It is no secret that Lagos is one of the most populous states in Nigeria. With the number of industries and several opportunities, it stands as one state where you can live to suit your taste. However, Lagos doubles as the most expensive state in the country to live in. This is where borderline states enter the picture – states that offer similar benefits as Lagos but are relatively less expensive. But what if you are not looking to relocate to the Southwestern part of Nigeria? Would going into real estate in this part of Nigeria be beneficial to you? First off, going into real estate does not imply starting a real estate agency. With that in mind, let us proceed to consider where states like Ogun State are of benefit and why you should go into real estate in Abeokuta.
Why Should You Go Into Real Estate In Abeokuta?
Real estate investments in general are highly profitable and less risk-prone than Nigeria’s other investment opening, the stock market. In several cases, the value of property in real estate in a country like Nigeria depends on factors including industrialization and modernization. At the state level, factors like electricity supply and road maintenance determine property costs in areas.
States with high concentrations of industries tend to have better job opportunities and a decent standard of living, hence, immigration to these states occurs. And this increases the need for housing and real estate provisions.
However, real estate investments are more profitable when the cost of property acquisition is not overwhelming. Lagos, Port Harcourt, and Abuja remain three states where real estate blooms, with Lagos topping the charts. But with the overwhelming cost of living and already massive population, some individuals would rather get an alternative, something close. What does this translate to? A state like Ogun State poses a fine fit to this end, especially with its rail network to Lagos.
Benefits Of Owning Real Estate In Abeokuta
What is living in Abeokuta, Ogun state worth? Here are some reasons why you would not regret living in Abeokuta without extra “rent” fees, and as an investor, why owning real estate in Abeokuta is of value:
- If you would like to live in a town that can be considered a mix between relics and civilization, Abeokuta might be the place for you. Nigeria’s first hospital, the country’s primal local government area, and relics from the walls that once surrounded the state are among the state’s standing relics.
- Living in Abeokuta equals living in a state with one of Nigeria’s major rocks, namely the Olumo rock.
- Being the capital and center of production in Nigeria, the cost of living in this state is relatively inexpensive.
3 Great Investments Tied To Real Estate In Abeokuta
1. Flipping–
If you feel comfortable with the renovation routine, you might want to engage in property flipping. This would require you to actively purchase buildings for cheap, renovate, and partner with a real estate company to put them up for sale.
2. Land Purchase–
You could purchase pieces of land or a piece from time to time, let it appreciate, and eventually get an agency to put it on their listing.
3. Rentals–
Properties can be put up for rent in the same way they can be sold. You do not necessarily have to flip a house and put it up for sale, you could get your partner real estate agency to put it up for rent instead.
Bottom Line
It is not mandatory to acquire new property to live in. You could get a property under your name and invest in it to earn returns. Fortunately, the value of landed property always appreciates. By owning real estate in Abeokuta, you can rest assured that with the state’s several attractions and decent cost of living, you will reap its returns. However, getting the right property to invest in sometimes depends on having the right agency to work with.
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