Real estate investment in Nigeria has proven to be one of the most lucrative investment opportunities in the country with high prospects of being a key contributor to the economy in the future. With the constant increase in the overall population of the country, more buildings and structures would be erected, hence patronizing the real estate sect. Many individuals, agencies, and corporations are already tapping largely into this opportunity and are making huge profits from the industry.
However, you must note that investing in Real estate for a high-profit yield requires that you make smart choices like deciding on the location, investment purpose, property valuation, and others.
In this blog post, we would be focusing on the location by sharing the top 10 places to invest in real estate in Nigeria, considering factors such as economic status, infrastructure, and development amongst others.
The following States with specific locations reveal the best places to consider for your real estate investment in Nigeria;
- Lagos State
Lagos is considered first because it is the commercial capital of Nigeria with an ever-increasing population growth. It is the State with the largest real estate market in the country. With the presence of both residential and commercial properties, more individuals, businesses, and firms are finding a residence and setting up their operations in the city.
Places like Ibeju-Lekki, Victoria Island, Ikoyi, and Ajah offer good real estate investment opportunities. Although they may be quite expensive but are definitely worth throwing your all into for a high-profit yield in the long run.
You must have guessed Abuja would be the next, well yes! Abuja is the next great city to consider for real estate investment. Being the federal capital of Nigeria, it is known largely for its political and administrative significance, attracting business moguls, government officials, and professionals from all walks of life. This thereby induces its high demand for both residential and commercial properties.
Places like Maitama, Asokoro, Garki, and Wuse offer great opportunities for real estate investment.
3. Ogun State
Owing to its proximity to Lagos, many areas in Ogun state are recognized to be really promising for real estate investments. Industries, businesses, and even individuals in Lagos City have begun to move their operations, workspace, and residence to settle in Ogun State. It is only a matter of time before residential and commercial properties there become really high.
Areas like Magboro, Mowe, and Abeokuta amongst others offer quality real estate investment opportunities.
4. Rivers State
Rivers State, specifically Port Harcourt is a great choice in considering places to invest in real estate in Nigeria for both residential and commercial purposes. The State is known exclusively for its production of oil and gas, hence attracting multinationals, highly influential individuals, more people for work opportunities, and also businesses.
The Trans-Amadi Industrial Layout, Rumudomaya, and GRA Phase 3 are good areas to exploit for real estate investment.
5. Oyo State
Ibadan in Oyo state, is the third-largest city in Nigeria with a lower cost of living compared to Lagos and other cities. It is a highly promising site for investments as more people are moving to the city for residential purposes.
Areas like Oluyole Estate, Iyaganku GRA, Bodija Estate, and Jericho are good places for residential investments. If you’re seeking an economical real estate investment opportunity, Ibadan is the one for you.
6. Akwa Ibom State
Akwa Ibom is known for its fast-growing economy and urbanization, especially in its capital city Uyo. The city of Uyo offers good residential and commercial real estate investment opportunities that can yield massive returns on investment if exploited.
Uyo Metropolis and Ewet Housing Estate are well-known locations to consider.
7. Cross River State
Cross River State has experienced significant growth over the years due to its strategic location on Nigeria’s Southeast coast. The state, especially its capital city Calabar has the status of being a tourist destination and free trade zone thereby enhancing its real estate potential.
The Marina Resort area and State Housing Estate are notable places for investment.
8. Kano State
Kano is known as the second-largest city in Nigeria with a fast-growing economy. With a population of over 15 million, Kano is a key center for trade and commerce in Nigeria as well as an economic hub. The demand for real estate investments in Kano is soaring as the city expands.
The city is a good choice for both residential and commercial properties, particularly in areas such as Sabon Gari and Kano Municipal.
9. Anambra State
Anambra State is a compelling destination for real estate investment in Southeastern Nigeria. The state is a hotspot for real estate enthusiasts thanks to the confluence of a strong economy, strategic location, urban growth, cultural legacy, government support, and increasing middle-class demand.
Whether you’re interested in residential, commercial, or tourism-related real estate, Anambra State has the potential to offer a profitable investment journey in the ever-evolving Nigerian real estate landscape.
Places like Nnewi, Awka, Oba, Umueri, and Amaokpala are good investment areas to explore.
10. Delta State
Delta State is strategically located in the oil-rich Niger Delta region, making it a hub for oil and gas activities in Nigeria. One of its notable cities is Warri, which hosts major oil refineries, petrochemical complexes, and industrial installations. Its rapidly expanding commercial and industrial activities make it an ideal place to invest in real estate.
Some of the towns to consider for investment opportunities include Warri, Asaba, Udu, Sapele, and Ughelli.
Following all of the information shared in this post would help you in making the best decision on places to invest in real estate in Nigeria. However, you should seek advice from real estate professionals and financial advisors like Sterling Homes to make more informed investment decisions.