Connect with us

News

Top 10 Reasons to Invest in Nigerian Urban Properties

Published

on

402 Views

By Dennis Isong

A number of reasons have contributed to a significant increase in urban property investment in Nigeria in recent years.

Urban property investing is a desirable potential for both local and foreign investors due to a mix of a rapidly growing population, continual economic developments, and altering demographics.

This article delves into ten persuasive justifications that highlight the possible wisdom of deciding to invest in Nigerian urban real estate.

Several important variables are responsible for Nigeria’s increased interest in urban real estate. First off, there is a growing demand for residential and commercial space due to the country’s rapidly increasing population, especially in urban regions.

Infrastructure improvements, more job possibilities, and a growing middle class are just a few of the current economic factors that are fueling this demand. Furthermore, changing demographics play a pivotal role.

As more young professionals and families seek modern and convenient living spaces, the demand for well-located urban properties continues to rise. The shift towards urbanization is reshaping lifestyles and preferences, making investments in well-designed and strategically located properties a lucrative option.

Nigeria’s favorable investment climate, which includes various incentives and reforms aimed at attracting foreign investors, has also contributed to the increasing interest in urban property ventures.

The government’s efforts to improve the ease of doing business and provide legal protections for investors enhance the overall appeal of investing in urban properties.

A major attraction is also the potential for capital growth and rental revenue.

Due to the great demand for urban properties, they frequently produce consistent rental returns, making them a dependable source of passive income.

Additionally, property values are projected to increase over time as metropolitan areas continue to expand and gentrify, providing investors with the possibility of long-term financial advantages.

Exploring the prospect of property investments within these flourishing locales not only promises the allure of substantial rental returns but also opens the door to significant appreciation in capital value over time.

1) Rapid Urbanization:

Nigeria is currently undergoing a pronounced phase of urbanization, marked by a significant surge in population migration towards urban centers.

This transformative trend is instigating a noteworthy surge in the need for urban real estate, encompassing a diverse array of properties ranging from residential apartments to dynamic commercial spaces, as well as innovative mixed-use developments that cater to the multifaceted demands of modern urban living.

2) Growing Middle Class:

The growing middle class is driving a higher need for contemporary and convenient living spaces, leading to a notable uptick in the urban real estate market for properties.

This trend is being fueled by the desire for improved lifestyles and urbanization, as more individuals seek modern housing options in bustling city environments.

As a result, the demand for well-designed, accessible, and technologically advanced urban properties is on the rise, propelling the real estate market to new heights.

3) Economic Growth:

Nigeria’s bustling urban centers serve as vibrant epicenters of economic vitality, drawing in a myriad of enterprises, innovative entrepreneurs, and ambitious job seekers.

Exploring the prospect of property investments within these flourishing locales not only promises the allure of substantial rental returns but also opens the door to significant appreciation in capital value over time.

4) Infrastructure Development:

Both government initiatives and private sector investments in infrastructure are playing a pivotal role in enhancing the connectivity and accessibility of urban areas. Improved transportation links in these regions often lead to a surge in property demand and an increase in property value.

The collaboration between government efforts and private sector investments has become instrumental in shaping the connectivity and accessibility of urban landscapes.

These initiatives encompass a wide range of infrastructure developments, including the expansion of road networks, the establishment of efficient public transportation systems, and the integration of advanced technologies that facilitate smoother mobility within cities.

As a direct consequence of these advancements, areas that benefit from enhanced transportation links tend to witness a substantial transformation in their property dynamics.

The demand for properties in these well-connected neighborhoods experiences a noticeable upswing, driven by the convenience and ease of movement that improved infrastructure offers to residents.

Moreover, the value of properties in such areas also sees a significant appreciation, as the enhanced accessibility and connectivity contribute to the overall desirability of the location.

This phenomenon can be attributed to several factors.

First, the accessibility provided by well-connected transportation systems attracts both individuals and businesses looking for convenient commuting options.

As a result, the demand for properties in these regions increases, exerting upward pressure on property prices.

Second, improved urban connectivity often leads to an influx of economic activities, which can stimulate local economies and create a virtuous cycle of growth.

This economic vibrancy further enhances the appeal of the area, translating into heightened property values.

5) Diversification:

Real estate investment provides diversification in an investment portfolio. Urban properties offer an alternative asset class that can act as a hedge against inflation and market volatility.

6) Foreign Direct Investment (FDI):

Nigeria’s urban property market is attracting foreign investors looking to capitalize on the country’s emerging opportunities. FDI inflows can contribute to overall market growth.

7) Tourism and Hospitality Boom:

Nigeria’s growing tourism and hospitality sector is driving demand for short-term rental properties, particularly in popular urban destinations. Investors can benefit from consistent rental income.

8) Government Incentives:

Government policies aimed at promoting real estate investment, such as tax incentives and ease of doing business reforms, are creating a favorable environment for urban property investors.

9) Cultural and Commercial Centers:

Lagos, Abuja, and Port Harcourt stand as vibrant cultural and economic epicenters, drawing in inhabitants, enterprises, and visitors.

Placing investments in real estate within these thriving urban cores can lead to significant financial gains due to their dynamic nature and constant appeal to a wide range of stakeholders.

(10) Long-Term Appreciation:

Over time, real estate has demonstrated its ability to appreciate significantly.

As urban centers grow and flourish, there is a strong likelihood that property values will continue to increase due to ongoing development and prosperity. This potential for long-term appreciation makes real estate an attractive investment option.

▪︎Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Democracy Under Siege: Tinubu’s Chokehold Suffocating the Republic – Atiku Abubakar

Published

on

6 Views

Former Vice President of Nigeria and chieftain of the African Democratic Congress (ADC), Atiku Abubakar, has expressed deep concern over the alarmingly low voter turnout in Saturday’s Federal Capital Territory (FCT) Area Council elections, describing the figures as a clear indictment of the state of Nigeria’s democracy under the present administration.

Official results showed an average turnout of below 20 per cent across the six area councils, with the Abuja Municipal Area Council recording a particularly dismal 7.8 per cent.

Atiku described this as “a damning verdict” on the health of the nation’s democratic process, especially in the symbolic capital city that represents the heartbeat of the federation.

He attributed the widespread disengagement not to voter apathy, but to a deliberate and sustained assault on democratic norms by the Bola Tinubu-led All Progressives Congress (APC) government.

According to the former Vice President, the low participation is the predictable result of a political atmosphere marked by intolerance, intimidation, harassment of dissenters, coercion of political defectors, and the systematic stifling of opposition voices.

“When citizens lose faith that their votes matter, democracy begins to die,” Atiku declared. “What we are witnessing is not mere voter apathy. It is a direct consequence of an administration that governs with a chokehold on pluralism. Democracy in Nigeria is being suffocated—slowly, steadily, and dangerously.”

He cautioned that the ongoing erosion of participatory governance, if allowed to continue unchecked, risks inflicting irreversible damage on the democratic institutions and freedoms built over decades through sacrifice and struggle.

“A democracy without vibrant opposition, without free political competition, and without public confidence is democracy in name only,” he warned. “If this chokehold is not released, history will record this era as the period when our hard-won freedoms were traded for fear and conformity.”

Atiku called on all opposition parties, civil society organisations, and democratic forces nationwide to urgently set aside differences and form a united front to defend the Republic.

“This is no longer about party lines; it is about preserving the Republic,” he emphasised. “The time to stand together to rescue and rebuild Nigeria is now.”

Continue Reading

News

Nigeria Secures Major Victory in $6.2 Million Arbitration Against European Tech Firm

Published

on

10 Views

In a significant win for the administration of President Bola Ahmed Tinubu, Nigeria has prevailed in an international arbitration dispute with European Dynamics UK Ltd, a European technology contractor, saving the country from a potential liability of over $6.2 million (approximately ₦9.3 billion).

The Bureau of Public Procurement (BPP) successfully defended against claims related to a stalled national electronic Government Procurement (e-GP) system project, funded in part by the World Bank. The project involved the design, development, customization, supply, installation, and maintenance of the e-Procurement platform aimed at enhancing transparency, accountability, and efficiency in federal public procurement.

The Sole Arbitrator, Mrs. ‘Funmi Roberts, issued a final and non-appealable ruling dismissing all claims by European Dynamics UK Ltd in their entirety. The contractor had sought approximately $2.4 million for alleged milestone payments, $3 million in general damages, and an additional $800,000 in settlement claims.

The dispute centered on the User Acceptance Test (UAT), where BPP identified significant functional deficiencies, omissions, and errors in the system. Nigeria’s position—that delivery in software customization projects is only complete upon satisfactory UAT confirming compliance with technical, statutory, and operational requirements—was upheld.

The tribunal ruled that the vendor bore responsibility to remedy deficiencies at no extra cost and found no evidence supporting the contractor’s claims of approved mergers of project phases or contractual consent for such changes.Nigeria’s legal team, led by Johnson & Wilner LLP with Founding Partner Basil Udotai Esq. at the forefront, was praised for its expertise in technology contracting.

BPP Director-General Dr. Adebowale Adedokun, who inherited the stalled project and ongoing arbitration upon taking office, described the outcome as a landmark signal in public sector technology dealings.

“This vendor has taken various African countries to court and won every single case. Nigeria is the first to defeat them,” he said during a presentation of the award to Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN). He emphasized that Nigeria “can no longer be taken for granted” and thanked the AGF for supporting the decision to proceed with arbitration rather than settle.

AGF Fagbemi hailed the victory as evidence that “it is no longer business as usual.” He commended Dr. Adedokun’s courage, the legal team’s brilliance, and President Tinubu’s backing for institutional strengthening. “This win sends a clear message to the international community: Nigeria has resonated…

By standing up to European Dynamics, we have instilled courage in other African nations to protect their own resources,” he stated.

The ruling highlights the critical role of rigorous testing, clear milestones, and performance-based standards in government tech contracts, with lessons to be applied to ongoing e-procurement reforms to minimize future disputes.Kamarudeen Ogundele Special Assistant to the President (Communication and Publicity) Office of the Attorney General of the Federation and Minister of Justice

Continue Reading

News

UNICEF Lauds Nigeria’s Remarkable Progress in Birth Registration (Photos)

Published

on

20 Views

ighlights 14 Million Children Registered in Two Years.

The United Nations Children’s Fund (UNICEF) has commended Nigeria for achieving a significant milestone in child rights, with 14 million children’s births officially registered over the past two years.

This surge represents impressive advancement in ensuring every child is counted and recognized through legal identity.

The announcement came during a courtesy visit by UNICEF Country Representative to Nigeria, Ms. Wafaa Saeed Abdelatef, to Senator Oluremi Tinubu, the First Lady of Nigeria, at the State House in Abuja.

Ms. Abdelatef praised the First Lady’s exemplary leadership in championing children’s issues and family welfare nationwide. She described the progress in birth registration as unprecedented in her experience across various countries.

“Birth registration is the first right of every child—to be counted and recognized,” she stated. “It is really impressive. I have served in many places, but I have not seen such progress in two years as we have witnessed here in Nigeria.

“She highlighted key enablers of this success, including the digitalization of the registration system at health facilities and community levels, as well as ongoing legislative efforts with a relevant bill before the National Assembly.

“Things don’t just happen like that; we scale with leadership,” she added, expressing gratitude for the First Lady’s role in driving this initiative and allowing UNICEF to celebrate this “fantastic leadership.

“The UNICEF representative also acknowledged the First Lady’s broader contributions, referencing her involvement in initiatives such as the national library and food bank launches, as well as commendations from African women leaders at the African Union for her continental impact.

She linked these efforts to Nigeria’s Renewed Hope Agenda, which she said is instilling hope for children and citizens alike.In response, Senator Oluremi Tinubu welcomed UNICEF’s recognition and reaffirmed her commitment to ensuring universal birth registration. “Every child counts,” she emphasized, noting that registration immediately after birth grants children nationality, legal identity, and access to essential services like health and education.

The First Lady described the news as a source of joy and a foundation for national development. “This is how nations develop,” she said. While celebrating the gains, she stressed the need for sustained efforts: “We are not there yet. We have to keep at it and make sure every child is counted.

“She pointed out that birth registration is just the starting point, extending to the issuance of birth certificates. Highlighting Nigeria’s lack of a recent census, she noted that starting with children would provide critical data on the child population to guide government planning and resource allocation.

Senator Tinubu also addressed persistent challenges, expressing concern over persistently high rates of tuberculosis, HIV/AIDS, and maternal and child mortality in Nigeria’s large population.

“These numbers are still high, and it is worrisome,” she said, while assuring that the administration is actively working to position the country for a better future.

She expressed appreciation for UNICEF’s longstanding support and reliable data, pledging continued collaboration in any area of mutual interest. “In any area you want us to collaborate, we are here,” she affirmed. “We want to thank UNICEF for the interest and the work you have done.

“This development underscores Nigeria’s ongoing push toward universal civil registration, aligning with global goals to provide legal identity for all children and support broader child rights and development objectives.

Continue Reading

Trending