Why Real Estate Is Booming In The East

• KINGSLEY CHUKWUMA, ESSO Properties

Kingsley Chukwuma is the Eastern Regional Coordinator for ESSO Properties Ltd.. Recently he represented his organization at the prestigious 9th City People Real Estate Awards. At the event, he accepted an award on behalf of the MD/CEO, Dr. Smith Ezenagu, in recognition of the company’s outstanding contributions to the Nigerian real estate sector.

In an insightful conversation with City People reporter Jamiu Abubakar (08085185886), Chukwuma discussed the rapid growth of the real estate market in the South East and ESSO Properties’ instrumental role in driving development across the region. On receiving the award on behalf of his MD, Chukwuma expressed his gratitude:

“We feel honored. This recognition shows that we are making a difference, and it encourages us to keep pushing and improving on what we are doing.” Chukwuma detailed ESSO Properties’ presence in the Eastern region, explaining that the company operates across all Eastern states.  “ESSO Properties started in Lagos State and later expanded to Anambra, which served as our gateway into the East. Initially, real estate wasn’t as popular in the region as it was in Lagos. People mostly bought single plots of land without much consideration for organized real estate. However, as the demand for structured real estate grew, we seized the opportunity and began operations in the East, starting with Anambra State.” When comparing the real estate markets in Lagos and the East, Chukwuma noted significant differences:

“Lagos is undoubtedly the hub of real estate in Nigeria, but the market in the East is thriving and offers unique opportunities. While Lagos has fierce competition and stricter government policies, the East is easier to navigate. Acquiring and selling land is less complicated, and the competition is not as intense as in Lagos. Additionally, issues like land grabbing, which are common in Lagos, are not prevalent in the East.” Chukwuma encouraged Easterners living in Lagos to invest in their home region:

“Many Easterners in Lagos own properties here, which is great. However, it is also important to invest back home. Bringing wealth to the East will foster development. For instance, in Anambra State, where we have our Eastern headquarters, we actively encourage investment to support the government’s efforts in regional development.” For Igbos in the diaspora, Chukwuma emphasized the importance of diversifying their investments:

“While it’s commendable to invest in Lagos or other parts of the country, it’s equally crucial to channel some of that wealth into the East. Investing in the East not only boosts regional development but also strengthens the roots of our communities.”

ESSO Properties Ltd. remains a key player in shaping the future of real estate in Eastern Nigeria. With a strategic vision and commitment to community development, the company continues to open doors to opportunities for both local and diaspora investors.