Affa Acho

Win-A-Home Lottery: Winner Goes Home With Keys To Three Bedroom Bungalow

The organizers of win-a-home lottery Abuja, recently handed over the keys of a three-bedroom bungalow, to a lottery winner, Okafor Augustine.

The house which is worth 25 million naira is a property from Efab Estate, situated on the outskirts of Gwarinpa, Abuja.

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Speaking to Housing News, the winner Okafor Augustine, said ‘’Im filled with so much joy and excitement, I spent just three thousand naira to become a house owner’’.

The wife of the winner, Mrs Okafor also expressed so much joy in owning a property without so much effort.

Deputy Consultant, Win-a-home lottery, Vincent Goldfinger said, ‘’the win-a-home lottery is an avenue created to give ordinary Nigerians an opportunity to win a house worth N35m with as little as a thousand naira’’.

He further advised Nigerians to eliminate all fears and participate in the game in order to become property owners.

Several other consolation prizes were given to other participants of the draw by the organizers to appreciate participation in the win-a-home lottery.

Source: Affa Acho

REDAN Set To Endorse Products As A Mark Of Quality Service Delivery

In order to improve on the quality of buildings in the country, and interface with producers and manufacturers of building materials and developers of estates with a view to ensuring improvement in their processes and products.

The Real Estate Developers Association of Nigeria (REDAN), has set up an initiative to endorse building materials and estates built to ensure integrity.

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This was contained in a statement made available to Housing News in Abuja.

It stated that ‘’the philosophy behind the initiative of endorsement of products and estates was informed by the need for REDAN to guide the public on the products and estates that have met its requirement in terms of standards and other characteristics, and at the same time create a mutual beneficial scheme for the off-takers, the Association and its members as a result of the exercise’’.

The statement noted that the endorsement will enable the public have confidence in the quality of such products and vouch for the integrity of the estate, in order to give value to the purchaser, and give credence to the public in patronizing such endorsed products.

It said ‘’In carrying out this onerous task, the Association will work in close collaboration with some regulatory institutions like the Standard Organization of Nigeria, Raw Materials Institute and Nigeria, Building and Road Research Institute amongst others to ensure in the first instance that the products meets both national as well as international standards’’.

REDAN added that it will interface and collaborate with Professional Bodies in the built environment to recommend firms and members that will serve as Consultants, in its bid to eliminate grey areas, especially in the areas of quackery and building collapse.

The statement added that REDAN will sign-up with members of the Building Materials Producers Association of Nigeria (BUMPAN) whose products are adjudged to have met basic criteria and standards as per usage and attestation by the Standard Organization of Nigeria and other regulatory institutions.

‘’As for estates, it must have met both the soft and hard aspects, including extant laws and National Building Code. Aside meeting the foregoing and integrity tests, the process of construction must have been developed by Certified Skilled Artisan, under supervision by Qualified Professional, have approved designs, Supervision by relevant Development Control Agencies, guided by Health and safety compliance, and the Off-takers availed Proper documentation of relationship between Developer and Buyer, such as letter of offer, title to the Buyer/End User. REDAN portal shall serve as a port of verification of endorsed products.

It added that ‘’members who want their products endorsed shall formally apply to REDAN. This relates to both building materials and estates. The Association is of the firm believe that the real estate sector will move to another sphere of integrity and openness by this niche’’. The statement read.

Source: Affa Acho








Construction starts on 550m tall Dubai skyscraper Burj Jumeira

Construction has begun on the 550m tall Burj Jumeira skyscraper located opposite Sheikh Zayed Road in Al Sufouh in western Dubai.

Dubai Holding, the investment firm behind the project, says the tower’s design is inspired by ripples found in UAE’s desert sand dunes and oases, and the development’s façade will be covered in digital displays.At the Burj Jumeira’s summit is an interconnected sky lounge and restaurant. The tower will have multiple observation decks, offering 360 degree views of Dubai.
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The Burj Jumeira will be at the centre of Jumeira, a mixed-use urban residential and commercial development, and will link to Sharaf DG Metro Station and Burj Al Arab Jumeirah.

Abdulla Ahmed Al Habbai, Dubai Holding chairman, said: “The entire Downtown Jumeira area, and Burj Jumeira specifically, are distinctive projects that focus on providing an unparalleled experience to both visitors and residents.

“It will not only serve the needs of residents who are looking to live in cohesive and connected communities, but will also enhance Dubai’s tourism offering by adding another icon to the Emirate’s portfolio of unique attractions.”

Source: globalconstructionreview

More married homeowners are seeking roommates to cut costs

As the cost of homeownership continues to price out many homebuyers, more and more Americans are looking for ways to cut costs.

In fact, new data from Trulia reveals that in 2018, nearly 4.2 million U.S. households lived with a roommate or boarder. Of these households, more than 280,000 belonged to married couples.

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According to Trulia’s analysis, this rate has more than doubled since 1995, which is the earliest year for which this data was tracked.

“Among all married householders, 0.46% live with roommates, up from an historical average of 0.36%,” Trulia writes. “This increase is mostly driven by married homeowners, 0.34% of whom live with roommates, or nearly 40% higher than the historical average.”

To no surprise, Trulia notes markets exhibiting the highest rates of married couples with roommates tend to be concentrated on the West Coast.

“In housing markets with the highest rates of married couples living with roommates, including Honolulu and Orange County, the share is between four and five times the national rate,” Trulia writes. “And it’s probably no coincidence that the areas with the most married-with-roommate households are also fairly pricey.”

Notably, Trulia found that among the 100 largest metropolitan areas, areas with higher home prices tend to have higher rates of married couples living with roommates.

Furthermore, on average, every $100,000 increase in the median metro home value equates to a 0.25 percentage point increase in the share of married couples with roommates. This is more than half of the 0.46% national rate in 2018, according to Trulia.

“Although home price growth is slowing nationally, the rate of appreciation continues to outstrip wage growth” the company states. “For first-time married home buyers, especially those looking to buy in those acutely unaffordable West Coast markets, finding a roommate to help defray housing costs may simply be the sensible thing to do.”

NOTE:  Trulia’s analysis utilizes microdata from the U.S. Census’ Current Population Survey, as well as its own home price and affordability calculations.


Here are the markets where the most apartments were built in 2018

Thanks to a report  from CBRE, we already know that construction activity in multifamily real estate last year was more robust than almost any other year since the 1980s.

According to the CBRE report, there were 267,900 units completed in 2018, slightly lower than the previous high of the last 30+ years, which just so happened to be set in 2017.

So, the last two years saw the highest number of completions in since the 80s, but where are all those apartments being built?

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The CBRE report has the answers there, too.

According to the CBRE report, the vast majority of the apartments built last year were built in the top 20 markets. Specifically, 80% of all apartments completed last year were in the top 20 markets.

Beyond that, construction was focused in the top eight markets, which represented 49% of all the apartments built last year.

The top three markets for multifamily construction all saw more than 20,000 units completed in 2018.

Coming in at No. 1 on the list of the markets where the most apartments were built last year was the New York metro area, where there were 32,300 new units constructed in 2018. And there’s a pretty significant gap between first and second place.

Second on the list was Dallas-Fort Worth, where there were 20,500 units completed. Third on the list and just barely behind DFW was the Los Angeles area, where there were 20,000 units completed.

After Los Angeles, there’s another significant drop before you get to the fourth metro area on the list, Seattle where there were 14,400 units completed in 2018.

Fifth on the list was Washington, D.C., where there were 13,600 apartments built last year, followed by Denver with 11,700 units completed, Boston with 9,700 units built, and Miami, where 9,500 units were completed.

Those eight markets make up nearly half of all the units completed in 2018.

Here’s the full list of the top 20 markets the most apartments were built last year:

  1. New York Metro – 32,300 units completed
  2. Dallas/Ft. Worth – 20,500 units completed
  3. Los Angeles/Southern California – 20,000 units completed
  4. Seattle – 14,400 units completed
  5. Washington, D.C. – 13,600 units completed
  6. Denver – 11,700 units completed
  7. Boston – 9,700 units completed
  8. Miami/South Florida – 9,500 units completed
  9. San Francisco Bay Area – 9,300 units completed
  10. Chicago – 8,900 units completed
  11. Orlando – 7,700 units completed
  12. Austin – 7,400 units completed
  13. Charlotte – 7,000 units completed
  14. Atlanta – 6,900 units completed
  15. San Antonio – 6,800 units completed
  16. Phoenix – 6,400 units completed
  17. Minneapolis – 6,300 units completed
  18. Tampa – 6,100 units completed
  19. Nashville – 5,900 units completed
  20. Portland – 4,900 units completed

According to CBRE’s report, based on recent data on multifamily construction starts and under construction totals, multifamily construction is expected to remain elevated near 2018’s figures through the first half of 2020, at least.


Seniors are causing the housing shortage-Report

More seniors are opting to age in place rather than relocate later in life, and it has contributed to the supply shortage that’s hampering the housing market.

According to a study by Freddie Mac, seniors born after 1931 are staying in their homes longer than previous generations, and they are gumming up the works, leaving Millennials shut out of the market.

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The study revealed that seniors held 1.6 million houses back from the market in 2018 – responsible for a significant portion of the 2.5 million shortage  in housing units that has impacted the market.

According to the study, seniors born between 1931 and 1941 have prevented 1.1 million homes from hitting the market, while those born between 1942 and 1947 have held onto 300,000 homes.

Baby Boomers, born between 1948 and 1958, are still occupying 250,000 homes, but a pending wave of retirees among this generation is likely to alter this figure.

This trend toward aging in place – furthered by better health and higher education among the older generation – is likely to increase over time as technology and health care make it easier for the elderly to stay at home.

“The amount of homes retained by seniors is likely to grow as both the number of seniors increases and the barriers to staying in place are reduced,” the study concluded. “This highlights the importance of addressing barriers to the production of new housing supply to accommodate long-term housing demand.”


New report shows just how difficult hitting 300,000-home target will be

Can the government meet its target of 300,000 new homes a year by the mid-2020s?

The target was announced to some scepticism in the 2017 Budget and a report just out from the National Audit Office(NAO) says with some understatement that it will be “challenging to meet”.

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In detail, the Ministry of Housing, Communities and Local Government’s (MHCLG) commitment is to “support the delivery of a million homes by the end of 2020 and half a million more by the end of 2022 and put us on track to deliver 300,000 net additional homes a year on average”.

That means net additional homes, so it includes conversions and change of use (less demolitions) as well as new building.

Statistics showing a 78% increase in homes on this measure since the low point of 2012/13 (from 125,000 to 222,000) certainly suggest that it is possible.

However, recovery from the credit crunch is one thing, an increase from more normal times quite another, and the annual increase slowed to just 2% in 2017/18.

As the NAO points out, the average achieved between 2005/06 and 2017/18 was 177,000 a year and the most was 224,000 at the peak of the last boom in 2007/08.


Midlands housing association secures £310m

The East Midlands-based housing association, which manages nearly 10,000 homes, secured £110m through new bank facilities, with the remaining £200m coming from the public bond market.

The 25-year bond will be issued directly by Futures, which is A+ rated by Standard & Poor’s but has a negative outlook.

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A total of 40 investors tabled around £900m following a roadshow carried out by Futures.

The bond was priced at 1.68% more expensive than the cost of equivalent government borrowing, and came in at an overall interest rate of 3.375%.

Futures will use £170m on its development programme, which aims to deliver 1,200 homes over the next five years. Its remaining funds will be used to restructure the group’s existing debt.

This year, Futures will deliver the 1,000 new homes set out in its programme. Last year the association secured a deal to buy 470 homes from London-based G15 landlord Notting Hill Genesis.

Commenting on the new loan, Lindsey Williams, chief executive of Futures, said: “This is an investment in Futures and reflects everyone’s hard work across the organisation, which has created an agile, effective and efficient business. It has also positioned us for further growth and more partnerships.
“The level of investment also reflects our ambition and our vision to develop more new homes while making savings and improving performance.”


Uganda commissions 900 housing units in Bunambutye Sub-County

The government of Uganda has officially commissioned construction of the 900 two bed-roomed units units for resettling Elgon landslide families in Bunambutye Sub-County, Bulambuli district.

Speaking during the commissioning ceremony, Prime Minister Rugunda Ruhakana said the housing units estimated to cost US $8m, will be constructed by Uganda People’s Defense Force(UPDF),Police, Prison engineering brigade with MLHUD performing the supervisory function as assigned by government.

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“We expect them to complete the construction phase 101 units by the end of March. We have trust in UPDF engineering department because they have the capacity to do good work and in the time frame given,” said the Prime Minister.

The housing unit project will comprise of  two bed roomed permanent houses, nursery and primary schools, one health center three, a market, recreation center, trading center and religious institution. Over 1000 families are to be relocated from landslide prone areas around Mt Elgon to Bunambutye land.

The 900 housing units will be constructed in three phases; with each phase delivering 300 housing units. Total duration of construction is estimated at 20 months up to 30th July 2020. Mr. Rugunda further added that survey and mapping activities have been completed and constructions are progressing steadily.

Bududa LC5 chairperson and other leaders that spoke during the commissioning hailed government for fulfilling its pledge, adding that institutions mandated to construct the houses should expedite the process so that families can be relocated before the rains start.

Niger Delta off-grid energy Fund: BOI,All On sign N1bn partnership agreement

The Bank of Industry (BoI) and All On has signed a N1 billion partnership agreement to finance the Niger Delta Off-Grid Energy Fund to enhance access to clean, affordable and reliable power solutions.

Mr Olukayode Pitan, Managing Director, BoI, during the ceremony in Lagos, said the partnership was a result of the bank’s efforts in exploring strategic partnerships with reputable institutions in developing sustainable solutions to facilitate social and industrial development.

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Pitan said that the fund would provide local currency debt financing to facilitate the deployment of energy solutions by access-to-energy companies in the Niger Delta at 10 per cent interest rate per annum, with a one-year moratorium, and seven years tenor.

“As you know, power is a critical resource towards achieving industrialisation, and is also a major cost driver for SMEs in Nigeria.

“We are therefore particularly pleased with this partnership as the deployment of this fund will provide clean energy at affordable interest rate and friendly conditions not only to SMEs, but also to households and communities in the Niger Delta region of the country,” he said.

Pitan said that the fund would stimulate the growth and geographic spread of off-grid energy businesses in the Niger Delta to enable households, SMEs and communities have access to clean, affordable and reliable power solutions.

“In the Niger Delta, the majority of the population resides in rural areas and only 34 per cent of these have access to reliable grid power.

“The result is that SMEs in the region use expensive and inefficient diesel and petrol generators, increasing their operational costs, families cook with firewood or kerosene while children study with flashlights or candles with the attendant negative health and safety concerns.

“The provision of clean, affordable, and reliable sources of energy is therefore essential for improved economic activity and livelihoods of the people of the region,” he said.

Also, Dr Wiebe Boer, Chief Executive Officer, All On, said that the partnership would encourage off grid energy companies to deploy in the Niger Delta and address the massive access to energy gap in the region.

“We are excited to partner with the Bank of Industry on the Niger Delta Off-Grid Energy Fund because of their reputation as Nigeria’s leading Development Finance Institutions and their deep experience as one of the earliest investors in the Nigerian off grid energy sector,” he said.

According to him, the company’s activities complement available grid power across Nigeria and help bridge the significant energy gap.

Boer said that the fund was provided equally by the two institutions but would be operated by the Bank of Industry.

All On is an independent impact investing company, seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for under-served and un-served off-grid energy markets in Nigeria.

The company has a special focus on the Niger Delta and invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies.

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