Bodija, Ibadan's Most Prime Real Estate Location

Deborah Jesusegun . 4 years ago

Bodija, Ibadan’s Most Prime Real Estate Location

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Article Summary: Bodija, a neighbourhood in Ibadan, Nigeria, offers prime residential options with old government quarters and refurbished properties. The area benefits from its proximity to education institutions, commercial centres, and popular markets. Average rent for a 3-bed apartment is 1.87m, while sale prices have increased by 4.5% over the past 5 years, indicating a neutral market direction.

Bodija is a prime neighborhood located in Ibadan, the third largest city by population in Nigeria after Lagos and KanoThe area is bordered by Ojoo in the North, Agodi in the South, Akobo in the East, and Sango and Eleyele in the West.

Bodija is in close proximity to other popular areas like Dugbe (commercial center), the government secretariat, and top educational institutions including the University of Ibadan and Ibadan-Polytechnic. Also, one of the most popular markets in Ibadan is the Bodija market renowned for its cheap prices of foodstuffs.

The residential market in Bodija is considered prime when compared with other areas in Ibadan. However it still falls behind when compared to the prime areas in Lagos such as Ikoyi which is considered to be ten times more expensive.

The area is mainly characterized by old government residential quarters, some of which date back to the colonial eras. These quarters have accounted for major refurbishments efforts by developers in the market,

Some of the notable residential properties we track in Bodija include:

So far, Estate Intel is tracking 122 residential (37 completed and 85 pipeline) properties in Bodija. Based on our analysis, the average rent for a 3 bed apartment is 1,866,667 and the same currently sells for 39,666,667 representing a yield of 3.01% per annum. Overall, Bodija has seen its rental prices and sale prices grow by 4.5% and 3.01% respectively over the past 5 years. As such, we believe the market direction over the next year will be neutral.

Click here to view the full Bodija 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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