Investing in real estate is one of the smartest decisions you can make-especially in a high-demand market like Lagos, Nigeria. However, as profitable as it can be, buying property in Lagos comes with its own set of challenges, particularly for first-time buyers or investors unfamiliar with the terrain.
Whether you’re eyeing a unit at Pelican Cove 2 or securing an off-plan apartment at Hamlet Apartments, here are 7 common mistakes to avoid when buying property in Lagos.
7 common mistakes to avoid when buying property in Lagos.
1. Not Verifying Property Titles and Documentation
Lagos has seen a fair share of land disputes and fraudulent property sales. Always insist on proper documentation, including the *Certificate of Occupancy (C of O), Governor’s Consent, Deed of Assignment, and Survey Plan. Work with a trusted legal advisor and real estate company—like *Dozek Group—to verify the authenticity of all paperwork.
2. Ignoring Developer Reputation
Buying from an unknown or unreliable developer is risky—especially with off-plan projects. Investigate the developer’s track record, completed projects, and customer reviews Trusted developers like Dozek Group, with over 25 years of experience, offer peace of mind through transparency and quality delivery.
3.Underestimating Hidden Costs
Many buyers focus only on the purchase price and forget other expenses like legal fees, agency commissions, service charges, and taxes. Get a complete breakdown of all associated costs before committing to avoid financial strain.
4.Not Conducting a Site Inspection
Pictures can be deceiving. Always visit the property site to assess the neighborhood, road access, drainage systems, and proximity to key amenities. For example, both Pelican Cove 2 and Hamlet Apartments are located in prime areas with excellent infrastructure and accessibility.
5. Delaying Decisions in a Fast-Moving Market
Lagos real estate is highly competitive. Quality properties—especially in prime areas like Ikoyi, Lekki, and Ajah—are snapped up quickly. Delaying can mean missing out on premium opportunities or buying at a higher price later.
6. Overlooking Off-Plan Opportunities
Some buyers shy away from off-plan developments due to perceived risks. However, *off-plan investments, like *Hamlet Apartments, offer flexible payment plans and significant capital appreciation by completion. The key is partnering with a reputable developer.
7. Failing to Work with a Trusted Real Estate Firm
Trying to go it alone can lead to costly mistakes. Partner with a real estate company that offers guidance, transparency, and post-purchase support. Dozek Group Real Estate Limited specializes in luxury properties and off-plan developments tailored for both homeowners and investors.
