Why You Need To Buy Property in Enugu State

Here is why you need to Buy Property in Enugu State

Enugu State is a state in the South-East geopolitical zone of Nigeria, bordered to the north by the states of Benue and Kogi, Ebonyi State to the east and southeast, Abia State to the south, and Anambra State to the west.

The state takes its name from its capital and largest city, Enugu
The name of the state derives from its capital city, Enugu. The word “Enugu” (from Enu Ugwu) means “the top of the hill”. The first European settlers arrived in the area in 1909, led by a British mining engineer named Albert Kitson. In his quest for silver, he discovered coal in the Udi Ridge. The Colonial Governor of Nigeria Frederick Lugard took a keen interest in the discovery, and by 1914 the first shipment of coal was made to Britain.

  • Growing Middle-Class Population: Enugu vibrant economy has led to a growing middle-class population with money to spend on luxuries and decent accommodation. The middle segment of the housing market remained robust despite the economic headwinds experienced by every other sector of the Nigerian economy and this has been attributed to strong demand from the middle class. Prices in the Ebe-Ano axis which is largely middle-class neighborhood grew an average of 2.8 percent when other segments of the real estate sector declined countrywide.
  • Fast Appreciating Property Prices: Enugu is a dream destination for real estate investments because of the high rate of returns on investments. The Market Analysis for Enugu State shows one of the highest property values in Nigeria. The Enugu property market especially the mid-market segments remained buoyant when property prices in states across the country took a haircut from the recent economic recession. A piece of land that was purchased around 2006 in Ebe-Ano for 5million was sold for 40million naira nine years later, that is a seven-fold (700%) increase and it is not an isolated case.

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  • Stable Political Environment: Enugu has the most stable political environment when compared to other states in Nigeria. Since the return of democracy in 1999 Enugu has been under the control of the same political party and this ensures a continuum in governance, this is good for the real estate market because projects and developments are implemented according to the masterplan. It also means that important projects that drive growth are not sacrificed on the altar of politics.
  • Strong Rental Market: Rising property and rental prices are a reflection of the huge supply-demand gap of affordable housing in Enugu. There are more renters than owners in Enugu property market due to the high cost of home-ownership coupled with a very underdeveloped mortgage market. The mortgage market is very small and unaffordable with rates ranging from 16 – 30% and tenors between 1 – 15years. Study shows that over 75% of property seekers are looking for rental accommodation.

Conclusion:

Enugu is like a window to the future. Unlike the rest of Nigeria, Enugu is a great example of what is possible when the government offers energy and other initiatives to its residents.

The best time to buy is yesterday, the next best time is NOW. Prices are never going to come down. Don’t wait to buy Real Estate, buy and wait. Let us know what you think.

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