Real Estate

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.

World Bank, China, Others for Nigeria’s Housing Project

No fewer than 400 local and foreign exhibitors will feature in the 11th Abuja Housing Show, in a bid to promote affordable housing in Nigeria, says its convener Fesadeb Communications Ltd.

Mr Festus Adebayo, Managing Director of the organisation, told the News Agency of Nigeria in Abuja on Friday that the exhibitors would come from Nigeria and 10 foreign countries.

“Four hundred exhibitors from Nigeria and some foreign countries like the Netherlands, China, Hong Kong, South Africa, Turkey and Spain are set for the Abuja housing show.

Federal Housing Programme: 30,000 Houses Ready for Early Beneficiaries

The Head of Civil Service of the Federation, Mrs Winifred Oyo-Ita, said that the Federal Integrated Staff Housing Programme (FISH) has recorded over 30,000 potential off-takers in the first quarter of 2017.

Oyo-Ita said this at the 2017 FISH Housing Summit tagged: “Innovative Strategies for Affordable Housing”, on Tuesday in Abuja.

She said that the programme, which was a subset of the Federal Government mass housing scheme, provides the drive for the upliftment of federal civil servants’ welfare.

Unexplained Wealth Order: Britain to expose Nigerian property owners

Photo/NAN: A UK property known as The White House on Bishops Avenue N2. Owned via nominee company –Belside Properties Ltd by Nigerian Aliyu Audu, the son of late Abubakar Audu.

The British Government will release information about Nigerians who own property in that country next year.

Prof. Bolaji Owosanoye, Executive Secretary, Presidential Advisory Committee against Corruption, told News Agency of Nigeria in New York that negotiations on this had reached advanced stage.

Dubai remains Middle East’s top real estate market

Dubai has topped 2016’s real estate transactions list, and with plenty of infrastructure projects in the pipeline, growth is expected to outstrip the United Arab Emirates average.

Dubai has again been named the leading destination for real estate by global property consulting firm CBRE in its recently report, In and Out Middle East, which covers commercial real estate investment flows in and out of the region.

Nigerian Property Crash Attracts Funds Looking Beyond Recession

A property market crash in Nigeria offers opportunities for brave investors betting that Africa's most populous nation will deliver high returns when it climbs out of recession, Reuters reports.

Rents for residential and office property in the commercial capital Lagos have dropped by around 20 percent, year on year, due to a supply glut as projects planned prior to 2014, when oil prices started to fall, are now coming online.

Nigeria Plans to Raise $3.3b Mortgage Fund

Nigeria plans to raise, with the help private investors, a fund worth 1 trillion naira ($3.3 billion) to finance mortgages for low-income earners, its vice president said on Tuesday, Reuters reports.

Africa's most populous country, home to more than 180 million people, suffers from a housing shortage. Few banks offer long-term mortgages as high interest rates make them unattractive for buyers and risky for lenders worried about defaults.

Alleged Fund Diversion: CPC Beams Searchlight on Resort Savings & Loans Limited

The Consumer Protection Council (CPC) has been inundated with consumer complaints bordering on alleged diversion of mortgage loans and consumers’ deposits by Resort Savings and Loans Limited (RSL), prompting the Council to beam its searchlight on the primary mortgage bank’s operations.

RSL is a primary mortgage institution licensed by the Central Bank of Nigeria (CBN) to undertake mortgage business in Nigeria and it is also registered with the Federal Mortgage Bank of Nigeria (FMBN).