Nigeria Housing Market: 40% increase in cement prices slows growth in real estate sector. Lagos slums are being razed to make way for luxury properties. That’s Nigeria. This month, thousands of Nigerians have been rendered homeless after police stormed Otodo-Gbame, a riverbank community in the country’s commercial capital, Lagos, razing homes and chasing away residents with bullets and teargas.
This comes after 4,700 people in the settlement had their homes demolished in March, and 30,000 were evicted last November, so altogether tens of thousands of people have been systematically chased off lands that they have inhabited, in many cases, since the colonial era. Officials initially cited environmental concerns as the reason for the demolitions, but now claim the blanket evictions are a security measure against “militants” purportedly using the communities as a base. The demolitions have gone on despite a January court injunction ordering they be halted. Rights groups now suggest more than 300,000 people face similar eviction from waterfront communities across Lagos. 2017 Budget: National Housing Programme To Gulp N41bn. New N20billion REIT lifts Nigerian real estate industry — Property — The Guardian Nigeria. Fresh prospects maybe on the card for real estate investors seeking property ownership without the attendant expenses or difficulties of being a landlord, if statements made recently by one of Nigeria’s leading property development company – Top Services Limited (TSL) are anything to go by.
The company with specialty in providing “neighbourhood” malls has announced, it will float a N20 billion Real Estate Investment Trust (REIT) in the capital market. REITs are corporations or trusts that use the funds of many investors to purchase and manage income property and/or mortgage loans. It is traded on the Nigerian Stock Exchange (NSE) just like shares. It offers tax advantages to investors and provide a liquid way to invest in real estate, which is an otherwise illiquid market. Another benefit of REITs is that they allow investors to share in non-residential properties like hotels, shopping complexes, malls, and industrial properties. For Mr. Real estate sector slumps amid shrinking funds — Property — The Guardian Nigeria. $2bn fund to be set up to tackle Nigeria’s affordable housing drought. The Federal Mortgage Bank of Nigeria is teaming up with a number of housing developers to finance the construction of more than 10,000 homes a year across the country.
The aim is to build up a fund of $2bn and disburse $200m a year in loans to developers. A memorandum of understanding was signed last week in Abuja by Richard Esin, the managing director of the bank, James Mugeruwa, managing director of international affordable housing developer Shelter Afrique and Ugo Chime, president of the Real Estate Developers Association of Nigeria. The drive to improve the supply of homes was begun at the “Developing a Blueprint for Affordable Housing” conference organised last June by the Federal Ministry of Power, Works and Housing, housing developers and the German Development Corporation (pictured).
The move is a response to a deficit of about 17 million homes across Nigeria. The situation is particularly serious in Lagos, which has an immigration rate of more than 500,000 people a year. Lagos living: Solving Nigeria's megacity housing crisis. Nigeria's largest city Lagos is facing a housing crisis.
The BBC's Nancy Kacungira looks at how entrepreneurs are trying to solve the crisis. Affordable housing is a considerable challenge for urban areas with large populations, and this is particularly prevalent in the Nigeria's city of Lagos. More than 500,000 people move to the city every year, and there is already a housing deficit of more than 17 million units. There are on-going projects of varying scale trying to address the shortage; one is reclaiming land from the Atlantic Ocean to build a new city suburb called Eko Atlantic on the shores of Victoria Island. Tonnes of sand and heavy rock were poured into the ocean to provide 10 sq km (3.8 sq miles) of land for shops, offices and homes. Protected by an 8km long sea wall, the city will have its own power and water supply, and even an independent road network.
Kano Economic City - ATO Architects. …turning possibility into reality You are here: Kano Economic City Project Date 2007-Date Client Integrated Development and Investment Services Ltd (IDIS) Categories Commercial Website -
Nigeria: Niger Reduces Cost of Certificate of Occupancy to N15, 000. By Ahmed Tahir Ajobe Niger State government has reduced the cost of obtaining certificate of occupancy by existing and prospective landowners across the state to N15,000 effective from January 1, 2017.
The amount which is applicable to both farms and residential lands is strictly for local government headquarters, while the amount for other locations is put at N5,000 regardless of the sizes. The gesture is expected to last for a period of six months after which all lands would revert to original cost of N127, 000. The state Commissioner of Land and Housing, Malam Haliru Jikantoro, who disclosed this to newsmen in Minna said it would enable the state to increase its Internally Generated Revenue (IGR) by allowing those who could not access the old amount, easy access, while also allowing it to authenticate genuine land owners, who hitherto not could afford the cost of documentation.
Eko Atlantic City gets first residential building - Punch Newspapers. Maureen Ihua-Maduenyi The developer of Eko Atlantic City, South Energyx Nigeria Limited, says it is set to celebrate a major development with the unveiling of the first completed residential building known as the ‘Eko Pearl Towers’.
The unveiling, according to the promoters of the city, follows the inauguration last year of the Eko Boulevard, reputed as the country’s first eight-lane city road. The ‘Eko Pearl Towers’, which is the first residential development in the city, is a set of high-rise buildings privately owned and developed by Eko Pearl Construction Company, and consists of five high rise residential towers, each topped with luxury penthouse, and two and three-bedroom apartments. The firm said it would be unveiling the first tower known as the ‘Black Pearl’, while the second, the ‘Champagne Pearl’, is scheduled for completion next year. Copyright PUNCH. Contact: editor@punchng.com. Nigeria: Real estate developers continue to build despite recession. Nigeria’s real estate sector suffers as luxury houses stand vacant.
International hoteliers bet on Lagos. The findings of this year’s Hotel Chain Development Pipeline Survey, produced by W Hospitality Group, show that Lagos is the hottest city in Africa, when it comes to the development of new hotels by international hotel investors.
In compiling the data, W Hospitality Group spoke to 37 hotel chains with 80 brands between them. To qualify for the study, hotel chains need to be operating in more than one country so by definition, more hotel development activity is taking place because domestic players in the market have not been counted. Nigeria: 19 States Offer Land for Govt's Housing Project. By Simon Echewofun Sunday Nineteen states of the federation including 11 from the North have responded to a request on land allocation for the federal government's mass housing project, the Ministry of Power, Works and Housing has said.
Presenting details of the housing programme to the National Assembly, the chairman, Technical Committee on Housing in the ministry, Architect Sani Gidado, said the ministry was "technically" ready for the implementation of the programme in the 36 states and the FCT in line with the Appropriation Act. 12 states pledge land for government’s new housing initiative » TODAY.ng. At least, 12 states have responded to a request by the Federal Government to release landed property to her on, which the latter intends to construct affordable homes for Nigerians, and thereby reducing the wide deficit gap of shelter in the country.
Minister of Power, Works and Housing, Mr. Babatunde Fashola, last week in Abuja, revealed that the plan by the government to create more affordable homes for her citizens was gathering momentum as more states have indicated interest. According to the Minister, who spoke at the 35th Annual General Meeting and International Symposium of Shelter Afrique, even though states were already responding positively to the government’s initiative, the first key to the roadmap in housing was planning. The Minister, who noted that what the country now has as a National Housing Policy was only a policy statement and not a plan, said, “We must never be tired to explain the necessity and importance of proper planning. Nigeria's $70bn Construction Industry. FHA begins construction of 30,000 housing units in Nigeria. The Federal Housing Authority of Nigeria in partnership with the Federal Mortgage Bank of Nigeria (FMBN), have commence the construction of 30,000 housing units in Nigeria.
According to FMBN the housing project will be executed at a cost of US$45.2m. Additionally, about 2 million people will be employed across the country. The housing units will be executed in Lagos, Port Harcourt, Kano and Abuja. The project was inaugurated at FMBN headquarter during the project inter-agency committee meeting. Mitros City to de-congest Lagos state. Ogun State government to break ground on Mitros city project. Nigeria property boom follows Boko Haram retreat - Pan African Visions. Property investors in the Nigerian city of Maiduguri are benefiting from a rise in real-estate prices following the retreat of Boko Haram fighters. Maiduguri is the largest city in Borno state, once a stronghold of the fighters and a frequent target for its suicide bombers. The group claims to be fighting against Western influence and is thought to have killed about 15,000 people and driven more than two million from their homes during its six-year insurgency.
Since the Nigerian military began a wide-ranging military operation against Boko Haram, many of Maiduguri’s residents that had fled are on their way back home. They had sold land and property to escape the armed group’s advance but their return is forcing prices to go up. Nigeria: Plan to Register Abuja Houses, Underway. Changing the face of Nigeria’s real estate market…Dubai style. Despite Nigeria’s giant economic status within Africa, housing remains a major problem. The World Bank says Africa’s largest economy would require a minimum of 700,000 housing units annually to meet its housing deficit. In recent years, private investors have significant ramped up development, particularly in the countries more developed cities like Abuja, Lagos and Port Harcourt, but this hasn’t served to wipe off significant the high number of Nigerians who don’t own a home.
A recent study confirmed that over 70% of Nigerians, particularly residents of Lagos, continue to live in rented properties. Affordability remains the biggest problem as many people, despite having decent jobs and a fair income, cannot afford the high-interest mortgages offered by Banks. Investors still positive on Nigeria's real estate story - Analysts. Nigeria: Developers Rev Up Construction On Oasis Centre Project. By Tunde Alao. Nigeria: Developer Unveils Show House At Lekki Pearl Estate.
By Kingsley Adegboye IN fulfillment of its promise to deliver 10,000 units of affordable and quality homes for middle-income Nigerians by 2020, Alpha Mead Development Company (AMDC), last week, unveiled the completed Show House at its 112-unit Lekki Pearl Estate. Lagos approves three new model city plans. THE urban renewal programme embarked upon by the Lagos State government received a boost last week as three new model city plans were signed, following their publicly presentation. LASG begins review of Ikeja Model City Plan. The Lagos State Government on Friday said it had begun a review of the Ikeja Model City Plan as part of efforts to create a better state with standard and adequate infrastructure.
This is contained in a statement signed by Mr Ajao Mutair, the Director, Public Affairs, Lagos State Ministry of Physical Planning and Urban Development. Ogun to begin construction of affordable houses in 2016. News Across Nigeria: Lagos Govt Defends Demolition Of Oshodi Market. LorenzoBySujimoto: Tallest residential building in Lagos sold out at private launch. Assessing Buhari’s one million yearly housing units’ feasibility. Firm unveils rent-to-own option. Barely one year after its formation, a real estate investment firm, Natanel Florens, is offering high-yielding investment options to private clients in the real estate and private equity sector. Photo: Borno's N4.5bn tower in progress. Nigeria gets a new World Trade Center.
Anti-graft laws effect on Nigeria’s property market. Error loading MacroEngine script (file: ) Last Updated: 21 August 2015|17:49 GMT. Firm invests N300bn in Badagry Dockyard Project. High Rent, a Big Deal for Businesses? Lagos Property Market Survey. Investment stream into Nigeria's real estate. Nigeria Is Building A $300 Million Smart Mall In Aba City. Nigeria’s mortgage company plans $2.2 billion bonds in 5 years, but high construction costs spoil the party.
Why the affordable home business is winning in Nigeria - Ventures Africa. Development Of N700bn Abuja City Centre To Begin Soon. Nigeria Attracted N780 Billion Real Estate Investment in 2014. Five private equity funds targeting real estate investments in Nigeria. Affordable housing: Shelter Afrique signs $50m deal with German Bank. CNN Turns Its Spotlight on New Age Architecture in Nigeria. Niger to commission N19.6b five star Hotel before 2015. Ministry signs $80m housing MoU with Dubai firm. Nigeria - The Giginya Coral Hotel. DFIs out to assist developers bridge Nigeria’s housing deficit. New Telegraph – 60,000 Nigerians prequalified for mortgages, says NMRC. Asokoro Island Developer Begins Work on $190m Housing Complex, Articles. FCT Minister Flags Off 40,000 Houses for Workers. Nigerian Govt Houses costlier than universities. Retail soars as more shopping malls berth in Nigeria. Shelter Afrique To Invest $200M In Nigeria, Plans Bond Offer In 2015.
Govt Approves 66,402 Mortgage Refinancing Applications for Prequalification (Page 1 of 3) At 5% cost, Abuja, Enugu lead peers in ease of property registration. 66, 402 Nigerians apply for 10,000 FG housing. NatanelFlorens to commit $120m to affordable housing in Nigeria. PrivateProperty.com.ng unveils new website. Investor-confidence on the rise as KHI eyes Nigerian real estate, hospitality markets. Starwood plans 5 new Nigerian hotels as travel demand rises. FMBN gives N100.5bn for housing projects. Nigerian Mortgage Refinance - Network Africa. Investors stake $500m for retail malls devt in Nigeria’s major cities. NMRC Introduces Uniform Underwriting Standards For Mortgage Loans. ABUJA CENTENARY CITY. IFC invests $9.5 million into Jabi Lake Mall in Abuja.
We’ve delivered 45,000 houses to Nigerians –FMBN boss. FMBN promises to deliver on mandate. FG tackles housing deficit with American technology. Nigeria Set to Announce Fannie Mae-Style Mortgage Company. Mortgage company launched. World Bank approves 0m credit for Nigeria's new mortgage initiative. Milan Group opens N30bn InterContinental Hotel Lagos. Global interest, attention on the rise for Eko Atlantic City. Nigeria's property boom: only for the brave. Nigerian Developer Set to Build Africa's Next Giant City. Nigeria Has Real-Estate Potential—and Challenges.
Nigerian Developer Set to Build Africa's Next Giant City. Housing: Lagosians and affordability question. Abbey launches new mortgage product. Nigeria's Housing Shortage. Enugu Lifestyle and Golf City. Nigeria hopes city rising from the sea will turn the tide. Nigeria's Big City Razes Homes as Poor Left Behind. USANOW offers Nigerians real estate investment deals. Passion drives real estate business – Practitioners. Business travel driving the growth of Nigeria’s hotel industry.
Akwa Ibom Tropicana is worth N32billion. Akwa Ibom Govt. to set aside 50% of planned housing units for civil servants. Ibom Industrial City Master Plan. Ibom Industrial City. FG approves proposal for $4b new city for centenary celebration. Property market ends 2012 with 15% rise in capital, rental values. SBT Juul Africa - Brochures. Stauch Vorster Architects. Nigeria: FG to Construct New Abuja City to Mark Nigeria's Centenary.