by Christopher NwankwoIf you’ve been searching for off-plan property in Lagos, chances are you’ve seen those beautiful adverts, “Luxury 2-Bedroom Apartments in Lekki with Flexible Payment Plans”, and you’re tempted to buy before the project is complete.
Buying off-plan property can be one of the smartest ways to invest in Lagos real estate. It lets you lock in today’s price, spread your payments over time, and enjoy capital appreciation by the time the property is completed.
But here’s the catch: there are also serious risks of buying off-plan property in Lagos, from abandoned projects to fake title documents, and if you don’t do your due diligence, you could lose your hard-earned money.
In this guide, we’ll break down:
- Why off-plan property is booming in Lagos
- The biggest risks and red flags you should watch for
- Proven tips to buy safely and profitably
So before you sign that contract or make your first deposit, read this first. It could save you from costly mistakes.
The Lagos Off-Plan Property Boom
Lagos real estate is in high gear, and off-plan property is at the centre of the action. With massive housing demand, rising prices, and developers offering more flexible payment plans, more people are looking to buy before anything is built and live in the best places in Lagos.
Here’s what the data says about why buying off-plan property in Lagos is so popular right now.
Key Data & Trends on the Demand for Off-plan Properties in Lagos
| Trend / Data Point | Insight |
| High Investor Interest | At least 35% of real estate investors in Lagos now favor off-plan purchases, thanks to lower entry prices and strong capital appreciation potential. |
| High Volume | Off-plan sales account for up to 70% of residential transactions in Q1 2025, particularly within fast-growing areas like the Lekki Axis. |
| Flexible Payment Plans | Developers now offer payment plans that spread across 12–36 months, making off-plan homes more accessible to middle-class buyers. |
| Growth in Luxury Sector | There has been a 30% increase in development starts for luxury off-plan projects over the last year, signaling a boom in high-end real estate demand. |
| Strong Capital Growth | Some Lagos estates like Citadel Views and Victoria Crest have recorded 20–40% price increases between launch and completion, allowing early buyers to profit even before handover. |
| Diaspora Demand Rising | More Nigerians abroad are buying off-plan units remotely, securing homes or investments back home without being physically present. |
Clearly, off-plan property has moved from being a niche play to the hottest way to own real estate in Lagos, but before you rush in, you need to know what to watch out for.
The Risks of Buying Off-Plan Property in Lagos (Red Flags to Watch Out For)
Buying off-plan property in Lagos can be rewarding, but it’s not without risks. Before you sign that contract or pay a deposit, here are the biggest red flags you should look out for.
1. Project Delays or Abandonment
One of the most common risks is delay. Developers may miss their completion timelines due to funding issues, poor planning, or external factors. In some cases, projects are abandoned completely. This ties up your money for months or even years, delaying your move-in date or resale plans.
2. Fraudulent or Unregistered Developers
Not every company advertising off-plan property is legitimate. Some lack a track record, are not registered with the Corporate Affairs Commission (CAC), or have no physical office. Without verifying who you’re dealing with, you could lose your money to fraud.
3. Legal and Title Document Issues
If the property does not have proper documentation, such as a Governor’s Consent, Certificate of Occupancy (C of O), or a registered Survey Plan. In that case, you risk buying into a legal dispute. Verifying titles is non-negotiable when buying off-plan property in Lagos.
4. Unclear or Unfair Contract Terms
Some contracts lack clear timelines, refund policies, or penalties for delays. Others require you to make large upfront payments before construction begins. Always have a lawyer review the document so you’re not locked into unfair terms.
5. Quality and Specification Mismatch
What you see in 3D renders may not always match what gets delivered. Some developers use cheaper materials or make layout changes without informing buyers. Insist on a written specification sheet before signing.
6. Hidden Costs and Charges
Many first-time buyers overlook extra costs such as infrastructure fees, legal fees, and service charges. These can quickly add up, pushing the total cost beyond what you initially budgeted.
8. No Refund or Dispute Resolution Clause
A contract without clear refund terms is risky. If things go wrong, getting your money back could be almost impossible.
Real-Life Example: The Cost of Skipping Due Diligence During The Off-plan Purchase Process
In 2023, Mr Kola, a young tech professional, jumped on what seemed like a fantastic off-plan deal in Lekki. The developer promised ultra-modern apartments at almost 40% below the market price, but there was no approved layout or proper title documentation.
Construction started but stalled after six months. By 2024, the developer had gone silent, leaving buyers stranded with no recourse. Mr Kola lost over ₦15M in deposits, a painful lesson on why verifying the developer and project title is non-negotiable.
Mr Kola is not the only victim. There are countless other stories of investors who unscrupulous developers have burned.
Success Story: Turning a Smart Bet into Profit
In 2022, Ayo O. M., a Lagos-based banker, bought an off-plan 2-bedroom duplex in Ogombo at ₦45M during the Citadel Views’ early launch phase.
Before paying, he and his lawyer verified the title, confirmed the building approvals, and reviewed Nedcomoak’s past projects.
By the time construction was completed two years later, the market value had appreciated to over ₦65M. Ayo rented it out, earning ₦4.5M per year in rental income. In one move, he achieved both capital appreciation + passive cash flow that made his investment a huge success.
How to Safely Buy Off-Plan Property in Lagos (Step-by-Step Guide)
Buying off-plan property can be one of the smartest investments you make if you do it right. Follow these steps to protect your money and get the home you paid for.
1: Research the Developer Thoroughly
- Verify CAC registration and check their portfolio of completed projects.
- Visit their office and talk to past buyers if possible.
- Search online for reviews or complaints before committing.
2: Verify the Land Title
- Ask for documents such as Governor’s Consent, C of O, or Deed of Assignment.
- Hire a property lawyer to conduct a title search at the Lagos State Land Registry to confirm authenticity.
3: Review the Approved Layout and Building Plan
- Make sure the project has the required government approvals.
- Avoid buying into projects built on excision land without full documentation.
4: Get a Written Contract
- Insist on a comprehensive contract that includes:
- Payment schedule
- Project timeline and delivery date
- Penalties for delays
- Refund and exit clause
- Have a property lawyer review it before signing.
5: Confirm the Payment Plan
- Ensure the installments and total cost are clearly stated.
- Check if there are hidden charges for infrastructure, legal documentation, or service fees.
Step 6: Monitor Construction Progress
- Request regular updates (photos, videos, site visits).
- Keep receipts for every payment and communication.
Step 7: Plan for Completion and Handover
- Arrange your final inspection before taking possession.
- Confirm that the finishing matches what was promised in the specification sheet.
Make Smart Moves with Off-Plan Property in Lagos
With the right due diligence, clear contracts, and a trustworthy developer, you can lock in today’s price, enjoy flexible payment plans, and watch your investment appreciate even before you collect your keys.
Don’t rush into any deal. Research, verify, and work with professionals who can guide you through the process.
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