What You Should Know About Property & Development Services in Nigeria

Do you have a great idea for a property or development project? If so, now is the perfect time to make it happen. Thanks to new programs from the government, there are more affordable financing options, tax breaks and grants than ever before - all of which can help get your project off the ground. If you’re thinking about taking the plunge into property development or construction services, this blog post will get you started on the right path. Here, we’ll take you through some background information on the industry; advice on how to get started; and what to keep in mind before diving in.

What You Should Know About Property Development in Nigeria

For those looking to get into real estate development in Nigeria, this is the perfect time. There are more financing options, tax breaks and grants than ever before, making it a great time to get your project off the ground. The Nigerian real estate market is showing some signs of recovery after taking a hit during the recession. There’s increased demand for residential and commercial property, both within Nigeria and from investors overseas. As more investors get into the game, competition for projects is heating up. It’s never been a better time to get into the property development business in Nigeria.

Finding the Right Company to Help You Develop Your Property

If you’re looking to develop a new residential, commercial or mixed-use property, you won’t be able to do it alone. While you can certainly hire contractors to do the work for you, it’s better to work with a development company. This way, you have a single point of contact for the project; the company oversees everything from start to finish. If you’ve never worked with a development company before, it’s important to find one that fits your needs. Some key things to keep in mind when researching development companies include: - The company’s experience. This industry is heavily regulated, so you want to make sure the company you choose has the knowledge and experience to navigate the process for your project. - The company’s location. Some developers have offices all over the country, while others are focused on a single city. Make sure you find a company that can help with your project. - The company’s past projects. It’s always a good idea to look at a company’s past projects to get a sense of their style, level of quality and types of clients they work with.

Types of Property Development Services in Nigeria

There are a number of property development services that may come into play while building or renovating a residential or commercial property. These include: - Site acquisition - This is the process of purchasing or leasing a site that you plan to use for your project. Depending on the location and type of property, this can be simple or very complex. - Planning and zoning - This is when the developer works with various government departments to satisfy zoning requirements and get your project approved. - Planning and permitting - This is the process of getting building permits for your project. - Design - This is the process of developing the layout, schematic design and other architectural details for your project. - Procurement - This is the process of finding and negotiating with contractors to build your project. - Construction - This is the process of building your project. - Financing and funding - This is the process of finding the right financing and funds to get your project off the ground.

Costs for Development and Construction Services

There are a number of factors that will impact the cost of your project, including the type of property you’re developing, its size and location, and the company you choose to help with the development process. In general, you can expect to pay around NGN 2 billion to NGN 3 billion for a commercial property and around NGN 5 billion to NGN 10 billion for a residential property. When it comes time to negotiate a contract for development services, make sure you understand what you’re paying for. Make sure the contract details all of the work the company will do, their responsibilities, the expected timeline and their payment terms.

Tax Breaks and Grants for Real Estate Projects

If you’re planning to develop a commercial property, there are a number of tax breaks and grants you can take advantage of. Residential and commercial property: For residential and commercial projects, you can claim a tax deduction for the amount spent on construction. The deduction is calculated as 10% of cost incurred for construction, less any amount received as equity contribution. Commercial property: If you’re building a commercial property, you may be eligible for a tax break on equity contributions. This is a one-time reduction in your income tax payable, except in the case of real estate developers. For real estate developers, this is a deduction that can be claimed over the project’s expected useful life.

Bottom line

If you have a great idea for a property or development project, now is the perfect time to make it happen. Thanks to new programs from the government, there are more affordable financing options, tax breaks and grants than ever before - all of which can help get your project off the ground. If you’re thinking about taking the plunge into property development or construction services, this blog post will get you started on the right path. Here, we’ll take you through some background information on the industry; advice on how to get started; and what to keep in mind before diving in.