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There are several factors to consider. First, there’s the level of demand in the places you’re looking at. Districts around the site of proposed major projects or institutions are also attractive. If you’d like to learn more about these factors, you can read our article, How to Identify Lucrative Real Estate Opportunities. But if you want to narrow down your options a bit, we’ve come up with a list of seven states for real estate investment in Nigeria.
Best States For Real Estate Investment
Here are our picks for the best states for real estate investment in Nigeria.Lagos States
There’s no surprise here. Lagos is the smallest state in Nigeria by landmass, but it’s also the most populated of the lot. And the population continues to grow. It’s the country’s commercial capital, and where some of the top employers and markets are situated. The prices of new developments on its outskirts tend to rise quite rapidly; this has been the case for Ibeju Lekki over the past few years. It’s one of the best places for real estate investing at the moment.FCT
The Federal Capital Territory—and specifically Abuja –is drawing in a great number of people from other states in the country. It’s the seat of power, and a lot of business has developed adjacent to the civil service there. Some of the top locations in the area for real estate development include Jahi, Lugbe, and Mpape.Rivers State
The presence of Rivers State on this list owes itself almost entirely to Port Harcourt– or more precisely, the Greater Port Harcourt area. This expanse consists of over 730 square miles and is supposed to be an extension of Port Harcourt City proper. The Local Government Areas in this region have become home to millions of people. For as long as the petroleum industry exists, the influx of new settlers into Port Harcourt will continue. And that’s a good reason to invest in its real estate sector.Sign up to the Connect Nigeria daily newsletter
Ogun State
Ogun State is just north of Lagos, so it’s taking in a lot of people and businesses who can’t afford to reside or operate in Lagos. Ogun also has industrial estates and is home to some of the country’s biggest manufacturers. As such, there’s plenty of real estate activity going on there. It offers some great investment opportunities; you just need to know where to look.Oyo State
Oyo State has some of the cheapest lands in Nigeria, as we noted in our article, 7 States With the Cheapest Lands in Nigeria. It also offers great openings for real estate investment. This is true for Ibadan and the regions around it. Choice districts you may invest in include Agodi GRA, Onireke GRA, and Oluyole.Anambra State
Anambra is the second-most densely populated state in Nigeria (behind Lagos). So it’s no surprise that it’ll be on a list like this one. There’s a high demand for living and business space there; land flippers have also gained significant returns on their investments. The better real estate areas are located around the cities of Onitsha, Awka, and Nnewi, as well as some of the second-tier towns.Delta State
The real estate scene in cities like Asaba and Warri is thriving. Several real estate companies have properties from these places up for sale, and the demand appears quite decent. It’s very likely to swell over the coming years, as quality dwellings and business space become even rarer.Final Words
We have listed some of the best states and districts in Nigeria for real estate. When you’re checking out properties in these places, be sure to do your due diligence, and compare the offerings there with what’s available elsewhere. Hopefully, you’ll find something just right for your budget and expectations. Featured Image Source: Tenece Idea MineGot a suggestion? Contact us: editor@connectnigeria.com
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