Diaspora Property Buyers Warned: Conduct Due Diligence
In a related development, real estate professionals have called on Nigerians in the diaspora to exercise greater caution when investing in property back home.
Dr. Babatunde Adeyemo, CEO of Pelican Valley Nigeria Ltd, warned that many diaspora investors fail to conduct thorough due diligence before purchasing land, leaving them vulnerable to legal and regulatory pitfalls.
Reacting to a viral plea by US-based Nigerian investor Dr. Kimberly Stark, whose properties were reportedly demolished, Adeyemo explained that adherence to local laws and government-approved layouts could have prevented the loss.
“Real estate is not something to gamble on,” Adeyemo said. “You need to research the property, the seller, and ensure compliance with government regulations to avoid scenarios like this.”
Victor Oyefeso, a real estate expert, also stressed the importance of obtaining critical documents such as land receipts, deeds of assignment, and registered surveys to secure ownership. “Leaving land unfenced or unoccupied increases the risk of encroachment,” Oyefeso cautioned.
As property transactions in Nigeria grow increasingly complex, experts are urging prospective buyers, particularly those in the diaspora, to prioritise legal due diligence to safeguard their investments.
