Investing in real estate in Nigeria’s capital remains a popular option because it comes with a lot of benefits. Because of the importance of location to any real estate investment, I will be discussing why it makes sense to own a property in the Federal Capital Territory (Abuja).
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Nigeria has the continent’s largest population and economy. As a result of the aforementioned, there is an ever-increasing requirement for related goods and services in the real estate and infrastructure sectors, especially in Abuja.
Real estate has played and will continue to play an important role in Nigeria’s economy despite the negative effects of terrorism in recent year.
There is no gainsaying that Nigeria is facing security challenges, but the investment opportunities in the Africa’s largest economy are irresistible to foreign investors who are attracted to Nigeria oil and gas and its abundant mineral resources spread across the country, reason for the increasing prices of property in major cities including the FCT
Below are the major reasons why investing in Abuja real estate is worth your money
Rise In Property Prices
The FCT, Abuja, may not have up to 5% of the resources in Nigeria, the fact that it’s the administrative headquarters makes it so powerful.
One, the Federal Government controls all the Nigeria’s wealth and resources, thereby making Abuja the go-to for all foreign investors, leading to an increase in the demand for housing.
While Lagos is the commercial capital, all paper works of approval of mineral resources, oil and gas are still done in Abuja, thereby creating a huge market for real estate investment in the FCT.
Since Abuja is the Federal Capital Territory, housing costs will certainly continue go up., especially in the most expensive locations like Maitama, Wuse 2, Katampe extension, and Asokoro Extension Guzape.
For instance, a 2-bedroom flat apartment in Asokoro is between NGN2.5 million to NGN5.5 million per year, depending on the facilities.
A plot of land in Asokoro is between NGN100 million to NGN400 million, depending on the part the piece of land is located. An investment in real estate in this location is worth it.
Increased Population in the FCT
As a country’s population grows, the need for more places to live is inevitable. Higher property prices are a direct result of increased demand.
Hundreds of entrepreneurs from Niger, Kaduna, Kano, Borno, and other northern states troop into the FCT for a greener pasture.
Most of Embassies and High Commissions of other countries have their offices in Abuja, meaning their workers, meaning demand for comfortable and secured property environment will continue to rise.
Abuja Has Virgin Lands
Even though most of the city is still verdant virgin terrain, development in the capital is moving at a breakneck pace. The newest construction in Abuja is located on the outskirts of the city, beginning with Abuja phase 3.
There Are Available Loans for Real Estate
Increased attention has been paid to mortgages and payment plans, especially with new construction areas, as the government has committed to recapitalizing various financial institutions, thereby simplifying applications.
As a result, fewer individuals will be in need of temporary housing and more people would be able to afford permanent homes, lowering the national housing deficit.
Possibility of Acquiring Undeveloped Property
With so much empty space in the heart of the nation’s capital, real estate investment opportunities abound. The potential for profit is practically boundless as well.
Return on investment is also high. Despite Nigeria’s official currency is Naira, some properties in the FCT are already being priced in UD dollar.
Caution: If you’ve found the property to buy, it is very important to investigate the title of property, check the history of property, check with the Federal Capital Development Authority to be sure that it isn’t a disputed land.
So, if you need to know why you need to get started with real estate investment in Abuja, and how you can go about it, we have provided this information in the guide above.
As developed as Katampe Extension Diplomatic Zone, Asokoro, Maitama Extension, Maitama, Asokoro Extension Guzape, and Wuse 2 are, you can still find a plot of land or more within this location.
But you must be ready to commit millions of naira or billion and be ready to pass through the legitimate process to avoid falling prey of dubious property agent.