How Easy Is It for Nigerians Living Abroad to Buy a House in Abuja?

5 Steps to Ease Up the Process of Buying a House in Abuja for Nigerians Living Abroad

Let’s be fair, the world is now a global village, meaning that it’s much easier to do business across nations without stepping into the country physically. 

So with that in mind, let’s find out how you can buy land in Abuja as someone living in the diaspora. 

1. Research the Market

Before anything else, make sure you research extensively about the Abuja real estate market. Don’t be the person who leaves such information to chance. 

Try as much as you can to understand the market. Which areas are experiencing growth? What types of properties are available? What are the price ranges? 

Thankfully, you can get this information on our website or other online resources, such as property listing websites. You can also join online forums or social media groups focused on Nigerian real estate to get first-hand information and recommendations.

Keep in mind though that Abuja is one of the most expensive cities to buy property in Nigeria, with average property prices significantly higher than in other parts of the country. According to recent data, the average price of a 3-bedroom apartment in Abuja ranges between ₦50 million and ₦150 million, depending on the location. 

Prime areas like Maitama, Asokoro, and Wuse are particularly pricey, while areas like Gwarinpa and Lugbe offer more affordable options. 

Although the prices seem on the high side, however, if you compare them to real estate markets in countries like the United States or the United Kingdom, where property prices can be exorbitant, investing in Abuja can still be a more affordable option in the long run. 

2. Choose a Reputable Real Estate Agent or Developer

This is perhaps the most important step. Look for agents or developers with a solid reputation and verified track record. Ask for recommendations from your close friends or use LinkedIn and social media to start looking for qualified realtors. 

When you eventually find anyone you think you can trust, make sure to ask for references and, if possible, talk to previous clients. 

A trustworthy agent can save you a lot of stress and ensure a smooth transaction. They will represent your interests, guide you through the process, and make sure you’re not taken advantage of. 

When selecting an agent, endeavor to:

• Check their credentials: Make sure they are licensed and recognized by the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Or that at least, they belong to a professional body for realtors. 
• Seek recommendations: Ask for referrals from family, friends, or fellow Nigerians living abroad who have gone through the process.
• Review testimonials and track record: A reputable agent should have a history of successful transactions and satisfied clients.

If you have a trustworthy agent on the ground, it goes a long way to reduce the stress and uncertainty of buying a house from afar.

3. Legal Representation is a Must

While a good real estate agent can handle much of the legwork, you should also hire a lawyer who specializes in Nigerian property law. 

If you want to ensure that all documents are legitimate, and the transaction is legal, then this is a step you should not miss. Your lawyer will:

• Conduct a title search to ensure the property is free from encumbrances or legal disputes.
• Draft and review all contracts and agreements to ensure they align with Nigerian laws and protect your interests.
• Oversee the transfer of ownership and help register the property in your name.

Having legal backing can also prevent you from falling victim to fraud, a common risk when purchasing property in Nigeria from abroad.

4. Virtual Tours and Inspections

Thanks to technology, you don’t necessarily need to fly back to Nigeria to see the property before purchasing it.

Many real estate agents now offer virtual tours via video calls. Some even provide detailed video walkthroughs and photographs when you make inquiries about the property. 

When you get to this part, inspect the property thoroughly. Ask questions too. If possible, have a trusted person (Maybe your lawyer or any other person with a power of attorney) to visit the property on your behalf.

The point is, no matter how much you trust the seller or realtor, it’s always a good idea to have a close person you trust inspect the house in person before you finalize the deal.

5. Ensuring Secure Transactions

One common question is how to handle payments for the property, especially when living abroad. If you’ve saved enough to pay outright, you’ll likely need to transfer the funds through your Nigerian bank or via an international money transfer service. 

It’s essential to keep in mind the fluctuating exchange rates and any transfer fees, which could increase the overall cost. One of the major fears of Nigerians abroad is falling victim to fraudulent activities. 

To avoid scams:

• Do Not Send Money to Unverified Parties: Only transfer funds to reputable law firms. Preferably, send money directly to the seller’s verified bank account.
• Get Everything in Writing: Make sure all agreements are documented and signed.
• Visit the Property if Possible: Before finalizing the purchase, try to visit Nigeria to see the property yourself or send someone you trust to verify everything is as described. 
• Avoid Cash Payments: Do not pay in cash. And always request receipts and official documentation for every payment made.
• Get all property documents: This includes the Certificate of Occupancy (C of O), deed of assignment, and survey plan. Make sure they are all verified by your lawyer.

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