When thinking about real estate investments in Abuja, people often recall the Central Business District with its government buildings and Wuse 2 the commercial center. However, there are other exceptionally good areas for investors, such as Gwarinpa, Life camp, Kuara district, Guzape, or Lugbe. Based on the most recent reports, it’s true that Abuja has one of the hottest real estate markets in the country, with a constantly increasing number of real estate transactions.

According to the Federal Ministry of Land, Housing and Urban Development, the demand for homes increased by more than 260% compared to the same period last year.

Why Invest in Abuja?

Internal migration of the population in Nigeria has stimulated interest in Abuja as a possible final destination. More and more Nigerians are leaving the big cities for the suburbs or just moving from “overvalued” states to places where the cost of living and real estate is fair. In this regard, Abuja with a great involvement of foreign capital and a booming city center is one of the most attractive destinations.

Low Land Price

When stepping into the world of Abuja real estate market, one of the main advantages of investing in local housing. For example, land plots at Sabon Lugbe with an area of about ten acres will cost from ₦7,000,000 to ₦15,000,000 compared to Maitama, where the same plot will cost at least ₦300,000,000. At the same time, land in Sabon Lugbe annually adds 6-7% value. However, in Central District or Wuse 2, the price will already be higher.

Low Construction Cost

While the property itself is important to consider, you must also keep in mind the cost of construction. In some area in Abuja, building a house with three bedrooms and two bathrooms with all the necessary utilities and amenities will cost from ₦25,000,000 to ₦45,000,000. Of course, compared to Lagos, it is very cheap, but the low construction cost is due to several reasons. The minimum wage for a worker in Abuja is ₦4,000 per day, and in Lagos, it is about ₦6,500.

How to Make More Money Investing in Real Estate?


If you’re wondering whether and how to invest in property, now is a better time to invest than any. And here are several ways to increase your return on investment:

*Divide a large apartment into small separate sleeping quarters and let separate rooms instead of the whole apartment. For example, you let a three-room apartment for ₦1,000,000 but if you divide it into three bedrooms and take ₦500,000 from each tenant, you will receive ₦1500,000;

*Redevelopment allows not only to improve living conditions but also to increase the value of the real estate by 30-40%. However, it’s worth noting that any redevelopment must be coordinated with the responsible authorities;

*Renovation increases the cost of the apartment by 1.5-2 times, so by improving an apartment, you are investing the money to build equity in the property. For example, an apartment in poor condition costs ₦1,000,000, but as you make repairs the price can be raised to ₦1,500,000-2,000,000;
The percentage of income is greatly affected by design. Today, more and more people are looking for European-style houses with wider windows and door openings, high-quality tiles or parquet on the floor. It’s true that the construction cost, in this case, will increase, but the value and price will also double.

Conclusion

One of the best things about real estate investing is that it’s open to everyone. However, to succeed in any business, be prepared to invest not only money, time, and knowledge and upgrade your skills. ​​As the world picks up the pieces from the lengthy pandemic, this is the right time to invest in Abuja's real estate market.

For your real estate need contact:

+2348029082364 Office

+2358023677092 Mobile


skylinkpropertiesv12@gmail.com

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