Real Estate

Access to long-term financing, key to housing development –Expert

The Chairman, Lagos Branch of the Nigerian Institute of Building (NIOB), Mr Adelaja Adekanmbi on Monday urged the Federal Government to boost housing delivery through improved long-term financing.

Adekanmbi told the Journalists in Lagos that finance was vital to effective housing delivery in the country.

He said the amount of required capital needed for growth and sustenance of real estate industry was not available locally, saying there were no viable sources through which operators could source funds.

Institute suggests housing loans for low-income earners

The President, Nigerian Institute of Building (NIOB), Mr Kenneth Nduka, has advised all tiers of government to integrate low-income earners into housing finance programmes.

Nduka in a statement in Lagos said that this could be achieved by introducing long-term loans for the low-income earners.

He said the housing circumstances of low-income earners, who incidentally made up a clear majority of the population in Nigeria, had not shown any significant improvement over the years.

Nigeria to Invest ₦500b in Housing

Nigeria is to invest N500 billion to bridge housing deficit through Family Homes Fund (FHF) in the next five years.

Mr Adeyemi Dipeolu, Special Adviser to the President on Economic Matters, made the statement on the sideline of the second Nigeria Housing Finance Conference in Abuja on Tuesday.

The News Agency of Nigeria reports that the conference was organised by the Nigeria Integrated Social Housing (NISH).

Architects Tasked on New Designs for Development

Gov. Akinwunmi Ambode of Lagos State has called for the partnership and support of the Architects in architectural designs to develop the state from a mega city to a smart city.

Ambode, represented by Mr Remi Adebo, the Assistant Director, Lagos State Ministry of Works and Infrastructure, made the call at the opening of the 2018 Lagos Architects Forum (LAF) in Lagos.

The forum, which was organised by the Nigerian Institute of Architects (NIA), Lagos Chapter, had the theme: “Lagos 9.0 – Architectural Regeneration 1 – The Lagos Response’’.

Nigeria Mortgage Corporation set to Strengthen Housing Market

Nigeria’s state-backed mortgage guarantor, Nigeria Mortgage Refinance Co. (NMRC) is anticipating that a return to growth will help double its nascent asset base. It seeks to deepen the nation’s housing market by financing lenders, which then use the money to provide home loans.

The country of more than 180 million people, has a shortage of at least 17 million houses, with 780,000 units needing to be built a year just to meet rising demand, NMRC Chief Executive Officer Charles Inyangete said in an interview in Abuja, Voice of Nigeria reports.

A Comparative Analysis of Housing Indicators in China and Nigeria

In our previous review of “Nigeria’s journey towards sustainable housing provision”, we highlighted several housing indicators in the areas of housing deficit, mortgage interest rate, mortgage down payment rate and repayment period, policy reforms, cost of housing, which were used to explain the current state of the housing in Nigeria. In this second edition of the review, a simple comparative analysis of housing in China is done to further explain the dire need for the complete overhauling of Nigeria’s housing sector.

Standards Organisation counsels Building Materials Dealers

The Director General, Standards Organisation of Nigeria (SON), Mr Osita Aboloma, has charged building materials dealers to shun practices that can lead to catastrophes, such as deaths and loss of properties.

Aboloma gave the charge during a sensitisation programme at the International Building Materials Market Dei-Dei, Abuja, a statement from SON’s Head of Public Relations, Mr Bola Fashina, said.

Ogun Generates ₦4b from Land Allocations, Others

The Director-General, Ogun Bureau of Lands, Mr Biyi Ismail, on Wednesday said the bureau had generated over N4 billion revenues between January and August.

Ismail disclosed this while receiving members of the State House of Assembly during oversight visit in Abeokuta.

He said the bureau generated N86 million from survey/planning/building fees, N190 million from rent on government land while N116 million came from ratification of Certificate of Occupancy.

New US Embassy in UK World’s most Expensive

With a cost of $1billion, the new US Embassy in London is the most expensive in the world and includes safety features like a small moat and anti-bomb properties, reports quoting the Daily Mail said.

The new US diplomatic outpost is being relocated from the swanky neighbourhood of Mayfair to a more industrial one, Nine Elms, on the South Bank of the Thames, report The Independent

Though months behind schedule, the new building will have a 100-foot moat on the riverside which is supposedly designed to withstand terrorist attacks.

'Housing Shortage Results in Rent Increase'

The Dean, Faculty of Environmental Sciences, University of Lagos, Prof. Timothy Nubi, on Friday attributed the incessant rise in house rent in the country to inadequate availability of residential buildings.

Nubi told the News Agency of Nigeria in Lagos that rent on housing would come down if developers could engage in mass production of houses to reduce the gap between demand and supply.

Nigeria, with its over 170 million population, currently faces a 17 million housing deficit, with the federal government putting in place measures to close the gap.