With Nigerians abroad remitting more than $20 billion in 2023, the Lagos real estate market is witnessing a surge in interest from diaspora investors, particularly in high-value areas such as Ikoyi, Lekki, and Victoria Island. But experts warn that while the opportunities are lucrative, the risks of fraud, title disputes, and poorly executed projects remain high.
Industry analysts say remittances are a key driver of property demand in Lagos, with many diaspora investors seeking to build generational wealth and secure a financial base back home. “In Lagos, well-located properties typically appreciate between 18 and 25 per cent annually, depending on infrastructure projects and demand trends,” said Bola Towoju, a real estate advisor with PropertyLagos. “For Nigerians abroad, real estate remains one of the most reliable wealth-building assets.”
However, the booming demand has also created fertile ground for fraudulent practices. Fake agents, contested titles, and unregulated developers continue to expose diaspora investors to significant risks. “Many buyers have been duped into paying for properties that either don’t exist or have multiple claimants,” Towoju said. “The biggest challenge for Nigerians abroad is trust.”
To reduce exposure, experts recommend working only with licensed and verifiable real estate firms, insisting on proper title verification through the Lagos State Land Registry, and making payments only through secure corporate accounts.
Technology is also reshaping the investment process. Virtual tours, drone footage, and video inspections now enable Nigerians in the diaspora to evaluate properties remotely, while some firms offer end-to-end digital transactions. “Technology has been a game-changer,” Towoju noted. “Today, a buyer in London or Houston can inspect, negotiate, and complete a Lagos property purchase without boarding a plane.”
Beyond the prime markets of Ikoyi and Victoria Island, analysts highlight emerging growth zones in the Ibeju-Lekki corridor, where major infrastructure projects such as the Lekki Deep Sea Port and the Dangote Refinery are expected to push up land values. “Lekki is no longer just a residential hub—it’s becoming the commercial heart of new Lagos,” Towoju said.
As diaspora interest grows, industry players stress that vigilance and due diligence are essential to turning Lagos property investments into long-term assets rather than costly missteps.
