The rising inflation rate has significantly impacted land prices in Umuahia, with property costs skyrocketing beyond the reach of many investors. A plot of land that previously sold for between three to five million naira now goes for as high as one hundred million naira in some areas.
This sharp increase has raised concerns among investors, who believe the soaring costs are stifling investment opportunities in the state.
Speaking on the issue with National Ambassador Newspaper, an Abia based investor, Hon Emeka Okafor, expressed deep concern over the alarming cost of land acquisition, attributing the surge to inflation and unchecked pricing practices.
“A plot of land that once cost three to five million naira is now selling for one hundred million naira in certain areas. This is discouraging for developers,” Okafor lamented.
Hon Okafor who was the erstwhile South East Inter Party Advisory Council chairman(IPAC), highlighted the challenges posed by some communities, citing irregularities in land transactions and multiple sales of the same property to different buyers. He urged the government to intervene, emphasizing that opening up new development areas would help reduce demand and consequently, lower land prices.
“Abia is a viable business environment, but real estate developers are struggling due to high land costs and community-related challenges. Some communities impose strict conditions on land acquisition and in some cases, the same piece of land is sold to multiple buyers. The government needs to step in and create new sites for developers. When new areas are opened, the demand in existing locations will decrease, making land more affordable,” he explained.
Okafor further noted that land centralization in Umuahia’s urban center is a major factor driving up prices.
“Right now, a plot of land in Umuahia city center is priced at around 100 million naira. This is too high for developers. The over concentration of development in one area is what’s causing this spike,” he added.
Despite these challenges, he commended the state government for creating a conducive business environment, particularly the airport initiative, which he described as a step in the right direction for entrepreneurs who conduct business outside the state.
He, however, urged the governor to expand the city center to make land acquisition easier for real estate investors, stressing that decentralization would lead to more affordable property prices and encourage further development in the state.
