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.