Where are the best places to start a real estate business in Nigeria?
This is the answer we will provide is those short read
If you’re thinking about starting a real estate business in Nigeria or even becoming a real estate agent, the first thing you need to consider is where you want to base yourself.
Where you locate your business can have huge implications for both your bottom line and your future success as an entrepreneur, so it’s important to do your research and make the right choice from the beginning.
With the Nigerian real estate market has grown by leaps and bounds in recent years, there are now more opportunities than ever to start your own real estate business in Nigeria.
However, finding the best places to start your real estate business can be difficult; there are plenty of factors to consider in order to ensure that you’re making the right choice and not getting yourself into trouble.
There are many places in Nigeria where you can open a real estate business; the opportunities are endless if you know where to look.
To help you with this decision, we’ve gathered here the five best places to start your real estate business in Nigeria so that you can get started on the right foot from the very beginning of your career.
Top 5 Best Places To Start A Real Estate Business In Nigeria
Here are five of the best places to start a real estate business in Nigeria.
Lagos
Lagos is Nigeria’s most populous city and, with an economy that’s forecasted to expand by more than 6% annually, it’s also one of its most dynamic.
It is home to a vibrant entrepreneurial ecosystem, Lagos is well worth considering as an option of the best places to start a real estate business in Nigeria.
Beyond that, it’s also just an attractive place. With its great food and tropical climate, it attracts people from all over the country.
So if you’re looking for real estate business opportunities in Lagos, we suggest exploring: Land (for both residential and commercial purposes), rental properties, mortgages, hotels/hostels/B&Bs, and restaurants/bars.
With its large population of both local and expat residents, Lagos is an attractive place for real estate developers.
It also hosts several key conventions each year. These include Nigeria’s largest trade show (the International Trade Fair), which draws thousands of buyers from across West Africa every October.
2) Abuja
With capital city status, Abuja is already well on its way toward becoming an economic powerhouse.
Between increased government spending and international investment, much of that capital is bound to flow into Abuja’s residential real estate market.
The metropolitan area already has one of the highest GDPs per capita in Africa, so it only makes sense that many individuals would like their properties located here.
It’s also conveniently located within commuting distance of Lagos—the heart of Nigeria’s commercial hub.
All signs point toward high potential for growth and profits.
For those looking to get started quickly, Abuja might be your best bet as one of the best places to start a real estate business in Nigeria
The city has some of Nigeria’s most expensive real estate prices, but it also has plenty of affordable housing options.
You can find homes for as little as 20,000,000. It’s actually quite affordable for Nigerian standards and should allow you to make money while you build up your real estate portfolio.
3) Ibadan
Ibadan is considered by many real estate experts as one of the best places to start a real estate business in Nigeria.
Home to some of Nigeria’s leading educational institutions, Ibadan is also a major commercial hub with several foreign and indigenous industries having headquarters there.
The city’s infrastructure has been steadily improving, including roads and transportation systems, making it easy for you to get around town.
In addition, compared to Lagos or Abuja, where residential property costs have skyrocketed in recent years, Ibadan offers relatively inexpensive property.
Investors seeking high returns on their money may select Lagos or Abuja, whereas those seeking lower returns on their money should consider Ibadan.
In addition to being centrally located in Nigeria, Ibadan is also well connected with other cities via air travel and road networks.
With its unrivaled atmosphere that’s at once conservative and relaxed, traditional and modern, rural and urban. Ibadan is one of those places you can’t help but like.
Perhaps that combination is what makes it so great for business owners: there’s no one way of doing things here.
For real estate investors, there are also several prime locations within city limits where property values are expected to rise over time making
4) Port Harcourt
Port Harcourt is one of Nigeria’s most dynamic cities, and it attracts hundreds of investors each year. It has an industrial economy and it is also known for its housing infrastructure
It is home to many large housing estates, including Governor’s Ranch, University of Port Harcourt Township, and other popular neighborhoods.
The area around Port Harcourt also has some interesting opportunities for real estate development.
That said, not everyone who owns property in Port Harcourt lives here full-time; many people own homes here as investments or vacation homes.
As such, it can be difficult to rent out your property on short notice if you aren’t living nearby. But if you do live nearby, renting out your place should be relatively easy.
There are a number of expats living in Port Harcourt and they need places to stay when they visit making it one of the best places to start a real estate business in Nigeria.
You could also market your place to Nigerian business people visiting from Lagos or overseas companies looking for offices near their oil interests—Port Harcourt is an important hub for oil activity and many companies have offices here.
Finally, Port Harcourt itself is growing rapidly so demand for housing within the city is increasing too. If you choose to build or buy here, you might see a good return on investment over time because demand seems likely to grow with population growth.
Investors will enjoy lots of economic growth opportunities when they invest in property in Port Harcourt because there are many different industries here and living conditions are pretty good.
However, bear in mind that growth may slow down if new infrastructure isn’t built quickly enough to keep up with demand (and much more needs to be done).
All-in-all, if you want to make money fast with the real estate business then Port Harcourt should be your go-to city.
5) Enugu
Based on data, Enugu is one of Nigeria’s most stable states. This stability translates into safety and security, making it an attractive location for real estate development.
If you’re looking for an easy place to get started with your real estate business, look no further than Enugu. The city is located in an ideal place, right in between major cities like Onitsha and Abakaliki, so it’s conveniently located for doing business.
Enugu is a great place for real estate investments. It has been voted one of Nigeria’s fastest-growing cities and it is likely to continue to be so with the construction of major infrastructure projects like roads, flyovers, etc.
The opportunities are endless here. Enugu has relatively lower property prices compared to other popular cities (such as Lagos or Port Harcourt) which give you room for profit if you’re interested in flipping houses for a profit.
As an added bonus, there are also many business opportunities available in Enugu. For example, you can get involved in transportation services (there aren’t many taxi companies), manufacturing businesses (there are few to none), or service-based businesses like computer repair shops or internet cafes
If you want to start a real estate business but don’t have much capital available, consider starting small by going to fast-developing places around Enugu such as Nsukka. You can make some good money here flipping houses and then proceed to the capital city.
With that said, keep your eyes peeled for cheap properties since they will become more valuable over time as more people move into town!
Conclusion
The real estate business can be one of the most profitable businesses in Nigeria, which makes it a great choice as your first independent business venture; just be sure to start off on the right foot!
If you’re interested in starting your own real estate business, Nigeria has plenty of opportunities with companies like propertypro and others, who can help you find houses to buy and sell at great prices so that you can build up your initial capital quickly to get started.
I hope this guide to the best places to start a real estate business in Nigeria to learn more about what’s out there and how you can take advantage of it for yourself
Happy money-making!