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How Well Do You Know Abuja Nigeria??? - Properties - Nairaland

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How Well Do You Know Abuja Nigeria??? by MrCeeProperties: 2:15am On Oct 07, 2014
Abuja is now a top international destination for global investors. What is driving international interest in the local market?

The performance of the Abuja Real Estate market is really amazing! Real Estate in Abuja can compete with other choice locations in the world right now. Dubai has been doing very well, the rates of properties in Abuja can actually compete with the rates of properties in Dubai and some other parts of the US e.g California. For instance the price of a fully detached duplex in jabi goes for about $2m that’s approximately N320m or even higher, there's a town house i know of in maitama that goes for $1.5m. So, for you to buy a terrace duplex of $1.5m in New York, it must be at the choice part of New York; Beverly Hills. Even in Dubai, you rarely get terraces that are going as high as $1.5m dollars. There’s a development going on now in Asokoro, that is going for about N900m. So, people outside Nigeria are actually seeing this and they know that Abuja is fast becoming an investors’ destination. It’s not only about buying and reselling, it’s also about the rental value from such investments. I once visited a 2-bedroom apartment in maitama that had an annual rent of N19.5m and N3.5m service charge, which sums up to N23m. basically when people do these calculations, they can obviously see the expected returns.

In the past, people were rushing to Dubai to invest in properties because of the rental value but you can’t compare it to what is happening in Abuja presently. There are lots of houses that are cheaper in the UK and US. Recently someone offered us a 7 acres of land in Baltimore at N40m, but with that amount you won’t even be able to buy a plot in garki. So for a waterfront property in Baltimore at that price, I thought it was very cheap compared to Abuja. Generally, I think the Abuja market is doing fantastic.

I will also like to address the issue of the Abuja market being overrated. i think it's a product of ignorance. Often times, Abuja has been referred to even by expatriates as the capital of Africa. Moreover, we are in the market where we have renowned valuers, i believe many people are probably not well informed about the market trends, so they still rate our market low when being compared to other markets in the world. I know of a project that was just recently commenced in jabi, but now they have about 15 units already sold. And just very few of those that bought out of the 15 units are Nigerians. People are investing massively, the present sales and rental values are equally high. So, I don’t see anything overrated about it. The most important thing is that the obtainable rate that you get within a particular district will differ. Of course, a town house that costs N250m in maitama might cost only N50m in katampe.

This awesome returns in Abuja Real Estate investment is not just applicable to the high brow areas, it's also applicable to other districts in Abuja. From low, medium, to high brows. all you need is a good investment adviser/agent who can always counsel you on places to invest at every point in time.

we are here to help make your Real Estate investment yield better returns. call us on +2348033760465 or email us @mr.ceepropertiesltd@gmail.com or follow us on twitter@ MrCee_Propties or like our facebook page@facebook.com/mr.ceepropertiesltd. To always get our updates. visit our website to see our listings @www.mr.ceepropertiesltd.estateagentsng.com

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