5 attractive destinations for property investment in Makurdi

Makurdi, the capital of Benue State, can best be described as an old yet budding city. Despite being a city in existence since colonial days when a dual purpose railway was built through it and now with old fashioned architectural design houses dotting the area popularly referred to as city centre, Makurdi has regenerated with […]

Makurdi, the capital of Benue State, can best be described as an old yet budding city. Despite being a city in existence since colonial days when a dual purpose railway was built through it and now with old fashioned architectural design houses dotting the area popularly referred to as city centre, Makurdi has regenerated with standard and quality of buildings now springing up in its budding suburbs.

The establishment of higher institutions in the state capital, with at least five tertiary facilities: federal university, state university, army polytechnic, state polytechnic and a private polytechnic, has no doubt pushed infrastructural development towards the suburbs.

Makurdi also plays host to military formations such as the Nigerian Air Force (NAF) Base; two army barracks: NASME 72 Special Forces Brigade and a battalion; Zone 4 Police Headquarters and the state police command, as well a naval base.

Engr John Aernyi said the institutions had driven the demand for residential property which has made rent to be on the high side.

Aernyi, an expert in property development, said that over time the old areas of the city: North Bank, Old GRA, High Level, Low Level, Wurukum, Wadata, Ankpa Quarters, among others, had become overstretched, hence developers were moving to new suburbs.

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He noted that the budding phases of the city: Nyiman Layout, Adeke/Naka Road, Welfare Quarters, International Market Area, Judges Quarters and so on, were the newest property destinations now treasured by developers because of improved infrastructure.

Another player in the property market, John Akundo, also observed that Nyiman Layout, Old GRA, High Level, Judges Quarters, George Akume Way and International Market axis were the most sourced areas due to their proximity to the central area of the town.

These areas, according to him, boast of good security and constant electricity.

But, the cost of land in the axis, Akundo said, went for as much as N10m for a 1,000 square-metre plot at Nyiman Layout, while at the Old GRA, the least for a plot of that size is N20m.

Akundo added that a buyer could get the same size of plot for not less than N15m anywhere in the neighborhood of High Level, while the price for a plot at Judges Quarters begins from N10m and N5m on George Akume Way, which hosts the International Market.

He opined that the areas were attractive because of new roads, electricity and proximity to the city centre.

On their parts, estate surveyors, Joe Nelson and Gaadi Awar, in separate interviews with our correspondent, admitted that the International Market area and the Major Gideon Orkar Road which terminates are among places in Makurdi currently thrilling developers because of the availability of infrastructure.

Awar, who thinks that the cost of construction is what is taking rent up, said the private developers built tasty houses and installed amenities like water so their prices were high such that very few people could afford them.

He noted that the income of an average person could hardly cater for a two-bedroom apartment of such property.

Judges Quarters/Gboko Road: Investor’s dream

The Judges Quarters along Gboko Road has always been the centre of attraction for developers. It’s a vicinity where the highly placed reside. It’s a highbrow area. All of the surrounding area, beginning from opposite the Benue State University (BSU) up to the Judges Quarters, is appealing to most people.

Awar opined that the student population opposite BSU down to Judges Quarters and beyond made it very attractive for investors in property, noting that the place was mostly inhabited by the working class, business moguls and students.

Old GRA/High Level: Work, leisure vicinity

Although a highbrow residential vicinity, the Old GRA has become a haven for workplaces and leisure activities. It’s the closest to Government House and top class relaxation centres.

Nelson said that the Old GRA was very attractive to property investors because of the good network of roads. He said that though bare land was very scarce to find in the area, one could buy an old structure, demolish it and put it to some other use.

He noted that demand for accommodation had remained consistent in the area with the regeneration of the town as developers set their eyes on remodeling its old structures.

Nyiman Layout/Gideon Orkar Road: Developers’ delight

The area includes the newly constructed Yaikyor-Tse Poor-Terwase-Mbakyir-Apir road. Indeed, it’s Makurdi’s latest property market, and developers agree that the axis is beginning to compete in prices of plots with available spaces in the main town. The rate at which development sprang up in the past few years in the axis indicates that there may be a shift from Makurdi’s main town in terms of city vibes.

Nelson said, “It’s another investment destination for property. It’s close to the Federal Medical Centre (FMC), Apir. The prices of plots in the area now compete with those in the main town. One can hardly get a plot there now.”

He added that all vicinities on Orkar Road sprawling to Apir where the old Ter Makurdi hailed from down to Terwase Agbadu where the ex-governor’s wife located a health facility had become an attractive property destination.

He further said, “The axis is good because the government has opened up good roads and people are taking advantage of that. If the government provides roads and light, people will be attracted to anywhere. That’s what infrastructure does. We have advised the government against being involved in housing, but they can provide infrastructure/amenities, not just to allocate plots to individuals who cannot go there. That’s why the value of stock on the market is always on the rise because we have big investors who are not located in Makurdi but they would stay outside and seize the market and they would come and buy it and ask for more.”

Naka Road/Welfare Quarters: Promising hotspot

The area on Naka Road and branching off to the Adeke Mobile Police Barracks, connecting the new road which links Welfare Quarters is also another investors’ destination. Apart from the new houses springing up in the axis, Nelson explained that, “There is a new estate coming up there and people assume that because the outgone governor has investment in the vicinity, he would now go back to his farm and there would be lots of infrastructure there.

“Welfare Quarters is a fine destination for property because of the constant light in the area; almost 24 hours. Personally, I’m thinking of moving to that area. That’s a place where people build houses and sell, especially due to the location of a new federal housing estate. That axis now is very attractive and developing fast. If you open a road, which is a major infrastructure in a city, even a market woman can buy land and build in the location.”

Similarly, the state government has donated a parcel of land to the Federal Housing Authority (FHA) in the area for an estate already built. As such, the price of land in the area is now five times what it used to be.

International Market environs: New metropolis

The George Akume Way, formerly King Abu Shuluwa Road, is where the International Market is, and it is gradually assuming the commercial nerve status of modern Makurdi. Its commercial neighbourhood, coupled with good roads, electricity is attracting the heart of the town.

Both Awar and Nelson admit that the International Market area is one of the sought-after areas by investors because of the availability of infrastructure such that many businesses are relocating there.

In fact, the state government has also cited an estate in the area. There are also lots of property developers estate built in the vicinity.