NewStats: 3,263,937 , 8,181,955 topics. Date: Sunday, 08 June 2025 at 08:35 PM 2r2222

1. Need for mid sized accommodations

Ladies and gentlemen, let's explore the property market. Properties for rent has proven to be a sure way of reaping rental income from the large population of renters in a developing country like Nigeria. We will be looking at the prospects for the building construction of a block of 12 flats of one bedroom each. This is the type of rental unit that have proven to make a lot of rental income for investors in the last few years.

Over the course of the last 10 years, investors have found out that building bigger accommodation like 4 bedroom, 3 bedroom flats are sometimes counter productive as the first renter sometimes stay in the same house for life. Up to 50 years living in that same house, housing relatives, children, grand children and sometimes great grand children till they become so fixed in the environment that it will be almost impossible to move them from the house. They have been to numerous occasions and events for the landlords, and may have become as close as family, if they have not become inlaws sef. Lol.

Investors are looking for shorter let apartments, because the turnover will be higher as more people will leave smaller apartments for bigger ones as their families grow bigger. Shorter let apartments also have more demand because people on the move, corpers, contractors and other people who wont like the high cost of hotels prepare to rent for a year, and may depart the area due to future assignments.


2. Need to fit more rooms into a building

Lands are costly, and there are payments for approval of a building you can only pay once, like building approval, local government rates, community youths fees and other payments. You will like to put as many flats in a house as possible. Some build as many as 30 flats in a compound, others 24 or higher, but I think 12 flats is the optimum number. You dont need to worry about parking spaces, those who rent these kinds of houses most times dont have cars, so there wont be problems with parking of cars.

3. Cost of the building

This is where it gets scary, because every item of importance in this country is highly expensive. Due to the policies of the government, there has been massive inflation in the cost of everything. Building materials costs are not left out of the rise. Every item of building materials, including the labour and workmanship has increased over 3 folds in the last 1 year alone. Transportation of men and materials is also high.

After carefully calculating every cost associated with the land acquisition, payment of approval fees, fencing and gate, complete building construction and finish, till this house is ready for rent, the realistic total cost of building this size of house is about N160,000,000.00 (all costs inclusive)

4. Profitability outlay

But just as the costs of building houses has been soaring, every other cost is also rising, including rental costs. It wont be strange to hear that this size of building can rent fo as high as N600,000 to N800,000 per flat for a new house. If the house is in the centre of the city, expect to collect much more than this amount. Even up to N1,200,000 in good locations. That's a P/E ratio of 17.77. (160,000,000.00 /9,000,000.00.

5. Conclusion

I think this is a very good investment in light of the very poor PE ratio prevalent in many other investment options, and this is almost risk free. I have a unit of this kind of house, and I will want to get more as time goes on. The numbers may be crazy now, because of the acquisition costs, especially the construction costs, but be rest assured that the situation will improve with time, with good house management, you will hardly miss a month's rent. Rental costs are set to rise further, as houses in the fringes start to get more developed as the government provide more infrastructure like roads, culverts and electrification projects.

We are ready to help you secure good land deals, empty lands range from N10,000,000 to about N20,000 in better locations. The better the location, the likelihood of higher rental income. We can also help you build the house from start to finish, this is what we've been doing for the past 14 years here. We have a collection of more than 60 completed buildings done online. us today.

Spyder880
0803 335 0750 (Voice or WhatsApp)

If you have a land measuring 60 feet by 100 feet, this house will fit in so well into the land that you will have parking spaces for up to 10 cars.

Pictures

Do you know that we can even make it 16 flats instead of 12?

We can just add an extra floor on top, if we prepare the foundation for an added floor.

Compared to hostels, which one do you think will be more profitable?

I have seen houses that are smaller than this but accommodate more rooms. In the case of hostels, you just need a room, toilet and bathroom in adjacent corner plus a little space for kitchen.

Although cost of building a hostel is likely going to be higher (acquisition of land near a school and lots of household items like toilet and sink plus plumbing and the rest). Hostels, students are more likely to move out quickly and you increase your rent as time goes by. ASUU strike doesn't concern you a bit(added advantage)

What do you think?

Did you factor in that this house go quick look bad due to too many occupants.

Mehn personally, I can't live in this kind of house, wey ur neighbours for the same compound plenty

Engineer what part of Enugu Metropolis can you help me secure an empty land for this kind of project

spyder880:
1. Need for mid sized accommodations

Ladies and gentlemen, let's explore the property market. Properties for rent has proven to be a sure way of reaping rental income from the large population of renters in a developing country like Nigeria. We will be looking at the prospects for the building construction of a block of 12 flats of one bedroom each. This is the type of rental unit that have proven to make a lot of rental income for investors in the last few years.

Over the course of the last 10 years, investors have found out that building bigger accommodation like 4 bedroom, 3 bedroom flats are sometimes counter productive as the first renter sometimes stay in the same house for life. Up to 50 years living in that same house, housing relatives, children, grand children and sometimes great grand children till they become so fixed in the environment that it will be almost impossible to move them from the house. They have been to numerous occasions and events for the landlords, and may have become as close as family, if they have not become inlaws sef. Lol.

Investors are looking for shorter let apartments, because the turnover will be higher as more people will leave smaller apartments for bigger ones as their families grow bigger. Shorter let apartments also have more demand because people on the move, corpers, contractors and other people who wont like the high cost of hotels prepare to rent for a year, and may depart the area due to future assignments.


2. Need to fit more rooms into a building

Lands are costly, and there are payments for approval of a building you can only pay once, like building approval, local government rates, community youths fees and other payments. You will like to put as many flats in a house as possible. Some build as many as 30 flats in a compound, others 24 or higher, but I think 12 flats is the optimum number. You dont need to worry about parking spaces, those who rent these kinds of houses most times dont have cars, so there wont be problems with parking of cars.

3. Cost of the building

This is where it gets scary, because every item of importance in this country is highly expensive. Due to the policies of the government, there has been massive inflation in the cost of everything. Building materials costs are not left out of the rise. Every item of building materials, including the labour and workmanship has increased over 3 folds in the last 1 year alone. Transportation of men and materials is also high.

After carefully calculating every cost associated with the land acquisition, payment of approval fees, fencing and gate, complete building construction and finish, till this house is ready for rent, the realistic total cost of building this size of house is about N160,000,000.00 (all costs inclusive)

4. Profitability outlay

But just as the costs of building houses has been soaring, every other cost is also rising, including rental costs. It wont be strange to hear that this size of building can rent fo as high as N600,000 to N800,000 per flat for a new house. If the house is in the centre of the city, expect to collect much more than this amount. Even up to N1,200,000 in good locations. That's a P/E ratio of 17.77. (160,000,000.00 /9,000,000.00.

5. Conclusion

I think this is a very good investment in light of the very poor PE ratio prevalent in many other investment options, and this is almost risk free. I have a unit of this kind of house, and I will want to get more as time goes on. The numbers may be crazy now, because of the acquisition costs, especially the construction costs, but be rest assured that the situation will improve with time, with good house management, you will hardly miss a month's rent. Rental costs are set to rise further, as houses in the fringes start to get more developed as the government provide more infrastructure like roads, culverts and electrification projects.

We are ready to help you secure good land deals, empty lands range from N10,000,000 to about N20,000 in better locations. The better the location, the likelihood of higher rental income. We can also help you build the house from start to finish, this is what we've been doing for the past 14 years here. We have a collection of more than 60 completed buildings done online. us today.

Spyder880
0803 335 0750 (Voice or WhatsApp)

Chidimercy:
Engineer what part of Enugu Metropolis can you help me secure an empty land for this kind of project

What's your budget?

We have lands of N10m in the outskirts, 17m in Nike area, N20m towards T junction flyover.

michlins:
Compared to hostels, which one do you think will be more profitable?

I have seen houses that are smaller than this but accommodate more rooms. In the case of hostels, you just need a room, toilet and bathroom in adjacent corner plus a little space for kitchen.

Although cost of building a hostel is likely going to be higher (acquisition of land near a school and lots of household items like toilet and sink plus plumbing and the rest). Hostels, students are more likely to move out quickly and you increase your rent as time goes by. ASUU strike doesn't concern you a bit(added advantage)

What do you think?

Well, that's a tough choice there. To go for a hostel or go for flats, but that will depend on location of the land. Any land near a school has that hostel possibility factored into the cost. And yes, building a hostel will be costlier.

But like we experienced in Esut Enugu, the school can decide to throw a spanner into the works. Esut used to thrive with so many profitable hostels till the school management decided to build more hostels inside the school themselves, increased security and even barred first year students from living outside. You pay your school fees with hostel fees. The investment of many suffered low profits, especially those hostels that are a little far from the school campus. I will do a piece on school hostels next week.

Chriswazo:
Did you factor in that this house go quick look bad due to too many occupants.

Mehn personally, I can't live in this kind of house, wey ur neighbours for the same compound plenty

Every house will look bad eventually, even the one with a single occupant in a compound. The key strategy is to find good house management. It takes care of the maintenance of the house inside and outside.

spyder880:


What's your budget?

We have lands of N10m in the outskirts, 17m in Nike area, N20m towards T junction flyover.

I am looking at around Maryland axis, Ugwuaji Flyover axis, New Home Umuchigbo, Centenary axis. Do have property within those area?

Chriswazo:
Did you factor in that this house go quick look bad due to too many occupants.

Mehn personally, I can't live in this kind of house, wey ur neighbours for the same compound plenty

this type of house is better maintained because the occupants are usually single people or young couples. They are more likely to be neat and classy. You don't have kids running around and everyone leaves in the morning and comes back late with their takeaway.

Throw in a good caretaker who will organize compound cleaning (most likely paid service as the occupants will refuse to participate in such exercise) and you're good to go.

Just target a certain age and work demographic(19-32)and your house will stay well maintained.

Chidimercy:


I am looking at around Maryland axis, Ugwuaji Flyover axis, New Home Umuchigbo, Centenary axis. Do have property within those area?

Umuchigbo, N18m.

spyder880:


Umuchigbo, N18m.

Would love to see the picture of the property and environ.

Chidimercy:


Would love to see the picture of the property and environ.

Between Nike lake gate and Harmony junction, one of the streets before Harmony junction.

Plots of land to sell in Akpuoga Nike, N8m, near a road.

Whenever I see these types of lovely houses I call them the Spyder880 special

spyder880:
Pictures

Great read

EgunMogaji2:
Whenever I see these types of lovely houses I call them the Spyder880 special

Oga Egun Baba, Thank you Sir, I am working with my architect to get some updated looks on some of these designs. We can make them more beautiful.

This investment is still a profitable venture. us for more details.

Invest in lands and properties, the volatility is less than in any other investment vehicle.

This land is for sale.............

1. Plot of land measuring 580 square metres, Alulu Nike, Enugu. (fenced with gate) in a developed area N21m

2. 21 rooms house at Agbani, Nkanu West Local government area N21m

3. Plots of land at Akpuoga Nike, Enugu East Local government area (with land documents, survey plans) N5m each

4. 31 rooms building of 2 plots of land (occupied by tenants) at Ninth mile corner Ngwo N45m

5. Plots of land at Ugwuomu Nike Enugu state, (with land documentation, survey plans) N6m each

For more information and inspection, calm or WhatsApp 0803 335 0750

Plot of land for sale at Achara layout Enugu, N45m.

Call 0803 335 0750 for more enquiries and inspection.

We still have more properties for sale and rent within Enugu today.

We have a plot of land for sale at a good position in Enugu, good for either residential or commercial property construction.

N45m