The prices in real estate in Abuja, in the Abuja region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Abuja has increased strongly during the last 6 months. In January, the average price per m² was ₦ 167,863. In the following month the price per m² increased considerably to ₦ 212,652. The price for the following two months in (March, April) had a considerable increment of 519 %. The price per m² has had a considerable deflation of 12 % 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 ₦ 588,722.5 to ₦ 68,128.5 during May, and June.
Based upon to the price in Abuja (cities & towns), this has gone up considerably in the last 6 months. The price in January is ₦ 56,222,222, rising in February till ₦ 63,541,667. During the following two months (March, April) the average price had a considerable increase of 370 % 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 ₦ 140,714,048 to ₦ 56,886,876, which means a 40 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of ₦ 64,856,250 they are 99 % more affordable than the average price for Abuja. The properties with the lowest average price have 4 bedrooms, Their price is 36 % cheaper than the average. After that we have properties with 3 bedrooms priced at ₦ 18,550,000.
With regard to the average price per m² , those properties with 1 bedroom are the cheapest ones at a cost of ₦ 8,891 / m², with an average ₦ 71,737 / m² price in Abuja. The properties with the lowest average prices have 4 bedrooms. They are 12 % cheaper than the average followed by properties with 3 bedrooms with a price at ₦ 34,130 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of ₦ 64,856,250 it is 87 % cheaper than the average price in Abuja. "Bungalow" is seen as the second most affordable property type. The dearest property type is "Duplex" followed by "Commercial". At a price of ₦ 113,604,438 it is 83 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Flat" at an average cost of ₦ 19,667 / m² followed by "Bungalow" priced at ₦ 33,490 / m². "Duplex" is the most costly type of property with a ₦ 135,162 / m² cost followed by "Commercial" with an average price of ₦ 89,823 / m².