Investing in real estate is more than just finding a place to call home. Investing in the real estate sector in Nigeria has become increasingly popular over the last couple of years and has become a common investment thread.In this article,we present the top 10 cities for real estate investment in Nigeria.
(10) IBADAN; This city was once the capital of the old Western region and pioneered a lot of things in Nigeria like the first television station, the first university etc. Returns on property investment in this city is fairly high, especially in high brow areas like Iyaganku and Agodi GRA’s. The city has universities and research institutes and also a number of multinational corporations which attracts a lot of expatriates and middle class Nigerians that are willing to pay for decent estates. Land and labour are both cheap.
(9) BENIN; Despite being an ancient city that survived a British onslaught which led to the destruction of medieval monuments and plundering of centuries old artifacts. Benin has been able to reinvent itself as a modern city that attracts a lot of Nigerians and others as well.Its a nodal town, situated at a strategic intersection between the East and West. It is a state capital and also has a number of universities and research institutes.Land is relatively cheap.
(8)WARRI; This city is famous for producing a lot of comedians and musicians in Nigeria. It also prides itself as the unofficial capital of oil rich Delta state. There are lots of expatriates and Nigerians working in the oil industry in this town. It also has a refinery and oil servicing firms, by virtue of these and others, decent accommodation is in high demand and people are willing to pay premium rates.
(7) Kaduna; This is an emerging city in terms of real estate development,especially because of its proximity to Abuja.The city is connected to Abuja,by a functional and modern train service.As the first state to adopt the mortgage and foreclosure law, Kaduna is turning out to be a gold mine to some courageous estate developers.
(6)Asaba; Aside enjoying the status of being the capital of oil rich Delta state, its close proximity to the commercial city of Onitsha has become a great advantage to Asaba. A lot of people now live in Asaba while working or doing business in Onitsha. Nollywood has also made the city its base for shooting films.Influx of people from Onitsha has shot-up demand for real estates in Asaba.It is also a gateway to the East,and the city is relatively serene and peaceful.
(5) OWERRI;This city is fast assuming the toga of a tourist rendezvous. With the highest number of hotels, clubs and eateries per square mile in Nigeria. There are also many higher institutions domiciled in the city. A fairly decent infrastructure, very peaceful and serene environment with night life. The city is also strategically located between the oil hub of the Niger delta and commercial cities of the East.It has a very good return on rent.
(4) ENUGU;This city has a lot going for it, Enugu was once the capital of the Eastern region, the defunct Biafra republic and currently the capital of Enugu state.It has an international airport, several higher institutions and companies. Decent infrastructure like good roads, street lights, shopping malls, exclusive estates and a very high IGR,has led credence to a huge productive middle class.
(3) PORT HARCOURT; Port Harcourt is unarguably Nigeria 3rd most important city, with seaports, airports, refineries, petrochemical plants, oil servicing firms etc.
A self contained apartment can go for as high as 350,000 per annum, while a bedroom flat can be over a million naira per annum depending on the location.
The populace has a very high purchasing power, and has very good returns on property/estates.
(2) LAGOS;Nigeria’s economic and financial hub. The city is reputed to be Africa’s 5th largest economy. With a huge population, there is bound to be a perennial housing deficit. There are several seaports, airports, companies, factories, world class hotels, embassies, telecoms and banks.It is the nation’s number one investment destination.The city state dwarfs every other state in Nigeria, in terms of IGR.
(1) ABUJA; As expected, Abuja, the nations capital takes the number one spot. This beautiful and custom made city can compare with any in the world. The infrastructure is top notch and being the seat of power, there is government presence and attention.Security is also tight. What the city lacks in industry and commerce, it made up through political activities and government spending. There are very exclusive estates were properties are expensive either for rent, lease or sale. Accommodation/housing will remain in hot demand even in the distant future, based on the rate of influx of people from various parts of Nigeria.
Affa Dickson Acho