Investors now delight in Abuja outskirts
Buoyed by the high cost of rentals in Abuja, the Federal Capital territory, which has slowed down returns, investors in the real estate sector have shifted their focuses to the outskirts for ease of sales and returns.
The outskirts has thus become a new mecca for developers resulting to new developments in these areas with no fewer than fourteen locations identified as the most fast developing areas.
The areas so identified by players are: Karu, Kuje, Old Nyanya, Kubwa, Gwagwalada, Lugbe, Lokogoma, Kiyami, Kasanna, Wumba, Duboyi, Waru,Apo/Dutse District.
The Guardian investigations revealed that these locations have become a construction hub as property developers, and estate surveyors and valuers are seen at sites constructing mass housing units.
Although, these areas, are noted for huge traffic in the morning period and close of work in the evening, they however have some positives as they boost of cluster of social, educational, commercial and public institutions springing up daily.
Before now it takes about 15 to 20 minutes drive from these districts to these areas but the shift has resulted to heavy traffic build ups in the morning and evening.
Explaining the shift, Site Supervisor of Abuja Property Development Company (APDC), Suleiman Saidu, the outskirts are particularly attractive to servants cannot afford rental fees in Abuja city, hence their preference to the suburbs.
He explained that a one bedroom apartment rent goes between N300, 000 and N350, 000; N650, 000 to N700, 000 for two bedroom bungalow, while 3 bedroom apartment goes for N800, 000 to N950, 000 per annum.
“So, APDC is constructing 1,000 housing units in Dei-Dei axis, a suburb of the capital city.
Managing Director, Queenville Real Estate Group, Princess Eno Essien affirmed the existence of massive housing estates in Orozo,Jikwuyi,Karishi axis.
She added that standard properties are being developed in the outskirts of Abuja, and their prices are affordable for low-income earners, adding that workers are making use of it.
According to her, government approved Zero equity contribution for housing loans below N5 million, stressing that as citizens, we are entitled to housing loan to get houses.
An estate surveyor and Valuer, Eric Okafor, argued that public servants who have access to bank mortgage facility have resorted to new districts for the purchase of houses.
He also added that those who ordinarily wouldn’t want to leave the city centre, would be left with no option than to relocate to the new area where cost of living is cheap.
Okafor maintained that houses are really on the increase, and rents are low as well as outright purchase of the properties in suburb adding, prospective buyer have choices to make there.
He argued, some public servants who access to mortgage facility resort to the new areas to build houses, adding, those who wouldn’t want to leave the city centre, now left with no option than to relocate to the new districts.
‘There are no road networks in the districts as per the massive housing estates.
The FCDA can only provide roads leading the entrance of the place, while developers or, allottees have to do the remaining road network in their domain.”
However, a prospective tenant must have to cough out N500,000 for one bedroom; N700,000 for two bedroom M1 million for three bedroom, while 4bedroom duplex goes for N1.5million per annum.
Ferdinard Enyi is a House Agent, said in Wumba for example, price tag for one bedroom is N450, 000; two bedroom N600, 000; three bedroom N800, 000.
“Similarly, in Kiyami one bedroom goes for N400, 000; two bedroom N550, 000,and three Bedrooms is up to N650,000 per annum.”
However, buying houses in the districts vary in amount depending on the bargaining power of the buyers and property owners. At time, there are cases of ‘special purchase’
In Lokogoma district, for example, one bedroom sells for N8million; two bedroom flat cost N15million; three bedroom is N22million and four bedroom duplex goes for N30 million.
These prices depend on whether one buys from the allocating authority or from the third party.
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