Located in the favourable conditions of Adani and with an enclosing river that provides excellent water access, this agricultural land has phenomenal potential.

It is ideally placed for fish farming, rice farming and farming of a multitude of other crops such as maize and cassava.

The total 100 hectares of land consists of two pieces, 15 hectares and 85 hectares, approximately one mile apart.

Simple, hassle-free buying process – currently under the private ownership of a UK-based family with government-issued Certificate of Occupancy

Additional Information:

In the close vicinity of this land is Adani Rice, the government rice farm where a programme to transform rice production to a competitive business is underway. In addition, Enugu state is the headquarters of the Songhai-Enugu agricultural initiative funded by the World Bank.

At a time when Nigeria’s economy is set to grow at a rapid pace and large funds have been pledged to boost investment in agriculture, this agricultural land represents a fantastic investment opportunity.

Interested investors, please get in touch with

Chinedu Ezeh,  Agent +234 (0) 8038 336012, 08155666387

Engr Nennia Orji, Owner’s representative (Contact via agent only) ₦ 69.5 million (negotiable)

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1. PERSONAL SAVINGS

This is by far the most popular method people are using to get their house built, there is no fear of creditors knocking on your door and it gives a lot of rest of mind. Honestly, no matter how small your salary is, you can build a house if you set your mind towards it. There is always a case of you saving from whatever your income is. Study has showed that 30% of the moderate level of what we get monthly goes to buying very unimportant goods and junks. So you can cut unnecessary costly foods in costly restaurants. Sit down, make an inventory of wasteful spending and start saving 20% only of your income, no matter how small in 2 years time you will start a home of your own, whatever you are able to save will be enough to start your house. Professionals benefits most from this type, with up fronts, profit sharing and commissions amongst others.

Personal savings amongst others is the first option if you want to acquire a land and building a house.

ADVANTAGES

i. There is no debt to service or pay no matter the turns of things. ii Rest of mind, since there is no creditor coming to knock on your door. iii.It is healthy at the long run, when your mind is free of fear you are most likely to live a heal their life and avoid hypertension. iv. It gives you room to channel your earnings towards something valuable and gives you more responsibility.

DISADVANTAGES

i. It may take a long time to achieve your dream

ii. It bites on your income and may moderate your style of living iii. Staying for too long, might make somebody to loose interest altogether and abandon the project.

iv. There is always fear of families of (Omo Onile) Landowners rising up to lay dubious claim on your land especially when the seller is dead, because of long time of building.

v. There is always probability that the savings might be converted for other uses.

vi. Inflation on cost of materials and labor may also be seriously catching in.

2. WORKPLACE MORTGAGE AND LOANS

This is most attractive to workers that are planning to invest in Real Estate. Though it is mostly used for personal buildings, but giving honest advice from me, it is better for you a young man or woman to build it, then rent out and let the building pays for the loan back while you sit down and collect rents . Then now use the dividends to finance another project.

The National Housing Fund remains the most attractive leeway for those who desire to build with loan especially the civil servant. It is designed by the government to aid the federal Mortgage Bank of Nigeria, with less bureaucracy unlike before and it offers presently a maximum of N5m at an interest rate of 6% and a whopping 25 years of repayment tenor. This fund can be joined through any of the mortgage banks in Nigeria.

ADVANTAGES

i. Fast completion of building

ii. The paying back period is long and is remove automatically from your monthly income without you feeling the pinch because it is usually very small.

iii.The interest rate is very low.

iv. If you understand real estate, this opportunity can turn you into a millionaire.

DISADVANTAGES

i. You are indebted for a very long time.

ii. Interest rates no matter how small will still eat into your pocket.

iii.Sudden severance of your job, may leave you in the cold against your creditors, what if you are unable to get another job.

3. THRIFTS AND COOPERATIVES’ HOUSING SCHEMES

This method is becoming more popular among the young workforce and a lot of cooperative housing schemes are springing out daily. It employs the same old mold of operation, only that in this case you are expected to own a home. All members pool resources together to build houses for each member in areas of choice. This is an alternative to mortgage for the low income earners, who makes monthly minimal contribution overtime.

ADVANTAGES

i. Just as in mortgage loans, fast completion because of readily available funds.

ii. At times members purchase large expanse of land and divide between members which is more comparatively cheap, they get professionals to do the projects in large volume, and the professionals in turn charge less because of large numbers of jobs. Housing cost can be reduced by 25% with this method.

iii.Encourages other mutual benefits and promote friendliness.

DISADVANTAGES

i. It definitely goes without saying that the cooperative society of choice must be well researched and thoroughly investigated to ascertain the commitment and integrity of its members. Some members can decide to default and this may lead to the collapse of the cooperative club.

4. LAND SPECULATION & CAPITAL MARKETS

Have you packed into a developing area before, which is still full of vegetation? Within 3 months what you will notice is a surge in inflow of people of that location either they are trying to secure their land or are encouraged by the moving into the location by you, and are sure of meeting neighbors to talk to, transact business or probably for security, whichever, there is always a trend of people moving into a location because somebody like you have just moved in. So what happens? as you have more traffic, the value of properties in that area will naturally increase. So when you are buying a land, why not make it two or more, as you build one, the other plots will appreciate in value sell them and use it to complete your resident house.

ADVANTAGES i.

You may not feel the pinch of paying so much because of your investment that will augment for you.

ii. This may be a starting point for you in real estate investment, this will give you a first hand knowledge on how it works

iii. Benefits like naming of the street after your name and others.

iv. You are not bothered by repayment of loans, since you are building from your investment. DISADVANTAGES i. Because this is a fresh area with less development, you may not have access to some infrastructural facilities already existing in the main towns.

ii. It may take some waiting for other lands to appreciate before you can complete your project.

5. SOURCING OF LOANS FROM YOUR BANK

With consolidation of Nigerian Banks, there is a lot of money now available for business transactions, so banks these days are ready to loan you money to be able to complete your building, though this process is the most difficult to choose.

ADVANTAGES

i. Completion of job in time because of availability of funds ii.If you are sure of the location then you may sell the building and make quick profit because of fast completion

DISADVANTAGES

i. Request for collateral

ii. Bureaucratic bottlenecks

6. DIVIDENDS FROM HIGH YIELD INVESTMENT PROGRAMS (HYIP) AND SHARES

Some smart young couples are making use of this program to develop their homes stressfully. Though high yield, high risk, this is by far the best and the easiest way I can recommend to anybody when building their house. Before present problems with most of the HYIPs, There is an high yield investment program being promoted by an Oil and Gas firm in Nigeria called Nospectus, you invest N450,000 in their company and they in turn by the end of every month will be paying you N40,000 in 12 months you would have made 100% turnover, and the good thing about this company is that you can withdraw your capital of N450,000 anytime you want to.( Also you have Clubfreedom among others.)

A couple grew theirs to N200,000 per month i.e. 5 slots and they build their house of choice so stressfully, imagine having N200,000 per month as an additional salary without any further effort. “Note: though I am not recommending them, I know of quite a few people in this scheme. There are a lot of HYIP’s also going on internet but you have to consult those that are already into it before you get defrauded. Less risky ones is to buy shares, bonds etc and use the profits to build your house. “My general advice is to start small”

ADVANTAGES

i. Very easy to generate steady flow of cash for your building. ii. The more investment , the more money to help in financing your building project.

DISADVANTAGES

i. High risk

ii. Shares may plummet

iii.Companies can pack up tomorrow

iv. Wrong decision by the investment company may lead to closure of business thereby affecting you.

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To get a home from your salary you need two things.
Calculate the amount of your salary for 2 years. Find 30% of the sum, whatever you get, meets your building professional and ask him or her what kind of building the 30% can cover for its foundation only. You have a winner, if you get that, and then know you can easily build your house with that terribly miserably low salary you take home every month.
Assuming your salary is N15,000 for 2 years your total salary will be N360,000, 30% of this will give N108,000. This can conveniently cover a 2 bedroom flat strip foundation.
But you think you can’t possibly save 30% of your income, because your salary is already too low, but let me tell you, from study carried out, no matter how extremely small you received or how poor you are, 30% of your money goes into what you can’t account for monthly. Just sit down and take stock for a month and you will see that you’ve been spending 30% and above for very unimportant things in your life.
Yes, I know cost of land is high, but that is because you don’t want to live the crowded and so called urban area for the outskirt. You can also save for land if you put your mind on it, but if you already have one, then your dream of getting your own house will be faster than expected. Within 10 years of determination you will complete your project.

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The Nigerian stock market once acclaimed as the fastest and the most profitable market in the whole of Africa; where every investor looked up to, was equally affected due largely to large scale dumping of stocks by foreign institutional investors and some other local factors.

Though the market is gradually picking up, many investors are still weary and suspicious of its growth. A large percentage has lost confidence in the market. While the harvest in the market was churning millionaires by the day, speculator and real estate investors were selling their properties and investments in real estate and mopping up shares and stocks.

However, with the lost of attention in the capital market, investors are steadily turning their focus to the more secure investment; real estate. Though real estate investment involves a high capital outlay, it comes with a less volatile and attendant risk as opposed to stocks and shares.

Some of the benefits of investments in real estate are as follows;

(i.)               It generates regular income for investors.

(ii.)             It creates wealth for investors and property owners, as capital value appreciates with time.

(iii.)           It provides a shield and security against mortgage and capital loans.

(iv.)           It adds to the housing stock and helps solve accommodation needs and demand.

(v.)             It contributes to private sectors housing development.

(vi.)           It help solves the financial requirements of distressed sellers.

(vii.)         It helps boost property tax for the government. (e.g. Lagos State Government, Nigeria)

Consistent and regular income from real estate investment are influenced by the following factors; location, housing and accommodation demand, type and purpose of use, facilities provided, etc.

In predominantly commercial centers, commercial and recreational properties are in high demand and as such, are good investments. Luxury and serviced apartments are highly demanded in Government Reserved Areas (GRA) and high brow areas with low density population, are also good investment options. (e.g. Ikoyi, Ikeja, Victoria Island).

The requirements for mini flats, 2 bedroom and 3 bedroom apartments as well as, community neighborhood shops are in very high demand in medium and high density locations. The supply and accommodation stock never really seems to meet the ever growing demand. It is important to note that medium range properties are better investment options as they are easier to be rent out. They are also easier to purchase, sell and re-sell.

Anybody can enter the in real estate market. An investor who wishes to engage in real estate investment (professionals and non-professionals) can do so in various ways, depending on financial capabilities. Investments can be a fresh development (i.e. virgin land) or purchasing already existing property, which can be enhanced to command current rent and capital value. I could also be to fill a prospective emerging demand. The investor who does not wish to be involved in the stress of physical building, development and management can invest through Real Estate Investment Trusts (REIT), co-operative societies or in real estate companies quoted on the stock exchange. (The prices of real estate stocks are relatively more stable)

Steps to take before making that real estate investment;

1. Study and evaluate the value of the property, its location, neighbourhood, use, encumbrances, physical state and any incidental cost pursuant to its acquisition.
2. Carry out a feasibility study, viability, encumbrances and any cost incidental to its acquisition. An EIA (Environmental Impact Assessment) report may also be required for some real estate developments.
3. A very important step to consider is the engagement of consultants. Real Estate professional advisors are required almost at every stage for sound advice.
4. All interests, titles, ownership, registration and documentation must be easily verifiable.

Real estate investment also has its pitfalls. The investor must be cautious about the following;

(i.)               Do not be carried away with the physical state, aesthetics or location of a property without considering its investment potentials and viability. A beautiful structure may on closer look and study sometimes be defective structurally.

(ii.)             The temptation or thought of reaping hyper profits or quick returns on investment should be avoided. It may have an unclear title or incomplete documentation or encumbered by litigation or ownership tussle.

(iii.)           Power of negotiation is important, if the investor does not have a real estate qualification or background, a professional Estate Surveyor or Appraiser should be engaged at a fee. This goes along way to secure his investment and help avoid huge loss due to faulty or hasty decisions.

Some of the best investment tips for the real estate and property investor though with caution are given below;

Offers from relocating sellers.

1. Bank sales and foreclosures arising from property used as security for mortgage and loans.
2. Fresh allocations from governments’ housing schemes.
3. Financial distress or difficulties due to failed businesses, loss of employment, downturn in seller’s economy (meltdown), protracted illness, accidents, natural disasters, etc.
4. Joint owners or divorced couples willing to sell in a hurry.

High capital outlay, not withstanding, real estate is a sure and secure investment and values appreciates with time. Though there is risk in every investment, real estate is not an exception. If the investment steps are carefully considered and decisions wisely taken, the investors streams of income are sure of continually being reaped.

The Author is a Real Estate Appraiser, property & Investment analyst and writer with interests in the human enviroment, living and life.

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• The Nigerian Real Estate Market is yet to be fully tapped and for the few investors already in it they are well to do. This is because the sector is yet to be fully tapped into.
• Population Explosion- Nigeria has a population of over 140million people as at the last census exercise in 2006. This simply equals to a large demand for shelter across the nation, and most especially in the commercial areas of the country.  E.g. Lagos, Abuja, Port Harcourt, Aba and Onitsha.
• The Federal and State Governments of Nigeria have got a little impact and contribution in providing homes and shelters for their citizens. This has created a large vacuum in the Real Estate sector, so big a Vacuum that the ever increasing population has surpassed the number of government housing projects. The ratio thus is alarming- 1 in every 100k people live in government owned houses.

• Demand over Supply- going by the number of people currently based in Nigeria and the number of new businesses on the increase in the country it is imperative to say that the demand for both Residential and Commercial Accommodation has shot up 100% and counting.
• The Fifth Reason why you should own a property in Nigeria- is for you to be play a role in filling the large gap in the sector. There is no asking if it’s a sure and viable area to invest, this sector is yearning for both small and large scale investment. And returns on investment is guaranteed 100%.
• check our website for property listings WWW.FSBO-HOME.BIZ/1933

Ikay Izuako is a real estate agent and marketer,

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