Gradually but steadily, investor confidence is returning to the property market in the South-Eastern part of Nigeria after a long period of subdued activity, with land purchase accounting for over 60 percent of market transactions.

Improved security situation in the region, which had been under siege by the brutal activities of ‘unknown gunmen,’ coupled with growing diaspora remittances, has pushed land prices to new highs. Values have surged by 100 percent in most cases.

Increased tempo in infrastructure provision by state governments, especially those of Enugu and Abia, has improved urban-rural connectivity, leading to a hike in demand for land in otherwise remote communities.

These factors are, increasingly, breathing new life into the region’s long-stalled real estate market, particularly in the cities of Enugu, Umahia, Owerri, Awka, and to a lesser extent, Abakaliki, the Ebonyi State capital.

Estate agents are making brisk business, and according to them, Nigerians in the diaspora are leading the way, sending money for land purchase to trusted family members and even friends, and snapping up available plots in good locations like hot Akara balls.

In Enugu where Governor Peter Mbah is restless with building infrastructure in pursuit of his quest to raise the state’s Internally Generated Revenue (IGR) and GDP to new levels, the government flagged off the rehabilitation of 141 urban roads across 13 zones with N183 billion allocation.

There is statewide urban renewal that has seen many ancient markets and motor parks give way to modern ones, increasing volume of trade and commerce, and also improving intra-city transportation and connectivity.

These have impacted land prices, not only in the urban centres, but also in the semi-urban and rural areas. “In the last two years, we have seen land prices jump by over 100 percent, depending on location, though.

In the Nike Lake Resort axis, by 2023/2024, a plot of land was selling for between N8 million and N11 million. Today, a plot of land in that same location goes for between N20 million and N25 million,” Kennedy Chukwuemeka, an Enugu-based land agent, told BusinessDay.

Chukwuemeka affirmed that demand is quite high from diaspora buyers who are attracted by improved security and infrastructure development, adding that there is also demand push from Enugu indigenes residing in other Nigerian cities like Lagos and Abuja.

“For this class of buyers, it is almost a scramble as the spate of property demolition in those cities is pushing them to have presence at home. Some of them who don’t have houses already buy and develop, while the others buy for investment purposes,” he said.

According to him, it is difficult to get a plot of land for N5 million in remote parts of Nsukka, where he cited plots that were bought for N2-3 million now sell for between N7 million and N10 million after two to three years of purchase.

Okechukwu Idoko, a retired local government worker, confirmed to our reporter that land prices have really spiked, citing a plot of land he bought for N2.5 million in 2022, but just sold it for N11 million last month. “Land is about the most viable investment destination now for those who have the capital,” he noted.

In Abia, like Enugu, Governor Alex Otti is opening up the state with ambitious infrastructure provision programme. The government is making efforts to regularise land titles and reduce bottlenecks at the Ministry of Lands to encourage formal investment. The state has also launched urban renewal projects in Aba and Umuahia, which are already attracting investment interest in the state’s real estate market.

Similarly, in Imo, arterial road reconstruction, including the Owerri–Umuahia segment, has enhanced connectivity to Owerri’s commercial districts. In no small way, this is boosting residential values and pushing up land values.

James Nwokike, told our reporter in Owerri that land value in Owerri and adjoining areas has appreciated by over 80 percent in the last 24 months, citing a plot of land he bought for his client early 2023 for N12 million, but now selling for N20 million.

“The challenge here is that you can’t even get land in good locations anymore. Whatever you see here is in the secondary market, and the owners are not in a hurry to sell, even with a 100 percent gain,” Nwokike said.

Commenting on these developments, Hyginus Diyoke, an estate surveyor and valuer, noted that state governments are now investing and providing enabling environments for businesses to thrive.

He added that there is renewed hope in the future of the real estate sector, pointing out that security remains central to attracting investors. “Efforts to restore safety in the region have triggered a rise in housing demand, prompting governments to channel funds into real estate-related projects. This, in turn, is fuelling higher land values,” he noted. (BusinessDay)