While the appeal of Lagos State is apparent even to the blind, there are other states that offer excellent opportunities for property investors.

Nigeria has 36 states and the Federal Capital Territory, each with its own set of strongholds. They could be ranked based on their various strengths, ranging from farming to trading to manufacturing and so on.

While the appeal of Lagos State is apparent even to the blind, there are other states that offer excellent opportunities for property investors.

We’ll take a look at some of those cities and the opportunities they provide for real estate investors.

1. Ibadan

Ibadan has received a lot of attention in recent years, thanks to projects like the Lagos-Ibadan Standard Gauge Railway. Investors are becoming interested in the potential that Ibadan offers.

The Oyo State government has designed a structured incentive package to attract investors in priority industries for development, including agriculture and agro-processing, manufacturing, transportation infrastructure, culture and tourism, solid minerals, and energy.

As the cost of land in Lagos State has increased dramatically in the last decade, and quality sites with good access and supporting infrastructure are in short supply, Oyo State is becoming increasingly attractive in this regard. . The Oyo State Ministry of Trade, Investment and Cooperatives has stated that it is willing to offer discounts of up to 80% on land costs for non-PPP investments. The ministry is also providing supporting infrastructure, such as access roads, for larger projects, addressing some of the region’s major business challenges.

This has simplified business in Oyo State and increased the state’s real estate development potential.

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2. Abuja

Abuja has always been a real estate investor’s dream as it is the only city in Nigeria that can compete with Lagos State in terms of wealthy people, expensive property and to some extent the intriguing lifestyle.

Due to security concerns in the northeast, Abuja’s population has been increasing steadily, increasing the demand for rental apartments. This demand has resulted in exorbitant rents in all districts of Abuja. The average yield on rental properties in Abuja is currently 8%.

Despite the high cost of living in Abuja, the commercial hub continues to grow, with numerous companies, start-ups, and multinationals experiencing steady growth in recent years. As a result, the demand for investment properties, such as offices, commercial and industrial premises, has remained constant.

As a result, capital gains on both commercial and residential properties have been rising for quite some time. It is not unusual for a commercial property to grow at a rate of 5% per year.

3. Port Harcourt

Port Harcourt is known as the Garden City, the Pearl of the Niger Delta and the unrestricted seat of black gold. While it is important to remember that the city is the oil capital of Nigeria and the third most developed metropolis in the country after Lagos and Abuja, it is also important to remember that it has one of the most developed real estate markets in the country.

Due to the operations of many international companies, property developments attract not only Nigeria’s top business executives, but also expatriate workers, who pay a premium for most of the city’s luxury developments.

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Port Harcourt, with an IGR of around 117 billion naira, is second only to Lagos State in terms of real estate potential. With the main city already congested, investors are looking to cash in in a variety of places, including the greater Port-Harcourt area, Peter Odili Road and Ada-George Road.

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