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Surveyors urge govt to invest in real estate

    The Nigerian Institution of Estate Surveyors and Valuers has called on the Federal Government and private sector operators to invest in the real estate industry to restart the economy post COVID-19 lockdown. The NIESV’s National President, Rowland Abonta, made the call on the sidelines of an inspection visit to the institution’s headquarters building project in Abuja. The Nigerian Institution of Estate Surveyors and Valuers has called on the Federal Government and private sector operators to invest in the real estate industry to restart the economy post COVID-19 lockdown. The NIESV’s National President, Rowland Abonta, made the call on […]

Before Buying Land in Nigeria

    Here are some things to consider before you buy any piece of land in Nigeria. 1. Due Diligence /Investigation It is crucial to engage the services of a legal professional to carry out investigation at the land registry and surveyor-general’s office to verify if the co-ordinates have not been flown (falsifying the survey plan by doctoring co-ordinates to read as free from all encumbrance whilst property falls within a government committed land) or if you’re buying from the natives (Omoniles) make sure you are dealing with the principal/accredited members of the family. The property should be investigated. It […]

Sanwo-Olu Delivers 1,348 New Homes to Lagos Residents in One Year

    The Lagos State Government has delivered a total of 1,348 homes to Lagosians within the first year in office of the Governor Babajide Sanwo-Olu’s administration in Lagos State. According to the State Commissioner for Housing, Mr. Moruf Akinderu-Fatai, the state government has completed five housing schemes located at Igando in Alimosho Local Government Area; Igbogbo in Igbogbo Baiyeku Local Council Development Authority; Igbokushu, Lekki Phase 1 and Idale in Badagry. Akinderu-Fatai explained that the provision of decent accommodation for Lagosians is an integral part of the transformation agenda of the present administration on housing, adding that the strategies […]

5 reasons why real estate is an attractive investment option in 2020

    Real estate is generally considered a great investment option because of its predictable cash flow, less volatile nature which has many advantages over stocks, bonds or mutual funds and more especially as it appreciates, a resistant to inflation. Nigeria’s property market is projected to stabilize and report growth in 2020. With an estimated 3 percent growth rate, the industry is expected to leverage the new policies by both the Federal government and the Central Bank of Nigeria, and the surge in the demand for affording housing to turn its 2019 contraction to a lucrative business for investors. “The […]

Lagos establishes LASRERA to regulate real estate sector

  Lagos State Government has set up an agency, Lagos State Real Estate Regulatory Authority, LASRERA, to monitor activities of estate agents and tenancy transactions in the state. The Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka, said with the agency, it’s no longer business as usual, saying no one can practise as a real estate agent and company without been licensed, as failure to comply would lead to sanctions. Speaking at a briefing to unveil LASRERA, it’s portal and logo, she said the need to have such an agency had become necessary following a series of complaints […]

Pros predict modest recovery in real estate sector by 2020

    Hope of a total recovery for Nigerian real estate in 2020 might not be in sight, as industry experts have predicted that there won’t be a guaranteed rapid growth in the property market. Instead, they anticipate a combination of heightened uncertainty, as financial issues globally gets tighter, but a brighter day for increase access to housing for the lower echelon of the Nigerian population, if certain reforms are implemented. According to them, the 2019 lack of liquidity in the market made the industry to underperform in terms of returns especially for high-income property market. Asides the absence of […]

Mortgage and housing sector needs palliatives – Oloko

  The mortgage and housing sector needs palliatives, following the global economic challenges caused by the COVID-19 pandemic This is the position of mortgage and finance expert, Akintayo Oloko, who said mentioned palliatives and support in the form of intervention funds and reduced transaction costs. Recall that with the pandemic’s effect on nations, businesses and personal income, the Central Bank of Nigeria, CBN, came up with a multi-trillion naira stimulus package, reduced interest rate on intervention loans, loan moratorium and permission for loan restructuring as palliative measures. Oloko, who has over two decades experience in the sector, stressed that the […]

Buy A Property, Pay In 48 Months Without a Mortgage In 2020

    Statistics shows that 70% of Lagosians are willing to rent rather than buy a property. Why is that so? Is buying a house a good investment? A big yes, so why do many people prefer to renting to buying an apartment? Buying a property is the dream of so many Nigerians. However, most Nigerians are incapacitated by the high cost of buying a property that they consider it secondary to feeding and clothing. With the recent downturn in the economy and the new inventions in the Real Estate industry, buying a house has become a really good enterprise. […]

Demand for budget-friendly homes surges amid layoffs, pay cuts

    As the Nigerian economy falters due to the ongoing coronavirus outbreak, businesses are worst off, prompting pay cuts in many companies, search by people living in rented houses for budget-friendly homes across cities and towns to reduce costs. The Guardian learnt that the current situation has taken a toll on the employees of private firms with massive layoffs and downsizing. Some economists predict an even grimmer picture: millions of jobs, across sectors, are on the line. It has been observed that some Nigerian families living in rented flats and houses in cities are now shifting to smaller apartments […]

Lagos seals 22 other buildings in Banana Island, Ikoyi axis over permits

    The Lagos State Government has sealed off 22 more buildings in the Banana Island and Ikoyi axis of the state over lack of building permits and conformity issues. The Commissioner for Physical Planning and Urban Development, Dr Idris Salako, disclosed this in a statement issued by his Ministry on Saturday. Salako explained that the move was part of the Special Enforcement Operations led by the officials of the Ministry in Ikoyi and environs. Salako urged those whose properties were sealed off due to these infractions, to report to the Office of the Honourable Commissioner, Ministry of Physical Planning […]