The investment community must always keep in mind that since April 2017 an international buyer can no longer legally own land in Nigeria. This is a Nigerian Supreme court ruling which is changing the investment situation in this country considerably. Nevertheless, real estate investments in this country can gain a ROI of as much as 35%. On the other hand, in cities such as Abuja and Lagos rental income yields of 10% are entirely possible. A dollar can go quite far in Nigeria. $100 converts to approximately 36,000 Naira. To put this in perspective the minimum monthly wage is in the region of 18,000 Naira and therefore a $100 is twice as much. To the majority of Nigerians of which most exist on minimum wage, $100 is certainly a lot of money.
Table of Contents
Nicon Town
A popular attraction amongst children and adults is Dream World Africana. There is a lot to do for the little ones with all kinds of exciting rides and amazing sights. There is also Atican and Eleko Beach both of which are popular amongst locals and tourists. For shopping there is also the Lennox mall.
Other places of interest are Vivid Exclusive Art gallery, the Iwalewa art gallery and Lvi Art gallery. For an interesting night out there is LSP Paintball and many restaurants bars and night clubs which provide for a vibrant night life environment. You can expect to pay between US$681,000 and US$2.9 million for a house in Nicon Town.
Jabi
This is a popular and upmarket residential area which has been laid out around Jabi Lake. Walking paths are crisscrossing this entire area and they are also many boats in the region. There is also several rooftop bar which provides stunning views across the water as well us a couple of cocktail lounges. For boost into horseback riding and popular sports such as soccer all of this can be done in Jabi Park. Additional conveniences are the Jabi Lake mall where there are several fashion stores, a cinema while the nearby Utako Market provides shoppers with the opportunity to purchase vegetables, fruit and meat. A house can cost US$500,000 up to as much as US$3 million.
Asokoro
Locals and visitors are directed to Millennium Park which has become one of the most popular outdoor areas in the region. This is because it is an extremely lovely green space where people can go hiking around the lake and there is also a very interesting theme park which is very popular. People are also going to Aso Rock which is another very popular outdoor venue with beautiful scenery and there are several popular live music sports and people also support the churches in the region. Some houses sell for US$2.2 million.
Maitama
This area has become extremely popular and much of that popularity is probably because of the beautiful hotels in the region as well as the very fancy embassy buildings. Furthermore, there are upscale dining places where just about every international dish can be sampled. However, there are also many places which are serving the traditional Nigerian dishes. The area is also known for its cocktail lounges and there are also more than adequate opportunities for shopping at Dunes Center with all of its boutiques. For groceries and vegetables there are Maitama Farmers Market. Close by there are also the beautifully landscaped millennium Park. Houses can be purchased for US$2.3 million.
Banana Island
This is the playground of the Nigerian wealthy. Therefore, it is not surprising that some of the most expensive real estate in the country is located on Banana Island. When purchasing property on the island a plot of land can cost between four and US$6 million. In fact, the cheapest buildings on the island cost between US$7 million and US$10 million.
According to experts some of the prices of Banana Island properties are completely ridiculous. This is proven by the fact that more than 60% of completed buildings are still unoccupied. Nevertheless, many Nigerian celebrities live on the island such as Sayyu Dantata, P Square, Iyabo Obasanjo, Kola Abiola, Ahmed Tinubu, Linda Ikeji, Mike Adenuga and Aliko Dangote.