Real Estate

Expert Calls for Enforcement of Town Planning Regulations

Femi Olomola, President of Nigerian Institute of Town Planners (NITP), has called for enforcement of town planning regulations for well-organised settlements in Nigeria.

Mr Olomola, who made the call in an interview with the News Agency of Nigeria on Monday in Lagos, said that a consortium of professionals from both public and private sectors could do the enforcement based on specific modalities.

Dangote to Build Cement Plants in 18 African Countries

The Chief Executive, Dangote Industries Limited, Aliko Dangote, has said the firm would build cement plants in 18 African countries, including Nepal in Asia to make the continent import-dependent free.

A statement by the company yesterday said Mr. Dangote made the announcement at the commissioning of 3.0 million metric tonne per annum (MTPA) cement plant at Mgao Village, Mtwara, Tanzania.

He said the entire Africa firms, which would produce more than 80MTPA of cement, was to make Africa an export continent rather than import-dependent.

Lafarge Nigeria Unit Takes Control of United Cement

An affiliate of Lafarge Africa has completed a 100 percent acquisition of Nigeria's third-largest cement manufacturer United Cement Company of Nigeria (UNICEM), the local unit of the French cement maker said on Monday.

Lafarge did not disclose the purchase price. It said its affiliate Nigerian Cement Holdings (NCH), owned a 70 percent equity in UNICEM before agreeing a deal last November to buy the remaining 30 percent stake from Flour Mills.

Caterpillar Could Cut 10,000 Jobs

Caterpillar, the US maker of construction and mining equipment, has said it could cut its workforce by more than 10,000 by 2018.

According to BBC, the company - which employs more than 126,000 worldwide - said it would cut up to 5,000 jobs by the end of 2016.

It is looking to reduce annual costs by $1.5bn by the end of 2016.

Caterpillar has been hit by the collapse of commodity prices which have affected its key customers in the mining and energy sectors.

Reduction in Demand of Properties in Northern Nigeria as Insurgency Escalates

The increasing rate of terrorist activities in the Northern Part of Nigeria has lead to the reduction in demand of properties as well as a reduced rate in property values by 30-40% resulting in a downturn in the property market in parts of the Northern States.

Most of the residents of the areas usually attacked by the insurgents have relocated to comparatively peaceful places in the region while those who are not from these states have completely relocated to workable states down south.

Joint Venture Real Estate Initiatives, Driven by Shrinking Bank Lending

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.

Luxury Property: Price Growth Slows Across the World

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, 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.

Institute Calls for Establishment of Building Development Board

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.

Govt Residency Rule Boosts Abu Dhabi Rents

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

Real Estate Landscape and Investment Potential

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.