Investigations revealed that the Real Estate Developers in the country are responding to the shrinking of bank credit to the sector by embracing joint venture initiatives. Industry experts say this shrinking of bank credit, which is undermining housing delivery and supply to the market, is part of the lasting impact of the 2008/2009 global economic meltdown on the real estate market in Nigeria. In some cases, banks have demanded that developers provide off-takers ahead of project completion as a pre-condition for accessing credit, which some developers find difficult.
Prices of luxury property in cities across the world slowed in the third quarter of 2013, with growth of just 1.2% compared with the 6.6% year-on-year growth, propertywire.com reported.
But the Chinese market is bucking the trend with a quarterly rise of 7.9%, according to the latest index from Knight Frank which tracks prime prices in 27 key cities.
On an annual basis, average prime property prices in Hong Kong remained unchanged while Jakarta and Dubai saw the strongest year-on-year growth at 27.2% and 21.8%, respectively.
The Nigerian Institute of Building (NIOB) has called on the Federal Government to facilitate the establishment of a building development board, which will coordinate and promote the development of industry standards, productivity measures and strengthen the relationship among stakeholders in the construction industry.
A government requirement for public sector workers to reside in Abu Dhabi has provided a boost to the capital’s real estate sector with a rise in demand, according to the latest analysis from Middle Eastern property experts Clutton.
Head of Cluttons Middle East, Steven Morgan said this requirement has contributed to the rising tenant demand that have been recorded.
He said, “We expect that the ruling, which came into force on 01 September for 20,000 public sector workers and their families, will continue to place downward pressure on vacancy levels
Nigeria, with a population of over 160 million, is currently under housed. Its real estate potential is largely untapped. The housing deficit in Nigeria presently stands at 18 million, according to the National Bureau of Statistics. This means 11.25% of the population presently lacks basic living facility. However, major cities in Nigeria are currently experiencing massive economic growth. This comes at the back of an influx of residents from rural regions in search of work and better standards of living.
Financial success is largely dependent on financial maturity regardless of our age. The attainment of attributes like focus and delayed gratification are part of emotional intelligence. It is a major ingredient of financial success. It is difficult to steer our lives in this direction until we conquer self and exercises self control.
Who would buy a house online? You would probably consider real estate ‘too big’ for cyberspace. But before you knock it take a moment or two to read this little article of ours. Then you would get to understand why many real estate dealers, agents, and marketers are flocking to the internet. What’s more, many have graduated from just running online real estate ‘directories’ to actual ‘web stores’.
Let’s begin with the buyer’s side of the fence. Why would a buyer go online? Here are a few of the advantages that are attracting real estate buyers to the internet:
Real estate on the islands of Lagos is relatively more expensive that it is on the mainland but if you spend most of your day on the island then you should add the extra fuel you burn, the extra wear on your vehicles, the hassles and stress, the cost of doctor’s fee and medication.
If you have been seeking to buy a property you should have done it in the heat of the global meltdown. The real estate market crashed along with the Nigerian Capital Market and choice properties were going for peanuts.
In 2008 the federal government lifted the ban on the importation of bulk cement and granted import licenses to six new firms, alongside the existing manufacturers in an effort to flood the market with cement and force the price down.
At the time Chief Charles Ugwuh, the then Minister of Commerce and Industry said that the actions would make up for the 11.5 million metric tonnes per year shortfall; Local manufacturers only brought about 6.5 million metric, while the demand was at about 18 million metric tonnes per year.