How to Own Property in Nigeria
Without a Mortgage

Mortgage Rates 18–25%

Nigerian bank mortgage rates make monthly repayments unaffordable for most salaries. NHF rates are lower but require years of contributory history.

10–30% Deposit Required

For a ₦30M Lagos property, that's ₦3M–₦9M upfront. For most working Nigerians, this takes a decade or more to save.

Estate Agent Fees 5–10%

Agents charge the buyer and seller. On a ₦20M property, that's ₦1M–₦2M in fees before you even get the keys.

Paperwork Takes Months

Title verification, survey, deed preparation, governor's consent — a straightforward property purchase in Nigeria can take 6–18 months to conclude.

₦600K–₦3M+

Average Lagos rent per year

for a 2–3 bedroom flat in mid-tier areas

2 Years

Often paid upfront

landlords typically demand 1–2 years advance rent

0%

Equity built by renting

every naira of rent leaves your pocket permanently

22M+

Housing deficit in Nigeria

demand far exceeds supply, pushing rents higher every year

Can I own property in Nigeria without a mortgage?

Yes. There are several ways to own property in Nigeria without a traditional mortgage: outright purchase (requires large lump-sum savings), cooperative property schemes, rent-to-own arrangements from certain developers, and regulated property competitions like RaffleProp — which require as little as ₦2,500 to enter. RaffleProp is FCCPC-approved and escrow-protected.

How much does a house in Nigeria actually cost?

Nigerian property prices vary widely: ₦5M–₦20M for a modest house in secondary cities; ₦15M–₦80M for mid-range Lagos or Abuja property; ₦100M+ for premium locations. All RaffleProp campaigns publish the NIESV-certified independent valuation so you know the true market value of every property on our platform.

Is it better to rent or buy property in Nigeria?

Renting is usually better short-term if you need flexibility or don't have a down payment. But long-term, renting builds zero equity — you pay for someone else's mortgage indefinitely. If you can't afford to buy outright or via mortgage, RaffleProp offers a regulated alternative: enter campaigns from ₦2,500 with Entry Value Protection if the draw minimum isn't met.

Do I need a house agent to buy property in Nigeria?

You do not need an estate agent to participate in a RaffleProp campaign. Our platform publishes all property details, legal documents, independent valuations, and FCCPC approval certificates directly. If you win, our property lawyer handles the Deed of Assignment and title transfer — at zero cost to you.

How can I start investing in Nigerian real estate with little money?

The lowest-barrier options include: REITs (Real Estate Investment Trusts), which can be bought for as little as ₦1,000 per unit on the NSE; cooperative property schemes; and RaffleProp property competitions from ₦2,500. RaffleProp campaigns offer the unique advantage of Entry Value Protection — your funds convert to Home Credit if the minimum threshold is not reached.

What is the NHF (National Housing Fund) and how do I apply?

The National Housing Fund is a Federal Government scheme administered through the Federal Mortgage Bank of Nigeria. Employees in both public and private sectors contribute 2.5% of their monthly basic salary. After contributing for 6 months, you can apply for a mortgage at 6% interest (vs 18–25% commercial rate). The loan cap is currently ₦15M. RaffleProp operates independently of the NHF but can complement it for those not yet eligible.