7 Best Places to Buy Lands in Nigeria for Investment Purposes
Investing in Nigeria is definitely a smart thing to do. Recently, a list was published of the top 7 African countries with massive opportunities for investments in retail, commercial property, logistics, and hotels – and Nigeria came out top of the list – with other countries including Kenya, Tanzania, Zambia, South Africa, Ivory Coast, and Ethiopia.
It’s no longer news that Nigeria is the most populous country in Africa, with almost 52% of its population in urban areas. This is because most of the country’s population is heading to the cities in search of greener pastures.
This means a higher demand for accommodation which translates to a boom in real estate. It is no wonder a city like Lagos is seeing massive real estate investments from foreign investors. A good example is the Eko Atlantic Housing Development Project.
So if you are looking for an investment opportunity in Nigeria, owning land is a great place to start. However, you must have knowledge of the best places to buy lands in Nigeria. In this article, we will highlight some of the best places to do so.
What are the best places to buy lands in Nigeria?
Nigeria is blessed with a large expanse of land. But unfortunately, not all of it will make for a good strategic investment. Some of the deciding factors on where to buy lands in Nigeria for better returns on money invested are the level of industrialization, development, standard of living, and the presence of basic social amenities. These are the major factors upon which our selections are made.
Remember: The word “Best” in this article refers to locations that guarantee a quick return on your investment within the shortest possible time.
So far, Lagos, Abuja, and Port-Harcourt present the best opportunities to buy lands in Nigeria. While Lagos and Port-Harcourt are among the most industrialized states in Nigeria, this means the standard of living is high. Also, with many industries located here, most people migrate to these states in search of job opportunities.
Abuja, on the other hand, might not have as many industries when compared to the other two states, however, being the Nation’s capital, and the seat of the presidency, it boasts a great deal of wealth, making it also one of the fastest developing states in Nigeria.
Now, coupled with the high standard of living and the endless inflow of people into these 3 states, they top our list of the best places to buy lands in Nigeria, especially for investment purposes.
Without further ado, let’s now take a deeper dive into the top locations within the states mentioned above.
1. Ibeju Lekki [Lagos State]
The biggest city in Africa is no doubt the best place for any investor looking to buy land. Lagos has a population of over 9 million, a thriving economy, great infrastructures, and it’s a center of industrialization.
Owning land in Lagos is a great investment. However, among the many promising locations in Lagos, Ibeju-Lekki is our best pick for now, and here is why.
Ibeju-Lekki favours the government and private organizations – and this is due to the seaport. This area is set aside for several government developments like the Lekki Deep Seaport, Lekki Free Trade Zone, and Lekki International airport.
Also, multinational corporations and companies are not left out. Dangote refinery, Power oil, Kelloggs, and Dano Milk are just a few of the companies that will soon be operating here.
In addition to this, the area is also spiced up with top sites for tourist attractions like the La Campagne Beach Resort & Park, the LUFASI nature park, Lekki International Golf Course, and Lekki Conservation Center.
At the moment, these projects are still in their developmental stage. This means that it is still possible to get good land deals. The cost of land in Ibeju-Lekki is sure to increase sporadically with the completion of the projects. The price range for land in this area is within ₦500,000 to ₦10Million, depending on your budget and location.
2. Jahi [Abuja]
Jahi has a good prospect of becoming one of the centers of development in the near future. Its proximity to areas like Gwarimpa, Kado, and Katampe makes it a prime real estate.
Also, Jahi is a few minute’s drive from the Central Business District (CBD), Abuja. This area is the focal point of the city. It is used primarily for businesses with a few residential buildings. This means most of the residential houses will be in areas that are close to the CBD.
3. Lugbe [Abuja]
Lugbe has a strategic location that places it among the top places to buy land in Abuja. Although it already has a considerably large population, Lugbe still has plenty of land spaces.
The area sits between the International airport and the city center. This places it within the neighborhood of the planned Centenary City. Centenary City is a self-sustaining city that the Nigerian government is planning to build, similar to those in Dubai and Singapore.
4. Mpape
Mpape is a fairly large area and well-known for the Mpape crush rock which has become a tourist site. Most of the area is still underdeveloped. However, this is soon going to change. Its proximity to Mataima and hilly landscape is slowly transforming Mpape into one of the most sort after residential locations in Abuja. This can be seen by the outcrop of new hotels in the area.
5. Greater Port-Harcourt Area
The Greater Port-Harcourt area is a metropolitan area that is still under development. It spans over an area of 1900 square kilometers, and it’s known as the “New Port-Harcourt”. Major infrastructural development is going on here.
Being an extension of the old Port-Harcourt city, this area is strategically positioned to de-densify the old city. The Greater Port-Harcourt Area Project is similar to the Centenary project in Abuja. It offers investment opportunities in real estate, energy, and waste management. The project is sure to bring development to the surrounding environs.
6. Peter Odili Road
This is one of the fastest developing areas in port-Harcourt. Two prominent real estates in this area are the Nigerian Liquified Natural Gas and Rainbow estates. It is also part of the Trans-Amadi Industrial district and only a few kilometers from the main city.
It is a perfect location for those who want to escape the hustle and bustle of city life. This area also has good security and road networks.
7. Ada-George Area
The area surrounding the Ada-George Dual carriage road has become a prime real estate location. Due to the construction of the road, this area is now active.
The road connects with other major roads in the city creating free-flowing traffic. This makes it easy to conduct business and encourages real estate development.
The Ada-George road is a long stretch of road that brings life and opportunity to the surrounding land. As an investor, this is a good opportunity to swoop in and get a piece of land close to the road.
Prices of land in Port-Harcourt lie within the range of ₦500,000 to ₦850Million
Conclusion
In most cases, Land is about the only asset that doesn’t depreciate in value with time. All things being equal, a plot of land that is strategically located will definitely appreciate in value. Buying and holding land, when followed by the best practices, is a safe and stable form of investment, which doesn’t require much knowledge as compared to other investment opportunities like trading stocks.