Real Estate Myths in Nigeria You Should Stop Believing
The Nigerian real estate market is booming, attracting both local and diaspora investors. However, alongside the opportunities are persistent myths that can mislead buyers, sellers, and investors. Believing these myths could cost you time, money, or even lead to legal complications.
At The Wallington Realties Limited, we’ve seen many clients confused by common misconceptions. In this article, we debunk the most prevalent real estate myths in Nigeria and share practical advice for making informed property decisions.
Myth 1: “Land Without a C of O Is Safe to Buy”
Many people believe that buying land without a Certificate of Occupancy (C of O) is acceptable, especially if the seller is convincing. This is false and risky.
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A C of O is the legal proof of ownership issued by the state government.
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Without it, your land purchase can be contested, and the government can reclaim the property.
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Always insist on verified C of O before paying for any property.
Reality: Only properties with verified C of O or proper legal documentation are safe for investment.
Myth 2: “You Don’t Need a Realtor to Buy Property”
Some buyers think they can navigate Lagos real estate alone. While this is technically possible, it increases the risk of fraud, overpaying, or legal mistakes.
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Licensed realtors provide verified listings.
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They handle documentation, legal checks, and negotiations.
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A good realtor saves time, reduces stress, and protects your investment.
Reality: Trusted realtors like The Wallington Realties ensure transparency and security in every transaction.
Myth 3: “High Prices Mean High Value”
Just because a property is expensive doesn’t guarantee long-term value. Price is influenced by location, infrastructure, and demand—but it doesn’t always reflect legal compliance or future appreciation.
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Check for valid documents, including C of O, Deed of Assignment, and Governor’s Consent.
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Consider neighborhood growth trends and upcoming infrastructure projects.
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Evaluate potential rental income if buying for investment.
Reality: True value comes from legality, location, and growth potential—not just the sticker price.
Myth 4: “You Can Skip Legal Verification if the Seller Is Trustworthy”
Some buyers assume that a friendly or well-dressed seller is automatically legitimate. Unfortunately, fraudsters often appear trustworthy.
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Every transaction must go through document verification.
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Conduct a Land Registry search to confirm ownership.
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Ensure Governor’s Consent and other approvals are in place.
Reality: Trust must be backed by verified legal documents.
Myth 5: “Property Investment Is Always Profitable”
Real estate in Nigeria can be profitable, but it’s not a guaranteed “get-rich-quick” opportunity.
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Market trends fluctuate depending on location, economic conditions, and regulations.
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Poorly verified or mispriced properties can lead to losses.
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Strategic planning, research, and professional guidance are key to success.
Reality: Profit comes from careful research, proper verification, and working with experts.
How to Avoid Falling for Real Estate Myths
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Verify all property documents: C of O, Deed of Assignment, Governor’s Consent.
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Engage licensed realtors to guide you through the process.
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Research neighborhoods for infrastructure, demand, and long-term growth.
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Be skeptical of deals that seem too good to be true.
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Work with legal and real estate professionals to ensure compliance.
Following these steps ensures you make informed, safe, and profitable property decisions.
Conclusion
Many myths in Nigerian real estate exist because of misinformation and stories passed from one investor to another. Believing these myths can put your investment at risk.
By verifying documents, working with trusted realtors, and researching neighborhoods, you protect your money and secure properties with real value.
At The Wallington Realties Limited, we help clients separate fact from fiction, providing expert guidance, verified listings, and legal support for every transaction.
Book a consultation today and invest in Nigerian real estate with confidence.
