Discovering the True Value of Land in Freetown, Sierra Leone for Diaspora First-Time Buyer

As a Diaspora First-Time Buyer, how do you determine the True Value of Land in Freetown, Sierra Leone? If you are a member of the diaspora and considering investing in land in Freetown, Sierra Leone, you have the power to determine the value of the land, not just relying on what a relative, a friend, an Agent, or a lawyer informs you about. Navigating the property market from afar can be daunting, but with the right guidance, you can confidently make informed decisions!

In this post, I will share seven practical steps to achieving a great deal that will make you happy, satisfied, and proud of your investment.

Here's your ultimate guide to determining the true value of land in Freetown:

1. Research Local Market Trends

Being a diasporan, you would have been away for some time, and a lot of development has occurred in your absence. An excellent starting point should be researching current market trends in Freetown. Update your knowledge on development demand and any upcoming developments in your interest areas that could impact land values. If you have been away for over 10 – 15 years now, a lot of infrastructural development has occurred in the peninsular Juba to Tokeh-John Obey) and Waterloo. Leicester, Gloucester, Regent, Bathurst, Charlotte, and Grafton have all experienced unprecedented development. For example, the Juba-Tokeh highway has skyrocketed the price of land in Hamilton from? SLE 35,00.00 in 2015 to around SLE280,000.00 in 2024. The Waterloo-Masiaka highway has raised land prices from SLE 6,000 in Four miles to SLE 35,000.00 in the same period. You need to know this insight because they have all impacted property prices.

1. Engage with Local Experts

Contact local real estate agents/brokers, property developers, or legal professionals specialising in the Freetown market. Their insights and expertise can provide invaluable guidance on land values, legal regulations, and investment potential. Since the majority of the developments that have impacted land prices in Freetown are not available in detail online, reaching out to a credible real estate professional will enable you to know what has happened and what is trending in the market. Talking to your inexperienced friends and relatives will not do you any good. I remember some nine years ago, a diasporan reached out to me about the availability of land in Freetown, Sierra Leone. I gave him my expert opinion freely and recommended a few places. Still, instead, he chose to go with a relative option. Five years later, he returned and wanted to sell the property after he could not rent it after construction. The place he rejected then is now pretty attractive. ?

1. Visit in Person (If Possible)

Whenever feasible, plan a visit to Freetown to get a firsthand feel for the neighbourhoods and land available. This exciting journey will help you assess factors like accessibility, infrastructure, and the area's overall appeal. Ensure you start your engagement and research well before you are on the ground. However, one major mistake most diasporans make is to do the viewing, research, and vetting simultaneously. With limited time, most will fall for the wrong places and work with the wrong individuals. Plan your visit in advance, and collect as much information as possible about your interest in land and locations. Decide in advance where you will go in for and what you will do once you are in the country. You may also need to talk to your lawyers to conduct preliminary due diligence on the land and have a tentative letter of intent (LOI) with the owner(S).

1. Consider Infrastructure and Amenities

Evaluate the proximity of the land to essential amenities such as the city centre, electricity, recreational facility markets, and transportation. Areas with good infrastructure tend to have higher land values and offer better investment potential. The road still leads the way. Highway development in the past 15 years has induced many developments in the entire country. Freetown, the Peninsular, and Waterloo have expanded three times in size due to infrastructural development- especially roads and electricity. Your land should not only have access to a good access road. Still, it should have the potential to attract other infrastructural developments.

1. Assess Legal Documentation

Thoroughly review all legal documentation related to the land, including title deeds, survey plans, and state regulations. Consulting with a local legal expert will ensure that the land is secure and that your investment is free from encumbrances. The document for the land is just one way to prove ownership. Sadly, two or more people can have documents for a single piece of land in Freetown. Your legal expert should be able to conduct due diligence on this document to ensure it is sound. The Environment Protection Agency (EPA) and the National Protected Area Authority protect the mangrove swamp and water catchment areas. The Slums (the hills and seaside), flood-prone and disaster-prone hills and mountains are areas prohibited areas for habitation.

1. Factor in Development Potential

Assess the development potential of the land based on its size, zoning regulations, and surrounding developments. Land suitable for residential, commercial, or mixed-use purposes may command higher values and offer greater returns on investment. One piece of advice I give to most diasporans is always to consider the resale value of the land. Because you don't live in Sierra Leone, your needs might change, and you may want to sell the land again. Therefore, it's a good idea to know how quickly you will resell the land and at what value in the near future.

1. Evaluate Risk and Return

It is not a matter of most; you must buy land and build it back home. Buying any land is not nice if you are a diasporan. Consider the risks associated with land investment in Freetown, such as political stability, land disputes, and market volatility. Balance these risks against the potential returns to make an informed investment decision. So, you need to get your objective right before you buy land. It's a good practice to ask yourself, what do I need the land for, and for whom do I need it?

If you need land for residential purposes, choose a location where you will love to stay for a vacation or upon your return to the country. If you need land for commercial purposes, you need a location that will get a good return on investment (ROI). Sometimes, you may need to buy a finished home and free yourself from the stress of buying land and managing construction. Go for a finished home and save time for what matters most.

Conclusion

With these practical steps, diaspora first-time land buyers can confidently determine the true value of land in Freetown and make savvy investment choices. Remember, buying a property is not just a financial investment but also an investment in your future and lifestyle. Your dream property in Sierra Leone awaits!?