Asokoro is an upscale neighbourhood within the Federal Capital Territory (FCT), and about 3.6 km away from Abuja, the capital of the FCT. This neighbourhood is nestled underneath the well-acclaimed Aso Rock, surrounded by the Pendam Lake in Abuja. The area is renowned for its security and being the location of choice for government officials as well as high net worth individuals. It borders the Central Business District to the West, Garki Phase 2 to the South, and Maitama to the North.
Real estate in Asokoro is generally expensive with its prices similar to those in Maitama, a highbrow neighbourhood within the FCT, or Ikoyi, an affluent neighbourhood in Lagos State. Some of its major roads include the Mutala Mohammed Way, Yakubu Gowon Crescent, Maitama Sule Street, Julius Nyerere Crescent, Kwame Nkrumah Crescent, and Nelson Mandela Street where Asokoro’s major residential and commercial buildings are also located including the Federal Government of Nigeria Presidential Villa, Aso Rock Villa.
The area provides a blend of residential and commercial use zones while housing major landmarks including the secretariat of the Economic Community of West African States (ECOWAS) and the ECOWAS Park, the National Intelligence Agency (NIA), and the World Health Organisation.
So far, Estate Intel is tracking 462 residential (400 completed and 62 pipelines) properties in Asokoro. Based on the data that we have gathered, the average rent for a 3-bed apartment is N19,400,000 and the same currently sells for N142,300,000 representing a yield of 6.9% per annum. Rents and sale prices in the area have grown by 11.2% and 31% respectively over the past 5 years. As such, based on our data, we believe the market direction over the next year will be neutral.
Click here to read the full Asokoro Residential Market Analysis, which gives a more in-depth analysis of other market data that we track including; sales and rental rates, yields, supply drivers, stock breakdown, occupancy rate, and information on key contractors who are active in the market.
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