According to a 2023 report by Jobberman, over 60% of Nigeria’s workforce is under the age of 35, and many of these young professionals cite housing and real estate investment as top financial goals, yet less than 10% of them own property due to affordability constraints and limited access to financing.

For many young Nigerian professionals, owning property in cities like Lagos, Abuja, or Port Harcourt feels like a distant dream. High land prices, expensive mortgage requirements, and a challenging economic climate often make sole property ownership nearly impossible in the early stages of one’s career.

But what if there was a smarter, more collaborative way to invest in real estate?

 That’s where co-ownership comes in: a rising model that offers hope for young professionals looking for affordable housing. 

In this blog post, we’ll break down what co-ownership means, how it works in Nigeria, the benefits, risks, and the best models for young professionals ready to take that first step into real estate.

What is Property Co-Ownership? 

Co-ownership refers to a property arrangement where two or more individuals pool resources to jointly purchase real estate. Each party holds a legal share of the property and shares rights, responsibilities, and profits (or losses) related to the investment.

It’s a model that’s been gaining wide popularity worldwide, and it’s starting to make sense for Nigerian professionals who want to escape the rental cycle and start building long-term wealth.

Why Property Co-ownership Makes Sense in Nigeria Today?

1. Skyrocketing Property Prices

Property prices in major Nigerian cities have outpaced average income growth by a huge margin. In Lagos, for instance, a plot of land in a moderately developed area like Ajah can go for ₦30–₦50 million. Meanwhile, a decent 2-bedroom apartment in Lekki Phase I might cost upwards of ₦80 million — well beyond the reach of a mid-level professional earning ₦300,000 monthly.

Co-ownership offers a way around this. By pooling funds with one or more trusted partners, young Nigerians can access properties they would never afford individually, especially in fast-developing, high-value locations.

2. Weak Mortgage Infrastructure

Traditional mortgage systems in Nigeria are riddled with bottlenecks. To qualify, many banks require:

• A 30–40% down payment

• Proof of a steady, high income

• Collateral or multiple guarantors

• Lengthy, paper-heavy application processes

For young professionals — especially freelancers, creatives, and tech workers — this can be exclusionary. Co-ownership allows them to bypass these hurdles by reducing individual financial commitment and using group resources to either purchase outright or qualify for alternative financing together.

3.  The Rise of the Collaborative Mindset

Today’s younger Nigerians are embracing community-driven financial models. We’ve seen this with the popularity of:

• Ajo/Esusu thrift savings

• Ride-sharing platforms

• Co-working spaces

• Joint investment groups

Co-owning a property simply extends this trend into real estate. Millennials and Gen Z are more open to non-traditional models of wealth-building; they value access over ownership, flexibility over rigidity, and collaboration over isolation.

Popular Co-Ownership Models Nigerian Professionals Can Explore

 

1. Joint Tenancy with Rights of Survivorship (JTWROS)

This model gives equal ownership to all parties. If one co-owner dies, their share automatically goes to the surviving co-owners.

Best for: Friends, spouses, or siblings buying a home together.

2. Tenancy in Common (TIC)

Each owner holds a specific percentage of the property, which can be unequal. Each party can sell or will sell their portion to someone else.

Best for: Investment groups or business partners who want flexibility.

3. Real Estate Investment Clubs or Cooperatives

Groups of young professionals contribute funds to collectively buy properties. This model is often managed by a registered trustee or legal entity.

Best for: Young professionals with small capital who want to invest in high-prestige locations

4. Fractional Ownership via PropTech Platforms

Some Nigerian proptech startups now offer fractional ownership where users can buy small portions (e.g., 5%, 10%) of real estate and earn rental income.

Best for: Individuals who want passive income and liquidity without managing a physical property.

 

Key Legal and Financial Considerations

Before entering into any co-ownership deal:

•  Draft a Co-Ownership Agreement – This document should outline ownership percentages, maintenance responsibilities, exit plans, dispute resolution, etc.
• Engage a Real Estate Lawyer – To review terms, conduct land title verification, and ensure compliance with Nigerian property laws.
•  Know the Tax Implications – Stamp duties and Capital Gains Tax may apply depending on the structure.

 

Risks to Watch Out For

• Disagreements among co-owners
• One party defaulting on payments
• Challenges in exiting or reselling your share
• Fraud or unclear land titles

Tip: Always do due diligence and use clear documentation from day one.

 

Conclusion: Collaborate to Own

Co-ownership isn’t just a real estate hack.  It’s a mindset shift. Instead of waiting years to afford a property on your own, co-ownership allows you to start early, share the burden, and gradually build your portfolio.

For young Nigerian professionals navigating an unpredictable economy, co-ownership could be the most accessible path to property ownership and financial stability.

Ready to Start Your Co-Ownership Journey?

Whether you’re teaming up with a friend, family member, or investment club, the key to successful co-ownership is clarity, structure, and trusted support.

At Thinkmint Nigeria,   we help young Nigerians:

• Find verified co-ownership-ready properties
• Access flexible financing (even without huge capital)
• Make smarter, safer real estate decisions

Don’t wait years to afford a home alone. Start your co-ownership journey today and take that first step toward owning your piece of Nigeria.

To speak with a property advisor now, send us an email at info@thinkmint.ng, or  to check out our variety of properties that suit your budget, visit https://www.thinkmint.ng/buyrealestate/