Financial Preparation

• Determine your total investment budget (property + transaction costs + reserves)
• Establish a currency exchange strategy (considering NGN volatility)
• Research historical USD/NGN or CAD/NGN exchange rates
• Set up international wire transfer capabilities with your home bank
• Consider opening a Nigerian domiciliary account (USD) with a major bank
• Evaluate tax implications in both Nigeria and your home country
• Establish larger contingency reserves than for Western markets (20-30%)
• Prepare for predominantly cash transactions in most cases

Market Research

• Identify target cities based on investment goals and risk tolerance
• Research specific neighborhoods for safety, infrastructure, and appreciation potential
• Join online forums for expatriates and investors in Nigeria (Nairaland, Nigeria Property Centre)
• Subscribe to Nigerian property market reports (Estate Intel, Knight Frank Africa)
• Analyze infrastructure projects and development zones
• Research tenant demographics and rental demand in target areas
• Plan a preliminary market visit before committing significant funds
• Understand seasonality (avoid rainy season May-September for site visits)
• Study local pricing in both NGN and USD to understand market dynamics

Professional Network Development

• Connect with Nigerian legal counsel specializing in real estate and foreign investment
• Identify reputable local estate agents with international client experience
• Research property management companies with foreign investor portfolios
• Establish contact with currency exchange specialists familiar with Nigerian market
• Find a Nigerian chartered accountant familiar with foreign investment regulations
• Connect with building contractors if development/renovation is planned
• Build relationships with other foreign investors in the market
• Consider joining chambers of commerce (American/Canadian Business Council)
• Consult with your country’s commercial attaché at embassy in Nigeria

Expert Tip: The Nigerian property market operates differently from North American systems, with relationship building being particularly crucial. Plan to spend time developing in-person connections with key market participants. Consider working with diaspora Nigerian professionals or Nigeria-focused investment consultants in North America before traveling to Nigeria. This approach can provide valuable cultural context and help establish initial connections with vetted local partners.

Recent Regulatory Change: The Companies and Allied Matters Act (CAMA) 2020 introduced changes that streamline business formation and allow for single-member companies in some cases. However, for foreign investors in real estate, multi-member structures are still recommended. The act also introduced beneficial ownership disclosure requirements and electronic filing systems that have simplified compliance for foreign investors.

Banking Setup

• Account Options:
  • Domiciliary accounts: USD, EUR, or GBP accounts held in Nigeria
  • Corporate accounts: For Nigerian registered companies
  • Non-resident accounts: Special accounts for foreign nationals
  • International banks: Standard Chartered, Citibank have Nigerian presence
• Documentation Requirements:
  • Passport/international ID with visa
  • Two passport photographs
  • Proof of address (home country and Nigerian if applicable)
  • Reference letters from existing bank
  • Corporate documents (for company accounts)
  • Tax Identification Number (TIN)
  • Residence permit (for certain account types)
• Banking Considerations:
  • Initial deposits range from $100-$1,000 depending on bank and account type
  • International banks offer better service but higher minimum balances
  • Online banking available but may have limitations for international users
  • ATM withdrawal limits are often low by North American standards
  • Consider banking in multiple currencies (NGN and USD)
• Recommended Banks for Foreign Investors:
  • Standard Chartered Bank Nigeria
  • Zenith Bank
  • Guaranty Trust Bank (GTBank)
  • First Bank of Nigeria
  • Stanbic IBTC (Part of Standard Bank Group)

Financing Options

Financing options in Nigeria are significantly more limited than in North American markets:

1. Local Mortgage Options:
   • Availability: Limited for foreigners; generally requires substantial Nigerian business presence
   • Interest Rates: 15-25% for Naira loans (prohibitively high)
   • Loan-to-Value Ratio: Typically 50-70% maximum
   • Term: Usually 5-15 years, shorter than Western markets
   • Requirements: Nigerian income verification, local credit history, substantial documentation
2. Developer Financing:
   • Some major developers offer payment plans (particularly for off-plan purchases)
   • Typically requires 30-50% initial deposit
   • Installment periods usually 6-36 months
   • Interest may be built into pricing rather than explicitly charged
   • Better for new developments rather than existing properties
3. Home Country Financing:
   • Securing funding in North America against existing assets
   • Home equity lines of credit (HELOCs)
   • Investment portfolio loans
   • Lower interest rates but currency exchange risk
   • Most common approach for North American investors
4. Joint Ventures:
   • Partnering with local developers or investors
   • Can provide alternative to traditional financing
   • Requires careful legal structuring
   • May help navigate local market challenges
   • Consider only with established, well-referenced partners

Most foreign investors use cash purchase strategies rather than local financing due to high interest rates and limited availability. For development projects, phased funding approaches are often more practical than traditional mortgages.

Currency Management

Currency management is particularly crucial for Nigerian investments:

• Exchange Rate Considerations:
  • Nigerian Naira has experienced significant volatility and devaluation
  • Maintain awareness of official vs. parallel market rates
  • Recent currency reforms have aimed to unify exchange rates
  • Consider establishing USD-denominated contracts when possible
• Currency Transfer Approaches:
  • International money transfer services like Wise have limitations for Nigeria
  • Bank wire transfers are most common for large investment amounts
  • Specialized forex providers may offer better rates but require verification
  • Document all international transfers carefully for eventual repatriation
• Repatriation Planning:
  • Officially imported funds can be repatriated with proper documentation
  • Certificate of Capital Importation (CCI) is critical to secure
  • Maintain records of all capital flows into Nigeria
  • Working with Central Bank authorized dealer banks simplifies process
• Hedging Strategies:
  • Limited formal hedging instruments available for NGN
  • Consider USD-denominated rental agreements where feasible
  • Diversifying investments across multiple currencies
  • Local operational accounts in NGN with main reserves in USD

The Certificate of Capital Importation (CCI) is particularly important for foreign investors. This document, issued by Nigerian banks when foreign currency is imported, grants legal protection for dividend and capital repatriation. Ensure your receiving bank issues this certificate at the time of fund transfer.

Property Search Resources

• Online Property Portals:
  • Nigeria Property Centre – Largest property portal
  • PropertyPro – Comprehensive listings
  • Private Property Nigeria – Growing platform
  • Lamudi – International platform with Nigerian listings
• Estate Agents/Realtors:
  • International firms: Knight Frank, Savills (limited to high-end properties)
  • National agencies: Fine and Country, Propertygate, UPDC
  • Local specialists vary by city and neighborhood
  • Note: Agency standards vary widely; referrals are essential
• Direct Developer Relationships:
  • Major developers: Lafarge Real Estate, UPDC, Brains & Hammers
  • New estate projects often offer better documentation
  • Pre-construction opportunities with staged payments
  • Model homes available in major developments
• Personal Network Referrals:
  • Expatriate communities via social media groups
  • Chamber of Commerce connections
  • Embassy commercial sections
  • Nigerian diaspora networks in North America

Property Viewing Trip Planning

For overseas investors, a well-planned property viewing trip is essential:

1. Pre-Trip Research:
   • Identify 8-12 potential properties before arrival
   • Schedule viewings in advance with reputable agents
   • Research neighborhoods thoroughly (safety, infrastructure, amenities)
   • Arrange meetings with lawyers, banks, and potential property managers
   • Secure proper business visa before travel
   • Arrange secure transportation in advance
2. Trip Logistics:
   • Plan at least 7-10 days for initial visit
   • Stay in established business hotels with reliable infrastructure
   • Schedule viewings in geographic clusters
   • Visit properties at different times of day
   • Allow extra time for traffic delays (especially in Lagos)
   • Consider dry season for initial visits (November-March)
3. During Viewings:
   • Take detailed photos and videos
   • Verify boundaries physically match documentation
   • Test utilities (water, electricity, generators)
   • Check actual road access during different conditions
   • Assess neighborhood security provisions
   • Meet with existing tenants if possible
   • Verify actual rental rates with multiple sources
4. Consider using a buyer’s representative who can:
   • Pre-screen properties based on documentation quality
   • Negotiate with sellers on your behalf
   • Provide market insights and local knowledge
   • Continue the search process after you return home
   • Coordinate with your legal team

Property Evaluation Criteria

Assess potential investments using these key criteria:

• Location Factors:
  • Proximity to major roads and transportation routes
  • Walking distance to key facilities (markets, schools, healthcare)
  • Neighborhood security arrangements
  • Flood history and drainage systems
  • Power reliability and generator availability
  • Water access (municipal, borehole options)
  • Internet connectivity quality
• Legal Documentation:
  • Certificate of Occupancy (C of O) status
  • Governor’s Consent documentation
  • Survey plan from registered surveyor
  • Building permits and approvals
  • Evidence of tax payments on property
  • Title searches showing clear ownership history
  • Confirmation of no encumbrances or community claims
• Building Quality:
  • Construction standards and materials
  • Proper foundations for soil conditions
  • Age and maintenance history
  • Generator capacity and condition
  • Water storage systems
  • Security features (gates, fences, surveillance)
  • Flooding prevention measures
• Financial Considerations:
  • Price in relation to comparable properties
  • Monthly service charges (for gated communities)
  • Realistic rental income potential verified with multiple sources
  • Local property tax liabilities
  • Maintenance reserve requirements (higher than Western markets)
  • Estate/neighborhood fees if applicable
  • Insurance costs and availability

Expert Tip: When evaluating Nigerian properties, prioritize those in established estates or compounds that offer shared security and infrastructure (water, power backup). These properties typically command higher rents from expatriates and multinational corporations while providing better value retention. Properties with proper Certificates of Occupancy and Governor’s Consent documentation will significantly reduce legal risks and improve eventual resale options. Be extremely cautious about properties with only “receipts” or informal documentation, which can lead to lengthy disputes.

Legal Due Diligence

• ✓
  Title Verification: Confirm legal ownership and verify all title documents at state land registry
• ✓
  Search at Land Registry: Verify registered ownership and encumbrances
• ✓
  Certificate of Occupancy: Verify authenticity and currency, confirm proper state approval
• ✓
  Survey Plan Verification: Confirm boundaries match actual property, verify with Surveyor-General’s office
• ✓
  Building Approvals: Verify all construction has proper permits from relevant authorities
• ✓
  Tax Clearance: Confirm all property taxes and charges have been paid
• ✓
  Family/Community Claims: Investigate potential traditional or family ownership claims
• ✓
  Corporate Seller Verification: Confirm proper corporate authority for sale if seller is a company

Physical Due Diligence

• ✓
  Property Inspection: Professional inspection of structural elements and systems
• ✓
  Boundary Verification: Physical boundaries match survey plans and documentation
• ✓
  Utilities Assessment: Confirm water, electricity, and sewage systems function properly
• ✓
  Infrastructure Access: Verify year-round road access, including rainy season conditions
• ✓
  Environmental Assessment: Check for flooding risks, erosion, pollution issues
• ✓
  Generator & Power Systems: Test capacity, condition, and fuel consumption
• ✓
  Security Features: Assess fencing, gates, security systems, and neighborhood arrangements

Financial Due Diligence

• ✓
  Comparative Market Analysis: Verify price against actual recent sales (not just listings)
• ✓
  Rental Market Research: Independent verification of achievable rents from multiple agents
• ✓
  Tax Liability Assessment: Calculate all transaction taxes, annual property taxes, other government charges
• ✓
  Running Cost Assessment: Detailed analysis of maintenance, security, power, water, and staff costs
• ✓
  Currency Impact Analysis: Model effects of potential Naira depreciation on returns
• ✓
  ROI Calculation: Develop detailed cash flow projections and return analysis in both USD and NGN

Expert Tip: Due diligence in Nigeria often reveals issues not immediately apparent. Budget at least 30-45 days for thorough due diligence processes. If a seller pressures for faster closing without allowing proper verification, consider it a red flag. Engage independent professionals rather than those recommended by the seller. Never make large deposits before completing due diligence, and structure payments to create incentives for resolving any issues discovered. Legal due diligence should ideally involve both a Nigerian lawyer and a notary to provide additional verification of crucial documents.

Offer and Negotiation

1. Letter of Intent: Initial non-binding expression of interest outlining key terms
2. Negotiation: Price, payment terms, condition requirements, included fixtures
3. Preliminary Agreement: Sets major terms, typically with small deposit (refundable during due diligence)
4. Due Diligence Period: Typically 30-45 days to verify title, physical condition, financial aspects

Nigerian real estate transactions typically involve significant negotiation. Properties are often listed with inflated prices with expectation of 10-20% reduction through negotiation. Terms beyond price (payment schedule, included fixtures, repair responsibilities) can be as important as the headline price. Culturally, patience during negotiations is important; rushing can result in less favorable terms.

Legal Documentation Process

1. Contract of Sale Preparation: Your lawyer drafts or reviews sale agreement
2. Title Document Review: Verification of all property documentation
3. Land Registry Searches: Formal searches to verify ownership and encumbrances
4. Sale Agreement Execution: Signing of formal sales contract
5. Payment Process: Typically phased payments with escrow protection recommended
6. Deed of Assignment: Formal transfer of ownership rights
7. Governor’s Consent Application: Required for legal transfer of property
8. Registration of Title: Final registration at Land Registry

The legal process in Nigeria is lengthier than in North America, with particular emphasis on title verification. Governor’s Consent (approval from state governor for property transfer) is a unique requirement that can take 3-6 months to obtain in some states. Working with experienced legal counsel familiar with the specific state procedures is essential.

Transaction Costs

Budget for these typical transaction expenses:

• Legal Fees: 1-5% of property value for quality legal representation
• Agent Commission: 5-10% (typically paid by seller but can affect price)
• Government Consent Fees: 1.5-3% of property value (varies by state)
• Registration Fee: 0.5-3% of property value
• Stamp Duty: 1.5-2% of property value
• Survey Plan Fees: $500-2,000 for boundary verification
• Capital Gains Tax: 10% (technically paid by seller but can affect pricing)
• Due Diligence Costs: $1,000-5,000 for comprehensive investigation
• Title Insurance: If available, 0.5-1% of property value (recommended)
• Currency Exchange Costs: 1-3% depending on transfer method

Total transaction costs for foreign investors typically range from 8-15% of the purchase price, with significant variation depending on the state, property type, and transaction complexity. These costs should be factored into your overall investment calculations. Lagos and Abuja typically have higher fees but more streamlined processes compared to other states.

Expert Tip: Consider structuring purchase payments in tranches tied to specific verification milestones. An initial small deposit (10%) during due diligence phase, a larger payment (50-60%) upon signing the deed of assignment, and the final payment upon receipt of Governor’s Consent can protect your interests. When possible, use an escrow arrangement through reputable banks or law firms for significant payments. Never make full payment before completing all legal processes, regardless of seller pressure. The entire process from initial offer to final registration typically takes 6-12 months.

Administrative Tasks

• ✓
  Tax Registration: Register with local land tax authorities
• ✓
  Utility Transfers: Transfer electricity, water accounts to your name or management company
• ✓
  Estate/Community Registration: Register with neighborhood association if applicable
• ✓
  Security Arrangements: Establish security services and protocols
• ✓
  Property Insurance: Secure appropriate property insurance with reputable provider
• ✓
  Staff Arrangements: Hire necessary property staff (security guards, caretaker, etc.)
• ✓
  Complete Formal Registration: Finalize land registry registration

Property Management Essentials

Nigerian properties require more active management than those in North America:

• Power Generation:
  • Establish backup power arrangements (generators, inverters, solar)
  • Regular generator maintenance schedule
  • Fuel supply arrangements and monitoring
  • Emergency power procedures
• Water Supply:
  • Ensure borehole functionality or water delivery schedule
  • Water treatment systems if necessary
  • Water storage tank maintenance
  • Backup water supply arrangements
• Security Management:
  • Security personnel schedules and supervision
  • Access control procedures
  • Security system maintenance (cameras, alarms)
  • Emergency response protocols
  • Coordination with neighborhood security if applicable
• Maintenance Program:
  • Regular inspection schedule (minimum quarterly)
  • Preventative maintenance program (especially important in tropical climate)
  • Relationship with reliable contractors
  • Annual roof and drainage inspection before rainy season
  • Pest control program
• Staff Management:
  • Staff contracts and legal compliance
  • Training and supervision
  • Payment systems and verification
  • Performance monitoring

Record Keeping

Maintain comprehensive records for tax and legal purposes:

• Property Documents:
  • Original title documents (keep in secure location)
  • Certified copies of all legal documentation
  • Purchase agreements and payment receipts
  • Government approvals and registrations
  • Survey plans and property boundaries
  • Building permits and approvals
• Financial Records:
  • All property-related expenses with receipts
  • Rental income documentation
  • Tax payments and certificates
  • Utility payments
  • Staff salary records
  • Maintenance expenditures
  • Currency exchange documentation
• Management Documentation:
  • Property management agreements
  • Staff employment contracts
  • Service provider agreements
  • Insurance policies and claims
  • Property inspection reports
  • Maintenance records and warranties
• Tenant Information:
  • Lease agreements
  • Tenant verification documents
  • Security deposit records
  • Rent payment history
  • Property condition reports
  • Correspondence regarding maintenance

Maintain duplicates of all critical documents in both Nigeria and your home country. Digital backup systems with encryption are strongly recommended, particularly for overseas investors managing properties remotely.

Expert Tip: Investing in quality property management is crucial for foreign investors in Nigeria. Properties require significantly more active management than in North America due to infrastructure challenges and security considerations. Budget 15-20% of gross rental income for professional management services rather than the 8-10% typical in Western markets. For properties valued over $500,000, consider hiring a dedicated property manager rather than using an agency, as the personalized attention can significantly improve returns and reduce problems.

Nigerian Tax Obligations

• Land Use Charge:
  • Annual property tax based on property value
  • Rates vary by state (typically 0.1-0.5% of assessed value)
  • Higher rates for commercial properties than residential
  • Assessment methodologies vary by location
• Withholding Tax on Rental Income:
  • 10% withholding tax applied to rental income
  • Typically withheld by corporate tenants
  • Individual tenants may not withhold; landlord responsible for remittance
  • Certificates of withholding should be obtained for tax documentation
• Corporate Income Tax (if applicable):
  • 30% standard rate for companies
  • Education tax of 2% on assessable profits
  • Filing requirements for Nigerian registered entities
  • Annual returns and financial statement filing
• Capital Gains Tax:
  • 10% on gains from property disposal
  • Calculated on profit after adjustment for inflation in some cases
  • Due within 30 days of property disposal
  • Limited exemptions available (principal residence, force majeure)
• Value Added Tax (VAT):
  • 7.5% VAT on commercial property transactions
  • Residential properties generally exempt from VAT
  • Property management services subject to VAT
  • Construction services subject to VAT
• Stamp Duties:
  • 1.5-2% on property transfer documents
  • Required for legal enforcement of documents
  • Paid during registration process
  • Rates vary by state and document type

Home Country Tax Obligations

Nigeria has tax treaties with both the United States and Canada, which can help prevent double taxation. However, the complexity of these agreements requires careful planning with tax professionals familiar with both jurisdictions. Documentation of all Nigerian tax payments is essential for claiming foreign tax credits.

Tax Planning Strategies

• Entity Structure: Evaluate whether personal ownership or corporate structure optimizes tax position
• Expense Documentation: Maintain meticulous records of all deductible expenses with supporting documentation
• Treaty Benefits: Utilize applicable provisions in Nigeria-US or Nigeria-Canada tax treaties
• Timing of Income Recognition: Consider timing of rental payments to optimize tax position
• Capital Improvements: Document all capital expenditures which may reduce future capital gains tax
• Withholding Tax Management: Ensure proper certificates are obtained for taxes withheld
• Foreign Exchange Planning: Consider tax implications of currency fluctuations
• Proper Repatriation: Ensure compliance with both Nigerian and home country rules for fund transfers

Nigerian tax regulations and enforcement can vary significantly by state and change frequently. Regular consultations with both Nigerian tax professionals and home country advisors with international experience are essential to ensure ongoing compliance and optimization.

Expert Tip: Tax enforcement in Nigeria has been increasing in recent years, particularly for high-value properties and foreign-owned assets. The Federal Inland Revenue Service (FIRS) has improved coordination with state tax authorities and implemented more sophisticated tracking systems. To minimize compliance risks, consider engaging a reputable Nigerian accounting firm that can handle regular tax filings, represent you during tax authority inquiries, and provide documentation needed for foreign tax credit claims in your home country.

Selecting a Property Manager

Evaluate potential property managers using these criteria:

• Experience with Foreign Investors:
  • Track record with international clients
  • English language proficiency
  • Understanding of foreign investor concerns
  • International reporting standards
• Professional Accreditations:
  • Nigerian Institution of Estate Surveyors and Valuers (NIESV) membership
  • Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) registration
  • Association of Property Managers of Nigeria
  • Professional indemnity insurance
• Market Knowledge:
  • Specific experience in your property’s location
  • Relationships with reliable service providers
  • Understanding of local rental market dynamics
  • Tenant networks for your property type
• Client Communication:
  • Regular reporting systems
  • Digital document access
  • Responsiveness across time zones
  • Transparent financial reporting
• Operational Capabilities:
  • Dedicated maintenance team or reliable contractors
  • Emergency response procedures
  • Staff management expertise
  • Security oversight systems
  • Utility management solutions
• Regulatory Compliance:
  • Understanding of tax obligations
  • Documentation maintenance
  • Legal compliance systems
  • Local government relationships

Management Agreement Essentials

Ensure your property management contract includes these key elements:

• Scope of Services: Detailed description of exactly what is included and excluded
• Fee Structure: Clear explanation of all management fees, commissions, and additional charges
• Performance Metrics: Measurable standards for evaluating management performance
• Reporting Requirements: Frequency and format of financial and property condition reports
• Maintenance Authority: Spending limits for repairs without prior approval
• Tenant Selection Criteria: Clear guidelines for tenant screening and approval
• Rent Collection Procedures: Methods, timing, and handling of arrears
• Security Protocols: Specific security arrangements and oversight procedures
• Staff Management Responsibilities: Clear delineation of employment responsibilities
• Contract Term and Termination: Duration of agreement and termination provisions
• Dispute Resolution: Clear process for addressing disagreements
• Insurance Requirements: Specification of required coverage and responsibilities
• Legal Compliance Procedures: Systems for ensuring regulatory adherence

Request references from current clients, particularly other overseas investors, before signing with a property management company. Perform thorough due diligence on the management company itself, including corporate registration verification, reputation checks, and financial stability assessment.

Expert Tip: Consider implementing a dual oversight system for Nigerian property management. While a local property manager handles day-to-day operations, engage a separate accountant or financial overseer who receives copies of all financial reports and conducts periodic independent inspections. This creates essential checks and balances. Additionally, personal visits to your property at least annually are highly recommended for foreign investors. These visits allow you to verify property condition, meet with management staff, and maintain local relationships that are crucial for successful long-term investment.

Exit Options

Sale Process

When selling your Nigerian property:

1. Pre-Sale Preparation:
   • Ensure all documentation is current and complete
   • Resolve any title issues or encumbrances
   • Complete necessary renovations and repairs
   • Professional photography and marketing materials
   • Property valuation by certified professional
2. Marketing Strategy:
   • Engage experienced agents with international client base
   • Online listings on major Nigerian property platforms
   • International marketing if targeting expatriates or diaspora
   • Property staging and presentation
   • Virtual tour creation for international buyers
3. Legal Preparation:
   • Assemble complete documentation package
   • Pre-sale legal audit to identify potential issues
   • Prepare draft contracts and transfer documents
   • Tax clearance certificates and compliance verification
   • Plan for funds repatriation if applicable
4. Buyer Negotiation:
   • Qualification of serious buyers
   • Negotiation of price and terms
   • Structured payment arrangements
   • Due diligence period management
   • Deposit security arrangements
5. Transfer Process:
   • Execution of formal sale agreement
   • Deed of Assignment preparation and execution
   • Governor’s Consent application
   • Payment collection and verification
   • Tax payments and clearances
   • Physical handover procedures
6. Post-Sale Requirements:
   • Capital Gains Tax filing and payment
   • Funds repatriation documentation
   • Cancellation of property-related services
   • Staff transition arrangements
   • Foreign investment record closures

The Nigerian selling process typically takes 6-12 months from listing to completion, significantly longer than in North American markets. The process requires patience and persistent follow-up, particularly during the Governor’s Consent phase. Experienced legal representation is essential throughout the process.

Market Exit Timing Considerations

Several factors should influence your exit timing decision:

• Economic Cycle Positioning: Nigerian real estate tends to follow economic cycles tied to oil prices and political transitions; selling during periods of economic optimism typically yields better results
• Currency Exchange Rates: Monitor NGN/USD or NGN/CAD trends; a stronger Naira significantly enhances returns when converting back to home currency
• Political Stability: Property markets typically slow before elections and political transitions; transactions during stable periods between elections often proceed more smoothly
• Infrastructure Completion: Major infrastructure projects (highways, bridges, power plants) can significantly impact property values upon completion; timing sales to follow completion can maximize returns
• Seasonal Factors: Dry season (November-March) typically sees higher transaction volumes; selling efforts initiated in this period often yield better results
• Diaspora Cycles: December/January and summer months see increased Nigerian diaspora presence, potentially increasing buyer pools for certain properties
• Regulatory Changes: Stay informed about potential regulatory changes affecting foreign investment or property transfers
• Documentation Currency: Ensure all property documentation is current before market cycles turn, as this can significantly impact marketability

Repatriation of sale proceeds requires careful planning. The Central Bank of Nigeria has regulations governing the repatriation of capital, and proper documentation of the original investment (Certificate of Capital Importation) is essential for smooth repatriation. Working with banks experienced in international transfers can significantly reduce delays and complications.

Expert Tip: Successful property exits in Nigeria often depend more on documentation quality than market timing. Invest time and resources throughout your ownership period in maintaining perfect documentation, resolving any title issues, and keeping all permits and approvals current. Properties with clear, complete documentation command premium prices and sell much faster than those with documentation gaps or issues, regardless of market conditions. Consider conducting a “pre-sale legal audit” 12-18 months before your planned exit to identify and resolve any potential issues that could complicate the sale process.