The best city in the south eastern part of Nigeria.
The question on everybody’s mind is,‘ why is real estate in Enugu State very expensive?’ . A popular remark that we come across on a daily basis goes as follows, ‘ Enugu is a civil servant state and not a commercial hub like Lagos State or is the federal capital, can civil servants afford the high rent’ or ‘ Enugu state is a student town and students can’t afford high cost of accommodation. Even real estate investors are skeptical about acquiring real assets in Enugu state because they don’t recognize the potentials of the state. By the end of this article, I hope to show you the reason behind the high cost of accommodation in Enugu state and also demonstrate to prospective real estate investors the profit making potentials that the state has to offer.
Benefits of residing in Enugu State: Enugu state is the best town in the south eastern part of Nigeria and by so being, it is expensive. Enugu state is the best city to reside in within the south east for the following reasons
Security: The crime rate in Enugu State is far lower when compared to its other states within the south east for example, Onitsha in Anambra State, Aba in Abia State or Abakiliki in Ebonyi State.
Town planning and esthetics: Enugu city, by popular belief, is the most beautiful and best planned city in the south eastern part of Nigeria.
Standard of Social Amenities: Enugu state can boast of two State Of The Art, State and federal owned hospitals that offer subsidized health care services and an array of privately owned hospitals. Enugu State boasts of high quality schools(in both the primary and secondary levels) that parades highly trained educators that can guarantee an effective and efficient scholastic programs. It is a common occurrence to see children whose parents reside in other states in the south east coming to Enugu to school.
Night Life and Entertainment: Enugu State tops the chart when it comes to weekend entertainment compared to other states within the south east and constantly plays host to an endless flow of tourists that troop in to get a taste of the legendary “activity” the City of Enugu has to offer with its array of 5 star clubs, restaurants and hotels.
Benefits to real estate investors: Investing in real estate in Enugu State guarantees investors a high profit margin, high return of investment over a shorter period of time when compared to all the other states located within the south eastern part of Nigeria.
I will demonstrate this with an example, a commercial property for rent at Onitsha, Owerri, Aba or Abakiliki, i.e (a 3bedroom flat) generates a rental income ranging between 100k-150k per annum while a commercial property in Enugu city and its environs , I.e (a 1bedroom with a built in toilet and kitchen) generates a rental income ranging between 120k-180k per annum and a 3bedroom flat in Enugu generates a rental income ranging between 350k – 700k per annum.
Based on this brief analysis, it makes more financial sense to invest in commercial properties in Enugu state than in any other state in the south east.
In conclusion, Enugu State, popularly known as THE ABUJA OF THE SOUTH EAST, is the best choice for wise investors because it guarantees a steady return on investment that appreciates at a minimum rate of 20% per annum. It is also the most expensive state to reside at in the south eastern part of Nigeria because it can offer with other states can’t even dream of offering its residents which include
a. Peace of mind
d. Better quality of life.
If you must reside at or invest in real estate within the south eastern part of Nigeria then Enugu State is the best and wisest choice.