…And no this is not a click bait. Contrary to what most people believe, beach properties in Lagos are relatively affordable. We remember when we began our search (out of curiosity not like we intend to buy one) and we were shocked at the prices we heard. We made numerous phone calls to land Lawyers, property owners and even locals in these areas. Everyone’s story seemed to be the same. Landed property can go as low as N150,000 per plot per annum in Lagos. Ilashe, the most popular of the lot, can get as high as N500,000 per plot per annum. It’s a bit more developed than others, Ibeshe or Ikaare, and there are tons of private houses and commercial properties along the Ilashe beach strip. It all depends on your negotiating power, how many plots you intend to acquire and how long your lease will be.
The only down side to getting a beach property is getting there! Logistics of getting to beach houses in Lagos can be hellish and we gave an account when we organized a slumber party at a beach house in Ibeshe here. It was so much fun but a lot of work. We’ll be honest to say, without a personal boat/yacht, getting beach property in Lagos is pretty pointless.
Anthony Emioma, a property lawyer based in Lagos shared a few nuggets on how to get a beach property in Lagos and it got us thinking a nomad beach villa will be so nice. All we need now is an investor and a yacht!
Purchasing beach land in Lagos is expensive. Myth or fact?
Expensive is quite a relative term but when you compare the prices to other properties around Lagos, beach land is relatively “affordable”. However, I should state that most times there isn’t a total purchase of beach land. What is most common is long leases. This simply means after a period of time ownership of the landed property goes back to whoever the land was purchased from. In this case its the community.
How much do beach properties (land) cost in Lagos?
Well subject to further negotiations, you are likely to find between N150,000 to N500,000 per annum for lease.
Take us through the procedure of acquiring a beach property in Lagos.
Well, the procedure is similar to acquiring any other property in Lagos. Check out this guide on buying property in Lagos. What is important is to ensure that you are talking to the right persons, proper due diligence and tight documentations. Properties are usually leased directly from the Kabiyesi i.e supreme ruler of the area.
What red flags should one look out for before signing a contract?
Ensure that the contract has all the relevant clauses that protect you. Regarding acquiring beach land, I will say consider how the title is deduced, boilerplate clauses including proper indemnity for the Lessee. In all, proper due diligence is the key.
Why should we get a lawyer before signing such a contract?
A lawyer will properly advise on the implications of the clauses of the contract. A lawyer will also decipher all the legal jargons you might find difficult to understand.
He’s a practicing Nigerian Lawyer based in Lagos. His focus areas include real estate and general advisory, rendering legal services to both individual, corporate and multinational clients. When he’s not conducting searching in land registries all over the country, he’s reading, watching shows or traveling. You can check out Anthony’s LinkedIn profile here.