Have you ever wondered how it is that properties of similar size go for completely different prices in different parts of the same town? You probably have. While it may seem a bit unfair, it’s a common enough phenomenon. Location can to a large extent affect property value in Ibusa.
It’s easy to see a property sitting on a full plot of land in a certain neighborhood going for half the price of a property in a posh neighborhood. Take the Lekki and Epe situation in Lagos, for instance. It’s the same everywhere, including here in Ibusa.
If you’re wondering how location impacts property value in Ibusa, you’re in the right place. Let’s explore nine critical factors that influence real estate prices in Ibusa.
Does Location Really Matter in Real Estate?
Of course! Otherwise, properties everywhere will have the same price. But it is not so. And there is a reason for that; the location factor. So, yes, location can determine a property’s value.
A house in a well-developed, secure, and accessible area will always have a higher price than one in a less desirable neighborhood — even if they are of the same size and design.
In Ibusa, where development is ongoing, understanding location dynamics is essential when investing in real estate. Let’s break down the factors that drive property value here.
9 Factors That Affect Property Prices in Ibusa
1. Road Network and Accessibility
As much as it’s great to get affordable parcels of land, it’s also important to consider the road network that leads to the property. For this reason, areas closer to well-paved and motorable roads often command higher property prices.
For instance, properties near the Asaba-Benin Expressway are more valuable because of their direct access to key commercial areas. Compare that to a plot deep inside a less developed area of Ibusa, and the price gap becomes obvious.
So when you’re about to get a property in Ibusa, ensure the property has easy access to major roads, as this affects both living convenience and resale value.
2. Proximity to Essential Amenities
Schools, hospitals, markets, and shopping centers all boost property value when sited in a good location in Ibusa. For example, properties near schools like St. Augustine’s College or near markets such as the Ibusa Main Market tend to attract higher prices.
It’s the same for properties close to medical facilities like General Hospital Ibusa or leisure spots like parks and event centres. People are willing to pay more for convenience. So, you’ll find that properties located a stone’s throw from these facilities will always be in high demand.
That’s why they are always more expensive than ones situated far from amenities. That is also why such nearby properties are considered prime real estate. And people don’t mind paying a premium for them because they see such properties as a solid investment.
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3. Security and Safety
Nobody wants to live in an unsafe area. In that regard, the level of security in a neighborhood greatly impacts its property prices.
In Ibusa, areas closer to police posts or with active community security patrols tend to have higher property values. Estates with gated communities and private security services also attract premium prices.
This is simply because a safe neighborhood means peace of mind. In Ibusa, properties in well-secured areas or near established estates will definitely have higher prices.
4. Utility Supply (Water, Electricity, and Internet)
Nearly everyone uses the internet and electricity these days. And for working-class people or remote workers who need these amenities to work, there’s hardly any price they won’t pay to have these.
In fact, with the rise of remote work, areas with strong internet connectivity are also becoming prime real estate spots in Ibusa.
So we can all agree that the availability and reliability of utilities such as water, electricity, and internet connectivity significantly affect property values.
In the end, you’ll find that properties located in areas with consistent electricity and other amenities command higher prices than areas that still have a rural outlook.
5. Neighborhood Development and Infrastructure
Development attracts value. And while development includes having functional electricity, parks, security, and proper drainage systems, it goes beyond that. It also means that a town is opening up to take an urban setting.
So, if an area has neighborhoods with consistent electricity supply, developers tend to charge more because residents won’t have to invest heavily in private utilities like generators or boreholes.
And when these development indices are in place, you’ll notice that properties in the area will come with a higher price tag.
6. Economic Activity and Employment Opportunities
Have you noticed that the presence of economic activities often impacts real estate prices? It’s the same in Ibusa; developed areas closer to thriving business districts tend to have higher property values.
For example, properties near the Ibusa-Asaba axis, where many residents find jobs or run businesses, tend to cost more. And there’s a good reason for this. People want to live near where they work. They want to reduce transportation costs and commute times.
So, they’ll definitely go to areas that serve this purpose for them. And when you see areas like that, with all of these businesses, you can be sure that the price of properties there will be higher than in places that have little economic activity.
7. Population Growth and Urbanization
The more people move into Ibusa, the higher the demand for housing, which drives up property prices.
With the town’s proximity to Asaba, more people are migrating to Ibusa to escape the busy city life while staying connected to major commercial areas.
As you can expect, the population of Ibusa has steadily increased in recent years. And this growth has continued to push up land and property prices due to higher housing demand.
8. Environmental Factors and Topography and Zoning
Flood-prone areas are less desirable, reducing property value. In Ibusa, properties in higher-elevation zones tend to be more expensive because they are safer from flooding.
Government zoning policies and approved land use plans also impact property prices. A plot approved for residential use near a commercial area might cost more due to its potential for dual-purpose use in the future.
So, be aware of zoning laws when investing to avoid surprises after purchase. In addition, check out the property’s topography, drainage channels, and the history of flooding in the area, before buying.
9. Cultural and Social Significance
People like to live in prestigious areas. Just because of this, such perceived prestigious places often experience an uptrend in property prices.
For instance, properties close to traditional sites like the Anioma Festival grounds may attract buyers who value cultural proximity.
However, in some cases, traditional practices can also deter certain buyers, particularly those unfamiliar with local customs.
9. Future Development Potential
This is perhaps one of the most important factors that drive up property prices. The logic is simple; when future development projects are planned nearby, people expect the area to get developed in a short time.
So, they invest in the area pending the time the planned projects will start. Investing early could mean significant returns when the area fully develops. So, you’ll notice that in Ibusa, areas close to future government projects or new commercial complexes are usually hot investment spots.
Also, areas with planned developments such as new roads, schools, or shopping complexes often see a spike in property values, even before the projects are completed. So, it’s not surprising to see the prices of property in such areas higher than the prices in other areas.
Why Location Is Important When Buying Property in Ibusa
Investment is great and you should invest. However, one way to look at investment is to understand how much your investment can appreciate in the years to come.
If you are trying to invest in a property, you definitely should do that. However, pay close attention to the location of the property you want to acquire. Because like they say, “location is everything.”
In essence, location isn’t just about prestige; but about convenience and future returns on investment. A well-located property appreciates faster and offers better living conditions. And best of all, it attracts higher rent or better resale prices if you wish to sell.
So, before you seal that deal, consider these nine factors carefully. They could mean the difference between a property that skyrockets in value and one that stagnates.
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Make Location-Friendly Investments Today
Buying property is one of the biggest investments you’ll ever make, so take the time to assess the location thoroughly. In Ibusa, where development and property value are rising every day, a good location today could be a prime investment tomorrow.
You can buy properties for personal use or investment purposes. However, always compare any property listing to the nine factors we discussed in this article. Hopefully, by paying careful attention and with the help of a reputable real estate company, you will be able to make a wise investment.
To explore any of our real estate packages like land banking, retirement plan, kids education investment plan, trade apprenticeship plan or if you want to purchase some plots where you will have residential or commercial buildings, send an email to us at info@affablehomes.com.ng or call +2349134056630.
