Property development is an area I am quite interested in and as an architect I have had the pleasure of working on a number of projects.

Just wondering if it exists in Nigeria and if not, how responsive the nigerian market would be to the idea

Yes,property development does exist in Nigeria though its a new and fast growing sector i the real estate industry. It had been neglected for a while and all of a suden, everyone seems to be going into it!I guess its the next industry that'll boom in Nigeria.I work with a property development firm and do hope to set up mine after i've gain tons of experience.You are welcome to the industry!

Cool,
Just wondering who the target market is tho, not many individuals buy houses outright do they?

Cool,
Just wondering who the target market is tho, not many individuals buy houses outright do they?

Its an area I'm trying to get into in Nigeria myself. Due to the middle class that are kind of coming back now alot of ppl have access to loans and mortgage so they are able to purchase outright.

HR - we can share ideas,

hello nairalanders

given the senerio of abuja as a capital city of which am more familiar with in respect to property development, i think it is the going trend now as more people tend to invest in large estate development.

the present list of ppty devt in respect to large residential estates can't be exhasuted on this forum as its endless.

i think its a boom. i knw of daimond court that just sold 7 units of houses from its 42 units yet on foundation level.

i think the recapitalisation has really helped in this regards as banks are all out encouraging prospective real estate investors.

i also think the mortgage institution should be looked into to encourage more propective buyers.

by and large i will give it a 65% pass mark on abuja base


hakir

onivehu2000@yahoo.com

I know there is definately a growing market for new developments. . .

whats the deal with refurbishments and restorations?

I know there is definately a growing market for new developments. . .

whats the deal with refurbishments and restorations?

Alot of ppl are interested in the new developments, i'm not sure if ppl are into restorations and renovations yet.

hi

renovation and refurbishment as the case may be is also equally on the raise. as i said, i speak more of abuja.

most government houses sold out on owners occupier bases are wearing a new look with total transformation

in as much as blighted houses are being upgraded, this does not tie down the growth or the much seen real estate

devt on the high scale. for one, abuja still ve a long way to go in respect to housing. coporate bodies, civil society groups

,various individuals and foreigners are trooping in on a geometric rate and we all knw that housing supply is inelastic .

also it is also evidence in the high level of traffic in abuja to justify its growth. people are getting to knw that the one

real source of security and value for money over time is real estate, which sparingly depreciates in value.

by and large ppty devt in abuja is worth going into.

u will still need to do ur appraisal study though.



hakir

onivehu2000@yahoo.com

Where are the hot spots for buying land and average cost?

Lady T, the hottest spot where you can aquire properties are central business area, Garki Area 1,2,3,7,8,10,11, , Wuse Zone1, 2, 3, 4, 5, 6, maitama, jabi, utako,asokoro

appraising hot spot areas in abuja, we should be looking at potential upcoming areas which are presently been serviced with infrastructue. honestly, if u

seek an average cost of land with great potentials places like guzape, asokoro extention, jabi by mr biggs, karimu were infrastructure services are

presently been done and propose new legislative quarters site, katampe extension , gwarinpa and life camp.

if ur plan is 2 to 5 years from now u got a great deal with the aforementioned areas.


guzape early last year a 1000m2 was going for 1.5- 2.5m but now it is 15 - 20m and yet constuction has not started as infrastructure in the area is near

completion. so also goes for these other areas.