The Nigerian real estate market is full of opportunities. Owning land, buying a home, or even renting an apartment can change your life for the better. But along with the opportunities, there are also risks. Fake agents, fraudulent land sales, and unrealistic offers have cost many people their hard-earned money. Unfortunately, real estate scams are becoming more common, especially in fast-growing cities like Lagos, Abuja, and Port Harcourt.
The good news is that with the right knowledge, you can avoid falling victim to fraud. Here are some of the biggest warning signs to look out for when dealing with property transactions.
Unrealistic prices
One of the easiest ways to spot a fake deal is through pricing. If a piece of land in Lekki is advertised for a price that is far below market value, that should raise a red flag. Scammers often use cheap prices to lure buyers into making quick decisions. Always compare the price with similar properties in that location. If it looks too good to be true, it usually is.
No documents provided
Genuine sellers will never hide property documents from you. If the seller cannot show you a Certificate of Occupancy, Deed of Assignment, Survey Plan, or Governor’s Consent, you should walk away immediately. Fake agents often rely on verbal promises or photocopies that cannot be verified. Always insist on original documents and confirm them at the land registry.
Pressure to pay quickly
Fraudsters often use urgency to force buyers into mistakes. They will say things like “If you do not pay today, someone else will take it” or “The price will double tomorrow.” Real estate is not something you rush into. If you feel pressured to pay immediately without proper checks, that is a big warning sign.
Lack of transparency
When a seller avoids your questions, refuses to meet in person, or does not allow you to inspect the property, that is a clear sign something is wrong. A legitimate agent or landlord will be open, provide clear answers, and allow you to inspect the property as many times as you want before committing.
No physical inspection allowed
Never buy land or property based on pictures or videos alone. If the seller keeps giving excuses about why you cannot visit the site or house, that is almost always a scam. Real estate deals should always involve physical inspection. Visit the site, ask neighbors questions, and confirm that the property actually exists.
Final Thoughts
Real estate scams thrive because buyers are often in a hurry to close deals without proper checks. The best way to protect yourself is to stay patient, ask for documents, involve professionals, and work only with verified agents and agencies.
At Olasco Properties, we are committed to protecting our clients from fraudulent deals. We provide verified listings and guide you through a transparent process that ensures your money is safe. The property market is full of genuine opportunities, and with the right approach, you can take advantage of them without falling victim to scams.
