Abuja Rent prices are the second most expensive in Africa

This high prices may be due to the willingness of expatriates to pay much more on properties than local residents and also the financial capability to do so.

Real estate has been a very significant contributor to the nation’s GDP in recent times.

In the last quarter of 2014 alone, real estate was responsible for 8.3% of the GDP. The growth in the sector is largely responsible for this and consequently, property prices are on the rise.

Africa Report 2015, conducted by real estate giants Knight Frank, says that Abuja has the second highest rental prices for residential properties in the whole of Africa.

The report based this information on a 4-bedroom executive house, placing the cost of renting a residential property in the Federal Capital at $8,500/month, second only to Luanda, Angola were prices are a much higher $25,000/month.

According to the report, this high prices may be due to the willingness of expatriates to pay much more on properties than local residents and also the financial capability to do so.

With Abuja’s population expected to double by 2025, the potential for growth in the sector is huge.