The best time of the year to buy property in Abuja is now. There are a couple of reasons why now is the best time to buy that property in Abuja.
The city of Abuja is one of the best locations to buy properties in Nigeria. As the Federal Capital Territory of Nigeria, owning a portion of the earth in this region will be a great idea.
The city is well-planned and has necessary amenities such as well-built road networks, excellent hospitals, recreational centers, and good water. Abuja is one of the country’s cleanest cities, with a strong presence of government organizations and ministries. Also, Abuja is a highly safe and secure city.
The real estate business is a lucrative and fast-growing industry in the city. with many beautiful edifices being constructed in every corner of the city.
It is important to highlight the fact that Abuja is equally an expensive place, with properties selling for millions. Owning a property in Abuja is one of the long-term goals of many, and that is why in this article we will learn about the reasons and factors why you should buy properties in Abuja now.
1. More Properties in the Market
There are currently more properties on the market because, for some reason, people are putting their properties up for sale.
There are a couple of factors that contribute to the increase in properties in the market, and some of them are the economic crisis, immigration, and elections. We will discuss each factor in detail going forward.
Economic Crisis
The first factor here is the economic crisis. Currently, Nigeria is in a deep recession. The recession is so serious that the older generations have been confessing that they have never experienced such a recession.
The country’s currency is constantly nose-diving and therefore sinking a greater population of the country into hardship. But why is this time the best to buy a property in Abuja?
It is a pattern that has been reoccurring throughout world history. When the economy is falling, it is also creating opportunities for some smart and prepared people to create wealth.
So, when the country is in an economic crisis, more people are forced by the state of things to sell their properties; that is one of the reasons why there are more properties in the market.
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Immigration
Another reason why there is an increase in the number of properties for sale in the market is due to the mass immigration of people to other countries.
It’s so easy to trace the mass migration to economic crisis. When things get very tough, like in a deep recession, people tend to look for ways to escape the harsh reality, such as relocating to other countries.
Some of these people working towards their relocation may be compelled to sell some of their properties to raise money for either their visa processing or tickets and have enough funds for their settlement when they get to their destination.
This reality contributes to the increase in the number of properties that are up for sale in the market.
Elections are Upcoming
In Nigeria, there is usually an increase in the properties in the market when there is an election in view, especially for national positions such as the presidency, senate, and representatives.
Elections are cost-intensive. Some players and aspirants for different seats sometimes do not have enough money to adequately fund their campaigns. To raise funds, they will decide to sell their properties. Abuja has a high concentration of politicians, which is not surprising because the city is the country’s seat of power.
Therefore, whenever an election, especially a national election, is forthcoming, the number of properties in the Abuja market increases.
2. More Options to Choose From
Another reason now is the best time to buy a property in Abuja is that there are more options to choose from. The availability of options is a result of an increase in the number of properties in the market.
It is always best to enter the market when you have many options to choose from. This is because you will be more relaxed about making better decisions. Beyond that, you are more likely to get more affordable properties that will yield good profits if you decide to sell them in the future.
3. Better Assessment
Paying for a property blindly without a proper assessment is a dangerous practice that can lead to big losses.
It is always important that you access the property you wish to buy. One of the best times to assess a property is during the rainy season.
During the rainy season, you can easily identify properties with issues. Unlike in the dry season, in the rainy season, you will easily know whether a property is in a flood-prone area or a tableland. If you are assessing a house, you can know if there are leakages in places like the roof or if there is a structural issue.
4. Buy Low, Sell High
Every business makes a profit when they are able to sell above their purchase price. Therefore, if you are into buying and selling landed properties, then buying properties in Abuja now will be one of the best business decisions you can make.
As a businessperson, you have the opportunity to buy properties at very cheap rates. You can easily acquire properties for half the standard price or even more.
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- 7 Factors That Can Make Your Property Appreciate in Abuja
Conclusion
Owning a residential house in Abuja is a big flex. Running a real estate business is a lucrative business that can help you bring your financial fantasies to life.
Achieving any of the two is something to be proud of, but you can’t wish them into existence. Buying a property in Abuja for any purpose, in the best condition and price, requires being strategic.
Properties in the city of Abuja can run into hundreds of millions. However, you can become a property owner if you know the best time of the year to buy property in Abuja.
In this article, we discussed the best time to buy that property in Nigeria. We also looked at the factors that make it the best time. Typically, it’s because of the economic state of the country, the immigration of the people, and when the election is around the corner. These things make properties ridiculously affordable in Abuja. We also discussed the benefits of buying property in the rainy season. Buying a property during the rainy season can help you to properly assess the property for leakage or flooding.Â
The wise know when to strike. You too should do the same by purchasing that property in Abuja at the right time.
Would you like to invest in our Abuja real estate offer, Kyami Pavilion Estate or Westland Residence in Asaba? Please, call +2348132794689 or send a WhatsApp message to +2348132794689.
