When buying land in Lagos or anywhere else for that matter, there are basic terms or metrics that you need to understand before venturing out. These are terms you will find in real estate listings that are used to describe the various sizes or measurements of space or land for lease or sale. The typical metrics used in Nigeria are square feet, square meters, plots, acres, and hectares.
Strange as it may seem, these measurements vary from region to region and from country to country. For instance: a standard plot of land in Lagos State is measured as 60ft x 120ft (18m x 36m), which will give you 7,200 square feet (648 square meters). Whereas in another part of the country, a standard plot could be measured as 50ft x 100ft (15m x 30m), which will give you 5,000 square feet (450 square meters).
Let’s look at the different metrics and try to understand them.
Square Meters (sqm)
This is the most commonly used unit of measurement in the Nigerian real estate market. If you were to look at property listings for highbrow areas and commercial spaces, you will most likely see the listing price per square meters. For instance; you may see a space of 300sqm going for N50,000/sqm. You then do the calculation and arrive at N15,000,000 for the space.
According to Nigeria’s land divisions, a plot of land is one which can conveniently accommodate a standard house with some space for a compound. A plot of land in some areas of Nigeria is measured as 450sqm, while in Lagos, a plot of land could either be measured as 600sqm, 648sqm, or 668sqm.
An acre is another popular unit of land measurement in Nigeria. An Acre of land consists of 6 plots of land that are together. A typical acre of land is 4046sqm.
A hectare as a unit of measurement is not commonly used, except in situations where the space involved is quite expansive. 10,000sqm makes up 1 hectare, which is the equivalent of 2.5 acres or 15 plots of land.
The understanding of these units of measurement is the first thing that needs to happen before you venture into the world of real estate, either as a seller or buyer. With this knowledge, it will be easier to determine what you are selling or buying and whether you are being short-changed or not. Acquainting yourself with the terms as described, will ultimately help you make the right decision towards your real estate investment.
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