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 August, the average price per m² was ₦ 52,804.91. In September this price barely changed remaining at ₦ 52,100.03 per m². In the following two months the price per m² has risen 110 %, going from ₦ 52,452.47 to ₦ 57,498.73 per m². The price per m² has had a considerable fall of 17 % 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 ₦ 54,975.6 to ₦ 9,297.54 during December, and January.
When referring to the price in Abuja (cities & towns), this has fallen considerably in the last 6 months. The average price during our first sample month during August, is ₦ 7,385,000. During September the price went through a considerable rise reaching ₦ 9,339,286. In the following two months the average price has hardly changed with regard to the previous two months from ₦ 8,362,143 to ₦ 8,348,276. During the last two months the average price has fallen greatly compared to the previous four going from ₦ 8,355,209.5 to ₦ 2,336,121.5, which means a 28 % 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 ₦ 2,209,923 they are 43 % more affordable than the average price for Abuja . The properties with the highest average price have 4 bedrooms, Their price is 257 % more expensive than the average. After that we have properties with 3 bedrooms priced at ₦ 4,287,586.
With regard to the average price per m², those properties with 2 bedrooms are the most affordable ones at a cost of ₦ 2,564 / m², with an average ₦ 6,781.21 / m² price in Abuja. The properties with the most expensive average prices have 1 bedroom. They are 10782 % more expensive than the average followed by properties with 4 bedrooms with a price at ₦ 66,601 / m².
The graph displaying the average rent prices displays the property type "Flat" as the most affordable one. At an cost of ₦ 2,209,923 it is 47 % more affordable than the average price in Abuja. "Commercial property" is seen as the second most affordable property type. The most expensive property type is "House" followed by "Apartment". At a price of ₦ 4,558,952 it is 253 % more expensive than the average price.
According to the average cost per m², the least affordable property would be "Commercial property" at an average price of ₦ 8,840 / m² followed by "House" priced at ₦ 47,986 / m². "Flat" is the most expensive type of property with a ₦ 398,852 / m² value followed by "Apartment" with an average price of ₦ 76,774 / m².