You may believe that Lagos and perhaps Abuja are the only places in Nigeria worth buying property. Thinking this, may hamper your maximal gain in the real estate sector if you are interested in delving into the property market. For example, Mr. Victor Opara of Richmond Properties encourages buying property in eastern Nigeria. According to Mr. Opara, Enugu and Owerri are the most appealing places to buy in eastern Nigeria.
The most popular areas in Enugu are New GRA in Trans-Ekulu, Corridor Layout, Independence Layout and the Ebeano Housing estate. The Ebeano Housing estate and the Independence Layout are to Enugu what Lekki is to Lagos. It appears that everyone wants to live in those areas but very few people can afford it. Houses in Ebeano Housing estate cost between N25m and N40m while a plot of land of about 1200sqm in size costs about N10m. Land in New GRA costs between N2m and N3m. These areas are even more popular with investors because it is a lot quicker to buy and obtain the correct ownership documents for such properties than in other parts of Enugu. The movement of the Trade Fair Complex from Abakaliki Road to Opara Avenue has stirred interest in the property in that area. Land in that area now costs about N7m for a 1000sqm plot of land. These areas become even more attractive as the Government provides more infrastructural facilities such as the new Abakaliki-Ogui road. Victor Opara believes that the property market in Enugu will become even more exciting next year as more people move down south- all wanting to acquire property of their own.
The property sector in Owerri is just as vibrant as in Enugu. New Owerri is undoubtedly the area to buy property in Imo state. The location of the New Government House, Concord Hotel, Mekede Gardens (a new housing estate), the relocation of the state Secretariat to New Owerri and the tarring of the Mekede road which links the Secretariat to New Owerri all attract people to New Owerri. There are several layouts in New Owerri and property prices vary. Area D is the most expensive layout with land prices ranging between N5m and N7 depending on the size and location of the property. Land prices here are higher than in other areas because of its good roads, water, electricity and telephone services. Area C shares borders with the Concord Hotel and a plot of land of 2000sqm there costs N5m and above. In area E, a 1000sqm plot of land costs about N3m while in Area G, land prices range between N2.5m and N4m depending on the location and size of the plots of land.
Mr. Opara disclosed that though buying property in either Enugu or Owerri is a sound investment, he believes that property in Owerri will appreciate faster than that in Enugu. This is partly because Owerri is a relatively peaceful town, which is located centrally in the east being only an hour’s drive to Port Harcourt, Aba or Onitsha and a ninety-minute drive to Enugu. With this in mind, perhaps it is time you start looking to invest in property outside Lagos and Abuja.
The most popular areas in Enugu are New GRA in Trans-Ekulu, Corridor Layout, Independence Layout and the Ebeano Housing estate. The Ebeano Housing estate and the Independence Layout are to Enugu what Lekki is to Lagos. It appears that everyone wants to live in those areas but very few people can afford it. Houses in Ebeano Housing estate cost between N25m and N40m while a plot of land of about 1200sqm in size costs about N10m. Land in New GRA costs between N2m and N3m. These areas are even more popular with investors because it is a lot quicker to buy and obtain the correct ownership documents for such properties than in other parts of Enugu. The movement of the Trade Fair Complex from Abakaliki Road to Opara Avenue has stirred interest in the property in that area. Land in that area now costs about N7m for a 1000sqm plot of land. These areas become even more attractive as the Government provides more infrastructural facilities such as the new Abakaliki-Ogui road. Victor Opara believes that the property market in Enugu will become even more exciting next year as more people move down south- all wanting to acquire property of their own.
The property sector in Owerri is just as vibrant as in Enugu. New Owerri is undoubtedly the area to buy property in Imo state. The location of the New Government House, Concord Hotel, Mekede Gardens (a new housing estate), the relocation of the state Secretariat to New Owerri and the tarring of the Mekede road which links the Secretariat to New Owerri all attract people to New Owerri. There are several layouts in New Owerri and property prices vary. Area D is the most expensive layout with land prices ranging between N5m and N7 depending on the size and location of the property. Land prices here are higher than in other areas because of its good roads, water, electricity and telephone services. Area C shares borders with the Concord Hotel and a plot of land of 2000sqm there costs N5m and above. In area E, a 1000sqm plot of land costs about N3m while in Area G, land prices range between N2.5m and N4m depending on the location and size of the plots of land.
Mr. Opara disclosed that though buying property in either Enugu or Owerri is a sound investment, he believes that property in Owerri will appreciate faster than that in Enugu. This is partly because Owerri is a relatively peaceful town, which is located centrally in the east being only an hour’s drive to Port Harcourt, Aba or Onitsha and a ninety-minute drive to Enugu. With this in mind, perhaps it is time you start looking to invest in property outside Lagos and Abuja.
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