The rent prices in real estate in Abuja, in the Abuja region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per m² in Abuja has had a strong fall during the last 6 months. In October, the average price per m² was ₦ 25,864.78. In the following month the price per m² fell considerably to ₦ 18,358.68. The price for the following two months in (December, January) had a considerable fall of 70 with regard to the previous two months. The price per m² has had a considerable fall of 38 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of ₦ 18,808.91 to ₦ 7,059.97 during February, and March.
When referring to the price in Abuja (cities & towns), this has risen in the last 6 months. The average price during our first sample month during October, is ₦ 3,876,494. During November the price went through a considerable rise reaching ₦ 4,941,063. During the following two months (December, January) the price has had an average rise from ₦ 4,408,778.5 to ₦ 4,911,281.5. During the last two months the average price has fallen greatly compared to the previous four going from ₦ 4,660,030 to ₦ 3,151,250, which means a 68 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of ₦ 3,141,875 they are 34 % more affordable than the average price for Abuja . The properties with the highest average price have 4 bedrooms, Their price is 116 % more expensive than the average. After that we have properties with 3 bedrooms priced at ₦ 3,340,909.
With regard to the average price per m², those properties with 1 bedroom are the most affordable ones at a cost of ₦ 4,131.11 / m², with an average ₦ 7,057.89 / m² price in Abuja. The properties with the most expensive average prices have 4 bedrooms. They are 105 % more expensive than the average followed by properties with 3 bedrooms with a price at ₦ 8,683.33 / m².
The graph displaying the average rent prices displays the property type "Bungalow" as the most affordable one. At an cost of ₦ 3,141,875 it is 84 % more affordable than the average price in Abuja. "Commercial" is seen as the second most affordable property type. The most expensive property type is "House" followed by "Apartment". At a price of ₦ 1,885,419 it is 109 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Bungalow" at an average price of ₦ 1,144 / m² followed by "Apartment" priced at ₦ 6,283 / m². "House" is the most expensive type of property with a ₦ 16,979 / m² value followed by "Commercial" with an average price of ₦ 8,435 / m².