Abuja outskirts delight investors

Buoyed by the high cost of rentals in Abuja, the Federal Capital territory, which has slowed down returns, investors in the real estate sector have shifted their focuses to the outskirts for ease of sales and returns.

The outskirts has thus become a new mecca for developers resulting to new developments in these areas with no fewer than fourteen locations identified as the most fast developing areas.

The areas so identified by players are: Karu, Kuje, Old Nyanya, Kubwa, Gwagwalada, Lugbe, Lokogoma, Kiyami, Kasanna, Wumba, Duboyi, Waru,Apo/Dutse District.

Before now it takes about 15 to 20 minutes drive from these districts to these areas but the shift has resulted to heavy traffic build ups in the morning and evening.
 
Explaining the shift,  Site Supervisor of Abuja Property Development Company (APDC), Suleiman Saidu, the outskirts are particularly attractive to servants cannot afford rental fees in Abuja city, hence their preference to the suburbs. 

He explained that a one bedroom apartment rent goes between N300, 000 and N350, 000; N650, 000 to N700, 000 for two bedroom bungalow, while 3 bedroom apartment goes for N800, 000 to N950, 000 per annum.
 
“So, APDC is constructing 1,000 housing units in Dei-Dei axis, a suburb of the capital city.
 
Managing Director, Queenville Real Estate Group, Princess Eno Essien affirmed the existence of massive housing estates in Orozo,Jikwuyi,Karishi axis.

The FCDA can only provide roads leading the entrance of the place, while developers or, allottees have to do the remaining road network in their domain.”
 
However, a prospective tenant must have to cough out N500,000 for one bedroom; N700,000 for two bedroom  M1 million for three bedroom, while 4bedroom duplex  goes for N1.5million per annum.
 
Ferdinard Enyi  is a House Agent, said in Wumba for example, price tag for one bedroom is N450, 000; two bedroom N600, 000; three bedroom N800, 000.
 
“Similarly, in Kiyami one bedroom goes for N400, 000; two bedroom N550, 000,and three Bedrooms is up to N650,000 per annum.”
 
However, buying houses in the districts vary in amount depending on the bargaining power of the buyers and property owners. At time, there are cases of ‘special purchase’
 
In Lokogoma district, for example, one bedroom sells for N8million; two bedroom flat cost N15million; three bedroom is N22million and four bedroom duplex goes for N30 million.
 
These prices depend on whether one buys from the allocating authority or from the third party.