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If you’re hunting for maximum returns, you need to take the latter route. The areas currently with the most sought-after pieces of real estate may not remain as attractive as they are today. On the other hand, there are districts with great prospects, having prices that are only a small fraction of what they’ll sell for in just a few years. This article runs through 8 such locations across Nigeria.
Ibeju LekkiIbeju Lekki is already a red-hot real estate hotspot, and it’s going to carry on being one for the foreseeable future. In the past couple of decades, we’ve seen numerous residential estates and commercial setups spring up around that axis. More are in the works, and demand for the spaces on offer and not yet built continues to climb northward. Land in this location typically sells for tens of millions of naira at the very least. We can expect those rates to multiply over the coming years.
EpeThere are strong signs that the purchasing and construction frenzy that’s gripped Ibeju Lekki is starting to spill into Epe. Although land and building prices aren’t as high as what you’ll find in many other parts of the state, they have definitely begun to inch higher. That’s because of a growing interest in the area from investors who want to enjoy a first-mover advantage in a district that’s touted as part of the ‘New Lagos’. If it lives up to the hype, Epe could spin billions of naira in profit for early investors over the next decade.
Mowe-IbafoThis takes our attention to the North West corner of Lagos and communities in neighbouring Ogun State. Mowe-Ibafo is in fact not a single district, but an agglomeration consisting of several fast-developing towns. Because of its proximity to Lagos proper, this location has become a favourite for individuals, families, and businesses seeking a less expensive alternative to costly real estate further south. We will see even more movement towards this axis by settlers in the near future, as Lagos pushes beyond its current geographical rims.
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Eko Atlantic CityRising out of the shores of the Atlantic Ocean (from which it takes its name), Eko Atlantic promises to be Lagos’s next showpiece high-brow commercial and residential district. This sand-filled patch will command intimidating prices. But there’s already a fair deal of investment going into it, as more structures are being built on its turf. Investors expect to reap a good return from their Eko Atlantic City holdings, thanks to the wealthy inhabitants of the exclusive neighbourhoods that this project will birth.
GwagwaladaThis town is situated to the South West of Abuja. It has witnessed an urbanizing trend that’s unmatched anywhere else in Nigeria; a World Bank report lists it as one of the 20 fastest-growing cities in the world, alongside places like Kinshasa, Luanda, and Lagos. The principal reason for this rapid bulge is the town’s proximity to the country’s capital city. As more people move into the FCT from elsewhere in Nigeria and seek affordable housing in and around it, we can expect Gwagwalada to expand even further. And that makes it a great real estate investment opportunity for the long term.
LugbeLugbe isn’t very far off from the nation’s seat of power; it’s just 25 minutes away from the centre of Abuja. This has made it an attractive place for people who work in the city and want an affordable place to call home. It has grown quite rapidly in the last few years and is now home to several decent estates. More of these ordered communities will spring up in the coming years. As a result, Lugbe is now a prime spot for real estate investment for anyone looking to rake in handsome returns in the next ten years.
AwkaUntil fairly recently, Awka has been known for just a couple of things: its status as the capital of the South Eastern Anambra State, and host to the Nnamdi Azikiwe University, a Federal institution of higher learning. But it’s starting to come into its own, thanks to rapid residential and commercial development. There’s currently a high demand for land in and around the town—high enough to have multiplied the value of the average plot by several factors in just a few years. This trend is set to continue, guaranteeing the town a place among the more important locations for real estate investment in Nigeria.
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JabaKano City is the commercial nerve centre of Northern Nigeria. So it’s no surprise that some of the most exciting real estate hot zones in the country are within or close to it. One of them, Jaba, is attracting the attention of many investors from within and beyond Kano State. Once a network of farmlands belonging to villagers in the area, it is quickly emerging as a favoured district for people intending to invest for the long haul. Even now, the average piece of land here sells for tens of millions of naira.
Final WordsIf you are a real estate investor who wants to build a countrywide investor portfolio for the next decade, you’re actually spoilt for choice. We have narrowed your options down somewhat with this article. Be sure to do due diligence before settling for any real estate asset. Featured Image Source: Bungalow
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