The mantra on everyone’s lips is that real estate investment is the best thing that happened to mankind. Or to be more realistic, one of the best things that happened to humans.
Think about it, you purchase a land or property today, and after a few years, this investment is double or triple its original worth. Now, if you happen to make that investment in a fast-growing city like Abuja, you might just be in for unprecedented financial profits.
So, that said, it’s not uncommon to hear people talking about Abuja and her booming real estate market. And 50% of the time, they are right. Your concern though is: in all these, ‘how safe is it to invest in real estate in Abuja, especially in 2024?’
If you’re currently pondering this question, you have come to the right place. In this article, we will break down the safety of real estate investment in Abuja from different perspectives—economic, political, social, and legal. By the end, you’ll have a clearer picture of whether Abuja should be your next investment destination.
What’s in Abuja to Start With?
Let’s start from here. What’s the big deal about having a real estate investment in Abuja? Well… If you live in Nigeria or even outside the country, you already know that Abuja is the capital of Nigeria. This city is literally the heart of Nigeria. This is where you’ll find ministries, government parastatals, embassies, company headquarters, you name it. And that’s just one aspect.
Abuja is also a planned city. Unlike Lagos, which evolved over centuries, Abuja was designed from the ground up to be the country’s capital. This means well-planned infrastructure, wide roads, proper zoning, and a generally more organized feel. All these factors have made Abuja one of the most attractive cities for real estate investment in Nigeria.
It’s also important to point out that the population growth rate in Abuja is astonishing. According to Macrotrends, the current population of Abuja in 2024 is 4,026,000. And a 4.84% increase from the number in 2023. It’s safe to say that this makes it one of the fastest-growing cities in Nigeria.Â
This rapid growth is accompanied by a rising demand for housing, office spaces, and retail outlets. For real estate investors, this means a high potential for rental income and property appreciation.
Also Read:
- 5 Latest Developments in Abuja That Will Skyrocket the Value of Real Estate
- 10 Frequently Asked Questions By First-Time Property Buyers in Abuja
- How to Easily Avoid Land Scams in Abuja
Is Abuja Safe for Real Estate Investment in 2024?
First of all, what does ‘safe’ mean for you as a real estate investor? Let’s break it down, because this will help you narrow down what exactly you’re concerned about.
Financial Safety: Will your investment yield returns, or are you at risk of losing your capital?
Security Risks: Is the political or social environment stable enough to guarantee the safety of your property?
Legal Safety: Are there any legal frameworks or potential issues you should worry about when purchasing land or property in Abuja?
In these contexts, let’s explore how Abuja fares in 2024.
1. Financial Safety: Potential for High Returns
Let’s start with the money side of things—because let’s face it, you want to know how much profit you stand to make.
Abuja’s real estate market has consistently shown a healthy return on investment. In 2024, the upward trend is expected to continue, as the city’s population continues to rise and demand for real estate increases.
Reports suggest that prime residential real estate in Abuja has seen year-on-year price increases of about 10-15%. With the ongoing development of districts like Jabi, Gwarimpa, and Apo, property values are still on the rise, and if you invest in the right locations, the likelihood of your property appreciating in value is high.
The good news is that Abuja is a city that attracts the elite, diplomats, and expatriates who are willing to pay top dollar for luxury properties. A report from the Nigerian Institute of Estate Surveyors and Valuers indicates that the demand for both luxury apartments and affordable housing is on the rise.
This means that regardless of the type of property you invest in, there is a market for it. So, from a financial perspective, Abuja remains a solid investment ground.
2. Security Risks: Is Abuja Politically and Socially Stable?
Now, let’s talk about security. One concern that investors may have is the safety of their property in terms of political and social stability.
Abuja has the advantage of being one of the most secure cities in Nigeria. As the country’s capital, it benefits from a strong security presence due to the numerous government buildings, embassies, and international organizations based there.
Compared to other parts of Nigeria, crime rates in Abuja are relatively low, though, like any growing city, it does face challenges like petty theft and fraud. However, the federal government’s commitment to maintaining security in the capital city makes it a relatively safe place for real estate investment.
In terms of political stability, Abuja is less prone to political violence and unrest compared to other regions in Nigeria. This is a big advantage when you consider the fact that political instability can severely impact property values.
In 2024, with the continued efforts of security agencies, the city is expected to remain a stable and safe environment for both residential and commercial real estate investments. In comparison to other regions, Abuja remains a relatively safe bet.
3. Legal Safety: Abuja’s Real Estate Laws
When we talk about legal safety, we’re focusing on issues like property ownership, land disputes, and the legal processes involved in buying property.
One of the challenges that potential investors face in Nigeria is the complex legal system surrounding land ownership. In many cases, land disputes arise because of improper documentation or fraudulent sales.
But Abuja, being a planned city, is relatively organized when it comes to property registration and ownership. The city follows the Land Use Act, which means that land ownership is generally governed by government regulations.
However, we advise that you do your due diligence. Before making any purchase, make sure that the property has a proper Certificate of Occupancy (C of O) or other valid legal documents to avoid legal problems in the future.
We expect Abuja’s legal environment for real estate investment to remain stable. However, it is advisable to work with a qualified real estate lawyer or a trusted agency to help handle the paperwork and ensure that all transactions are legitimate.
Also Read:
- How Easy Is It for Nigerians Living Abroad to Buy a House in Abuja?
- Difference Between Land Excision and Gazette in Nigeria
- How Much Does It Cost to Buy a House in Abuja?
Conclusion: Should You Invest?
So, how safe is Abuja for real estate investment in 2024? The answer is cautious but optimistic, ‘Yes, Abuja’s real estate is safe to a good extent.’
If you’re looking for a city with the potential for high returns and a relatively stable environment, Abuja is worth considering. Just keep an eye on the political and economic situation, and you’ll be in a good position to make the most out of your investment.
While no investment is without risks, working with trusted real estate agents and legal professionals can make all the difference. And before long, Abuja’s real estate market in 2024 could very well be your gateway to substantial financial growth.
To invest in our Abuja real estate offer, Kyami Pavilion Estate, please, call +2348132794689 or send a WhatsApp message to +2348132794689.
