Tony Chinedu Nwulu, an investor, entrepreneur and founder of Azari Luxury Properties, has interests spanning real estate, Fintech, security technology, hospitality and digital innovation.
In this interview with BusinessDay’s Saawua Terzungwe, he explains why Rwanda, particularly Kigali, has become central to his investment strategy, the opportunities in its luxury property market, and why he considers the country’s predictability and investment environment more attractive than Nigeria’s. Excerpts:
What motivated you, as a Nigerian, to venture into real estate investment in Rwanda?
My decision was fundamentally investment-driven. I have always believed that African investors need to start looking at Africa as one interconnected opportunity rather than restricting ourselves to the countries where we were born. When I began studying Rwanda more closely, I saw a country deliberately creating the conditions necessary for long-term investment in infrastructure, security, planning, institutional efficiency and a strong commitment to attracting private capital.
Real estate particularly interested me because Rwanda’s development trajectory is creating demand for quality housing, hospitality and professionally managed accommodation. I therefore saw an opportunity not merely to buy property but to build a platform capable of developing distinctive residential and hospitality assets. That thinking ultimately became Azari Luxury Properties Rwanda.
Why did you choose Rwanda over Nigeria and other African countries for your real estate investment?
My strategy is diversification. What attracted me to Rwanda was the combination of stability, administrative efficiency, infrastructure, cleanliness, security and a government that actively communicates that private investment is welcome. The Rwandan Development Board states that there are no restrictions on foreign ownership or capital flows and provides a highly digitalised investment environment and one-stop investor services.
For a developer thinking about capital over 10, 15 or 20 years, predictability matters enormously. Rwanda gives me an opportunity to participate relatively early in the development of a market that I believe still has considerable room to grow.
When did you start investing in Rwanda, and what has your investment journey been like so far?
My serious investment journey in Rwanda is relatively recent and has initially concentrated on market entry, property acquisition and leasing opportunities, establishing Azari Luxury Properties Rwanda, developing our local network and building our development pipeline. Rather than rushing into construction simply to announce projects, we have been deliberate about understanding Kigali neighbourhoods, land values, consumer expectations, planning requirements, construction economics and the hospitality market. We are now moving from market entry and opportunity identification into building a scalable portfolio.
What type of properties are you investing in in Rwanda—residential, commercial, hospitality, land or mixed-use developments?
Our primary focus is premium residential and hospitality-led real estate. Under Azari Luxury Properties, we are evaluating and developing opportunities across luxury residential estates, high-rise residences, branded residences, serviced apartments and hospitality developments. We also look at strategically located land where we believe future development can create significant value. Our philosophy is not simply to construct buildings. We want to create destinations and communities that combine architecture, technology, security, wellness, hospitality and lifestyle. That is what we mean by Africa’s Finest Address.
“Nigeria can potentially offer higher returns in certain situations, but those returns may come with higher operational and macroeconomic risks. Rwanda can offer a different proposition: potentially more moderate returns accompanied by greater predictability. That distinction is important.”
How much have you invested in Rwanda’s real estate sector so far, and do you plan to increase your investment?
We are still in the investment and portfolio-building phase, so I would prefer not to publish a specific consolidated figure until all the transactions and committed projects have reached the appropriate disclosure stage. What I can say confidently is that our ambition is substantial. Our investment is not conceived around acquiring one or two properties. We are building a long-term development platform in Rwanda, and the capital commitment will increase significantly as individual projects move through acquisition, design, approvals, financing and construction. I see Rwanda as a long-term investment destination rather than a speculative market.
What have been the major attractions of Rwanda’s property market for you as a Nigerian investor?
Three things stand out – predictability, organisation and growth potential. Investors value knowing the rules and understanding the process. Rwanda has invested heavily in simplifying business administration. RDB says businesses can be registered rapidly and operates a One Stop Centre covering investment registration and related investor services. Then there is Kigali itself. It is organised, relatively secure and increasingly internationally connected.
Finally, Rwanda is still developing. That creates an interesting opportunity. You can participate in the creation of tomorrow’s premium districts rather than only buying into locations whose major appreciation has already occurred.
How does Rwanda’s real estate market compare with Nigeria’s in terms of property prices, rental demand and returns on investment?
They are very different markets.
Nigeria has an enormous scale. Lagos and Abuja alone contain very deep pools of property demand, and certain segments can generate attractive rental yields and capital appreciation. Rwanda is considerably smaller, but what it offers is greater predictability and a more orderly market environment. Kigali’s premium property prices can be surprisingly strong, particularly in sought-after neighbourhoods. So Rwanda should not automatically be regarded as “cheap”. For me, ROI should also be evaluated beyond headline rental yield. I consider occupancy, currency exposure, maintenance, security costs, regulatory risk, vacancy, ease of exit and long-term capital appreciation.
Nigeria can potentially offer higher returns in certain situations, but those returns may come with higher operational and macroeconomic risks. Rwanda can offer a different proposition: potentially more moderate returns accompanied by greater predictability. That distinction is important.
What are the major challenges you have encountered, particularly regarding regulations, taxation, financing and property registration?
No market is without challenges. In Rwanda…
