The prices in real estate in Abuja, in the Abuja region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Abuja has had a strong decrease during the last 6 months. In April, the average price per m² was ₦ 1,024,447. In the following month the price per m² decreased considerably to ₦ 64,520. The price for the following two months in (June, July) had a considerable decrease of 12 with regard to the prior two months. The price per m² has had a considerable deflation of 24 % 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 ₦ 305,954.5 to ₦ 72,393 during August, and September.
Based upon to the price in Abuja (cities & towns), this has fallen considerably in the last 6 months. The average price for April is ₦ 245,400,000. During May the price had a considerable reduction till ₦ 48,917,500. During the following two months (June, July) the average price had a considerable reduction of 36 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from ₦ 100,261,408 to ₦ 53,923,436, which means a 54 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of ₦ 53,466,875 they are 99 % more affordable than the average price for Abuja. The properties with the highest average price have 4 bedrooms, Their price is 0 % more costly than the average. After that we have properties with 3 bedrooms priced at ₦ 21,105,625.
With regard to the average price per m² , those properties with 1 bedroom are the cheapest ones at a cost of ₦ 10,462 / m², with an average ₦ 68,543 / m² price in Abuja. The properties with the highest average prices have 4 bedrooms. They are 25 % more expensive than the average followed by properties with 3 bedrooms with a price at ₦ 44,641 / m².
The graph displaying the average prices displays the property type "Bungalow" as the most affordable one. At an cost of ₦ 53,466,875 it is 65 % cheaper than the average price in Abuja. "Flat" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Land". At a price of ₦ 130,550,455 it is 291 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Bungalow" at an average cost of ₦ 32,363 / m² followed by "Flat" priced at ₦ 39,389 / m². "Land" is the most costly type of property with a ₦ 138,153 / m² cost followed by "Commercial" with an average price of ₦ 107,285 / m².