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If you’re interested in reaping gains from land value appreciation, rent, or the sale of completed buildings in northern Nigeria, here are five towns and cities you should consider investing in.
KanoAs the commercial nerve centre of the north, there’s really no surprise that Kano makes it to this list. The metropolis (not to be confused with the wider state) is home to more than 4 million people, an urban population that’s only dwarfed by Lagos. It hosts some of the largest and most important markets in West Africa, including Kurmi and Kantin Kwari. It’s also home to several medium-sized and large manufacturers. Some of the better residential districts in the city are the Railway Estate, Jaba, Kankare, Tudun Yola, and Zawachiki.
KadunaKaduna City is northern Nigeria’s second most populous urban centre, with well over a million persons living in it. Until recently, it has had a vibrant commercial sector and kept up the image of an emerging tourist hotspot. Unfortunately, it’s lately been troubled by security challenges, which have caused property prices on its outskirts to stagnate or even fall. However, the housing market closer to the centre of the city is showing some resilience; Unguwan Rimi, Sabon Tasha, and Unguwan Dosa have remained favourites for real estate investors. Millennium City, which is close to the outer rims of the metropolis, has also seen significant interest from developers.
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GwagwaladaLocated to the South West of Abuja, Gwagwalada has experienced an urbanizing trend that’s unmatched anywhere else in Nigeria. A report from the World Bank lists it as one of the 20 fastest-growing cities in the world, alongside Lagos, Kinshasa, and Lunada (among others). The principal driver of this expansion is Gwagwalada’s proximity to the nation’s capital city. If current trends persist, it could be lapped up into a future megacity consisting of the old Abuja and several other satellites in just a couple of decades. Investors who position themselves for this eventuality will reap huge rewards down the line.
JosJos straddles the so-called middle belt and north proper. So it’s not surprising that it has become such a melting pot for diverse cultures. Admittedly, some of its shine has been taken off it by recurring conflicts. But it still has potential; the property market is alive and well, and there’s a good chance that prices will rise by a lot in the medium to long term, as the city puts its troubled past behind it. The allure of the physical sites and climate of the Plateau region will certainly add to its prestige as it reemerges.
MinnaThis city derives its prominence from two facts: its status as the administrative capital of Niger State, and its strong traditional artistic heritage. Although the property market in Minna isn’t on par with what you’d get in Lagos or Kano, demand for living spaces is climbing. Forecasts suggest that it could go from having just fewer than 500,000 inhabitants in 2023 to playing host to three-quarters of a million people by 2030. And that’s just assuming that growth follows the current trajectory. This could be great for small-time real estate investors looking to cash in on the short supply of affordable housing in the area.
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Final WordsNorthern Nigeria holds hidden treasures that players in the country’s real estate scene should take notice of. Here, we have profiled some locations in the region with decent prospects that investors in the industry can explore. You should consider them if you’d like to get involved in the real estate business within the north. Featured Image Source: Viewpoint Housing News
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