by Christopher Nwankwo
Are you having a hard time deciding whether to buy a ready home or invest in an off-plan property? You’re not alone.
Thousands of investors and first-time buyers across Lagos face this decision yearly. It gets more complicated when you realise that off-plan projects and ready-to-move homes have varying benefits and downsides.
Off-plan properties have exploded in popularity over the last decade. From Ikorodu to Epe, developers are offering flexible payment plans and strong appreciation potential that often beats traditional purchases.
At the same time, ready properties appeal to buyers who want certainty, convenience, instant rental income, or a place to move within a short time.
In this guide, we’ll break down both sides of the conversation: what offplan projects really mean, how they compare to ready homes in Lagos, and how to decide which one matches your financial goals, lifestyle, or investment strategy.
What Is an Off-Plan Property vs Ready Property?
Offplan properties (also called pre-construction or under-development projects) are homes you buy before they’re fully completed, sometimes even before construction begins. You’re essentially investing in the blueprint or future of a development, relying on the developer’s reputation, design plans, and location prospects.
For example, an investor might buy a 2-bedroom apartment in Lekki Phase 2 while the project is still at foundation level, locking it in at ₦60 million. When the project is completed after two years, the same unit could be worth over ₦85 million.
Ready properties, on the other hand, are completed homes you can inspect, buy, and move in immediately. These include finished apartments, terraces, or duplexes with all the necessary fittings and documentation. While they tend to be more expensive upfront, they offer the assurance of what you see being exactly what you get.
In fast-growing cities like Lagos, Dubai, and London, offplan projects dominate new development sales because they combine affordability with strong investment returns, especially when located in districts backed by infrastructure growth.
Offplan Projects vs Ready Property in Lagos
| Criteria | Off-Plan Property | Ready Property |
| Definition | Property bought during the construction phase or before completion. | Fully completed and move-in-ready property. |
| Purchase Price | Usually cheaper (10–30% below market value). | More expensive because it’s fully built. |
| Payment Flexibility | Flexible payment plans spread over months or years. | Requires full payment or mortgage at once. |
| Delivery Timeline | You have to wait for completion, usually 6–36 months. | Immediate possession once payment is made. |
| Customization | Buyers can influence design and finishing choices. | No room for customisation; what you see is what you get. |
| Capital Appreciation | High potential for appreciation between purchase and delivery. | Limited short-term appreciation; price already near market value. |
| Risk Level | Higher risk of project delay, abandonment, or quality issues. | Lower risk because project is completed and visible. |
| Inspection | Based on floor plans, models, or 3D visuals. | Physical inspection is possible before purchase. |
| Rental Income | Starts after completion, which means longer wait for returns. | Rental or other income (shortlet) can start immediately. |
| Developer Reputation | Critical factor. Trustworthy developers make all the difference. | Still important but less risky since the project is complete. |
| Ideal For | Investors seeking capital growth and long-term gains. | Buyers seeking immediate occupancy or rental income. |
| Resale Value | Potentially higher if area develops during construction. | Stable resale value; less room for rapid appreciation. |
In short, offplan properties are all about vision and growth, while ready homes deliver certainty and immediacy. The right choice depends on your goals, timeline, and risk appetite.
Factors to Consider Before Choosing Between Off-Plan and Ready Property
Before deciding whether to buy an off-plan or ready property in Lagos, it’s important to weigh a few key factors that determine which option aligns best with your goals and financial reality.
1. Investment Horizon
If your plan is long-term, i.e holding the property for 5–10 years, an off-plan project may yield better returns as appreciation builds from construction to completion. But if you’re seeking immediate cash flow through rent or short-stay income, a ready property is the smarter move.
2. Risk Appetite
Buying off-plan requires a higher tolerance for risk since you’re purchasing before completion. Savvy investors mitigate this by buying from reputable developers in Lagos, like Nedcomoaks, who have a strong delivery record. For risk-averse buyers, a ready property provides peace of mind.
3. Developer Credibility
The Nigerian real estate landscape has both trustworthy and unreliable players. Before committing to an off-plan investment, always research the developer’s past projects, delivery timelines, and client testimonials. A solid track record is your best insurance.
4. Financial Liquidity
Off-plan properties often come with flexible payment plans that spread costs over time, ideal for buyers who prefer to ease into ownership. Ready homes, on the other hand, usually require full or near-full payment upfront, though mortgage options may be available for qualified buyers.
5. Location and Growth Potential
Certain areas like Ibeju-Lekki, Sangotedo, and Epe are booming with off-plan developments and promise strong appreciation. Established areas like Lekki Phase 1 or Ikoyi mostly feature ready properties with steady, but slower, capital growth. The best choice depends on whether you’re chasing long-term value or immediate prestige.
6. Purpose of Purchase
Are you buying for personal living, investment, or as a legacy property for your family?
Bottom Line:
The “better” option depends on your strategy, goals, and timing. Investors focused on growth and leverage often lean toward off-plan projects (as the market and studies like the LASU Journal have shown), while those seeking stability or immediate use prefer ready homes.
Which Option Offers the Best Value in Lagos Real Estate?
When it comes to maximizing value, the better choice between off-plan and ready properties depends on your investment objectives, but data and market trends give us a clear picture of how each performs in Lagos’ dynamic real estate landscape.
1. Capital Appreciation
Off-plan projects typically deliver higher capital appreciation because buyers enter at below-market prices. For instance, a 3-bedroom terrace selling at ₦65 million off-plan can reach ₦90–100 million upon completion within 18–24 months. That’s up to 40% appreciation before you even move in.
Ready properties, meanwhile, experience slower but more stable appreciation, since they’re already valued at market rate. In prime Lagos locations like Lekki or Ikoyi, annual growth may average 10–15%.
✅ Best for: Investors seeking strong, short-term capital gains.
2. Rental Income Potential
Ready homes have the clear edge here. You can start earning rental income immediately after purchase. Short-let apartments in Lekki Phase 1 or Chevron, for example, can yield ₦8–15 million annually, depending on amenities and location.
Off-plan properties, on the other hand, generate no income during construction — but once completed, their modern design and new facilities often command premium rent.
✅ Best for: Buyers prioritizing cash flow and immediate returns.
3. Payment Flexibility and Leverage
Off-plan investments provide unbeatable flexibility. Buyers can pay in installments over 12–36 months, freeing up cash flow for other ventures. Some developers even partner with mortgage institutions to ease the process further (but this is not always the case).
Ready properties usually require full payment upfront, except where a mortgage or developer financing is available.
✅ Best for: Buyers who want to spread costs or build equity gradually.
4. Resale Opportunities
Savvy investors often “flip” off-plan units just before completion, selling to end users or other investors at a premium. This short-term resale strategy can yield impressive ROI without waiting for project handover.
Ready homes offer resale value too, but margins tend to be slimmer since the initial purchase price was already at market rate.
✅ Best for: Investors looking to trade and reinvest quickly.
Is it Better to Buy Off-plan or Ready Property?
If your goal is long-term wealth creation and capital growth, off-plan projects in Lagos deliver stronger upside. If your focus is cash flow and immediate usage, ready properties remain the dependable choice.
Ultimately, the best value comes from aligning your property choice with your investment horizon, risk tolerance, and liquidity, not just from following trends.
Investing in real estate in Lagos is a risky and tedious business. If you need the best offplan or finished properties in Lagos [Lekki Phase 1, Ajah, Sangotedo, or Ibeju-Lekki], click here to contact our marketing executives today and book a free physical or virtual tour.
