Abuja, the federal capital city, lies in the central part of Nigeria. It is a rapidly developing city with a growing population.
According to Statista, the real estate market in Nigeria is anticipated to achieve a value of US $ 2.26 trillion by 2024.
Abuja, one of the major cities in Nigeria is experiencing high demand for both residential and commercial real estate.
As the nation’s capital and because of its developing economy, Abuja has experienced notable growth in recent times.
Wondering whether or not to invest in real estate in Nigeria’s capital city?
Here are 5 of the latest developments that will skyrocket the value of real estate in Abuja.
1. Surge in demand for affordable housing
There is a surge in the demand for affordable housing in Abuja in recent times.
As more people move into Abuja from other states in Nigeria, the population continues to increase.
This resulted in more demands for affordable housing to meet the growing population.
The government and other private enterprises are on top of the situation.
More housing estates are being developed in the city. Construction of more affordable houses for middle-class and low-income earners is ongoing.
Here is one of the latest developments in Abuja that has impacted the value of real estate.
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2. Increase in demand for luxury properties
More people are demanding for luxury properties and they are willing to pay premium prices.
The real estate market in Abuja is really heating up with this development.
In spite of the dip in the nation’s economy, the real estate market in major cities of Nigeria like Abuja keeps growing.
Recent luxury properties in Abuja include The Citi Mall residence, Maitama Heights, Eden Heights, Grand Tower, and a host of others.
Several other luxury properties with state-of-the-art amenities are being developed.
Many high-class individuals like government officials, politicians, executives, and business moguls live in Abuja.
This justifies the high demand for luxury properties. These properties will meet the needs of high-net-worth individuals in the city.
This is one of the best times to invest in the real estate market in Abuja as the value keeps increasing.
3. Increase in the rental market
According to Leadership.ng, the rental market in Nigeria has witnessed a staggering surge in prices.
The demand for houses for rentals in Abuja is greater than the supply. More people are choosing to rent properties instead of buying them upfront.
Those not able to buy properties are opting for rental houses in major areas of Abuja. The demand keeps rising steadily.
Government policies and regulations promoting foreign investments have attracted local and foreign investors.
Subsequently, there is a demand for high-end rental properties which beats the supply.
All stakeholders, government bodies, private businesses, and non-profit organizations must come together to address this issue.
They must work together to provide a lasting solution to the issue of housing in Abuja, Nigeria.
Investing in the Abuja rental market is a profitable venture with the growing population and increasing demand for rental properties.
4. Growth in commercial real estate
Being the federal capital of Nigeria, Abuja is renowned for its activity and growth.
As the demand for residential real estate increases in Abuja, there is also a corresponding increase in the demand for commercial real estate.
The increasing population of Abuja is responsible for the surge in demand for commercial real estate.
The government is also heavily committed to infrastructure development.
“According to naira metrics, the appointment of Nyesom Wike has brought about added impetus to the completion of infrastructural developments in Nigeria’s capital city.”
The minister has pledged to restore the federal capital territory masterplan and also complete various projects most of them being major roads in Abuja.
The construction of new roads, bridges, airports, and other infrastructures in Abuja has opened up more economic opportunities.
People can move about freely and access real estate. As witnessed with other places like Epe in Lagos, the demand and value of real estate will skyrocket in well developed areas.
The government keeps promoting Abuja as a center for business and investment and this will impact the value of real estate.
Several multinational companies, government agencies, and international companies are based in Abuja. This makes it a worthy location to invest in commercial real estate.
Abuja is also fast gaining ground as a tourist center both for Nigerians and foreigners. This will lead to more demand for resort centers, hotels, amusement parks, and other accommodation types.
All these latest developments have skyrocketed the value of real estate in Abuja. This is not going to stop anytime soon.
Now is a very good time and opportunity to invest in real estate in Abuja.
5. Introduction of smart homes
There is a rise in the emergence of smart homes in Abuja, Nigeria’s federal capital.
Smart homes are homes with a smart home system that connects your appliances to automate specific tasks.
They are usually equipped with advanced technology that allows remote control and automation of different home systems. For instance, heating, lighting, security, and entertainment can all be automated and controlled.
Smart homes have many benefits which include enhanced security, energy savings, customization, enhanced monitoring, and communication.
Smart home automation is one of the real estate technology trends. We are in the digital age and industries are embracing new technological innovations. The real estate industry is not exempted.
Smart home is definitely going to increase the value of real estate in Abuja and other major cities.
Though relatively new in Nigeria, it is becoming popular already.
Real estate developers in Abuja have stepped up and are now constructing energy-efficient buildings and smart homes.
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Conclusion
The real estate market in Abuja has experienced massive growth in recent times.
This growth results from the growing population of the city.
Increased demand for affordable housing, luxury properties, rental market growth, commercial real estate, and the introduction of smart homes are all responsible for the growth of the real estate market in Abuja.
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