Asaba has recently taken center stage in the Nigerian film industry, producing thousands of films yearly. This attracts tourists, professionals, and other dignitaries to the city, inevitably impacting the real estate industry.
As Nollywood attracts visitors yearly, the demand for properties in Asaba increases. These people need residential apartments, hotels, restaurants, etc to ease their stay in Asaba.
But to what extent does the movie industry have an impact on real estate? This article discusses the impact of Nollywood on the real estate industry in Asaba.
But first…
What is Nollywood?
Nollywood is the informal term used to describe the Nigerian film industry. The term is a portmanteau of “Nigeria” and “Hollywood” (the American film industry).
Behind Bollywood (the Indian film industry), Nollywood ranks as the second-largest film industry in the world. It produces over 2,500 films in a year.
Asaba has recently become one of Nollywood’s key movie locations. It’s used to produce epic movies or movies that address contemporary issues like politics, corruption, and social justice.
Is Asaba a Good Place for Real Estate Investment?
Asaba is one of the best places for real estate investment in Nigeria. And there are many reasons why it is so.
Besides Lagos and Abuja, Asaba is the next big thing for real estate investment. It has one of the fastest-rising economies in Nigeria and an increasing population.
The Delta State government has also made significant investments on infrastructure. It has also made favorable policies that makes the city conducive for businesses to thrive.
Lands and properties in Asaba are still undervalued compared to Lagos and Abuja. This means any investment in the city promises significant returns.
So, Asaba is one of the most lucrative cities for property investment in Nigeria. But before you take it that way, here’s why it’s the next big thing for real estate investment.
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The Impact of Nollywood on the Real Estate Industry in Asaba
Nollywood has significant influence on the real estate industry in Asaba, Delta State. It has led to the development of more infrastructures and an increase in property values. Here are key ways it has changed the Asaba real estate industry:
Infrastructural Development
The presence of Nollywood in Asaba has led to increased investments in infrastructure. Businesses and the government have contributed to the infrastructural development in the city. For example, the government built the Delta State Leisure Park and Film Village to encourage the production of films in the state.
The film village is strategically located opposite Dennis Osadebay University. It’s also less than 20 minutes from the Asaba International Airport.
This strategic position enhances the overall appeal of the area and influences real estate development.
To leverage the increased activities and population, people are investing in residential apartments. The number of commercial properties such as hotels, restaurants, retail shops, etc has also increased.
Economic Impact
Nollywood has made a good impact on the economy of Asaba as the demand for real estate continues to soar. By attracting filmmakers, actors, and other movie professionals to Asaba, Nollywood has increased economic activities in many ways.
For example, these professionals eat, sleep, and buy clothes and costumes in Asaba. People are there to provide them with these services.
To meet their housing needs, people invest in real estate, building residential houses, hotels, motels, and more.
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Tourism and Hospitality
Nollywood’s popularity has boosted the tourism and hospitality industry in Asaba. It attracts visitors interested in exploring film locations, attending film festivals, or engaging in related activities.
People often want to watch movies filmed live or meet their Nollywood crushes, role models, or mentors. This causes them to travel to Asaba from different parts of Delta and even other states.
The increased tourism influences the hospitality industry in Asaba, leading to increased demands for hotels, resorts, and short-term rentals.
Seeing this demand, real estate investors build more properties in Asaba to meet the need. This shows how the Nigerian film industry has impacted the real estate industry in Delta State, especially Asaba.
Rising Property Values
Another impact of Nollywood on the real estate industry in Asaba is the increase in property demands and costs.
Population influences real estate demand. And as the demand for real estate increases, the value of properties increases.
As Nollywood grows and attracts more people to Asaba, the demand for hotels, restaurants, motels, and other properties increases. This presents a great opportunity for property investors who want to tap into the Asaba real estate market.
Cultural and Social Impact
Epic films often depict the culture and lifestyle of a community. It creates a sense of identity and pride among the locals.
By showcasing the culture and lifestyle of the Asaba people, Nollywood shows them off to the world. This makes Asaba a desirable place to live or visit for those who love their culture and lifestyle. It also influences the real estate industry, increasing the demand for residential and commercial properties in the city.
Job Creation
The impact of Nollywood on the real estate industry in Asaba is also seen in how it creates jobs for the locals.
Besides creating job opportunities in the film industry, it also creates opportunities for people in the hospitality, catering, transportation, and building industries. People visiting Asaba from within and outside the state for employment need places to stay.
This leads to the award of more real estate contracts and higher personnel demand in the hospitality industry.
Also Read: 10 Frequently Asked Questions By First-Time Property Buyers in Abuja
Conclusion
The impact of Nollywood on the Asaba real estate industry is evident in the demand for residential and commercial properties in the city.
With developments like the Film Village, people from within and outside Asaba can see the potential of the Asaba real estate market. Smart investors also see that the market is still undervalued and step in to take advantage.
Hopefully, you’ve learned how Nollywood has influenced the Asaba real estate market and why it’s still a good opportunity to jump in.
To invest in our Asaba real estate offer, Ogwashi-Uku, Delta State, please, call +2348132794689 or send a WhatsApp message to +2348132794689.
