The Nigerian real estate market remains resilient despite the challenges in the country’s economy. The story is the same for some states in the country. One of such states is Kwara State which, market players say, is a good destination for investors, especially those with long-term view of the market.
According to the players and other close watchers of the market, as the real estate market continues to grow, investors too continue to research locations that will fit in for investment in the sector.
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“Kwara State is one of the states in Nigeria that is rapidly emerging as a prime real estate investment destination,” Maxwell Taye, managing director, Kairos Realty Development Limited, noted recently.
Kwara is situated in Nigeria’s north-central region and, according to Taye, it combines strong agricultural potential, rich mineral resources, and strategic positioning that makes it an attractive prospect for both domestic and international investors.
“Kwara offers a unique blend of agricultural strength, mineral wealth, strategic location, and supportive policies that make it an attractive destination for real estate investment. The growing population and rapid urbanization further enhance its appeal,” he said.
For investors seeking high returns and sustainable growth, he explained, Kwara stands out as a prime choice in Nigeria’s real estate landscape, disclosing that Realty Development is a game changer in the industry within the state and beyond.
Taye noted that investing in Kwara is not just about capitalizing on current trends but also about contributing to the region’s economic development and future prosperity, adding that with its promising market conditions and government support, the state is poised to become a major hub for real estate investment in Nigeria.
Citing a report from Nigeria Property Centre, he explained that the real estate market in Kwara is on a promising trajectory, as the average price of houses for sale in Ilorin, the state capital, is approximately N660 million with prices ranging from N350 million to N2 billion.
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The Nigerian real estate market is expected to achieve a value of $2.42 trillion by 2024, with a projected Compound Annual Growth Rate (CAGR) of 7.10 percent from 2024 to 2029, leading to a market volume of $3.41trillion, according to Statista.
He added that real estate companies like Kairos Realty are ensuring that people investing in real estate do it in the right way, guiding both domestic and international investors on how best to seize the opportunity in the industry, particularly in Kwara State.
Taye added that the state’s central location in Nigeria makes it easily accessible and attractive to both domestic and international investors.
“Its proximity to major commercial hubs like Lagos, Ibadan, and Abuja enhances its appeal for real estate development,” he said, adding that Kairos Realty has also recorded a number of sales since its entry into Kwara market which “shows that there’s high demand in the industry because of its strategic location.”
Speaking on population growth, Taye stated that Kwara’s urbanization rate is increasing with a population of over three million, creating a rising demand for housing and commercial properties.
Kwara is experiencing rapid urbanization, leading to the development of new residential areas, commercial centres, and infrastructure projects, improved road networks, power supply, and water systems enhancing the attractiveness of investing in its real estate.
He added that the state’s strong agricultural base and mineral wealth also provide a stable economic foundation as the state is known for its rich agricultural lands, which support a variety of crops and livestock and untapped mineral resources, presenting opportunities for development.
“This agricultural prowess attracts agribusiness investments and, in turn, boosts demand for residential and commercial properties.
“Kwara boasts significant untapped mineral resources, including limestone, marble and granite. These resources present good opportunities for industrial development, which drives the need for real estate infrastructure,” he said.
Taye noted that some government policies have also been designed and implemented to attract investment, including incentives for real estate developers, tax breaks and expeditious approval processes, which make it easier for investors to enter and thrive in the market.
“The combination of strong market trends, strategic location, supportive policies, and infrastructure development makes Kwara a lucrative destination for real estate investment. Investors can expect high return on investment (RoI) due to the increasing demand for properties and the economic stability provided by the state’s diverse economic activities,” he said.
He assured of the company’s commitment to contributing their efforts to fill that gap in the real estate market by providing affordable property investment opportunities with a flexible payment plan for investors.
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