michlins:
he's entitled to his own opinion so no drag him


Good morning sir

can you do this?

Nezzjnr:

Isn't the same Nnewi that I've been to??

That place is overhyped to be honest

The way the guy has been hyping this nnewi, I'm beginning to wonder if there's another Nnewi apart from the one 15-20 minutes drive from onitsha.

The roads within the town are single lanes and mostly not dualised, very rowdy and rough just like Onitsha, landscaping is poor and the major mode of transportation by residents was okada the last I visited.

Even if I steal the 100m, there's no way I'm using it to buy a land in Nnewi.

redcliff:


can you do this?

yes boss. Am I to do the foam padding too

michlins:
yes boss. Am I to do the foam padding too

No, just the framing. I would give you the exact measurement in length. Also, what kinf of iron would you use and what kinf of polishing to prevent it from rusting as it ould be spending its whole lifecycle outside on a balcony...

redcliff:


No, just the framing. I would give you the exact measurement in length. Also, what kinf of iron would you use and what kinf of polishing to prevent it from rusting as it ould be spending its whole lifecycle outside on a balcony...

it's wrought iron. Will give it a longer lifespan and beauty. Depending on the size, it might be done on site cause it might be difficult to move around

rationalmind:


The way the guy has been hyping this nnewi, I'm beginning to wonder if there's another Nnewi apart from the one 15-20 minutes drive from onitsha.

The roads within the town are single lanes and mostly not dualised, very rowdy and rough just like Onitsha, landscaping is poor and the major mode of transportation by residents was okada the last I visited.

Even if I steal the 100m, there's no way I'm using it to buy a land in Nnewi.

I also happen to know Nnewi, as I go there to buy things and I have friends from there. Please do not mind the seeming chaos in the market areas of Nnewi, there is no more land for sale as the population looking for good lands are so much, fuelling scarcity and this has greatly increased cost of lands.

There are numerous billionaires from that same Nnewi, all looking for more lands to expand their businesses, they will not bat an eyelid to buy lands at over N100m for one plot.

Is Nnewi lands too expensive? Yes.
Are they worth it? Yes.
Will I buy it or advice others to buy at those high costs? Yes.

Costs are high or low because people had factored the immediate and future developments in the town into consideration. Nnewi lands are set to get much more expensive as more people continue into mass production of goods and services. Nnewi is a business area and many people reap their profits in a short time.

rationalmind:


The way the guy has been hyping this nnewi, I'm beginning to wonder if there's another Nnewi apart from the one 15-20 minutes drive from onitsha.

The roads within the town are single lanes and mostly not dualised, very rowdy and rough just like Onitsha, landscaping is poor and the major mode of transportation by residents was okada the last I visited.

Even if I steal the 100m, there's no way I'm using it to buy a land in Nnewi.

The place is nice though.....But I can't dole out 100m to get a land there only to be dragging road with Impatient Nike Riders

Nezzjnr:



The place is nice though.....But I can't dole out 100m to get a land there only to be dragging road with Impatient Nike Riders

It doesn't make sense to me. People are always crowding one place. Anambra is not a big state. I mean from my village to Nnewi will be a 45 minutes drive at most. If I want to set up a business, I will choose Onitsha or somewhere near it. Buy the land at a good price. You will buy 5 plots or more at a developed place in Awka or Onitsha with that amount.

spyder880:


I also happen to know Nnewi, as I go there to buy things and I have friends from there. Please do not mind the seeming chaos in the market areas of Nnewi, there is no more land for sale as the population looking for good lands are so much, fuelling scarcity and this has greatly increased cost of lands.

There are numerous billionaires from that same Nnewi, all looking for more lands to expand their businesses, they will not bat an eyelid to buy lands at over N100m for one plot.

Is Nnewi lands too expensive? Yes.
Are they worth it? Yes.
Will I buy it or advice others to buy at those high costs? Yes.

Costs are high or low because people had factored the immediate and future developments in the town into consideration. Nnewi lands are set to get much more expensive as more people continue into mass production of goods and services. Nnewi is a business area and many people reap their profits in a short time.

How much is the rent of an average 4 bedroom duplex in this area? What’s the occupancy rate?

I always advice my clients to invest where it cost more to rent than own.
I’ll also consider tax friendly cities more than that cities where you’ll be paying astronomical property taxes forever.

Ndyoo:


It doesn't make sense to me. People are always crowding one place. Anambra is not a big state. I mean from my village to Nnewi will be a 45 minutes drive at most. If I want to set up a business, I will choose Onitsha or somewhere near it. Buy the land at a good price. You will buy 5 plots or more at a developed place in Awka or Onitsha with that amount.

In business, its all about location. You might want to site your factory in an area where the raw materials, other factors and sales outlets are arranged in a single point. Nnewi imports and offloads, they also arrange exports from there. Vehicles come in from neighbouring countries to buy stuff in Nnewi.
So you see that you can benefit from group arrangements and from other customers coming to buy from Nnewi also buying your stuff because of proximity. The only reason why most big companies in Anambra are not in Nnewi is because of scarcity of lands.

n3xt:


How much is the rent of an average 4 bedroom duplex in this area? What’s the occupancy rate?

I always advice my clients to invest where it cost more to rent than own.
I’ll also consider tax friendly cities more than that cities where you’ll be paying astronomical property taxes forever.

Lagos and Ogun has the highest taxes on developed properties and developing properties, yet they still have good returns on investment.

What's happening in Lagos is comparable to double taxation from different MDAs

n3xt:


How much is the rent of an average 4 bedroom duplex in this area? What’s the occupancy rate?

I always advice my clients to invest where it cost more to rent than own.
I’ll also consider tax friendly cities more than that cities where you’ll be paying astronomical property taxes forever.

Nnewi is not expensive because of property rates, for property renting, Onitsha or Enugu, Owerri might do more than Nnewi. Nnewi is costly because of manufacturing. Industrial type developments and one man manufacturing companies dominate the business and property costs.
Renting duplex in Nnewi may not yield much profit because many of these producers and workers live in their own homes. There are so many built up houses that are unoccupied, so many people squat for free.

Edited: No proper Nnewi or Onitsha trader will agree to pay rents on a duplex, he can only live in a duplex, Only if he owns it.

davodyguy:

Lagos and Ogun has the highest taxes on developed properties and developing properties, yet they still have good returns on investment.

What's happening in Lagos is comparable to double taxation from different MDAs

Taxes in Lagos are scary.

Nezzjnr:

100ml??

I rather buy 2 houses for such amount in Yaba or Magodo

Return on investment in Lagos can't be compared with that of any other state in Nigeria, save FCT.

The rate at which rent is going up in Lagos says it all.

If you spend ₦50m on a property in ordinary Ketu or Surulere, you can recoup your money within 5-7 years from annual rent collection

Ndyoo:


It doesn't make sense to me. People are always crowding one place. Anambra is not a big state. I mean from my village to Nnewi will be a 45 minutes drive at most. If I want to set up a business, I will choose Onitsha or somewhere near it. Buy the land at a good price. You will buy 5 plots or more at a developed place in Awka or Onitsha with that amount.

I'll prefer to get a land in Awka and build apartments for students

Awka is much preferable than Nnewi to me

spyder880:


Nnewi is not expensive because of property rates, for property renting, Onitsha or Enugu, Owerri might do more than Nnewi. Nnewi is costly because of manufacturing. Industrial type developments and one man manufacturing companies dominate the business and property costs.
Renting duplex in Nnewi may not yield much profit because many of these producers and workers live in their own homes. There are so many built up houses that are unoccupied, so many people squat for free.

Exactly my point. I have a lot of clients that do 50m + plots but... it doesn’t just make any financial sense to me. Now, na hin money and he has the right to spend it anyhow he like.

Experience has shown us that most of these expensive properties ended up becoming ghost towns.

Let me give you an example of of how I’d recoup far more ROI in less than 5 years if I invest a quarter of that money elsewhere.

I’m currently investing in some virgin land that cost about 600k / plot in an area where land is currently sold at about N1.5m.
In the first phase, I’m working on about 6 acres which is about N22m.

All I intend to do is to is to clear the land, delineate it and sell in 2 years time for N3m.

The question now is “Will people buy?” Yes! The property is the only available plot in the location (with about 3,000 buildings) and it’s a waterfront property.

For now I’m still attracting investors in the project at N1m per plot.


_______

At the end of it all, what matters to me is ROI. Nothing more.

n3xt:


How much is the rent of an average 4 bedroom duplex in this area? What’s the occupancy rate?

I always advice my clients to invest where it cost more to rent than own.
I’ll also consider tax friendly cities more than that cities where you’ll be paying astronomical property taxes forever.

house rent here starts at 350,000 for a three bedroom and you can build three storeys if you want

spyder880:


I also happen to know Nnewi, as I go there to buy things and I have friends from there. Please do not mind the seeming chaos in the market areas of Nnewi, there is no more land for sale as the population looking for good lands are so much, fuelling scarcity and this has greatly increased cost of lands.

There are numerous billionaires from that same Nnewi, all looking for more lands to expand their businesses, they will not bat an eyelid to buy lands at over N100m for one plot.

Is Nnewi lands too expensive? Yes.
Are they worth it? Yes.
Will I buy it or advice others to buy at those high costs? Yes.

Costs are high or low because people had factored the immediate and future developments in the town into consideration. Nnewi lands are set to get much more expensive as more people continue into mass production of goods and services. Nnewi is a business area and many people reap their profits in a short time.

bros e tire me as we dey argue this. My former landlord sold their family property for #100ml more than four years ago. No be dem tell me oh. Right now they're building a plaza with the kind of speed that will make you question if these people dey buy cement and rod at same market price we all are crying about

spyder880:


Nnewi is not expensive because of property rates, for property renting, Onitsha or Enugu, Owerri might do more than Nnewi. Nnewi is costly because of manufacturing. Industrial type developments and one man manufacturing companies dominate the business and property costs.
Renting duplex in Nnewi may not yield much profit because many of these producers and workers live in their own homes. There are so many built up houses that are unoccupied, so many people squat for free.

Edited: No proper Nnewi or Onitsha trader will agree to pay rents on a duplex, he can only live in a duplex, Only if he owns it.

innoson recently bought more than 100 plots to enable him expand his car manufacturing firm. If anyone cares to confirm, ask about umuezenam in umudim Nnewi.

michlins:
innoson recently bought more than 100 plots to enable him expand his car manufacturing firm. If anyone cares to confirm, ask about umuezenam in umudim Nnewi.

I also know that Chicason is still looking for over 50 plots in Nnewi, plus many other manufacturers.

Ndyoo:


It doesn't make sense to me. People are always crowding one place. Anambra is not a big state. I mean from my village to Nnewi will be a 45 minutes drive at most. If I want to set up a business, I will choose Onitsha or somewhere near it. Buy the land at a good price. You will buy 5 plots or more at a developed place in Awka or Onitsha with that amount.

let me tell you,ozubulu is a very close town to Nnewi like they're neighbors. You can get a plot for 6ml in a very good location there but no, people will prefer to pay more for Nnewi lands.

Talking about that, Ibeto bought and fenced more than 50 plots of land at Awka etiti just a town close to Nnewi. No one knows what he plans on doing there but trust Nnewi people, the whole lands around there are now premium. You want to buy land close to Ibeto property, you have to pay premium for it. E no easy but that's

michlins:
house rent here starts at 350,000 for a three bedroom and you can build three storeys if you want

If rent is as cheap as 350k, it makes no financial sense to buy a land and build any type of house there. You won’t recoup your investment in 2 decades even if the rent is increased by 300%.

I once lived in an estate where you pay N2m/ annum to rent a 2 bedroom BQ and 1000sqm land is sold N45m within the estate.
We also pay as much as N7m / annum (and even far more) to rent duplexes in some location in Lagos.

If it’s an industrial area, the price 100m/plot is still cheap compared with what’s obtainable around here.

Instead of investing in such area, a wise investor will look for land in neighboring communities and buy land at cheap price to develop residential projects.
If however, the plan is to flip lands - it’s a wise decision in my own opinion.

davodyguy:

Return on investment in Lagos can't be compared with that of any other state in Nigeria, save FCT.

The rate at which rent is going up in Lagos says it all.

If you spend ₦50m on a property in ordinary Ketu or Surulere, you can recoup your money within 5-7 years from annual rent collection

This is more like it. 5 - 7 years and you can go to sleep.

By the way, those areas aren’t ordinary sir

Here’s wishing our esteemed clients a blessed year ahead. May you soar on Eagle’s wings and may you be victorious over every of life’s circumstance. Thanks for being part of our 2020 we really appreciate. Let’s do the same this year because without you there won’t be US. �
Happy New Year to you and yours.

davodyguy:

Lagos and Ogun has the highest taxes on developed properties and developing properties, yet they still have good returns on investment.

What's happening in Lagos is comparable to double taxation from different MDAs

I forgot to put an exception clause

With the exception of “Lagos and Ogun state”

n3xt:


If rent is as cheap as 350k, it makes no financial sense to buy a land and build any type of house there. You won’t recoup your investment in 2 decades even if the rent is increased by 300%.

I once lived in an estate where you pay N2m/ annum to rent a 2 bedroom BQ and 1000sqm land is sold N45m within the estate.
We also pay as much as N7m / annum (and even far more) to rent duplexes in some location in Lagos.

If it’s an industrial area, the price 100m/plot is still cheap compared with what’s obtainable around here.

Instead of investing in such area, a wise investor will look for land in neighboring communities and buy land at cheap price to develop residential projects.
If however, the plan is to flip lands - it’s a wise decision in my own opinion.

the people who pay such premium for lands no be everyday Joe. Tenant house doesn't make sense here. Remember that Spyder880 said no Nnewi man will rent a duplex and that's true. Onye Nnewi thinks it's wrong to buy Eva water of #200 when there's a sachet water for #10.

Someone said something about dragging the roads with bike riders. Most of these people you see on bike are multimillionaires. There are simple bikes that cost about half a million Naira and they look just like every other bikes.

Nnewi is a weird town

cash1115:
Here’s wishing our esteemed clients a blessed year ahead. May you soar on Eagle’s wings and may you be victorious over every of life’s circumstance. Thanks for being part of our 2020 we really appreciate. Let’s do the same this year because without you there won’t be US. �
Happy New Year to you and yours.

Nice one! Wa.in.s.cot.ing has come to stay.

This simple message is what nairaland bot banned me for

spyder880:


Nnewi is not expensive because of property rates, for property renting, Onitsha or Enugu, Owerri might do more than Nnewi. Nnewi is costly because of manufacturing. Industrial type developments and one man manufacturing companies dominate the business and property costs.
Renting duplex in Nnewi may not yield much profit because many of these producers and workers live in their own homes. There are so many built up houses that are unoccupied, so many people squat for free.

Edited: No proper Nnewi or Onitsha trader will agree to pay rents on a duplex, he can only live in a duplex, Only if he owns it.

I understand clearly this line of argument you and michlins are putting forward. It is not hyping Nnewi. It is the statistical fact. This is called localisation of industry in elementary economics. You want to site your industry where the amenities and market are.

The land prices are driven by the need for industry and manufacturing. Built up industrial plots are priced higher, so Nnewi industrialists see each plot as a potential industrial/manufacturing plot.

People should understand that it is not always residential, there is industrial element as well. If you don't understand this, you will be thinking 100m for a plot is not economical. It is economical. Get a plot for 100m, build your industry for 300m for example, that is 400m investment. Your first year of trading (goods), you will get that money back. The industrialists know this, so they are ready to cough up good money for industrial plots.

People say I will use that money to buy two houses in Lagos for example and rent. It's all about ROI. This is not appreciating land economics. The ROI for top notch industrial complex will always be higher for a corresponding residential property.

Take Agbara in Ogun State for example, a residential plot in the area is on average 1.5m but in Agbara Industrial Estate, the situation is different. Same in Apapa, Ikeja etc.

Here are some good reasons why you should love nature: https://www.kobocity.com/d/89-horticulture-ideas-beautify-your-home-and-be-in-tune-with-nature/2

Quanta 200a 12v battery

Brand new quanta 200a battery available for sale
White carton "Limited quantity"

Contact,
Smartcell global services
CALL ONLY:: 081-350-31951
WHATSAPP ONLY::: https:///2348170385620

diordaves:


I understand clearly this line of argument you and michlins are putting forward. It is not hyping Nnewi. It is the statistical fact. This is called localisation of industry in elementary economics. You want to site your industry where the amenities and market are.

The land prices are driven by the need for industry and manufacturing. Built up industrial plots are priced higher, so Nnewi industrialists see each plot as a potential industrial/manufacturing plot.

People should understand that it is not always residential, there is industrial element as well. If you don't understand this, you will be thinking 100m for a plot is not economical. It is economical. Get a plot for 100m, build your industry for 300m for example, that is 400m investment. Your first year of trading (goods), you will get that money back. The industrialists know this, so they are ready to cough up good money for industrial plots.

People say I will use that money to buy two houses in Lagos for example and rent. It's all about ROI. This is not appreciating land economics. The ROI for top notch industrial complex will always be higher for a corresponding residential property.

Take Agbara in Ogun State for example, a residential plot in the area is on average 1.5m but in Agbara Industrial Estate, the situation is different. Same in Apapa, Ikeja etc.

If I'm to add my one Kobo... The simple truth is that there are no more lands at nnewi.eveb anambra state as a whole is having similar challenges. The billionaires are doing what we call akuluono. Remember records have it that nnewi have the highest numbers of billionaires.