The aim of this paper is to identify property ownership challenges and prospects in Ado-Odo/ Ota Local Government Area, Ogun State with a view to guide property owners towards homeownership or property ownership. In the course of writing this paper, secondary data were collected from both published and unpublished journals, articles, reports, maps, and the internet was consulted to acquire more data as regards this study. Data sources are websites, government publications, books, internal records, journal articles, etc. Property ownership benefits identified include; property owner gain prestige and political power; provides shelter, health, welfare and wealth; good investment as regards to stable income generation; provides long-term monetary security; tax benefits; value appreciation overtime; provides hedge against inflation; etc. Property ownership challenges identified include; improper or lack of title document that could result to property ownership insecurity and denial to credit facilities; gender discrimination in accessing land or property; inadequate or lack of access to justice; presence of ineffective and inefficient land management system, laws and agencies; land dealings fraudulence and conflicts; poverty or lack of finance; etc. Some of the recommendations to mitigate property ownership challenges include; government and land policymakers should ensure that laws and management system are efficient and effective, property market should be flexible for easy access to land and information, programmes should be scheduled to guard against gender discrimination as regard property ownership, law officials should ensure court proceedings are less costly and flexible for easy access to justice, etc.