- Posted by Dorcas Tosin in Nigeria Property Market
- No Comments
Apart from Lagos, Akure, the Ondo State capital is one city where investing in real estate is worth it. Though, a lot of real estate investors who mainly focus on Abuja and Lagos are yet to know that Akure is a real estate gem in the South West region.
Table of Contents
In this article, we’ll explore carefully-selected best locations in Akure where you can buy land and resell for a huge profit.
Real estate market
One of Africa’s most influential nations, Nigeria also 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.
More than that, the World Bank predicted in its 2016 World Bank Open Data that Nigeria’s urban population would expand by 4.3% per year.
And that housing demand would climb by 20% in Lagos, Kano, and Ibadan, and that the country’s urban population would double by 2037.
The widely reported housing shortage in Nigeria is expected to reach 20 million by October 2021.
Real estate has played and will continue to play an important role in Nigeria’s economy despite the negative effects of the recent COVID-19 outbreak, and the industry’s players are working hard to close the housing gap.
According to the National Bureau of Statistics’ GDP Report for Q1 2021, the real estate sector in Nigeria expanded by 1.77%, adding a total of 5.28% to the country’s real GDP for the period under review (around USD5.3 billion), a team of property lawyers at Greychapel Legal says.
The real estate industry is expected to contribute more to GDP in the future, barring any unforeseen setbacks.
Despite this, some foreign investors in Nigeria’s real estate market have lost money. This is largely down to a misunderstanding of the country’s commercial and regulatory climate.
Inadequate data/information from local advisers is another reason why many investors fall behind the curve when it comes to the latest real estate industry trends and practices.
Akure in view
With an emphasis on Akure, Ondo State, one of Nigeria’s commercial hubs, this article will examine the profitable real estate locations to invest in Akure, Ondo State capital, with the intention of providing a guide for investors who are planning to set up one in Ondo State.
Best Real Estate Investment Locations in Ondo State Capital
For any real estate investors, here are the fast-developing and profitable locations you can start your real estate business in Ondo state and its environment.
Alagbaaka is in the heart of the state capital, which also doubles to be the seat for powers and principalities in the states.
The biggest company has its business set up in this area, and most government agencies and important parastatals are located in Alagbaaka.
Investing in this area is an investment to rip multiple folds on your capital. The state’s big men ensure they have an apartment or properties in this vicinity, a plot of land in this location will cost you at least NGN50 million or above.
This is another old but evergreen area you can start looking into. This area is close to Alagbaaka which is more reason it is a bit costly.
Ijapo estate comes with a well-planned environment that is conducive for both rich and men of timber and caliber.
Good road network connecting strategic location and also good for different business purposes. A plot of land in this area will set you back by at least NGN25 to 30 million.
This is the busiest and the major economic hub of the state. Getting a property here in form of shops or complexes is an investment that will worth all the penny you will be spending on developing this project. A shop costs not less than NGN300 thousand per year in this area.
Though it is a busy area, it is only best for commercial purposes and not residential purposes.
This is one of the best estate areas here in Ondo state. This facility comes with security personnel, a good road network, easy access to Alagbaaka, well-planned structures with modern designs, and another recreational area you can use as a resident of the estate.
Investing in any properties in this area is a sure bet for any investor targeting Ondo state for their real estate business.
This is yet another interesting area that comes with a lot of opportunities for real estate developers. Most federal agencies are situated close to this location, a stone’s throw to the government house and some minute trek to the heart of Alagbaaka.
Investing any penny in this area will be worth the deal. There are lots of estates that are fast developing around this area which are fast selling, hot cake, and not budget-friendly anyway.
This is one of the fastest developed areas in Akure, though it was on the outskirt of the town, it is located along Ado-Akure road, yet most people are busy relocating to this area due to its affordability and fast development happening in this area.
Though the road is poor, there is every potential that the road will be amended because there is a federal road linking the two states together.
This area is best for accommodation, hotels and lounges, and other recreational activities.
This area is yet to be developed to that extent, but this is another area that has fast gained development in the shortest while.
This area is about a 20-minute drive to Alagbaaka, though due to its bad road connection, it may take longer than this, this area stands a good chance of selling for 10s of millions of naira in the shortest while. A plot of land in Imafon as of today is about NGN800,000 to 1,000,000 naira if it’s on the road.
This area is best suited for residential areas, clubs, and other recreational activities, if the potential of this area is well harnessed by the developer, it will be a gold mine in the shortest while.
Just like its peers the likes of Igboba, and Imafon, this area is a developing area that has been populated to a very large extent already.
If a developer secures a large property in this area, it is very much possible to turn it into a fortune in the shortest time frame owing to the fact that people already started buying and developing properties in this area.
This area is best for hotels, housing, and other residential and recreational purposes. This area has a fair road network coupled with other basic amenities that will make the occupant of any properties here fare well.
Akure is one of the cosmopolitan areas in the western part of the country owing to the factor of accommodative people, good business location, and reasonable security of life and properties except the recent.
Even as you look out for the sweetest ROI, don’t forget to verify the authenticity of the property before pumping in your hard-earned money.
If you are planning to check in to get a good location for real estate development in Akure, the aforementioned areas are lucrative for real estate investment in the Ondo State capital.
- Ondo State Government Secretariat, Alagbaka, Akure by Habiba Wong on Pinterest