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. 

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