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
b.
Stability
c.
Serenity
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.
