Mysterious Housing Problems in Nigeria and How to Avoid them

When a nation is the most populous in it’s continent, uncontrolled population growth, high rate of rural-urban migration, these and some other factors are behind the housing problems in Nigeria today.

Sources of housing problems in Nigeria

As a multi-ethnic nation, ownership rights to lands have always been passed down from families and local authority rulers. Majorly, land disputes arise when multiple parties claim ownership rights.
Although land sale and acquisition have been on the rise since the last decade, the constant disputes and fraudulent activities of land sellers have made land purchases risky and scary.
Secondly, for you to build a house in Nigeria, the cost is on high, volatile and very unstable. Since Nigeria’s economy is import based, fluctuations in the exchange rate impact the construction industry tremendously.

Consequently, there is a high rate of uncompleted houses, abandoned projects and bare lands with no structures at all.

Thirdly, proper and adequate property documentation in Nigeria is too demanding, laborious and time-consuming. You take too many steps and processes before you can acquire proper documents on your property, this has made the process non-transparent and very corrupt.

Lastly, since house ownership is a capital-intensive market, the bulk of housing problems in Nigeria is inadequate capital. The Federal and State Governments have initiated some housing schemes, majorly these schemes have low awareness and high entry barriers.

Avoiding Nigeria’s Housing Problems

Below are some steps you can take to avoid getting trapped in some of the housing problems in Nigeria.

Buy a house instead of land: when you buy a house, you will spend more than buying land, but it saves you a lot of headaches. In addition, if you don’t have the big cash to splash at once, you can pay in installments.
If you are building not buying, instruct your project manager to submit a comprehensive bill of quantity (BOQ). Have a clear cost estimate and know your budget, this will save you from spending above your financial capacity.
Validate documentation for authenticity: consult a property professional or hire a property lawyer. Ensure all documentations are valid and complete before making payments.
Buy from Real Estate firms, not individuals: buying from real estate firms is a must, they offer security on your property, proper documentation, competitive prices, trust, confidence and they’re trackable since they are registered.

Rounding up...

In summary, there are big housing problems in Nigeria facing both living in Nigeria and those abroad who intend to have a house in Nigeria.

Having the funds is not all, buy from the right source, get proper documentation, have a clear budget and don’t mind to spend extra on hiring the right professionals.