Study of the Effect of Security Challenges on Real Estate Investment in Zamfara State

This study examines the effect of persistent security challenges, particularly banditry and associated violence, on real estate investment activity in Zamfara State, North West Nigeria. Zamfara State has experienced severe insecurity over the past several years, with armed banditry displacing communities, disrupting economic activity, and creating significant uncertainty for investors and property market participants. The study employs a descriptive qualitative approach, conducting in-depth interviews with 20 real estate investors, 15 estate surveyors, 10 commercial property developers, and 8 officials from the Zamfara State Urban and Regional Planning Authority in Gusau Metropolis. The interviews explored investment behaviour changes, property value trends, portfolio decisions, and participant risk assessments since the escalation of security challenges. Findings reveal that new real estate investment has contracted sharply, with no formal residential development by private developers recorded in the study area in the three years preceding data collection. Existing property investors report difficulty securing tenants and maintaining adequate rental occupancy, particularly in properties outside the central Gusau metropolitan area. Property values in peri-urban areas and district towns have declined due to depopulation from security-induced displacement. Insurance costs for properties have increased substantially. Institutional investors and financial institutions have withdrawn mortgage and development finance from the state. The study recommends a post-conflict property market recovery framework for Zamfara that includes security infrastructure provision in key commercial zones, investor guarantees, and a property registry reconstruction programme. Keywords: security challenges, real estate investment, banditry, Zamfara State, property market.