The migration of affluent individuals and politicians from Lagos to Abuja has sparked the capital city’s real estate boom, driving prices of luxury properties in highbrow areas such as Maitama, Asokoro, and Guzape by at least 200.
The individuals, who came into Abuja after the 2023 presidential election victory of Bola Tinubu, have raised the demand for real estate in the high-brow areas as they purchase homes and offices at prices ranging from N500 million to N3 billion.
Benjamin Onigbinde, a real estate economist and CEO of Sigvent Property Trust Limited, explained that the demand for upscale homes is being fueled by business executives, political figures and other elites moving into Abuja.
“These individuals, whether relocating for political appointments or business opportunities, are not interested in satellite towns like Lugbe or Lokogoma.
“They seek luxury accommodation in prime locations, which is driving up demand and property prices,” Onigbinde stated.
Industry experts note that the growing influx of Lagos elite is contributing to a surge in both rental and purchase prices for high-end properties.
In response, developers are increasingly focusing on building luxury apartments and duplexes equipped with premium features, such as spacious kitchens, elevators, and modern architectural designs.
“The price of housing in high-demand areas will continue to rise as long as this demand persists,” Onigbinde remarked. “Developers are catering to this clientele, knowing they are willing to pay a premium for exclusivity and comfort.”
Financial institutions are also capitalising on the booming sector, purchasing and renovating abandoned properties in strategic locations. These properties are then resold or leased at competitive rates, further stimulating real estate activity in the city.
The continued growth of Abuja property sector is expected, with prices set to remain on an upward trajectory. While the expansion of road infrastructure into rural areas like Kuje may provide options for middle-income earners, the demand for luxury homes in central areas will continue to drive high property prices.
“The elite from Lagos are accustomed to luxury living, and developers will keep building premium homes to meet their expectations. Property prices will reflect this demand,” Onigbinde concluded.
Joshua Egbagbe, chairman of Value Chain Project Consultants Ltd, also weighed in on the shifting dynamics of Abuja’s housing market. He noted that as new leaders and their affiliates arrive in the capital, there is a natural shift in housing demand, particularly for upscale properties in areas like Maitama and Asokoro. “These individuals are used to living in elite neighborhoods like Lekki or Banana Island in Lagos, so it’s no surprise that they expect similar standards in Abuja,” Egbagbe explained.
The cultural and demographic changes in Abuja are evident, with rising property prices and increasing traffic as the city adapts to accommodate a wealthier population. The real estate market is evolving to meet the needs of affluent Nigerians relocating from other urban centers.
Deji Adeyanju, a human rights activist, attributed the migration of Lagos political elite to the recent power shift, noting that the move is strategic, as these individuals reposition themselves to maintain influence in the nation’s capital. As political dynamics shift, Abuja remains the focal point of power and influence, attracting loyalists and political players.
This migration trend, while not new in Nigeria’s political landscape, is intensifying with the current realignments in governance. As Abuja continues to solidify its position as Nigeria’s power and business hub, the ripple effect of this migration will shape the housing sector for years to come, making luxury real estate an increasingly lucrative market.
Nasir El-Rufai, former governor of Kaduna State, recently President Bola Tinubu is appointing his ‘boys’ into office.
“President Tinubu’s appointments are quite unbalanced. Don’t blame the South-West for what one individual is doing.
“The president’s appointments are not being made because the appointees are Yoruba, but because they are his own boys, and most of the appointments do not even reasonably cover the South-West.
“So, people should stop confusing the truth. The appointments are not balanced. You cannot argue that, but it’s not a Yoruba thing. Please don’t punish the Yorubas as you have been punishing northerners for the sins of the military.”
Abuja economy springs to life
The migration of affluent Lagos ‘big boys and girls’ to Abuja has sparked a transformation in the Federal Capital Territory, changing the culture and lifestyles, while pushing up demand for entertainment.
Kenny Adama, an Abuja resident, who spoke with BusinessDay, observed that Abuja, which hitherto was usually empty on weekends and festive periods, now witnesses heavy human traffic during such periods.
“We have noticed that Abuja is no longer empty and deserted during weekends and festival periods, thanks to the Owambe spirit.”
‘Owambe’ is a Yoruba term for extravagant parties.
The FCT is also beginning to experience heavy traffic build ups, in most parts of the city, especially within the early hours of the day and in the evenings, following the increased number of vehicles.
In areas around Utako, Jabbi, Kubwa, Asokoro, Guzape and Jahi districts, Wuse zones 4, 5, and 6, as well as Garki 2, within the FCT, residents attribute increase in both heavy vehicular movements and social activities to the influx of Lagos ‘boys’ and ‘girls.’
Abdullahi Imam, a retail shop owner in Lagos Street, Garki 2, told BusinessDay, how the area ‘suddenly’ started witnessing an increase in social activities in recent times.
“We have many people from Lagos that have been living and doing businesses here, but the numbers have also increased in recent times.
BusinessDay checks also show that apart from taking over strategic offices in the Ministries, Departments and Agencies of the federal government, these powerful Lagos ‘boys’ and ‘girls’ are also influencing dressing patterns in offices.
Suleiman Chikuku, a Gwari community leader in the FCT, recalled how the “Niger Delta attire with the bowler hat, banga soup and starch, as well as sea foods, took the center stage in the FCT under the administration of former President Goodluck Jonathan.
“Under the administration of former President Jonathan, some of our community leaders dropped their Babariga, or Agbada, the famous traditional attire amongst rich Hausas, for the Niger Delta attire, with the bowler hat to match, just to feel belonged at special events,
“When President Mohammadu Buhari came, the common thing was to embrace the Fulani culture, language and dress style. So, it is not new or surprising to see people now dressing in the Yoruba attire to feel accepted.”
Also, foods such as ‘amala’ and ‘ewedu’/ ‘gbegiri’ soup with ‘kpomo,’ well spiced with plenty of pepper, have taken over the major entries within the FCT.
At some of the major corners within the FCT, new entries are springing up daily offering the popular Yoruba traditional meals.
“The influx of Lagos elite has influenced Abuja’s lifestyle and business environment. There has been a surge in demand for Lagos-style dining experiences, leading to the proliferation of ‘amala’ joints and other traditional cuisine outlets.
“Before, it was difficult to find Yoruba restaurants in Abuja, but now ‘amala’ joints are everywhere. Even Igbo food vendors are packaging roasted plantains and corn in a more structured way to cater to this new market.” (BusinessDay)
