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But there’s a lot going on elsewhere in the country. The South East, for one, boasts at least a few hotspots that yield a decent return on investment for anyone willing to secure a stake in them. If you’d like to get involved in the real estate business in Southeastern Nigeria, here are five cities you might want to check out.
Awka
Awka is the capital of Anambra State. As such, its economy primarily revolves around the civil service, with a number of state and federal institutions having a presence there. However, many businesses have sprung up in the city in recent times; it has a rapidly growing commercial sector. This, along with the fact that it’s home to the Nnamdi Azikiwe University (UNIZIK), a federal university, has given the city a thriving real estate sector. A lot of the newer property is residential, but there are also a good number of hospitality centres and office blocks as well.Enugu
Just like Awka, Enugu City derives much of its importance from its status as a state capital. But it has a relationship with officialdom that goes much farther into the past, having served as a regional seat of power earlier on. However, there’s a decent commercial side to the municipal area. The city has just over 800,000 inhabitants according to the most recent estimates. Its growing population makes it a vibrant setting for construction, with new housing units cropping up to meet the demand for shelter from existing and new residents.Sign up for the Connect Nigeria daily newsletter
Onitsha
Sitting by the Eastern bank of the Niger River, Onitsha is known across Nigeria as one of the country’s most important trade centres. It is home to the Onitsha Main Market, one of the largest markets in West Africa with respect to geographical size and volume of goods traded. But it doesn’t just attract merchants and buyers. It’s expanding rather quickly, thanks to an influx of new residents from within and beyond Anambra State, and the appearance of nascent businesses or the branches of older ones.Owerri
Owerri is the capital of the Imo State. While a fair segment of its economy depends primarily on its civil service, there’s a thriving commercial sector there as well. The city is particularly well regarded for its hospitality industry, which attracts customers from all over the South East and regions beyond. This reputation isn’t showing any signs of going away; many real estate investors in the city have made it their primary concern. Housing is also high on their list, as the city has seen significant population growth over the past few years.Aba
As the commercial nerve centre of Abia State, Aba accounts for a large chunk of trade in Southeastern Nigeria. Besides the presence of such large markets as Ariaria and the New Market, it also boasts a sizeable manufacturing sector, encompassing leather, textile, cosmetics, paint, and aluminium producers, among others. Aba has well over a million residents and is the second most populated city in the region (just behind Onitsha). There are a lot of opportunities for real estate investors there. Vacant shops are difficult to find in some markets, so you should definitely consider selling or renting some out if you’d like to make good returns on your investment.Register to attend the CN Business Mixer
Final Words
Cities like Lagos and Abuja get a lot of attention from people in the real estate industry. And that’s justified. But there’s more going on elsewhere, and the South East is proof of this. The region offers great investment opportunities, which any savvy investor would find hard to ignore. Featured Image Source: The Guardian NGGot a suggestion? Contact us: editor@connectnigeria.com