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More Struggles for Real Estate Investors as Xenophobia Threatens Opportunities in AFCFTA

The xenophobic attacks in South Africa directed chiefly at nationals of other African countries are seriously threatening opportunities which the African Continental Free Trade Agreement (AFCFTA) is expected to offer real estate investors on the continent, experts have said.

At the continental level, African real estate markets are underperforming with the investors struggling with falling demands and rising vacancy rates in both residential and commercial real estate buildings. The signing of AFCFTA in June 2019 was seen by these investors as light ray in the tunnel.

Apart from facilitating job creation and greater competitiveness of African micro, small and medium-sized enterprises (MSMES), experts explain that, as a trade agreement in force between African countries, there are also opportunities for real estate investors in AFCFTA.

But these foreseen or expected opportunities are now under threat because, according to MKO Balogun, CEO, Global PFI, a Lagosbased real estate firm, “any disturbance or unrest leads to uncertainty while uncertainty, in turn, breeds negative effect on economy.”

Though Balogun says the value of African foreign ownership of real estate asset in South Africa may not be all that significant, Edem Usong, a real estate manager and property market analyst, differs, taking a holistic view of Africa as a whole and South Africa as the second largest economy on the continent.

Africa is generally considered underweight relative to other continents in terms of the value of its real estate assets. Despite its large and growing population estimated at 15 percent of the world total, the gross asset value of Africa’s real estate is estimated at €113 billion, representing just 1 percent of the world’s total value.

Andrew Baum, a Cambridge University professor and thought leader on global real estate investments, who gave this insight at a roundtable discussion in Lagos, explained that the continent’s underweight in real estate asset value was based on global performance of real estate investment trusts (REITS).

This explains, in part, why AFCFTA as a crucial ingredient in lifting people out of poverty and invigorating the continent’s growth trajectory, was welcome especially by real estate investors. “Africa is now one of the biggest economic blocs in the world, meaning that the continent has become borderless such that businesses can now move from one country to another,” noted Mustapha Njie, CEO, Taf Africa Global.

“Free movement of businesses from one country to another means there will be increased demand for both residential and commercial real estate, including office, retail and industrial space in which investments could be made,” Njie added in an interview with Businessday.

However, Usong notes that “what xenophobia is doing in South Africa is a direct opposite of the expected gains of AFCFTA because the attacks on Nigerians and their investments in South Africa and the reprisal attacks on South African interests in Nigeria are all counter to the spirit of AFCFTA”.

“Nigerian, Zimbabwean and Kenyan nationals are the main targets of the xenophobic attacks and these countries, particularly Nigeria, are major real estate investment destinations and commercial hubs on the continents,” Usong said, pointing out further that these attacks impact negatively on the economy of the continent and also on individual countries.

He recalled how South African investors took the Nigerian retail and office space markets by storm, spreading their investment interests in both core and secondary retail markets. He cited Resilient Africa, a real estate investment company from South Africa, that was already operating outside the traditional big cities of Abuja, Lagos and Port Harcourt.

Source: Businessdayng

Real estate Investments: How did Union Homes, Skye Shelter Funds Perform at Half Year 2019?

Union Homes Real Estate Investment Trust Scheme (Union Homes REITS) and Skye Shelter Real Estate Investment Trust (Skye Shelter Fund) both had N12.3 billion as net asset value (NAV) at half year 2019. Union Homes REITS controlled 81 percent of the NAV while Skye Shelter Fund controlled 19 percent.

A real estate investment trust scheme provides investors the platform to have stake in the real estate market, helping in diversification of portfolios thus leading to regular inflow of income from different sources.

Information gleaned from the unaudited financial statement for the period ended June 30, 2019 showed that Union Homes REITS recorded N235.9 million as total income in June 2019, translating to a decline of 7.91 percent when compared with N256.1 million made last year June. Similarly, net income fell to N144.2 million compared with N156.20 million realised in June 2018.

Skye Shelter Fund RIETS raked in N111.2 million at half year as total income , an increase of 0.85 percent over N110.3 million realised last year June. However, net income remained N85.6 million, as against N85.3 million the company realised in June 2019.

In terms of the number of assets, Union Homes REITS has seven properties while Skye Shelter Fund has nine. The delinquency rate for Union Homes REITS was 0.60 percent while that of the Skye Shelter Fund was 2.1 percent by June 2019.

The nine properties of Union Homes REITS have 94 housing units with yields ranging from 3.12 percent to 6.43 percent. Basically designed as individual housing units, the occupancy rate ranges from 20 percent to 100 percent. By age, the newest property is aged 3 years while the oldest is 8 years.

The seven Skye Shelter Fund’s properties have 59 housing units, with yields ranging from 4.3 percent to 6.5 percent. They are a mix of housings units meant for individuals and corporate clients. The oldest property is aged 10 years while the newest is 3 years old.

Only 18 percent of Union Homes REITS’ housing units are located at Abuja while the remaining housing units are in Lagos with their locations being Ikoyi, Victoria Island and Lekki. Based on the available data, Locke Apartment, a property in Lekki, Lagos State posted the highest yield at 6.43 percent, followed by Amina Court in Abuja which recorded 5.22 percent yield.

MacDonald Court in Ikoyi ended the first half of the year with 4.09 percent yield. Savannah Court in Victoria Island Lagos recorded 4.59 percent yield while Contemporary Apartment at Ikoyi closed the period with 4.53 percent yield. Victors Court in Ikoyi recorded the least yield of 3.12 percent.

The property with the highest yield among Skye Shelter Funds was Victor Park in Lekki Lagos with a 6.5 percent yield during the period. Milverton Court, also in Lekki was second on the yield table with 6.28 percent. Bourdillon Court in Lekki recorded 6 percent yield.

Sapphire Gardens in Lekki and Harold Shodipo in Ikeja recorded 5.6 percent and 4.3 percent yields respectively.

Interestingly, all the properties under the management of Skye REITS have 100 percent occupancy rates at half year. On the contrary, only three properties of Union Homes REITS- Savannah Court, Victors Court, Charter Court, have 100 percent occupancy rates.

MacDonald Court at Ikoyi has 88 percent occupancy rate; Contemporary Apartment Ikoyi has 75 percent occupancy rate; Amina Court Abuja has 20 percent occupancy rate; and Locke Apartment in Lekki has 93 percent occupancy rate.

To improve the performance of REITS, fund managers will do well by developing properties that meet the taste of millennial. According to a recent survey by Bankrate, millennial selected real estate investments as their top pick.

When asked, “For money you wouldn’t need for more than 10 years, which one of the following do you think would be the best way to invest it?” The survey findings showed that thirty-one (31) percent of the millennial selected real estate. Twenty percent (20%) selected stocks, 19 percent cash investments; 11 percent gold; 7 percent bonds while 5 percent selected none, Bankrate stated.

Source: Businessdayng

Impact of Insurgency on Housing Shortage in Northeast Nigeria

Since the Boko Haram insurgency began in 2009, Nigeria, especially its northeast region has been dealt with catastrophic blows that have often prompted international concerns.

In the last decade, the Boko Haram insurgency has claimed at least 20,000 lives and displaced an estimated two million people. Many businesses have shut down across north-eastern Nigeria ever since, driving citizens into panic and forcing many to relocate to other states.

According to Borno State Government, about one million houses and public structures have been destroyed by Boko Haram insurgents in the 27 local government areas of the state.

The insurgents have also destroyed properties worth over N1.9tn in the past six years.

The insurgents have razed down 986, 453 residential homes; 5, 335 classrooms, 201 health facilities, 1, 630 water facilities and 726 power distribution stations and transformers, said the state government.

Over 800 public structures such offices, prisons, police posts and other structures have been destroyed by the sect members. But this is just Borno alone.

The quantum of destruction caused by insurgents is monumental resulting in serious humanitarian crisis across the entire northeast.

According to the UN, 7.1 million People are in need of life-saving humanitarian assistance across the states of Borno, Adamawa, and Yobe in Nigeria.

3.5 million People remain food insecure in the Lake Chad Basin region in 2019. Conflict-induced food insecurity and severe malnutrition render many Nigerians dependent on assistance, according to the UN High Commissioner for Refugees (UNHCR).

2.7 million Estimated people have been displaced since the Nigerian Refugee Crisis began six years ago. 1.9 million are still internally displaced (IDPs), including 440,000 women, 364,000 men, 614,000 girls, and 516,000 boys with 94% of the displacement attributed to ongoing hostilities, according to the UN High Commissioner for Refugees (UNHCR).

For a fact, the losses that have been suffered by citizens in the region are unquantifiable, and both local and international demands have been made on the Nigerian government to increase its response.

The government has created a northeast development commission to address these issues, but it is wishful for anyone to think that the war has been won. Boko Haram attacks have continued and more losses, including houses, are being count every day.

Solving this crisis will require a multi-dimensional approach. It is not just enough to rebuild the destroyed buildings, but to ensure that those who return to them are safe and able to continue with their normal lives.

Some states in the region have commenced rebuilding projects, especially in partnership with Federal Government Social Housing Scheme – Family Homes Funds – which is currently developing at least 10, 000 affordable housing units in Borno, Yobe, and Adamawa. Such efforts need to be sustained and increased, in synchrony with other efforts that will ensure general safety and security in the region.

PPPs in the Housing Sector : Lessons for Kenya

Introduction – Need for Infrastructure

Effective infrastructure is being considered as an important aspect of every nation’s economy towards realizing its full potential of becoming a developed nation.
• Effective infrastructure plays a major role in determining the success of the key sectors of every economy;
 The provision of effective infrastructure in housing, water,
energy and transport are critical in achieving improved
standard of living and also helps towards poverty reduction.

The Business Philosophy Behind Public and Private Sector Collaboration in Infrastructure Delivery

Prior to the surge of private sector’s involvement in the provision of infrastructure facilities in the 1990’s, governments have presumed that the technology and economics of infrastructure provision precluded any substantial role for the private sector.
• This reason can be related to the natural monopolies in terms of the earlier known consideration that it is only the public sector that controls all forms of investments in infrastructure,
• Economies of scale, externalities and other social factors that are involved in the production and distribution of these needed infrastructure services,
 which these then made infrastructure services provision to be considered more suitable for public provision than for private.

However, there was wide spread complaints of public sector monopoly in infrastructure delivery notably in developing countries that tended to be plagued by inefficiency and failure to expand services to meet rapidly growing demand.
• Moreover, it is a known fact these nations cannot effectively cope with the huge capital investments needed for the provision of the needed infrastructure.
• Consequently, this has necessitated for the private sector participation towards solving the infrastructure challenges that are facing the public sector.

PPP Infrastructure Project Delivery

Public Private Partnerships (PPP’s) as an infrastructure delivery approach is adopted to engage the private sector;
 wherein traditionally public organizations and government departments used to operate singlehandedly.
• PPP is defined as ‘a cooperative venture between the public and private sectors, built on the expertise of each partner that best meets clearly defined public needs through the appropriate allocation of resources, risks and rewards’.
• PPP provides a means of collaboration between the public and private sector in order to pursue common goals of providing infrastructural facilities,
 while taking advantage of the resources, strengths, competencies and capabilities that do exists in the public and private sectors.

Housing Deficits in Africa

The current housing deficits in the region accounts for at least 51 million units.
• Housing deficits is defined as the difference between the number of households and the number of permanent dwellings.
• The deficit can be estimated for a given period of time (flow), for example, an annual deficit, or it can be at a given date in which case it is referred to as housing backlog (stock).
• The shortage of housing will lead to an increase in slums, which are associated with several social and related economic problems: overcrowding, poor sanitation, high crime rates and limiting labour
participation in the formal sector.

Kenya is East Africa’s largest economy, and a leading financial centre in the region.
 4.2 % urbanisation rate, more than the continent average of 3.5%
 Has an estimated two million units housing backlog
 61 % of urban households living in slums
 200 000 new units required annually, vs the 50 000 currently being constructed.
• In late 2016, a commitment to increasing affordable housing supply was made by the government (the Big four Agenda), promising 500,000 affordable housing units in the course of five years.

Challenges in Housing PPP’s in Kenya

Unaffordability
• According to Centre for Affordable Housing and Finance (CAHF), Nairobi has the highest housing cost compared to other African states averaging US$63,241.
• 244,000 units are needed annually to bridge the 2 million deficit, whereas less than 50,000 housing units are constructed annually.
• This can be attributed to the following factors:
 Cost of land which is third most costly compared to other African states
 Lack of supporting bulk infrastructure
 Compliances (Land Titling, Regulatory Approvals)
 Construction and other development cost

Low Mortgage Penetration
• There is low uptake of mortgages with the financial sector having issued miniscule 25,000 mortgages,
 Covering only about 2.74% of GDP, which clearly shows that the housing mortgage business in Kenya is still very small.
• Mortgage loans allow buying a house now, pay for it over a long time, and trade it in the meantime through mortgage bonds
• Increases affordability and mobility
• Access to mortgages allows formal private sector housing production, as developers need to off-load housing upon completion
• Security of property makes mortgage loans cheapest form of credit.

Mortgage penetration in other African markets (% of GDP)
• South Africa = 30%
• Namibia = 20%
• Botswana = 2.3%
• Senegal = 2%
• Rwanda = 1.2%
• Algeria = 1.2%
• Uganda = 1%
• Cameroun = 0.5%
• Nigeria = 0.4%

• However, mortgage systems develop with improved property rights and growing GDP
• Non-mortgage based housing loans can help households improve their housing conditions, but are more expensive.

Public Acceptability
• There may be considerable resistance to private sector participation in the provision of urban development, particularly for more traditional public urban services such as affordable housing, water, sanitation and waste management.
• The result may be a strong public resistance to the partnership and a general distaste for private sector involvement in the urban sector overall.
• Keeping the public well informed and supportive of the urban project is an on-going challenge for all governments.

By Dr Muhammad M. Gambo, Shelter Afrique 

 

The Wrong Demographic is in Charge of Nigeria

On page 393 of his book “From Third World to First: The Singapore Story,” legendary Lee Kuan Yew, Singaporean prime minister spoke about his 1966 encounter with Festus Okotie-Eboh, then Nigeria’s finance minister. describing how it went, he said:

“Raja and I were seated opposite a hefty Nigerian, Festus, their finance minister. The conversation is still fresh in my mind. He was going to retire soon, he said. He had done enough for his country and now had to looks after his business, a shoe factory. As finance minister, he had imposed a tax on imported shoes so that Nigeria could make shoes. Raja and I were incredulous. Festus had a good appetite that showed in his rotund figure, elegantly camouflaged in colourful Nigerian robes with gold ornamentation and a splendid cap. I went to bed that night convinced that they were a different people playing to a different set of rules.”

“Chief Festus” never got to see the fruit of his state-backed business strategy as he was assassinated a few days later in the military coup that effectively killed off Nigeria’s chance of achieving industrialisation in the 20th century. Five decades after his death however, the sort of half-baked, paternalistic reasoning that saw him push through a subpar policy to benefit his omimi rubber and canvas shoe factory still remains a firm fixture in Nigeria’s political arena. Ironically, it is the same people who killed him and kicked off a series of coups and counter-coups, who hold on most tenaciously, to his type of reasoning.

Nigeria’s Young Turks of 1966 are still in power 53 years later.

Recycled ideas by a recycled demographic

The most visible symbol of Nigeria’s failure to retire its class of ’66 is Muhammadu Buhari, a key figure in the events of that year who now holds the highest office in the country. Along with dozens of his contemporaries in and around Nigeria’s Defense and Security establishment, he found himself thrust into a series of offices that he was not trained, prepared or qualified for bringing to each office the same received knowledge of “Chief Festus” and his likes.

The outdated body of knowledge from 1966 has among its tenets, the idea that political problems can be solved by shooting physical bullets at them; that the economy should be subject to the whims of the state; and that state distortion of the economy to benefit private interests is a legitimate policy to benefit people in and around power. Most dangerously of all, the ideas of 1966 by virtue of their post-independence cold war era origins do not accept the possibility that they can be wrong or in need of updates.

These disastrous economic and political ideas have wreaked clear and undeniable havoc on Nigeria over the past half century, but they have never been challenged because the demographic that believes most fervently in them has retained absolute control over Nigeria’s political state in that period. President Buhari for example, who was trained to be a soldier – and nothing but a soldier – has found himself since the 70s occupying various offices including governor, petroleum minister, Head of State, PTF chairman, and now president.

In return for holding on to discredited ideas from a different time no matter how demonstrably they have failed, hundreds of individuals from Nigeria’s class of ’66 like President Buhari have gone through life being rewarded for non-achievement. This demographic of people who found themselves in political leadership circles in their 20s and 30s get to constantly fail upward from one important position to the other, seemingly destined to forever live at the public expense while expecting (and often receiving) applause for their drawn-out failure.

As we know only too well from our bitter experience, regardless of Lee Kuan Yew’s conviction, we are not actually a different people playing by a different set of rules. Nigeria has paid and is paying the huge human cost of running a huge, multi-ethnic country in the 21st using ideas that even Prime Minister Yew found preposterous in 1966.

The ideas from the class of that year turned one of the world’s biggest energy exporters into the global headquarters of extreme and multidimensional poverty. These ruinous ideas and policies turned a country that was once a global education and research hub into the place with the largest population of out-of-school children. They turned a thriving and diverse economy primed for a global breakout into a quivering mess dependent on diaspora remittances, oil prices and government borrowing, with a 70 percent debt service-to-revenue ratio. These ideas have failed woefully and they need to go.

But the Class of ’66, which has nothing to offer but these ideas is still present and does not intend to go.

It’s not a battle of the ages but…

Clearly then, we are presented with a problem. What do you do with people who know not that they know not? How do you go about changing the minds of those whose opinions are based on indoctrination in mid-20th century beliefs, and not the 50 subsequent years of evidence? How do you fix a mindset that believes that a certain way of doing things must be adhered to, even if scientific evidence says the exact opposite? The short answer – you can’t, and you probably shouldn’t even try.

According to the CIA World Factbook, approximately 62 percent of Nigerians are between the ages of 0 and 24. A further 30 percent falls between 24 and 54, which means that the overwhelming majority of Nigerians were not born anywhere within the neighbourhood of 1966. Our population is heavily dominated by an extremelyyoung demographic, which poses a challenge and an opportunity.

The challenge is that based on the most basic principles of democratic representation, Nigeria’s leaders – drawn majorly from the ’66 era – simply do not represent Nigerian people. I certainly do not feel represented by President Buhari and his geriatric co-travellers – we have practically nothing in common in terms of worldview, economic ideology, intellectual capacity, technological awareness, political consciousness and even linguistic patterns, but somehow, he is my president nonetheless.

The opportunity this weird situation presents is that since the class of ’66 have not drunk from the fountain of eternal youths as far as we know, they will have to leave the scene at some point in the not-too-distant future. When they step aside voluntarily or otherwise, the huge generational disconnect between they and everyone born after 1970 gives us the chance to effect a clean and absolute break from the political and economic ideas that have plagued Nigeria’s governance for half a century.

We are the generation that sees the rest of the world as a contemporary to interact and compete with, not a mysterious “other” to hide from inside a prison of inferiority complexes, subsidies and import bans.

We are the ones who have the capacity and imagination to build multimillion-dollar businesses using knowledge and creativity, as against politically-weighted government assistance. We are the generation of genuine entrepreneurs offering local and international value and not government tenderpreneurs who survive at the mercy of who is in political office.

We are the people who had the vision and ability to create a multibillion-dollar international entertainment industry from scratch without assistance, while the Class of ’66 – limited as they are in thought and conception – can only talk about pencil manufacturing and fractional distillation of petroleum like such things are rocket science. We are the ones who understand that mixing church and state is a fool’s errand. We are the generation that contains the human capital that has any hope of driving Nigeria forward.

Once our ‘heroes past’ have finally had their day and they mercifully stop their labour, we will have the chance to take everything we have learned over the past 50 years and use it to thoroughly deconstruct the failed system they have left behind. On the one hand, that will be a lot of work and a painful, time-consuming process. On the other hand, a popular saying has it that a society becomes great when its people plant trees whose shade, they know they will not enjoy. While Lee Kuan Yew planted trees, Nigeria spent decades enacting ideas of the “Chief Festus” variety to benefit a tiny few.

It is time to move on, and move on we will. At this point, it is only a matter of time.

Source: Businessdayng

What Millennials Need to Know Before They Start Investing in Property

COMMON QUESTIONS ASKED BY MILLENNIAL BUYERS

About 30 years ago, purchasing property was a no-brainer. However, millennials have been taught to question everything. This includes whether or not real estate is the best investment to make.

According to Regional Director and CEO of Remax, Adrian Goslett, while certain things change over time, others remain the same. The investment value of property being one of these constants. “

For those who are able to afford it, purchasing property will never be a financially irresponsible thing to do. I would caution millennials not to abandon the idea of owning property before they have thoroughly investigated its long-term benefits,”  recommends Goslett.

To put some of their concerns of property ownership to rest, Goslett answers some of the most commonly asked questions posed by millennial buyers:

1. Isn’t it better to rent?

“To answer this, millennial buyers need to factor in annual rent escalations and calculate whether they will be able to continue to afford the property over time. They also need to consider that rent, like interest paid on a home loan, is purely an expense.”

If you took out a home loan of R1,6 million and pay around R15,000 p/m at a blended interest rate of 10%. You will have paid roughly R1,420,000 in interest at the end of ten years. By comparison, if you rented a property worth R1.6 million for R8,000 p/m, applying 9% annual escalation in rent, you will have paid roughly R1,460,000 in rent by the end of ten years.

“Not only are you spending more in rent than you would have been spending on interest on a home loan, you also have nothing to show for that money. Moreover, in ten years’ time, your R8,000 rental will now cost you R17,000 p/m. Which is R2,000 less than the instalment if you were paying off a home loan,” add Goslett.

2. How do I afford it?

“The cost to enter the real estate market does make owning their own home difficult for younger buyers. However, with enough financial discipline and planning, younger buyers will be able to afford the cost of entry.”

Goslett adds: “I would recommend that first-time buyers speak to a financial advisor to work out an investment strategy that will help them afford to purchase property in the mid- to long-term.”

3. Will I still be able to travel?

“There are several options, such as short-term letting and Airbnb, available to homeowners who are out of the country for extended periods of time.”

“Homeowners can make use of a reliable property manager to collect payment and be available to address any maintenance issues the temporary tenant might come across while the homeowner is out of the country,” adds Goslett.

“In terms of being protected against damages, certain homeowner’s insurance policies might provide cover if you rent out your home occasionally. While others will require you to take out a separate landlord’s insurance policy.”

“While purchasing your first home does come with its own challenges, the long-term benefits more than make up for it. If you have any questions or concerns regarding homeownership, speak to a real estate advisor to help you understand the pros and cons of purchasing property,” concludes Goslett.

 

Source: reimag

Lagos In Aggressive Push To Tackle Housing Demand-Supply Gap

…delivers 492-unit Jakande Gardens, to deliver 1248 units more in 6months

Worried by the high level of ‘homelessness’ and the wide gap between housing demand and supply, the new government in Lagos State with Babajide Sanwo-olu as governor is pushing aggressively to close that gap keeps widening yearon-year in the state.

Within the first 100 days of the new administration, the state government has invested time and resources in the completion of on-going housing projects in the state, leading to the completion of one of such projects—alhaji Lateef Jakande Gardens, which was commissioned last week Wednesday.

The housing estate, formerly known as Igando Gardens, is located in Igando area of the state, off LASU Road. It has 41 blocks comprising 1, 2 and 3-bedroom apartments, giving a total of 492 housing units.

What this means is that 492 families will be taken off the state’s crowded housing market. At an average of six persons per family, comprising father, mother, four children and two dependants or domestic servants, it means that 2,972 persons have been provided homes at the estate.

Lagos with housing deficit estimated at 3million units has several on-going housing projects at various stages of construction and completion. These projects were, largely, aimed to serve the state’s homeownership mortgage scheme (LAGOSHOMS) set up in 2012 by Babatunde Fashola as governor.

At the commissioning of the Lateef Jakande Gardens Igando, Sanwo-olu assured Lagos residents that his administration would complete these on-going projects, emphasizing that in the next six months, about 1248 more housing units would be commissioned and given out to home seekers.

“In the delivery of various housing projects across the state, government will be consistent and will embrace rigorous planning and financial discipline in ensuring that on–going housing projects are delivered on schedule.

“It is the desire of this administration to ensure that every single family with an income below a certain level, provided they meet basic program requirements, ben www. efit from the mass housing projects in the State; ‘we hope to be able to attain this level with your cooperation and support,”, the governor added.

The Sanwo-olu administration in Lagos has the vision and ambitious plan of transforming the state into a 21st Century economy, recognizing however the place of adequate housing in any thriving economy.

“There is need for government to address the issue of housing in the State,” the governor admitted, explaining that this understanding “informed the continued and significant investments in housing projects”.

Earlier in his opening remarks, Moruf Akinderu-fatai, the state commissioner for housing, had noted that building a 21st century economy had indeed begun touching the lives of Lagos people, building confidence and generating hope of a better future in the minds of all.

The commissioner disclosed that the state government had started implementing policies that would make the environment more conducive for private sector participation and joint ventures investment in the provision of mass houses, especially in urban areas where the housing deficit was quite acute.

“We hereby invite interested investors to come forward to collaborate with government in this regard,” the commissioner stated.

For savvy investors, this invitation is quite compelling as investment opportunities in the state’s housing sector is huge. This is a state where the population is over 20 million; housing deficit is about 3 million and over 60 percent of its population lives in rented accommodation.

This means that whether an investor is building to let or for sale, the demand is huge. But the government needs to actually walk its talk by making the environment enabling and friendly.

Source: Businessday

Housing: Empty Homes are a ‘Wasted Resource’

The number of empty privately-owned homes in Wales has risen 40% in nearly a decade, figures have shown.

The 27,000 empty properties have been described as a “wasted resource” as so many people need affordable homes.

Shelter Cymru said councils have not used powers to take over some homes to bring them back into use because they fear “getting it wrong”.

The Welsh Government said £40m had been given to councils and it expected the number of empty properties to fall.

Source: BBC

Why You Must Subscribe to Housing TV Africa on YouTube

Currently buzzing on the internet is Housing TV Africa – a dedicated channel for information, promotions and all relevant updates about the housing sector hosted on YouTube.

With professionally curated contents, Housing TV owned by Fesadeb Media Group is an offspring of Housing Development Program on AIT and TVC.

The channel is speedily gaining traction with housing professionals, property buyers and sellers, real estate developers, mortgage banks, corporate executives, researchers, policy makers and all stakeholders in the housing, construction and finance sectors.

Below are more reasons why you should subscribe today and stay in touch with the rapidly changing sector.

• Housing TV Africa provides uninterrupted housing sector updates and gives organisation, products and services opportunity to be more visible to those who desire their services.
• The channel boasts of interesting productions and compelling contents.
• It is great for those who are too busy to sit and watch Housing Development Programs on TV.
• You can just listen on the go.


• It has a variety of contents on several topics and sub topics in the housing sector.
• Because it is not a traditional media platform, it is highly engaging and there never a dull moment.
• Its presenters are well versed in the sector and are reliable sources.

Why Fesadeb Limited is the Most Remarkable Media Company in the Housing Sector

Nigeria’s leading media, communications and advertising company, Fesadeb Communications Limited – was founded to fill a very critical void in the housing sector, and evidences show that it has indeed lived up to expectations – both of its clients and its own mission.

Nigeria housing sector, which ordinarily, should be a catalyst to economic growth has over the years lagged behind because of a combination of problems including poor policy initiation and execution, poor funding, corruption, low level collaboration, lack of adequate awareness among others.

The roles being played by Fesadeb includes but not limited to creating mass awareness about the problems of the Nigeria housing sector as well as solutions and what stakeholders are doing at every point in time to impact the sector; establishing platforms for stakeholders in the sector to find common ground and collaborate; provide avenues for learning, promoting and selling.

Fesadeb Communications is reputably known for driving housing sector growth through a multifaceted approach encompassing TV, print, radio, online media, consultancy and live-interactive platforms.

They have become the most valuable platforms for promoting corporations, personalities, products and services within the built and construction sector including Abuja International Housing Show – Africa’s largest real estate and construction event; Housing Development Programme on AIT, TVC and Housing Time on RayPower; Housing News Magazine and the leading housing news portal in Nigeria – housingnews.org.ng.

The number of ways they have contributed and continues to contribute to the development of Nigeria and Africa’s housing sector through their multiple mediums includes the following:

Housing Development Program on AIT, TVC

• The company owns and curates a variety of engaging/informative contents for weekly programs on television viewed by over 40 million people across the world.
• The programs feature prominently on Africa Independent Television (AIT) and Television Continental (TVC).
• They feature housing projects, policies, personalities and events shaping the sector.


• They are the first to break latest happenings in the industry with a very balanced and unbiased reporting which they have now been widely known for.
• It is the leading, most credible advocacy platform and mouthpiece for affordable housing engagements in Nigeria and Africa.
• Prospective home owners watch and rely on the program to make the best decision on home ownership options

Housing Time on Radio – Ray Power

• The company owns and curates a variety of engaging/informative contents for weekly programs on radio listened to by over 40 million people across the world.
• They are owners and producers of Housing Time on RayPower FM.
• The program has become a choice platform for professionals, companies and corporations to not only market and promote themselves and their innovations, but to also speak on issues concerning the sector.

Abuja International Housing Show – AIHS

• Fesadeb are the owners and organisers of Africa’s biggest housing, construction and finance event for stakeholders – Abuja International Housing Show.
• The Show brings up to 10, 000 stakeholders and 200 international companies to Nigeria every year to contribute to the local economy and the housing market.
• The show has become a remarkable platform for local and global industry players to converge, learn, network and do business.

• The show has greatly contributed to housing policy initiatives in the country as its annual communiques are templates for public and private policy directions.
• The show has enable the kind of competition in the sector that has affected prices in order to make owning a home affordable for ordinary people.
• The show has increased home ownership options and opportunities for Nigerians.
• The show remains the gateway to Nigeria for housing sector investors.
• Of all shows in Abuja, the show is the single greatest contributor to its host city economy through the influx of professionals, businesses and corporations who will engage the local economy in a number of ways including hospitality patronage, printing and merchandising, transportation etc.
• It is the surest platform to market and sell properties, housing projects and services.

Media Consulting and Advertising

• Fesadeb is the most visible media partner of all housing professionals and companies.
• Top institutions including University of Lagos Centre for Housing and Sustainable Development are partners with Fesadeb in the promotion of affordable housing initiatives and knowledge.
• Fesadeb has been widely known for informing the general public on the happenings in the housing sector. As a result, all housing companies and corporations have chosen them as their key partner in the promotion of projects, innovations and policies.
• Offering maximum corporate publicity for clients on print publications.
• Corporate branding and image management.
• Placement of advertorials on all media platforms, including physical and electronic billboards.
• Organisation of events, conferences and seminars
• Offering maximum corporate publicity for clients on our social media platforms with huge following

Housing TV Africa

• Fesadeb owns Housing TV Africa channel hosted on Youtube.
• Housing TV Africa is an offspring of Housing Development Program which provides uninterrupted housing sector updates and gives organisation, products and services opportunity to be more visible to those who desire their services.
• The channel boasts of interesting productions and compelling contents.

 

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