The Real Estate business is a very lucrative business venture and has drawn the fancy of many Nigerians. Land Banking, which has largely become a fancy idea to the average individual is one of the secure means of investments and as such, certain factors should be considered before you decide to purchase a piece of land.
As a potential buyer wishing to buy or build a new home, land sizes and measurements are important checklist factors to look at and the first hurdle is to understand the system of land measurements in Nigeria. For some, this concept is hard to understand because land in Nigeria is measured in feet, metres and hectares (it varies among different countries).
Now, let’s briefly look at some terms and measurements used in buying and selling of lands as we try to present it as simple as possible.
- PLOT: A plot of land is a marked out piece of land for the purpose of building or farming. According to Nigeria’s land divisions, the appropriate plot for constructing a house is 100 x 50ft. In Lagos State, the standard size of a plot is 120 x 60ft (18m x 36m i.e 648sqm).
- ACRE: An Acre is the standard unit of measurement used by land sellers and it is equivalent to the size of a standard football field. An Acre consists of 6 plots, each measuring 6 x 120ft.
- HECTARE: A hectare consists of 15 plots of land measuring 100m x 100m or 328ft x 328ft or 10,000sqm. It is about two and half acres.
These different units are used to better understand land divisions in Nigeria as land measurements are affected by factors which include but not limited to, economic investment and development patterns, human and environmental factors which could lead to mass migration and artificial scarcity of lands suitable for development.
Now that you have this insight, you can venture into your next transaction with an actual knowledge of these terms.