Property for sale in Nigeria

1/ Capital: Abuja

Is the capital city of Nigeria. It is located in the centre of Nigeria in the Federal Capital Territory (FCT). Abuja is a "planned" city, as it was mainly built in the 1980s and officially became Nigeria's capital on 12 December 1991, replacing the role of the previous capital Lagos. Get more information on property for sale in Abuja.

2/ Country: Nigeria

Is a federal constitutional republic comprising thirty-six states and one Federal Capital Territory. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in the north.

3/ Property for sale in Nigeria

After declaring independence from Britain in 1960, Nigeria plunged into a series of civil wars and then military rule after 1966. The oil boom in the 1970s gave the government a chance to go on a spending spree which included the overly expensive transfer of the capital from Lagos to Abuja.

When the world recession kicked in the 1980s, oil princes plunged, pulling down Nigeria. This led to a cycle of massive debt, soaring inflation, large-scale unemployment and massive corruption.

Despite this, there's a housing boom, even though there have been high levels of construction during the past few years in Lagos and Abuja, and the supply of expatriate housing has greatly increased.

The Nigerian property market; it is unique and can provide great opportunities to achieve higher returns than any other investment.

The profitability of housing is drawing many developers into a construction boom. Nigeria allows any company or non-resident to buy property rights for a maximum of 99 years for the purpose of their activity, as long as the purchase is declared to the government beforehand.

While foreign investors have stampeded out of Russia and Brazil as the credit crisis deepens, Nigeria has remained largely immune to the kind of short-term volatility roiling more established emerging market peers. Nigeria enjoyed one of the strongest performances of any emerging market last year on the back of surging demand for banking stocks following a successful consolidation exercise.