Abuja land prices surge as infrastructure devt booms
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The 2025 Nigeria Real Estate report by Ubosi Eleh & Co has revealed that the prices of land in the Federal Capital Territory, Abuja, are experiencing a surge, as the government intensifies infrastructure development in the capital city.
For instance, the report stated that a 1,000m² plot of land in Katampe, one of the fast-developing areas in the city, is projected to reach N300m by the end of 2025, indicating rising demand in Abuja’s upscale property market.
It stated, “In Katampe main, 1,000m² was sold for N120m in 2023, rose to N220m in 2024, and projected for N300m by 2025. So, in terms of these allocations, the current minister of the FCT has engaged in quite a lot, but most of them are not in areas that are infrastructured, so the land allocations attract low values, creating more or less a seller’s market. The city centres and desirable areas of Maitama, Asokoro, Wuse, Garki, etc, are all fully allocated.
“This brings our report to the impact of infrastructure speculation on land values in Abuja. As usual, anywhere there is speculation of the provision of infrastructure by the Federal Capital Development Authority, values will immediately begin to increase in leaps and bounds. A typical example, to mention one, is Katampe Main. In 2023, 1,000m² of land sold for N120m only.“With the commencement of the provision of infrastructure, values rose to N220m in 2024, and we project that by the end of 2025, the same property will command a value of at least N300m. The same Katampe Main is being linked to Maitama District by a bridge, making access to or fro easily five minutes, down from over 20 minutes of plying the Expressway and using the interchange.”
The report projects that values in Katampe will be pulled up by this access and proximity to Maitama District, where land already commands N1.20m per square metre. All in all, the outlook for Abuja residential real estate is bright and a general increase in values, rental and capital is certain, it stated.
The report further noted that the Central Business District, also known as Central Area, houses the majority of the commercial office blocks, many with state-of-the-art designs and construction.
It stated, “Despite being well planned and laid out, the inherent nature of Abuja, coupled with the nation’s poor economic performance in the last few years, has contributed to the slow take-up and high vacancy rates of commercial real estate in the city. Rents are currently at N50,000 – N70,000 per square metre (2024) and have remained unchanged. We project that they will remain at current levels if present conditions persist.
“In undertaking a survey of the Abuja commercial real estate space, we discovered that smaller units of space, 100m2, 150m2, etc, let much more quickly to professional small and medium-sized companies. This space demand of such companies is small, especially when put against the fact that some office blocks are offering total lettable space in excess of 3000+ square metres, and many Landlords shy away from breaking up their office space into those small units because of the problems of management.
“There is clearly what seems to be an oversupply of commercial space, coupled with the asking rents being very high comparably, this has given rise to lots of void and spaces that for many years have continued to seek tenants. One common phenomenon that impacts the Abuja commercial real estate is the regular conversion of residences to commercial properties in Wuse, Wuye, Gwarimpa, Apo, etc.”
