Misinformation remains a significant obstacle for Nigerian property investors, often leading to financial losses. This is according to Mabel Akpan, Founder of Bella Ville Realty Ltd and a trusted Real Estate Advisor, who is spearheading an effort to debunk common real estate myths that continue to mislead aspiring property owners.
Ms. Akpan highlighted that the lack of accurate knowledge often causes clients to make avoidable mistakes. In a detailed post, she dismantled five pervasive myths that dictate poor investment choices:
Myth 1: Land Never Depreciates
Contrary to popular belief, land is not immune to value decline. Ms. Akpan emphasized that the idea that “land never depreciates” is fundamentally flawed.
“In reality, land can lose value, especially when it is in an undeveloped area or surrounded by poor infrastructure,” she stated. The truth, she insists, is that appreciation is contingent entirely upon location, access to amenities, and ongoing infrastructural development, rather than a blanket assumption of guaranteed returns.
Myth 2: Automatic Ownership After Purchase
A critical error many first-time buyers make is equating a payment receipt with full legal ownership. Ms. Akpan warned that ownership is incomplete without proper documentation, stressing that many people “buy land and stop at the receipt, leaving their investment unprotected.”
The critical truth is that a land purchase is not truly secured until the survey, deed, and title are properly registered and legally recognized.
Myth 3: Cheap Land Means Good Opportunity
The allure of a low price often masks severe underlying problems. The myth that “cheap land means good opportunity” can lead to significant financial distress.
“Low prices often hide legal or environmental risks,” Ms. Akpan explained. The reality is stark: cheap land that lacks proper documentation or sufficient access can quickly transform into the “most expensive mistake you will ever make” due to unforeseen remediation or legal costs.
Myth 4: Only the Wealthy Can Invest
This pervasive belief acts as a barrier, preventing many Nigerians from starting their investment journey early. Ms. Akpan countered this, asserting that wealth is not a prerequisite for entering the property market.
The truth, she noted, is that real estate rewards consistency, not status. The availability of payment plans and strategic land banking options makes it entirely possible for individuals to begin investing, provided they are willing to start small and remain consistent.
Myth 5: All Estates Are Automatically Safe
Finally, Ms. Akpan cautioned against relying on aesthetics and branding as indicators of safety or legality. The belief that “all estates are automatically safe” ignores the potential for silent risk.
She warned that some branded estates operate without necessary government approval or clear titles. “Always verify before you buy,” she advised. “A branded gate is not a green light.”
Concluding her advisory, Ms. Akpan underscored that real estate success is fundamentally a result of knowledge, timing, and meticulous due diligence, not luck. “The safest investment is not the fastest one; it is the verified one,” she affirmed, offering her services to help Nigerians at home and in the diaspora secure smart, sustainable, and transparent property decisions across the country.
