Home seekers are struggling as landlords increase rents due to rising construction costs, exacerbated by Nigeria’s challenging economic conditions. In the past year, tenants, especially in city suburbs, have faced rent hikes of over 40 percent. Â Factors like high inflation, currency devaluation, and the removal of petrol subsidies have driven up the prices of […]
Rising Rents Crush Hope for Affordable Housing in Nigeria Read More »
President Bola Ahmed Tinubu will kick off the construction of 3,112 houses in the Karsana area of Abuja this Thursday, February 8, 2024. The project stems from a partnership inked in December 2023 between the Ministry of Housing and Urban Development and a group of companies including Continental Civil and General Construction Limited and Ceezali
The Minister of Works, David Umahi, says it will cost N146bn to fix Marina shorelines. He revealed this during a tour to check the Third Mainland, Carter, and Eko Bridges with Wale Edu, Minister of Finance and the Economy. Umahi is concerned about the damage to Marina shorelines, which may jeopardise the Lagos Blue Rail
FG Seeks Massive N146bn Fund for Marina Shoreline Recovery Read More »
The Nigerian Institution of Estate Surveyors and Valuers urged its members to value properties ethically and avoid dishonest practices. Johnbull Amayaevbo, the President/Chairman, emphasized this during a recent event in Abuja. The occasion marked the 30th John Wood Ekpenyong Memorial Lecture and the 2024 induction of fellows. The theme was “The Role of the Real
NIESV calls for integrity among its members Read More »
LASPPPA, a regulatory body in Lagos, is upset with developers who aren’t following its notices. According to a statement by Abimbola Emdin-Umeh, the Director of Public Affairs, some property owners and developers in Lagos State consistently ignore notices to stop construction or provide necessary planning permits. Kehinde Osinaike, the General Manager of LASPPA, expressed frustration
Nigeria, despite not facing armed conflict like some countries, has the highest homelessness rate in Africa. Around 24.4 million Nigerians lack a place to call home. Egypt follows with an estimated 12 million homeless people. Â Homelessness is a global issue, Africa included. While some regions face displacement due to conflicts, in Nigeria, urbanization and
Why Nigeria leads African countries where homelessness is highest Read More »
The Association of Estate Agents in Nigeria (AEAN) has teamed up with American realtors from the National Association of Realtors in the United States of America (NAR) to boost real estate investment and enhance Nigeria’s global presence. Their collaboration has led to plans for a conference in Lagos from April 9 – 12, 2024. Adeniyi
Partnership with NAR Signals New Era for Nigerian Real Estate Read More »
A recent report by Estate Intel has highlighted the state of Foreign Direct Investment (FDIs) in the real estate sectors of various African countries. The report points out that Nigeria is trailing behind Botswana and Morocco in attracting FDIs due to factors such as high inflation, a weakened naira, and expensive production costs. Â In
Amidst Inflation: Here Is Why Nigerian FDI Trails Botswana Read More »
The recent surge in “kidnapping, banditry, and herdsmen’s attacks” across various parts of the nation has hampered private sector involvement in “house delivery” and the provision of professional services in the real estate sector. Amidst macroeconomic challenges, there are growing concerns among stakeholders that insecurity could exacerbate the housing deficit and impede investments in real
Surge in kidnapping and terror attacks poses big threat to Real Estate Sector Read More »
It’s acknowledged that real estate can be complex, demanding a deep understanding of its nuances and evolving trends for informed investment decisions. Experts have pinpointed five major trends expected to significantly impact the real estate sector throughout 2024. They emphasize that comprehending and adapting to these trends will assist investors and home buyers in navigating
5 important real estate sector trends to look out for in 2024 Read More »