NIGERIA REAL ESTATE PROPERTIES
Real Estate Market of Nigeria
House prices in Nigeria are still rising, at least in nominal terms (i.e. not adjusted for inflation). But uncertainty over Brexit is clouding the market's prospects. The average house price in UK rose by 2.1% to £216,103 (US$ 279,227) during the year to Q3 2018, according to Nationwide - a slowdown from price increases of 2.2% in Q2 2018 and 2.5% in Q1 2018. However, when adjusted for inflation, house prices actually fell by 0.4% y-o-y. RICS's survey respondents were pessimistic that sales activity will pick-up in the coming months.
The highest price rise was in Yorkshire and Humberside, with house prices rising by 5.8% during the year to Q3 2018. It was followed by East Midlands (4.8%), Northern Ireland (4.3%), West Midlands (4.2%), and North West (4.1%).
Total roundtrip transaction costs range from 3.90% to 12.16%. Almost all buyers, UK-based or not,employ lawyers as well as real estate agents. Legal fees are around 0.5% to 1% while agent's fees arearound 2% to 3.5%, plus 17.5% VAT.
International Investment in Nigeria
A foreigner can legally buy and operate real estate in Nigeria, which is always a real estate option for an investor who wants to diversify his portfolio and enjoy a favourable economic trend.
The real estate market in England is favourable for transactions and investments for several reasons:
- A transparent and open system.
- The law is in favour of the owners and protects them.
- A foreigner can become owner in England.
- Taxation is favourable.
The European Union, England and other countries signed an agreement, allowing to avoid the double taxation on the rental income but also on the inheritances and the donations.
Before Purchasing a Property
In order to have a clear definition of your project and meet your goal, it is necessary to process as follow:
1. DEFINITION OF YOUR OBJECTIVES
Before any process or research, it is necessary to define tangible objectives for your future investment: a rental profitability or an appreciation of your property, etc. We help on market specifics.
After Defining your budget, our team in Britainwill make available all the best properties that meet budget and your goal.
3. INVESTMENT STRUCTURE
Creation and registration of your company within 72 hrs. until ID Tax number id provided by the British tax authorities.
4. BANK ACCOUNT
Following the creation of your company, the next most important step is to open a bank account for all the transactions related to your investment: Rent payments, property tax payments, etc. The opening of your account can be carried out remotely by our British team on presentation of your credentials and registration of your company in England. You will have access to an online bank and will be the sole owner and manager of your account.
Purchasing a Property
Besides the definition of your project and the creation of your company, our British Team will support you in the research, negotiation and acquisition of your real estate property.
1. PROPERTY RESEARCH
Iintroductory market study will help outline your research and target opportunities on properties for sale, new or pre-construction. Click below to see our listing.
2. VISIT OF PROPERTY
Our Team will also help you to schedule your stay in England in accommodation, travel, property showings, etc. Then, you select the most appropriate property before drafting an offer.
3. OFFER AND DRAFT PURCHASE CONTRACT
After final acceptance, the Purchase Agreement is written according to the rules of England and the European Union. A deposit of 10% of the amount is required at the signing of the contract. It will be blocked on the Escrow Account of the Title Company in charge of necessary investigations.4. SIGNATURE AND “CLOSING DISCLOSURE”
After due process, Contract is signed and the balance and other fees shall be paid. Agency and Notary Fees: 1.5-5% of the amount
Our British Agents and Reprsentatives are always here to assist our prospective international investors to meet their needs. We give our clients a full representation and bring them all the tools needed to realize their real estate investment safely.When investing in Croatia, our priority is to make sure that this investment is protected as well as the investors under the Laws of Croatia and the European Union. Having a legal structure in place will be beneficial in many ways: 1) Better Tax Optimization, 2) Privacy and 3) Liability.