Last week, we started a series on the exploration of emerging real estate markets in Nigeria. You can find the piece here if you'd like some background information. In that piece, I talked about how 2015 could be highly volatile for stocks as the fall in global crude oil prices continue to exert pressure on the Nigerian equity markets and the economy at large.
I also discussed how the real estate market in Nigeria offers investors a wealth of opportunities for profitability beyond what you can expect to obtain from stocks this year. It might not be out of place to remind you that real estate market is made up of land, residential and commercial properties.
Calabar: #2 Real Estate Emerging Market in Nigeria
Over the course of the last decade, Cross River State has started a colossal urban renewal program in the state in order to tap into the enormous tourism potential of the state. The urban renewal efforts have yielded great results as Calabar continues to obtain global prominence with its title as the cleanest and best environmentally managed city in Nigeria.
Calabar is currently a hot spot for real estate investors for residential and commercial properties considering the high level of infrastructural development in the city. The city is home to an international museum, a free trade zone and port, a botanical garden, an integrated sports stadium complex, an international airport and seaport, a cultural center, the University of Calabar, a slave history park and many other historical and cultural landmarks. Calabar is also home to several standard hotels, resorts and amusement parks. We should also remember that Calabar also plays host to the popular TINAPA resorts.
Why You Should Invest in the Calabar Real Estate Market
According to information available on CalabarForum, a 3-bedroom flat (in the State Housing neighborhood) that was available for rent at N80,000 in 2005 before the urban renewal program started had started to command a rent of N300,000 when the urban renewal program went underway. In addition, a 1000 (m2) Land in the same neighborhood with an asking price of N2000/m2 had increased in value in two years to command an asking price of N5000/m2.
In essence, real estate investments in Calabar have started recording more than 100% increase in value as soon as the urban renewal program started. Calabar is already establishing a strong global footprint as a top destination point for tourists and we can only expect the Calabar real estate market to continue booming in the coming years. Calabar offers the real estate investor a great chance to record impressive return on investment and you will do well to consider investing in Calabar now.
Image Credit: www.cometonigeria.com