issues.
If you are buying for farming reasons, for instance, you need to confirm with farmers in the area about the wellness of the soil.
If you want to develop your house, you might need to check for things like
- Access to electricity
- Drainage system, and
- Flooding issues
6. Disregarding Infrastructure Development Plans
If you want to buy land in locations in Lagos, it is best to be aware of government infrastructure in the area that will increase the worth of your property. Take advantage of projects such as
- Itokin-Epe-Ikorodu Road
- Proposed Fourth Mainland Bridge
- Ikorodu Ferry Terminal
- Imota Rice Mill
These developments are indicators of growth and development in the area. As a result, the rate at which your property gains more value and appreciation.
7. Falling for Unrealistic Deals
One of the biggest mistakes that you can make when buying land in Ikorodu is to jump at deals that are too good to believe.
When you see signs like Ikorodu land for sale, make sure you research how much the average property in the area is.
For instance, it is not possible to buy one plot of land for 1 million in places around Lagos State University of Science and Technology.
If you see that the deal is too good to be true, drop it immediately. It is a scam waiting to explode!
4 Documents To Consider When Buying Land in Ikorodu
As I mentioned above, you should not make the mistake of buying land in a place like Ikorodu without getting the appropriate documents.
I often get asked this question: “What documents should I ask for when buying land?”
It is simple.
If you want to buy land from a family or a real estate agent, these are 4 vital documents you must ask for and ensure that you get.
If you can't get them, just walk out of the deal. It will save you a truckload of trouble in future:
1. Deed of Assignment
I put this one ahead of the rest because it is the most important of all the documents.
You can have the remaining three documents and still lose your land if you don’t have your Deed of Assignment.
The deed of assignment is a document that shows you the buyer and the seller.
It clearly shows that the seller (assignor) has permanently transferred the title of the property to the buyer (assignee).
For instance, if you buy a family land in Baiyeku, you must collect a document that shows that the head of the family and a principal witness have sold the land to you after you paid for it.
If you are buying from a real estate company selling an estate, you may get other details on the Deed like the land next to you, the land beside you, and even a map of the estate attached for your reference.
2. Survey Plan
The Survey Plan is a document that shows details of your land such as
- Size
- Boundaries, and
- Location (Coordinates)
By law, you are required to register this document at The Office of the Surveyor-General.
As a result, anybody can check to see if the government or a private individual owns your land.
If you can get this sorted, no one will want to buy your land from a scam seller. They would have confirmed from the land office that the land already belongs to someone else.
3. Purchase Receipt
This is simply evidence of payment for the land.
When you pay for the land, get a family receipt that features
- The family insignia or logo
- The size of the land bought
- The amount paid for the land
- The signature of the seller
Besides being evidence of payment, you will need a receipt to register your land at the Land Office.
4. Certificate of Occupancy / Governor’s Consent
The C of O shows that the state and its laws recognize the buyer as the new owner of the land.
It is usually issued by the Governor to show that he knows that you have bought land in that state.
With a C of O, the governor transfers the statutory right of ownership from his office to the buyer for as long as the law allows.
Many people don’t like getting a C of O because it is quite expensive.
But if you are buying land from someone who already has a C of O, you won’t need to get another one. You will only need the Governor’s Consent on your Deed of Assignment.
Final Thoughts on 7 Mistakes to Avoid When Buying Land in Ikorodu
You can have all the money to buy land in Ikorodu but you have to be very careful not to waste it. Avoid making mistakes that will cost you your land such as
- Not doing due diligence
- Skipping the proper documentation process
- Ignoring zoning regulations
- Not conducting inspections on the property
- Going for unrealistic deals
- Closing your eyes to infrastructural development
Also, ensure that you get your documents right:
- Deed of Assignment
- Survey plan
- Purchase receipt
- Certificate of Occupancy
Once you can avoid these mistakes and have the right documents, you will secure your land without the fear of anyone taking it from you.
What to Know Before You Buy Land in Ikorodu
If you google "land in Ikorodu" you'll see more than 1 million results. This article is written to help you make an informed decision when you want to buy land in Ikorodu.
In 2022, Ikorodu became Nigeria’s 12th largest city with a population of 1.04 million residents.
To the average person, this is a magnet for real estate investment.
But even as these figures offer great opportunity, acting on them without proper planning can land you into investment troubles.
So, when next you see a banner that says “Ikorodu Land for Sale”, calm down. Take a pause. There are vital things that you must consider before you commit your money, time, and energy to buying land in Ikorodu.
A lot of people have lost their hard-earned money buying land in Ikorodu because they bought land with government acquisition.
And such land is plenty in Ikorodu. You need to be well informed about the location before making a buying decision.
In this article, I will show you
- 4 things you must know before you buy land in Ikorodu
- 3 crazy mistakes you must avoid before buying land
- 4 documents to ask for when buying land in Ikorodu
- 5 Reasons to Buy Land in Ikorodu, Lagos
READ: Secrets to know before buying land in Lagos
4 Things To Consider When Buying Land In Ikorodu Lagos
In my years of experience as an investor and a consultant in real estate, I have invested in Osun, Ibadan, Abuja, and Lagos, but I have noticed a pattern.
And everyone I have consulted for always come back with one testimony: “Thank God I bought with you”.
This is because real estate is beyond just buying land. It is about finding land that is good for investing for all kinds of uses.
If you will be buying land in Ikorodu, let me show you 5 things you must consider before you pay for the land:
1. Location
Ikorodu is wide (a part is in Lagos State, the other part is in Ogun State) but it is also densely populated. It is currently one of the two cities within Lagos to have more than 1 million people within it.
This means that there are many people on little land. And this is where you should be careful.
Because you see a massive population doesn’t mean that the place is good to buy.
Instead, look out for locations within Ikorodu with these characteristics:
- Good road network
- Growing (not large) population especially for land banking
- Amenities such as schools, markets and hospitals
- Good land titles
The advantage of buying this type of property is that you can buy at a lower price and sell for a high price when the area eventually explodes.
Another big advantage is that you can develop it for your personal use.
These simple places allow you to raise your family in a serene environment far away from the hustle and bustle of the central Ikorodu area near the Garage and the Oriwu Central Mosque.
2. Your Target Market
Now this option is for investors but you can also read it if you want to grow your knowledge.
If you want to invest in Ikorodu, you must understand your target market as an investor first.
If you want to build commercial real estate like a row of shops or a shopping complex, you will have to buy land closer to where many people live. And that would be more expensive.
But if you want to buy land that you can resell to families looking to settle, you can go to the suburbs with characteristics that I described above.
When you buy this kind of land, you keep it till it appreciates and then you can sell it off at an interest.
Here are some amazing ideas you can execute in the developing parts of Ikorodu
- Restaurant and bar
- Hotel
- Schools
- Shops for building materials
If you know your target market, you will be able to decide on the place you want to buy land in Ikorodu.
3. Cost of Building and Maintenance
If you are a family person or a real estate investor who has found a spot, my first advice for you is to sit down and calculate every penny you will need.
See, building a house and developing real estate is not child’s play.
You can rush in and not be able to complete your house
You can start developing a storey building and go broke at the decking level.
To avoid these troubles, you must first consider the amount you can commit to developing your land every month.
If you are a salary earner, how much percent can you drop monthly?
If you are getting a government grant or loan to develop property, can it cover the kind of property you have in mind?
Would you need to draw another plan that will fit your budget?
Always consider the money factor, it is too important!
4. Legal Considerations
Lagos is called the land of wisdom for a reason. You must understand the legal implications of every single move you make when buying land, especially if you are buying from families in places like Ikorodu.
This is not an attempt to paint them as bad people but you have to be very careful when you transact.
After you find the land you want to buy and you meet the family, make sure you collect all the land documents with your lawyer present.
One of the legal sides that many people overlook is the approval stage.
When you buy from a family, one man cannot approve the transaction.
He may be the family head but he must get the approval of the decision-making elders in the family too.
If you buy without full consent from all the necessary people, your land can still be taken from you and you will have no defence in court.
In this next subtopic, I will also show you all the land documents that you must get from the land owners to show that you now truly own the land and are entitled to enjoy and even sell it.
4 Documents to Consider When Buying Land in Ikorodu, Lagos
“What documents should I ask for when buying land?”
I get this question a lot and here is a simple answer…
If you want to buy land from a family or a real estate agent, these are 4 vital documents you must ask for and ensure that you get.
If you can't get them complete, just walk out of the deal. It will save you a truckload of trouble in future:
1. Deed of Assignment
I put this one ahead of the rest because it is the most important of all the documents.
You can have the remaining three documents and still lose your land if you don’t have your Deed of Assignment.
The deed of assignment is a document that shows you the buyer and the seller.
It clearly shows that the seller (assignor) has permanently transferred the title of the property to the buyer (assignee).
2. Survey Plan
The Survey Plan is a document that shows details of your land such as
- Size
- Boundaries, and
- Location (Coordinates)
You are required to register this document at The Office of the Surveyor-General.
As a result, anybody can check to see if the government or a private individual owns your land.
With that, you can avoid issues of multiple sales of land that has already been bought.
3. Purchase Receipt
This is evidence that you already paid for the land.
When the buyer pays the full cost of the land to the seller, the seller will then issue the receipt.
The receipt is important because you will need it to register your land at the Land Office.
4. Certificate of Occupancy / Governor’s Consent
The C of O shows that the law recognizes the buyer as the owner of the land.
It is issued by the Governor, acknowledging that you have taken an interest in land in that state.
By law, the governor holds the land on your behalf. But with a C of O, the governor transfers the statutory right of ownership from his office to the individual buying the land.
But if you are buying land from someone who already has a C of O, you won’t need to get another one.
You will only need the Governor’s Consent on your Deed of Assignment.
5 Reasons to Buy Land in Ikorodu, Lagos
If you have any doubt about buying Land in Ikorodu, here are five reasons that you should change your mind:
1. Infrastructural Developments
Ikorodu is growing rapidly thanks to major infrastructure projects including the proposed Fourth Mainland Bridge. This project aims to connect Ikorodu directly to other parts of Lagos Mainland and Lagos Island.
As a result, people can come in and out of the city faster than ever before, thereby increasing the number of residents that the city will have over time.
By default, the value of any property you buy today will increase when the project is complete.
Additionally, the Lagos State Government has approved the establishment of a new NYSC permanent orientation camp in Ikorodu.
This development will attract an influx of officials, corps members, and other businesses.
This will be a big chance to invest in residential, commercial and recreational real estate.
2. Affordable Land Prices with High Appreciation
Unlike many other parts of Lagos, Ikorodu offers relatively affordable land prices. These allow you to buy low and sell high even on a tight budget.
And as the area keeps developing, property values will appreciate and turn out more RoI over time.
3. Proximity to Major Economic Hubs
Ikorodu is central to economic centres like Maryland, Mile 12, and even Sagamu in Ogun State.
Because of this proximity, it can grow to be one of Lagos’ biggest innovation hubs attracting investors and expatriates.
Also, with the completion of the Fourth Mainland Bridge, the city will have direct access to the Island, opening it up to greater strategic opportunities.
4. Education Industry Growth
Ikorodu hosts several reputable educational institutions, including Lagos State University of Science and Technology and Caleb University.
This assures of a steady flow of populace who make up tenants, hence increasing chances for housing and commercial real estate.
Even more, you can invest in commercial real estate such as hotels, restaurants, clubs, and bars.
For instance, Domino's Pizza, ColdStone, KFC, and Tasty Fried Chicken all have branches in Ikorodu.
5. Robust Transportation Networks
Ikorodu has a well-developed transportation network that includes smooth roads and excellent water transport options which are being improved daily.
This connectivity links it to various parts of Lagos and even surroundings such as Ogun and Ibadan.
This increases its attractiveness to people looking to settle away from the busy city centres such as Mile 12 and Ikeja.
3 Common Mistakes You Must Avoid When Buying Land in Ikorodu, Lagos
As I already mentioned, you must look for all ways to secure your investment. Here are 3 common mistakes I have noticed that buyers make and that you should avoid:
1. Not Doing Legal Due Diligence
One of the biggest mistakes you can make when buying land in Ikorodu is to neglect to do your legal due diligence.
Make sure you hire a lawyer who has a history with land cases and can advise you on the specific steps you need to take to protect your land.
You can also engage a real estate company that has a track record of integrity when buying land in Ikorodu.
This is the best way to protect your land from any future legal battle that can shake the foundation of your land security.
2. Not Budgeting
It is easy to get bamboozled by the prospect of buying low and selling high in a place like Ikorodu.
But you need to calculate other costs aside from your purchase amount. These can include
- Cost of documentation
- Cost of perimeter fencing, and
- Maintenance fees
If it helps, you can hire an accountant to build a detailed financial plan for you. These help you to create a sustainable investment strategy.
3. Rush
The riskiest mistake you can make as a land buyer in a place like Ikorodu is to make decisions in a hurry.
Many people do this because they “don't want to miss out on an opportunity”. As I already mentioned, take your time to count the cost.
Research the kind of property you want to buy.
Know the location you want to buy in based on the market that you want to sell to.
If you are a family person, scout locations that will help you to raise your family peacefully.
Tick all the boxes so you won't have regrets later.
READ: Real Estate Investing for Beginners in Nigeria: The Complete Guide
Finally, As You Go On To Buy Land in Ikorodu
Buying land in Ikorodu can be a profitable investment, but only if you take the right steps to protect your interests. Here’s a quick recap of what you need to keep in mind:
- Choose the Right Location – Prioritize areas with good road networks, growing populations, and essential amenities.
- Know Your Target Market – Whether you’re buying for personal use or investment, understanding the demand will guide your decision.
- Plan Your Budget – Account for land costs, documentation fees, and development expenses to avoid financial strain.
- Ensure Legal Protection – Verify land ownership, collect necessary documents (Deed of Assignment, Survey Plan, etc.), and consult a lawyer.
- Avoid Common Mistakes – Don’t rush, neglect legal due diligence, or underestimate costs.
By taking the time to research, plan, and seek expert advice, you can secure a profitable and stress-free land investment in Ikorodu.