Lots of Nigerians can’t afford land anymore because prices are going up. Real estate is super pricey upfront, which makes it hard for first-timers to get started.
Leisure Court Estate is saying there’s an alternative approach.
So, the developers got this new One Square Metre Initiative going on. It’s a system where you can purchase land in little bits, starting with a minimum of five square metres for ₦275,000.
According to the company’s CEO, Bldr. Dr. Segun Abolaji, the goal here is to buy land, not to create an investment fund. If buyers wait at least six months, they can either get enough land to build on or sell what they have, per the plan.
Why One Square Metre Initiative?
The idea behind the initiative is simple.
You don’t have to wait years to buy an entire plot; you can start small and add more later.
This is a great way for new investors and young professionals to buy property.
This model, if popular, could open up a bigger group of regular investors for developers, rather than depending on a handful of wealthy buyers.
This could make investing in land way easier and more adaptable than the usual land banking.
iPropty Market Analysis
This launch is a sign of the bigger picture in Nigeria’s property game.
Real estate is still super popular, but it’s getting tough for lots of families to buy because land costs are going up.
Buying land has been a go-to way for Nigerians to save their money, most especially in booming areas near Lagos and Abuja. But an entire plot costs a lot of money.
The One Square Metre Initiative is testing whether Nigerians are ready for a more gradual approach to land ownership.
For it to succeed in the long run, transparency is crucial. Buyers need to know how they record ownership, the resale process, and the potential for a secondary market.
Risks Investors Should Understand
This property investment model, like all others, presents questions buyers must address prior to financial commitment.
Ask questions such as:
- What title covers the land?
- Is the estate layout approved?
- How are your square metres documented?
- Can you combine your holdings into one buildable plot?
- Who determines the resale price?
- Does the developer guarantee a buyback, or must you find another buyer?
- What happens if the team delays the project?
The answers to these questions are just as important as the purchase price.
Practical Advice
Before you invest, request the estate’s layout and the land’s precise location. Make sure it’s for a specific piece of land that’s part of an approved plan..
Verify the title documents and make sure the developer owns the larger parcel.
When aiming for long-term wealth preservation or buying for your children, it’s often simpler to build up land holdings gradually over several years rather than attempting to fund an entire parcel in one go.
Also, be aware of your investment’s exit plan. A wise investment should possess a transparent procedure for both entry and exit.
Frequently Asked Questions
What is the One Square Metre Initiative?
Leisure Court Estate has this cool initiative where you can buy land in 5-square-meter, instead of having to buy an entire plot.
How much does it cost to start?
You must buy at least five square metres, with prices beginning at ₦275,000.
Can I build on five square metres?
No. Over time, buyers will get enough land for a buildable plot if they follow the developer’s guidelines.
Can I resell my land?
The developer says you can sell what you’ve bought after six months, if the scheme allows.
Is this actual land or an investment fund?
Leisure Court Estate states the initiative functions as a physical land acquisition model, not a pooled investment fund. It is important for potential buyers to meticulously read the documentation to comprehend ownership registration.
