Analysis of Return on Investment
Listing Overview
Property: Elegant 5?bedroom fully detached house
Location: Ikota, Lekki, Lagos
Price: ? 180 million (~US$112,500) (gidiproperty.com)
Features:
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5 ensuite bedrooms, plus 5.5 bathrooms
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Swimming pool, cinema room, Bluetooth speakers
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Fully fitted kitchen, POP ceilings, LED lighting
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Secure gated estate with 24/7 power and surveillance (gidiproperty.com)
Market Comparison
| Area & Type | Price Range (?) | Notes |
|---|---|---|
| Ikota detached duplex with pool & BQ | ? 350–? 450M | Mahn estimates from various listings |
| Ikota “smart” 5?bed | ? 650M | Higher-end, larger builds |
Insight: At ?180M, this property is priced well below typical market rates for similar homes in Ikota (?350M+).
Why is it so low?
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Likely off-plan or early-phase.
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Might lack full legal documentation (e.g., only Excision vs. registered C of O).
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Could be a semi-finished or lower-quality build.
Deal Analysis
Strengths
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Exceptional price: Offers significant upside if quality and title are in order.
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Desirable location: Ikota is a growth corridor with strong infrastructure, good schools, estates, and shopping.
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Attractive features: Pool, cinema room, BQ, gated estate—key selling points.
Risks & Red Flags
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Title risk: Confirm whether it’s a registered C of O with Governor’s Consent; excision only grants limited rights.
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Developer background: Investigate the builder’s track record—review completed projects, reputation, and delivery timeframes.
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Build quality: Ensure actual materials, finishes, and dimensions match listing claims—physical inspection is a must.
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Hidden costs: Legal fees, estate levies, property management, etc., can add 5–10%.
Next Steps
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Title Verification
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Ask specifically: “Do you have a registered C of O?”
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If only excision or affidavit, avoid or demand proper title before payment.
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Developer Vetting
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Name and contact the builder.
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Visit at least one of their completed projects.
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Site Visit / Inspection
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Verify structural quality, finishes, and compliance.
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Ideally hire an independent surveyor or “Quantity Surveyor” to inspect.
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Compare with Other Listings
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For similar properties in Ikota priced ?350M+, evaluate why this one is cheaper.
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If the only difference is documentation or overdue completion, negotiate heavily or walk away.
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Calculate Potential ROI
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If legit, investors could double value upon completion/sale.
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As a rental, likely to command ?10–15M/year → 5–8% gross yield.
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Final Recommendation
This could be a stellar investment opportunity—IF:
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The title is clean (Governor’s Consent + C of O),
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The build quality is verified,
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The developer is credible.
Proceed with careful diligence. Let us know if you'd like guidance contacting the seller, heading through legal checks, or reviewing other listings for comparison!
