Whether you are a citizen or a foreign resident in Nigeria, you might want to purchase a landed property for certain reasons that fall in line with your interests. If you are a foreigner, you might discover that things are not done in the same manner as where you come from.
This also applies to local citizens of Nigeria. Buying land in a certain area or region might have certain requirements that are different from what you are used to. One of the areas where this often happens is the aspect of price. If you have an eye for land in Abeokuta, then this article will help you make the right purchase choices by addressing the price of land in Abeokuta.
What is the Price of Land in Abeokuta?
Abeokuta, a city with a fast-growing infrastructure and influx of residents, a city that has a rich cultural heritage and history, has vast lands available for purchase. Land prices are, however, different in many areas of the city.
In Nigeria, the average price of a plot of land measuring 60OSQM (this is the required standard excluding human error) is six million naira (6,000,000). The expensive or high-cost lands are sold at the amount of one hundred and ninety-three million naira (193,000,000), while the cheapest range from four hundred to four hundred and fifty thousand Naira (400,000 – 450,000).
However, land in areas like Abeokuta is not highly-priced or expensive as some areas are. Still, there are some fairly higher-priced land properties in Abeokuta. For example, lands in the regions of Abeokuta South and its immediate surroundings are sold at a price that averages the amount of one million, four hundred thousand naira (1,400,000). The expensive or high-cost lands cost eight million, five hundred thousand naira (8,500,000), while the cheapest begin at four hundred thousand naira (400,000).
On the other end, in Abeokuta North, the average price of land is seven hundred thousand naira per plot (700,000). The expensive or high-cost lands can cost up to three million, five hundred thousand (3,500,000), while the cheapest lands can cost as low as three hundred thousand naira (300,000).
In areas like Obada, Adigbe, and Idi-Ori, it is possible for one to purchase land for as little as three hundred thousand naira although, admittedly, it might be the interior regions of such areas. Nevertheless, these are fast-developing areas.
What Determines the Price of Land in Abeokuta?
As stated earlier, the price of lands and landed properties in Abeokuta are not fixed. Some factors, such as the following, determine these prices and cause variation in prices.
● Location
Whether it is for residential, commercial, or industrial purposes that you want to buy land, the location is one of the most important factors you must consider. You must consider the area if you want to build a home. A high-rise area may be a costlier place to buy from than a newly developing area. You also have to take into account if the location you are in has growth potential.
● Land Size
Before purchasing land, you should become familiar with the land sizes and the terminologies used to classify them. If you are not conversant with the terms and processes, it is best to use a real estate consulting firm for a hassle-free experience. Essentially, plots, acres, and hectares are all different sizes. Each size has its own cost. An acre is six times bigger than a plot while a hectare is 11 times bigger than a plot. These cut segments of land are of different value.
Other sizes such as half of a plot or quarter also exist and these are usually worth either half of the original plot price or slightly above half.
● Land appreciation
As far as one does not meddle with a land property in a way that will reduce its value, it remains a valuable asset. After a while, the value increases and, if you decide to resell, you make more than you initially paid for it. In some areas, you make up to 5 times or 10 times the amount. This depends on how fast the area develops or how long the land has been appreciating.
● Access to locations
Closely related to the first point, another factor that determines the price of land is its easy access to locations. This includes the distance to places such as markets, schools, hospitals, etc. Land in an area close to these amenities will be worth more than land in places far from them.
Bottom Line
Abeokuta has many perks that make it a good area to buy land, either for a start-up or for residential purposes. While it is true that the price of land in Abeokuta varies and depends on several factors, overall, land is relatively inexpensive in Abeokuta. With careful planning and consideration of the major factors in this article against your budget, you can be sure to find a piece of land in Abeokuta that suits your needs.
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