The real estate market in Abuja has been on a steady rise in recent years, and the prospects are quite high. Apart from being the administrative capital of Nigeria, Abuja is a developing city with high demand for residential property and a rapid increase in population.
Making it a goldmine for the real estate market. More people are going into real estate every day and looking into real estate in Abuja but before you do, here is all you need to know.
An Overview Of Real Estate In Abuja
The market for real estate in Abuja is expanding, and it presents a variety of prospects for buyers and investors. Because of its status as the nation’s capital and its strong economy, the city has experienced substantial growth in recent years (read more).
The real estate market in Abuja is characterized by a mix of residential and commercial properties, including apartments, villas, office buildings, and shopping centers. Properties in Abuja vary in price and quality, with luxury properties being more expensive and in higher demand.
The necessity for housing and commercial space due to the expanding population is a major factor in the growth of the real estate industry in Abuja. The city’s developed infrastructure, modern facilities, and stable political environment also make it a desirable location for real estate investment.
When investing in real estate in Abuja, there are many things to think about, such as the location, type of property, price, and ways to pay for it.
Real Estate Market Conditions In Abuja
The real estate market in Abuja is quite favorable for anyone looking to invest in or buy a house. The market has had a steady growth in recent years due to several factors like population growth, security, and a strong economy.
The demand for residential properties in Abuja is very high because the increase in population coupled with a shortage of affordable housing poses a major challenge. Luxury properties are also in high demand, especially in prime locations with good accessibility and amenities.
This is due to the number of high-class people that reside in Abuja including government officials, politicians, business moguls, cooperate, executives, expatriates, and others in the high class of society.
The commercial real estate market in Abuja is also strong, with demand for office space driven by the presence of several multinational corporations and government agencies.
The retail sector is also growing, with several shopping centers and retail spaces being developed to cater to the needs of the city’s residents.
The real estate market in Abuja is very good and is expected to remain positive in the coming years, with continued growth in the residential and commercial sectors.
Where Should I Buy Real Estate In Abuja?
Picking the location for your property is very important especially if you are buying the property as an investment. You need to consider certain factors like proximity to amenities, accessibility, development, and safety.
Some of the best locations to buy real estate in Abuja are:
Asokoro is a neighborhood in Abuja, known for its upscale homes and high-end amenities. It is located in the central district of the city and is one of the most prestigious and sought-after neighborhoods in Abuja.
Asokoro is home to many of the city’s wealthy residents, including high-ranking government officials. The neighborhood is known for its well-manicured lawns, tree-lined streets, and spacious homes with large gardens.
It has a variety of shopping centers, restaurants, and other commercial establishments, as well as good access to public transportation and well-maintained roads. It is a great place to buy real estate in Abuja but the property in this area can be quite expensive.
This is a rapidly growing residential and commercial neighborhood in Abuja phase 2. It is the ideal area to purchase real estate in Abuja due to ongoing government infrastructure construction and its fantastic location.
Jahi is known for its accessibility and convenience, as it is located close to several major roads and highways, making it an easy commute to other parts of the city. It is also close to several upscale neighborhoods, including Gwarinpa, Kado, and Katampe.
This area is perfect for people looking to purchase a property close to the city center because Jahi is only about a 12-minute drive from the Central Business District (CBD).
Jahi is also home to several shopping centers, supermarkets, and other commercial establishments, providing residents with a range of shopping, dining, and entertainment options.
Mpape is located on the outskirts of Abuja and is considered to be a more peaceful and serene alternative to the city’s busier central districts. It is a relatively large district in terms of both people and area of land.
The area is generally underdeveloped. However, it is precisely this underdevelopment that makes Mpape a desirable location to buy real estate in Abuja. Mpape is also known for its greenery and scenic views, with several parks and nature reserves located in the area.
In terms of accessibility, Mpape is located close to several major roads and highways, making it an easy commute to other parts of the city. The area is also well served by public transportation, with several bus and taxi services operating in the area.
Another great location to own land is Kuje. Land in Kuje is generally less expensive than in other areas because it is farther from the city core. For this reason, investors with limited resources or a low budget should consider buying lands or houses in Kuje.
This area is also ideal for anyone looking for farmland or agricultural land because there is a large supply of it. Kuje is located close to several notable monuments in Abuja, including Centenary City and the airport.
This is a little-known neighborhood in Abuja. It is located in phase 2, directly south of Jabi. Dakibiyu is surrounded by ring-road 2, a significant thoroughfare that connects several communities from Gwarinpa at one end to Apo at the other.
The neighborhood has quick access to the city’s airport thanks to its proximity to the airport road.
The northern city of Jabi is far more developed than Dakibiyu. However, you can easily see why Dakibiyu is one of the greatest locations to acquire land when you consider its proximity to Jabi which is one of the most costly areas of Abuja to purchase real estate and has a great central location.
Despite being a relatively crowded location, Kyami is a sizable area. There is a lot of available land. It is a 25-minute drive away from the city center and a 15-minute drive from the airport, making it an exceptional location to buy a house in Abuja.
Additionally, it is close to the Centenary City project, which is currently under construction. The neighboring towns of Kyami were formally included in Abuja Phase 5. This indicates that the neighborhood will soon receive significant development thanks to more investment, better facilities, infrastructure, and services.
Cost Of Real Estate In Abuja
It all comes down to your budget when buying a home. The real estate market in Abuja is full of some of the most expensive homes, so you would have to be careful when choosing real estate in Abuja, especially if you are working with a low budget.
The cost of real estate in Abuja differs greatly based on several factors, like the location, the type of property, size, and condition.
Also read: Top 20 Most Expensive Estates In Nigeria
On average, you can purchase a single-bedroom apartment in Abuja for anything between 3 million naira to 15 million naira, while the cost of a three-bedroom apartment ranges from 10 million naira to 40 million naira.
The cost of a standalone home in Abuja can range from 30 million naira to 500 million naira or more, depending on the size and location.
If you are looking to buy property in upscale like Asokoro and Maitama then you would need a very high budget. The houses in these areas are very expensive with most being sold at prices over 100 million.
Things To Look Out For Before You Buy Real Estate In Abuja
Before buying real estate in Abuja, you should take the time to thoroughly consider certain factors to ensure that you make a smart investment.
Choosing an appropriate location when buying real estate is very important. The functionality of the property largely depends on the location. You should think about how easy it is to get to and how close it is to important places like hospitals, shopping malls, schools, and public transportation.
Before buying real estate in Abuja, you should have a clear budget in mind because the prices can get quite expensive. You should also consider associated costs like closing charges and maintenance costs.
3. Legal documentation
When making the final choice to purchase real estate, you should verify that all paperwork is in order and that the legal documentation complies with applicable laws.
Also read: 10 Must-Have Important Property Document In Nigeria
You could also employ a real estate attorney to simplify the process and guarantee that all agreements and deeds are valid and in your best interests.
4. Future development
You should consider any future developments in the area and how they might affect your property.
Benefits Of Buying Real Estate In Abuja
1. Fast Appreciation
Investing in real estate can increase in value over time and is one of the simplest ways to build wealth. Despite Abuja’s high cost of living, the city’s commercial hub is expanding due to the recent rise of several firms, start-ups, and multinational corporations.
As a result, there has been a consistent demand for investment assets such as offices, residential buildings, retail stores, and industrial buildings.
Because of this demand, the value of both business and residential properties tends to appreciate at a rapid rate. This is a very good reason why you should buy real estate in Abuja. In a couple of years, the value of your property is sure to increase.
Abuja has a relatively low crime rate in comparison to other states. It is where a lot of high-profile people live, including high-ranking government officials, high-ranking politicians, international ambassadors, expats, and others. As a result, there is a need for a high level of security.
Also read: 10 Reasons You Should Buy A House In Abuja
Abuja is a well-organized city with a high-security presence that is always on hand to uphold law and order and conduct patrols and other actions to safeguard people and property.
This is a very good reason to choose to buy real estate in Abuja either as your place of residence or as an investment.
3. Good Infrastructure
The city of Abuja is substantially developed and offers excellent social amenities for its residents. There are street lights, traffic signals, nice roads, recreational parks, organized markets, and other relaxation areas in Abuja.
You can easily see how wealthy Abuja is compared to other Nigerian cities by the lush green pedestrian pathways and spectacular homes in affluent neighborhoods like Jabi, Maitama, Asokoro, and Wuse 2.
It is endowed with lovely landscapes, man-made constructions, and architecture.
FAQs About Real Estate In Abuja
What Is The Best Area In Abuja?
The best area in Abuja is subjective and differs depending on people’s preferences so I cannot say a particular area is best. However, some good areas in Abuja in regard to the environment, location, and safety include Asokoro, Maitama, Jabi, Wuse, and Garki.
How Much Does It Cost To Buy Land In Abuja?
The average cost of land in Abuja ranges from 5 million naira to 300 million or more, depending on the location and type of property. To be on the safer side, your budget should be above 50 million naira.
Overall, Abuja’s real estate market presents a variety of chances for buyers and investors. Before making a real estate investment in Abuja, there are a few things you should know.
After reading this article I’m sure you have a good idea of real estate in Abuja. However, it is important to conduct extensive research and get professional guidance from a real estate agent or attorney.
Also read: How To Invest In Real Estate In Nigeria: A Complete Guide