Monday, September 24, 2012

Tips on Buying Land in Abuja 2012


When it comes to purchase of land, you have to be cautious and know what you want or don’t want. What is your purpose for wanting to buy land? Perhaps to hold onto for the long term as a form of invest or it could be to use it for something else may be like a factory or to build a house or school whatever the case here are a few tips to know.

Budget

How much are you willing to pay to acquire the kind of land you want in Abuja? Set your budget first against realistic market values for the particular land you have in mind.

What is the land meant for?

What you need the land for will determine the size and terrain. If you want to build a duplex for instance, naturally you’ll be looking at 500 square meters of land at least. Also you’d want to consider the environment in which the land is situated.

Demolitions/Seizure

Where is the land located? If the land is located in the wrong place for the kind of project you want to do then you shouldn’t waste your time on it. There is an Abuja Master plan in place and no one acquires land in Abuja for the wrong reasons and expect to celebrate. It’s only a matter of time before FCTA come calling with their magic word – demolition.

Investment

Land values in Abuja will continue to soar no matter what we say about the Nigerian economy or think of Abuja metropolis. The city is expanding really fast and as more people come in so too does demand for accommodation, shops, office and so on go on the increase. In certain places land is scarce and therefore expensive (Maitama, Garki, Wuse, Asokoro and Gwarinpa to mention a few) other places are emerging such as Karshi and Orozo. The choice is yours depending on if you can pay for your preferred land.

Terrain

If you purchase land in a hilly place, that may serve you well depending on what you want to do with it, on the other hand a mashy/swampy area is not advisable. Always check for topography and soil type.

Potential Value

A plot of land measuring 350 square meters in Karshi goes for N1.4 million as of September 2012. Maybe in 5 years time this same piece of land may be selling for 3 times its current value.

Are you looking for Land to buy in Abuja, contact me for details on available land that may meet your requirements: 0803 206 4106

Friday, August 3, 2012

3 Bed Room Flat for Rent in Abuja – Where to start searching


It’s not easy to find a 3 bed room flat to rent in Abuja for a number of reasons. First you have to contend with high rents which runs into hundreds of thousands sometimes even millions of naira per year depending on location and the kind of facilities in place. If we’re talking of Wuse or Garki District, a 3 bed room flat goes for not less than N1 million per annum where as in satellite towns in places like Lugbe or Kubwa you could find for N600K per annum.

Another reason is the problem of demolitions. A lot of illegal settlements especially in the so called cheaper parts of Abuja are coming under the FCDA hammer. That is sad news for anyone who has acquired land from the wrong place or for the wrong reason. What do I mean by for the wrong reason? All land in Abuja is designated for a purpose and cannot be developed for anything else. If you buy land from an indigene without getting proper documentation

There is also the problem of scarcity. The thing with accommodation in Abuja is that they seem to be scarce because there are more people looking for flats and apartments than there are available ones. The scarcity of accommodation is due to a rapidly growing population and without adequate housing being provided to complement the demand. But you can shorten your search for an accommodation in Abuja with either of these options;

Go through a Family member, Trusted Friend or Colleague

This method may be effective if your friend resides in the building or in that vicinity or knows the landlord personally because most landlords don’t deal directly with tenants. They hire agents to do the job of searching for tenants for them so this might not be a good option for everybody.

Contact a reliable Agent

Contact a reliable estate Agent to help you search for a suitable apartment that fits your budget and requirements. All you have to do is contact them and state what you want for instance;

Location/Environment

What kind of place would you like to rent your flat? Is it a place close to the city center like Gwarinpa, Kado, Lugbe or Galamadimawa or within the city itself? More importantly is this place Abuja Master Plan compliant?

Facilities on ground

Is there sufficient car parking space, playground for kids, running water? Does this place need renovation, repainting?

Available Amenities

Are the roads leading to this place okay? Do they have markets, shopping centers, security posts, recreational centers and so on?

Budget

How much are you willing to pay for the 3 bedroom flat you want to rent? The amount you have will make it easier for your agent to find and recommend a place for you.

Monday, July 2, 2012

How to Pick Shops in Abuja for Rent


If you are among the numerous enterprising men and women who do business in Abuja, you’ll realize that doing business isn’t as easy and straight forward in this city as it is in other cities in Nigeria. There is the fact that you can’t just open shop anywhere and start doing business without following regulations and these regulations are not without implications one of which is high cost of renting a shop plus the dreaded demolition squad of FCTA.

Most shops in Abuja are located in shopping malls, plazas and markets in Abuja. These locations for shops aren’t cheap and getting a shop that will serve you well in terms of patronage is a big challenge because there are many other shops scattered around that offer the same product/service you’re offering. But before you set out to pick a shop you want to rent remember to consult with someone in a good position to guide you properly. Keep these tips handy because they might serve you well.

What are you dealing in?

What you’re dealing in may affect your chances of making sales. An eatery located in a busy shopping plaza is more likely to do good business than one in a market for the simple reason that most people in the market are on a mission – shopping whereas eateries are more fitting for a recreational environment which most plaza in the city center can provide. A good place to open an eatery is Wuse 2 the ‘headquarters’ of restaurants and eateries in Abuja. So what you are offering should determine whether you want a shop in a plaza, mall or market.

Location

The location in terms of which area of Abuja you intend to rent a shop is the number one thing to consider when you want to rent a shop. Shops in highbrow areas of Abuja are expensive and tend to enjoy lower patronage because of the exclusivity of these areas. So Garki, Wuse, Maitama and Asokoro are not for low budget folks. On the other hand a shop in a plaza in Wuse like Sky Memorial plaza is relatively affordable (from N500K a year) compared to a similar shop in Maitama. On the other hand shops in Wuse Market, Area 1 Market or Utako Market are slightly less expensive than those found in Plazas.

Position

Which part of the market or plaza is your business located? If your shop is the first thing shoppers see when they enter the market then so much the better for you since that means more visibility and therefore more patronage. If your shop is on the last floor of a 4 storey plaza and at the back, then it would make sense if you are running a law firm, since patronage wouldn’t be depend on how easily people can find you. My point is if you are selling goods to consumers, pick a shop that is either overlooking a main road with a bold sign even if you’re on the last floor or try and secure a space on the ground floor preferably close to the entrance of the plaza.

Saturday, June 23, 2012

Houses in Abuja – classes and costs

There are houses and there are houses, you don’t need me to say that do you? But seriously in Abuja there are classes of houses and to a larger extent they are classified according to location and costs. The houses in the city center (Asokoro, Maitama, Wuse, Garki and those in phase 2) are the most expensive to buy or rent and this applies in all respects be it block of flats, bungalows and so on. Here is a summary of houses in Abuja and how much they cost.

Block of flats

A block of say 6 NO of 3 bedroom flats in the city center could go for as little as N250 million to over that amount depending again on location if you wish to own one. These houses are not necessarily tastefully built but their location in a prime part of the city makes them the exclusive preserve of high income earners. Rent in a 3 bedroom flat in say Wuse area could go for as little as N1.2 million a year or even N5 million in Asokoro. On the outskirts of the city it costs less depending on how far from the city center they are. You can purchase one for less than a N100 million and rent could fall to even under N400K a year.

Bungalows

4 bedroom bungalows in Abuja are relatively expensive to purchase, keep a budget of N50 to N70 million in the city center except for Maitama and Asokoro where you may have to cough out N150 million or more. In places like Kubwa, Lugbe and Nyanya you may be lucky to get for between N20 million to N30 million but further out the prices could fall even more. Rent varies from N30 million and below in Asokoro, N10 million or more in Maitama and from N5 million in Garki and Wuse. Further out it’s less expensive.

Commercial buildings
Plazas, shopping malls and office buildings are the most expensive to own. A plaza with 50 shops each measuring 5 X 5 in high brow Maitama with enough car parking space for up to 50 cars goes for N500 million or more. Rent is charged per square meter which could be N60K per annum meaning a 5 X 5 shop would go for N1.5 million a year as rent. It’s cheaper in Garki and Wuse where you might get such a shop for N600K a year or more depending on which areas they are situated.

Duplexes

A 5 bedroom duplex in Wuse for N2.5 million is considered cheap and I don’t blame people for saying that knowing some tenants pay N5 million a year for same in zone 6. It’s even more expensive in Asokoro where some people pay N20 million a year to live in a luxury 5 bedroom duplex. Phew! Expensive indeed. A 5 bedroom single duplex goes for no less than N100 million in Wuse and Garki, you may get it for N80 million in Gwarinpa or life camp but in highbrow Maitama and Asokoro be prepared for the worst.

Mansions

Now these are for the exclusively rich. The high and mighty who are very powerful and whose wealth are very deep. Key decision makers in Nigeria, filthy rich contractors and politicians, business men and contractors and they are mostly to be found in Wuse 2, Maitama and Asokoro. These houses go for no less than N500 depending on size of land and property on it. 

Wednesday, June 20, 2012

Houses for Sale in Abuja



Are you looking for a house to buy in Abuja? To be more precise, are you looking for a house that has been advertised for sale? If your answer is yes, then there are a few things you need to know and put in place before approaching a potential seller for a deal – assuming you are new to Abuja property  business or inexperienced;

Abuja Real Estate Agents

You are not likely to find an Abuja house for sale being marketed by the actual seller. Most times it is Abuja real Estate Agents who front for the sellers as middle men trying to broker a deal. The agents are paid a commission of 5% from both sides – buyer and seller and may add some amounts on the actual net price of the property.

Budget

You must have a budget for the property you hope to acquire. The maximum amount you’re willing to pay in order to acquire a property, ideally you may wish to know the market value of these properties before even attempting to place a ceiling mark to your budget. Keep in mind that location – which part of Abuja is it located or proximity to the city center and available infrastructure.

Location

Properties in prime locations in Abuja such as Maitama, Asokoro, Wuse, Central Area and Garki are usually more expensive because they are in the city center than those in other parts of Abuja. The further away from the city center a property is located in Abuja, the lower the price of the house for sale.

Specification

What are your requirements for the house you wish to buy? Do you want a duplex with 5 rooms, a car park with space for 3 cars, a garden, secure and quiet environment with social amenities such as clinics, police post, markets/shops and schools among other things. Define what you want in the house you wish to buy before making contact with an agent to look for a suitable property for you to buy.

Actual Transaction

The actual transaction, the deal in which both you and the seller get to wrap up the details for the deal. This is where you get to stop by with your lawyer, the agent who met with you, the seller in person, his agent and his lawyer as well. The transaction will include you the buyer coming forward with an offer letter, the seller coming with original documents for the landed property and all other parties involved. This is where ownership of the house for sale takes place. Once the documents are authenticated as genuine, the ball is now in your court to make payment to the seller.

Tuesday, June 19, 2012

Abuja Apartment, Shop or Home for Sale or Rent!

Abuja Real Estate is a blog dedicated to sharing information about how to go about gathering information about where to find these properties, how to go about finding them and what to expect.

You'll learn useful tips along the way to help you along in your quest to find  a home, apartment or shop such as suitable locations in Abuja city for the kind of budget and apartment you are looking for and other information that is relevant to your search.

Real Estate in Abuja is fast becoming a hot market where there are endless opportunities and the sooner you realise this the better it would be for you as a real estate investor in abuja. Also don't fail to take into account the enormous opportunities in owning rental property since rents in Abuja are among the highest in the country and by extension Africa.

On this blog you'll discover opportunities to rent or sell an apartment. Don't be left behind, join us to help you find your dream apartment, shop or home.

I'm yours sincerely,

Paul.