What Are Off-Plan Projects and Why They’re Popular in Lagos
If you’ve noticed how quickly new estates are springing up around Lekki, Ajah, and Chevron Drive, chances are many of them are off-plan projects — properties being sold before or during construction.
Buying off-plan simply means purchasing a home at the design or foundation stage, based on architectural plans and developer credibility. In return, you enjoy lower prices, flexible payment plans, and potentially high appreciation once the project is completed.
For Nigerian HNIs and diaspora investors, this model has become an intelligent way to secure luxury real estate in prime zones without paying the full cash value upfront.
However — and this is crucial — the off-plan market in Lagos has both golden opportunities and potential pitfalls. This guide will help you buy wisely, avoid scams, and position yourself for long-term returns.
Common Pitfalls Nigerian Buyers Face
While the off-plan system offers great potential, many investors have been burnt due to inadequate due diligence or misplaced trust. Here are the most common traps:
1. Paying for Unverified Projects
Some developers begin selling even before obtaining the right titles or building approvals. Buying such property can lead to heartbreak later — especially when LASRERA or Lagos State Physical Planning Authority (LASPPPA) issues a stop-work order.
2. Overpromised Delivery Timelines
A frequent Lagos story: “Your house will be ready in 12 months.” Two years later, the site still has uncompleted structures. Delays can affect your financial plans, especially if you’re paying from abroad.
3. Incomplete or Ambiguous Contract Documents
If your contract doesn’t clearly state delivery timelines, penalty clauses, refund policies, and title expectations, you’re exposed. Some buyers never recover funds when projects stall because their agreements were too vague.
4. Lack of Transparency on Development Progress
Credible developers provide monthly progress reports, virtual site updates, or project dashboards. Avoid any firm that goes silent after collecting deposits — that’s often the first red flag.
How to Vet Developers and Contracts (LASRERA Verification)
1. Confirm LASRERA Registration
Start by checking the developer’s name on the LASRERA (Lagos State Real Estate Regulatory Authority) portal. Registered developers must meet due diligence standards, including verified office addresses, ownership structure, and record of past projects.
2. Request Proof of Title
Every genuine developer should be able to show valid land documents such as:
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Certificate of Occupancy (C of O)
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Governor’s Consent
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Excision / Gazette
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Deed of Assignment
If the land is still under “excision in progress,” proceed with caution — or ensure your lawyer verifies its authenticity with the Surveyor-General’s office.
3. Evaluate Their Past Projects
Visit at least one completed estate by the developer. Speak to homeowners or check the project’s Google reviews. Reputable firms like Veritasi Homes, Landmark, Harmony Garden, Tribitat, Zylus and Gracias Global have strong track records and consistent delivery across Lekki and Epe.
4. Demand a Detailed Offer Letter
A professional off-plan offer letter should include:
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Full property description (location, plot size, unit type)
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Payment schedule and duration
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Project completion timeline
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Penalty clauses for delays
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Refund policy
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Signed and sealed company stamp
If these elements are missing, it’s best to pause the transaction.
Smart Payment Plans That Protect Your Capital
One of the biggest advantages of buying off-plan is the payment flexibility — you can spread payments over several months while your property appreciates.
But to stay safe, structure your payments strategically:
1. Pay in Stages Linked to Milestones
For instance:
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30% initial deposit at foundation stage
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40% at roofing stage
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30% at finishing stage
This ensures your payments match visible progress.
2. Use Escrow or Developer-Client Trust Accounts
Some high-end developers (especially those working with diaspora clients) offer escrow accounts where funds are released as project milestones are met. This provides an added layer of safety.
3. Avoid 100% Upfront Payments
Even if the deal seems irresistible, don’t pay everything at once. Reputable developers don’t demand full payment for off-plan properties.
4. Keep Proof of Every Transaction
Always insist on official receipts, payment acknowledgements, and dated agreements — both soft and hard copies.
How to Manage Risk When Buying from Abroad
For diaspora Nigerians, investing remotely can be tricky. Here’s how to protect your interests:
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Engage a trusted realtor registered under LASRERA or NIESV to act as your representative.
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Request live virtual tours and ongoing construction updates.
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Use secure payment channels — not random accounts or personal names.
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Hire a Lagos-based property lawyer to review all legal documents.
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Request project insurance details, especially for large-scale developments.
The goal isn’t just to buy — it’s to buy right.
Pro Tip: Off-Plan Investments Appreciate Faster
In areas like Lekki Phase 1, Chevron Drive, and Ikate, early off-plan buyers from 2019–2021 have seen property values rise by as much as 65–120% before completion.
This is because developers often price initial stages lower to attract early investors, and prices increase as construction progresses.
For example, a 4-bedroom semi-detached duplex that sold for ₦75 million off-plan in 2021 is now valued at ₦130 million in 2025 — a clear case of wealth through timing and due diligence.
Final Thoughts: Buy Smart, Not Fast
Off-plan properties remain one of the most effective entry points for investors eyeing Lekki’s luxury real estate market — but success depends on knowledge, not hype.
Take your time to vet developers, demand documentation, and insist on transparency. Remember, a well-researched off-plan deal can turn into a lifetime asset, but a rushed one can become a regret.
The difference between the two lies in due diligence — and trusted guidance.
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We help investors find safe off-plan deals in Lekki — call 08032978753 or send us a whatsapp message to start 08093865510 (https://wa.me/message/23OFQRZH7MVDG1) .