IF YOU WANT TO INVEST IN NIGERIAN REAL ESTATE (PROPERTY). By KEMKA S. IBEJI


A friend of mine got my attention to this and it is important I give you my professional thoughts as a business participant in the real estate market as both investor, developer and arbitrage dealer.

If only your interest is return on investment and no other sentiment, you can be sure of your investment giving you returns in certain specific locations in Nigeria.

As far as it is for investment, the following cities in Nigeria are outlined according to their degree of importance in being lucrative and viable in the real estate business;

1. LAGOS: Is a stable market with flowing turnover. Purchases and sales are constant and as fast as the economy permits. The Lagos state market remains at the top because it is reliable and rests on facts and accurate figures. It might not be too big but it remains constant and consistent. Both residential, commercial, religious, Oil and Gas, industrial, hospitality and even research aspects of real estate are active and operational in Lagos state. It is at the top though has a lot of threats from decaying infrastructure and road traffic.

2. ABUJA: Real estate in Abuja is huge money and it is fastest growing market. Though prices are yet speculative, politics controls a lot of the market. If a government guarantees stability, Abuja is the best market. However, the prices have no scientific and economic backing but merely wishful. Once the government is able to stabilize the issues of uncertainty, Abuja will quickly get to the top of the chart.

3. PORTHARCOURT: PortHarcourt is the 3rd largest real estate market in Nigeria. It is good enough but there is the of fear of violence. Another worry is the experience of abandoned property of civil war. However, it is the 3rd real estate market with cosmopolitan gait. Just like Lagos and Abuja, tribal sentiments are minimal in the real estate market in PortHarcourt.

4. OWERRI: Owerri is almost becoming the heart and headquarters of hospitality in Nigeria. For commercial real estate, Owerri has great potentials especially in the area of Hotels, Guesthouses, Hostels and Office Plazas. However, real estate in the Southeast is controlled a lot by the indigenes as not many other Nigerians invest in the Eastern Nigeria except the Easterners themselves.

5. ONITSHA/ASABA: Onitsha and Asaba share same type of potentials. Good prospect and may get better with 2nd Niger Bridge. But for the lack of proper real estate planning in Onitsha, Asaba might enjoy the benefits of businesses created by Onitsha. However, well planned infrastructure by government will see a boost in this axis in both hospitality, commercial, industrial and residential real estate. This is however the 4th detribalized location in Nigerian real estate business. It has huge potentials untapped.

6. OGUN STATE: Ogun State can simply be seen as the extension of Lagos. With good government plans for the real estate in terms of infrastructure and policies, Ogun State real estate can be dubbed the 22nd Century Lagos with Lagos becoming an old city if not quickly remodeled and renewed. Ogun has the value of almost all you find in Lagos. An investment in Ogun State real estate is a good idea as the potentials mount for the future.

7. ENUGU: Real Estate market in Enugu is very quiet and only known by those who are conversant with the milieu. However, most Igbos will prefer to invest in Enugu seeing it as the headquarters of the Southeast. So it will be a good foray for speculators and long term investment. Good relationship opportunities between government and developers will introduce a huge turnaround in Enugu as most Igbo people in diaspora may prefer investing in Enugu than Lagos and Abuja. It is however tainted with ethnic bias.

8. ABA: The situation with Aba is an instructive one. That the market has not collapsed totally for many years of neglect and abandonment by succeeding governments indicates a strong seed of potency in Aba. For now Aba remains a horizon for long term investment expecting when a good government will come. A good government creating infrastructure and establishing new tows through expanding Aba will announce Aba at the top of the chart. Aba retains viable potential for industrial, commercial, hospitality and residential real estate business. This is a place to watch.

9. KANO, KADUNA & MAIDUGURI: These are very lucrative abodes for real estate businesses. The major challenge is the current restive nature and volatility status of the North. However, the only investors who will dare these areas are people who were born and bred there. This is limiting for real estate investment in Kano, Kaduna and Maiduguri. But if the political system guarantees safety and the issues of ethnic fears removed, these places have one of the most important attractions to real estate investment owing to the population and virginity of the land.

There are other areas that can be fascinating for real estate investors but these are at the leading fronts.

You can reach me for further information on real estate investment in Nigeria. It is important you have good information to make best business decisions in real estate market in Nigeria. The real estate sector is very lucrative here in Nigeria as the profit margin is somewhere above 100% if you understand the terrain and business psychology of the market.

I am
KEMKA S. IBEJI
President/CEO; E-Housing.Biz Limited

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