The real estate investment has proven to be one of the most profitable investments in the world. However, there are many Real Estate Locations In Nigeria with expensive properties. Based on the Wealth-X forecast (wealth intelligence firm), the number of wealthy people (people with more than $ 30 million in assets to invest) will increase by 95,000 over the next decade.
This means that every year there will be more people who want and can afford luxury properties. In many real estate markets worldwide where economic growth is on the rise or at least stable, the demand for a luxury real estate is increasing, even in Nigeria and as well prices.
Top 10 Real Estate Locations In Nigeria
1. Banana Island in Lagos (Lagos State): N450Million ($2.81Million)
A 3-bedroom apartment typically sells for N100Million ($625,000) and N450Million ($2.81Million) for a 5-bedroom house. Apparently due to the cost of acquiring properties, rental properties are very popular, with rent for a 3-bedroom apartment even going as high as N10Million ($63,000) per annum.
Banana Island is located in the Lagos Lagoon and it has one of the highest density of millionaires within its boundaries. A bBillionaire like Globacom Chairman Mike Adenuga, daughter of a former president of Nigeria, Iyabo Obasanjo among others are proud owners of property on the island.
2. Maitama in Abuja (Federal Capital): N430Million/$2,687,500
Property in Maitama worth up to $2.7 million or more. This area is occupied by embassies and high commissions, and as well the crème de la crème of the society.
3. Asokoro in Abuja (Federal Capital: N418Million/$2,612,500
Asokoro is a high-class area, home to the state house, Aso Rock, Secretariat of the Economic Community of West African States, (ECOWAS), National Intelligence Agency (NIA) and the World Health Organization (WHO) office, among others. Property ‘understandably’ cost a fortune in this area.
4. Jabi in Abuja (Federal Capital): N400Million/$2,500,000
Nigeria’s capital city has property at Jabi which cost at least $2.5 million. Many Nigerian politicians occupy in this area.
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5. Nicon Town in Lekki (Lagos State): N320Million/$2,000,000
Nicon Town in Lekki is one of the budding real estate markets in Lagos now, with property worth of $2 million.
6. Ikeja GRA, in Ikeja (Lagos State): N250Million/$1,562,500
Many rich Nigerians who love the quiet life the GRA offers crave property in this area and don’t mind they have to part with money in the excess of $1.5 million to get the comfort they want.
7. GRA Phase 2 in Port Harcourt (Rivers State): N145Million/$906,250
Port Harcourt is home to a lot of expatriates, with many workers in oil companies who can afford property close to a million dollars. Many South-South billionaires who just don’t want their money out of their region also spend so much on property in the city.
8. Lekki Scheme I, Lekki (Lagos State): N140Million/$875,000
With $875,000, you can get a property in Lekki. The Island has been home to some of the most expensive property in Lagos in recent times, but demand for more luxury has pushed it down to eight in the list of Real Estate Locations In Nigeria.
9. Alalubosa GRA in Ibadan (Oyo State): N100Million/$625,000
Ibadan, which is Africa’s second-largest city has been regarded by some as the most under-developed city in the world, but the city has started living to its potentials in the past few years, little wonder it made it to this list. Alalubosa GRA in Ibadan is in ninth position in the list of Real Estate Locations In Nigeria.
10. Ibara in Abeokuta (Ogun State): N80Million/$500,000
Abeokuta’s real estate market is growing fast as people look to outlying locations outside Lagos, as high prices are forcing many out of the real estate space in Lagos.
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