Buying land is the most common way to invest in real estate and secure financial stability, especially in a country like Nigeria where the effects of inflation are strongly felt. As a city fast-growing in infrastructure and industrialization, Abeokuta is a location in Nigeria that is worthy of obtaining land in. Before you head on to buy land in Abeokuta, however, consider 5 things to know about the city.
5 Things to Consider Before You Buy Land in Abeokuta
1. The city’s rate of infrastructural development
Before you buy land in Abeokuta or anywhere else, you should consider how fast or how well-developed the region is. In Abeokuta, there have been recent investments made in both rail and road transportation. The plans for a cargo airport are also well on their way to completion. This has caused the rate of investment in real estate to shoot up in the city.
Industrial and residential projects are being constructed all over. There are many housing projects being developed in strategic areas of the city and there still is the need for more. This means that for whatever purpose you buy land in Abeokuta, you are likely to gain satisfaction with your purchase.
2. Price of land
The average price of land in Abeokuta stands at two million naira. This is due to the inflation in the market. Still, there are areas in which you can buy land in the city for a cheaper amount. For instance in Abeokuta Southern region, you can buy land for an amount such as 1.6 million naira and you can obtain it at a much lower price of 600 or 800 thousand naira in the northern regions.
Compared to its neighbouring city, Lagos, in which an average plot of land is 8 million naira, buying land in Abeokuta is cheap. Thus, it is cost-efficient if you are planning to venture into real estate.
3. Size
During land surveys, there are terms such as ‘plot’, ‘acres’, ‘hectares’ etc. These terms are used to classify the size of a piece of land. An acre is a space of land that is equivalent to six plots of land. A hectare is equivalent to 2.5 acres. In Abeokuta, an average plot of land is 600SQM (60×120ft) while in some other cities, lands are measured in 50×100 ft.
You might ask, ‘how big is a plot in Nigeria’? The answer to that question is not definite. A plot in Nigeria ought to stand at 100ft×100ft which is also the same thing as 30m×30m= 900SQM. In contrast to this, the Surveyors’ Council of Nigeria (SURCON) and the Nigerian Institute of Surveyors (NIS) states that an average plot should measure 669.78SQM. Yet, the biggest size a plot is sold at in Nigeria today is 600SQM. This is why we say the standard plot size in Nigeria is not definite.
However, buying land in Abeokuta gives you more space at a cheap price, compared to several other states in the country.
4. Good land texture
The lands in Abeokuta are dry, as opposed to swampy. This is a good thing because you do not have to pay excess money to get rid of a swamp or sand-fill a waterlogged area during construction. The dry lands in Abeokuta are good for laying buildings upon or farming too, depending on the purpose you want to use it for.
5. Purpose
Before you buy land in Abeokuta, it is assumed that you already have an intended purpose in mind. Note that Abeokuta is not only useful for its real estate prospects. This is a city that has fertile soil which is good for farming. It is known to produce palm oil, yams, rice, cassava, corn, etc. Cotton and shea butter are also notable products from Abeokuta. Cocoa, palm products and kola nuts are popular exports of the city.
In addition, Abeokuta is home to many caves and shrines. The city is placed at the feet of the Olumo rock which serves as a natural attraction for tourism.
Besides tourist attractions, there are also several industries in the city which include the breweries, canning plant, sawmills and an aluminium processing industry. Whether it is for farming or for residential purposes or for industrial purposes or to exploit the tourist attractions in the city, you are not limited to only one purpose if you decide to land in Abeokuta.
Conclusion
Non-congested roads, ease of transport, constant development – all of these make Abeokuta an appealing place to live and buy land in. This article has covered 5 essential things to know about land in Abeokuta. Considering them will help you make the best choice before putting down money for any piece of land.
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