Lagos and Abeokuta are two cities where real estate investment is on the rise. As a newcomer to real estate investments, you might wonder ‘real estate in Abeokuta or real estate in Lagos – which city is best to buy landed properties’. This article will outline a few reasoning points to guide you in your decision-making when contemplating which city you should spend your money in when you want to invest in real estate.
Why You Should Consider Real Estate in Abeokuta
The basic and most important reason why you should be considering investing in real estate in Abeokuta is because of the population overflow in Lagos state, which has influenced the development of Abeokuta’s infrastructure.
Because Lagos state is crowded and overpopulated, the central government decided to shift its development efforts to its neighboring state, Ogun state. The influx of citizens to Ogun state regions has ignited the state’s need for rapid infrastructural growth. As Abeokuta remains the capital of Ogun state, it is no brainer that such infrastructural development projects are constructed there.
An example of such infrastructural development projects is the standard gauged railway line that is planned to link Lagos to Abeokuta to Ibadan. This project is jointly funded by the Nigerian government and the World Bank. Another project is the ongoing construction of the Ogun State cargo international airport. With the development and completion of these projects, real estate in Abeokuta will become a hot market.
Another reason why you should think of real estate in Abeokuta is that the price of real estate in Abeokuta is relatively cheap when compared to real estate prices in Lagos state.
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Why You Might Consider Real Estate in Lagos State
Lagos is the most populous city in Nigeria. That alone is one reason why you should invest in its real estate market. Boasting to be the home of approximately a 22million people and with that figure on the rise, it is wise to invest in real estate because of its housing deficit.
Another reason to invest in Lagos state is that it is the richest state in Nigeria and one of the largest economies in Africa. It is also home to over 1500 manufacturing companies, 200 financial institutions, and a huge cluster of medium and small-scale enterprises. It is a dream city for real estate investments because properties are yielding as many returns as ever and the demand is still high.
Final thoughts – Is Real Estate Better in Abeokuta or Lagos?
As you are deciding to invest in real estate, keep in mind the points mentioned in this article as they can serve as a guide while making your decision. Do not also forget that real estate in Abeokuta and real estate in Lagos have their benefits and advantages. The process for getting real estate in both cities is, however, relatively the same. So, weigh the risk, factor in the circumstances involved, and make your preferred choice.
