By Blessing Clement

The Nigerian real estate market is experiencing a mixed performance in 2024, with some locations witnessing price hikes, while others are seeing a downward trend. While major cities like Abuja, Lagos, and Port Harcourt remain expensive, several other states are experiencing a drop in property prices due to various economic and local factors. This guide highlights these locations and the reasons behind the declines.

1. Adamawa State

Adamawa State, located in the northeastern part of Nigeria, has seen property prices drop in 2024. Areas like Yola, the state capital, have been impacted by reduced economic activities and ongoing security concerns in the region. This has led to a lower demand for both residential and commercial properties, making it a buyer’s market for those seeking affordable real estate options.

2. Cross River State (Calabar)

Calabar, the capital of Cross River State, known for its tourism and hospitality industry, has seen a decline in property prices in 2024. With reduced tourist activity and slower economic growth in the state, demand for high-end real estate has decreased. Areas such as Tinapa and parts of the city center are now experiencing lower property prices compared to previous years, offering opportunities for long-term investors.

3. Ondo State (Akure)

Akure, the capital of Ondo State, has been another area witnessing a drop in real estate prices. The state’s economy, traditionally reliant on agriculture, has faced challenges due to economic shifts, and this has impacted property values. Many residential and commercial properties in Akure are now selling at lower rates as demand wanes, especially in emerging estates and areas on the outskirts of the city.

4. Nasarawa State (Lafia)

Nasarawa State, neighboring the Federal Capital Territory (FCT), has long been considered a lower-cost alternative for those seeking properties near Abuja. However, in 2024, areas such as Lafia and other parts of the state have seen property prices fall. The oversupply of land and housing developments, along with a slower-than-expected population influx, has resulted in lower demand and reduced property values.

Read also 

How Real Estate Agents Make Money in Nigeria

Can Real Estate Be a Side Job?

Are Real Estate Commissions Negotiable?

How to Immigrate to Canada as a Real Estate Agent in 2024

5 Estates to Consider if You're Moving to Lagos

5. Yobe State (Damaturu)

Yobe State, in the northeastern region of Nigeria, is another location experiencing a drop in property prices. Damaturu, the state capital, has seen declining real estate values due to ongoing security concerns and limited economic opportunities. The reduced demand for residential and commercial properties, coupled with population displacement, has made the real estate market less active, pushing prices downward.

6. Ekiti State

In Ekiti State, especially in the capital city Ado-Ekiti, property prices have also dropped in 2024. The state's economy, which is largely dependent on public sector employment and agriculture, has struggled to sustain real estate demand. Many properties, particularly in the residential sector, are now being sold below their previous market value.

Factors Contributing to Price Drops

• Security Concerns: In states like Adamawa and Yobe, security challenges have driven people away, reducing demand for housing and commercial spaces.
• Economic Slowdown: Slower economic growth in states that depend on agriculture or have limited industrial activity has led to less disposable income and lower demand for real estate.
• Oversupply: In some areas, an oversupply of properties, especially in emerging residential estates, has saturated the market, causing prices to fall.
• Reduced Population Growth: In states like Nasarawa and Cross River, slower population growth or urbanization has resulted in decreased demand for real estate compared to major cities.

While Nigeria’s primary real estate hubs remain expensive, there are opportunities for buyers and investors in states where property prices have dropped. For those looking for more affordable real estate, these regions present opportunities, though careful consideration of economic and security factors is essential before making investment decisions.

Quick Links: 

• Residential and commercial plots of lands
• 4-bedroom fully detached duplex with a room BQ
• Whiterose Cullinan Garden 4-Bedroom Apartment
• WELL DETAILED BRAND NEW 4 BEDROOM TERRACE DUPLEX
• 4 BEDROOM TERRACE WITH BQ, 3 & 2 APARTMENTS
• 3bedroom furnished and serviced terrace duplex
• Tastefully furnished and serviced 3bedroom apartment
• A Tastefully Finished 10 units Of 4bedroom Terrace Apartment
• 21.29 hectars of land with R of O at Idu Abuja