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NIESV Seeks Vertical Housing Development

The Nigerian Institution of Estate Surveyors and Valuers, (NIESV) has urged housing ministries at federal and state levels to adopt vertical development for increased building spread and infrastructural growth.

The institution also advised government to consider vertical development model to improve housing provision rather than the current low built designs.

Making the call during an interactive session with newsmen in Lagos, the new NIESV Chairman, Lagos branch, Mr. Dotun Bamigboye said that if vertical development is implemented in other locations other than the high brow Ikoyi or Lagos mainland, a lot of people will be able to use the same infrastructural facility better and save the rate of land use.

Bamigboye urged President Muhammadu Buhari to separate the ministry of housing from the power and works ministries and ensures that a core professional as a minister to attain efficiency in the sector supervises it.
He also advised the federal government to reduce high mortgage system in the country to enable more people have access to homes.

The Lagos NIESV chairman said government should concentrate on mortgage securitisation to enable Nigerians irrespective of status to own a home. The chairman said this would in promote rapid housing development as well as create both skilled and unskilled jobs in the economy.

He further stated that the association had requested for an expanded use of the pension fund for housing development in the country as it is done in other climes.

On the menace of building collapse, Bamigboye stressed that the Lagos state government should step up its manpower development, enforce law and embark urban regeneration plan to find a lasting solution to such incidents assuring that the practitioners are ready to partner government.

“ In areas with old buildings, government should look at areas where there old buildings to subject them for urban regeneration plan. Government should think about transforming such locations with old buildings for instance in Mushin and Yaba from been a death trap for the people to something beneficial. The collapse infrastructure should be look at”, he said.

Also speaking, a member of the association, Mr. Gbenga Ismail emphasised that for Nigerians to own their own homes, there must be access to land.

Present at the forum are, unofficial member, Mr. Biodun Olapade, the association honourary secretary, Oyeniyi Olagoke, the vice chairman, Mrs. Demola -Alade Olabisi, Gbenga Ismail and publicity secretary, Ewenla Mustapha among others.

Source: guardianng

Lagos Assures Residents of Access to Quality, Affordable Homes

In a bid to reduce the deficit in housing needs of Lagosians, the Lagos State Government has assured its residents of its commitment to ensuring easy access to quality and affordable houses.

The Permanent Secretary, Ministry of Housing, Wasiu Akewusola made this known while conducting a site inspection of LagosHOMS, Igando Gardens in Alimosho area of Lagos.

“The government of Lagos State is determined to continue to pursue vigorously a housing policy that makes decent homes available to all residents irrespective of their socioeconomic status” he said.

Akewusola also revealed that the Igando Housing scheme which comprised not less than 492 home units in 41 blocks of various categories of three, two and one bedroom flats would soon be handed over to the allotees.

According to him “the Igando Gardens which has been designed to take care of the home needs of Lagosians along the Lagos west corridor of the State will soon be handed over to allotees.”

Akewusola, who assured prospective home owners that the buildings were constructed in line with global specifications, said “the houses and the attached facilities are certified to yield maximum benefits to the future owners.”

He confirmed that “all the buildings and appurtenances are constructed under strict supervision to ensure strict adherence to specifications hence there is full assurance of quality”.

“The defect liability period of the project has also lapsed hence it is certified safe for habitation”, he noted.

He further disclosed that the Igando Garden project had been inspected and certified by the State Ministry of Housing and will only require minor finishing touches to ensure precision before it can be presented to the prospective home owners.

Akewusola also reiterated the commitment of the Lagos government in making sure that gaps in provision of high quality and affordable housing are filled on a continuous basis through direct provision using budgetary appropriations and through Public Private Partnership and Joint Venture Partnership.

“The Lagos government is poised to ensure that the housing needs of the population are met in a manner that observed gaps are filled from time to time by utilizing all available options to reduce the problems of housing deficit in the state of excellence,” he said.

The inspection team comprised the management staff of the ministry as well as project contractors and consultants.

Source: pmnewsnigeria

Experts Seek Investor-Friendly Incentives to Unlock Private Capital into Nigeria’s Housing Sector

Experts at the BusinessDay Real Estate Roundtable and exhibition ‎held on Thursday in Abuja said the federal and sub-national governments must come up with investor-friendly incentives that would attract private capital into Nigeria’s housing sector.

Many of the private investors in real estate and housing infrastructure, they said, are looking towards South Africa, Angola, Namibia and Mozambique where there is better investment framework.

‎The BusinessDay Real Estate Roundtable and Exhibition organised by BusinessDay Media Limited is an annual event. This year’s event, themed ‘Scaling Up Responsible Land Governance to Ease Affordable Housing Delivery’, is aimed at critically examining the dynamics and challenges of the real estate sector and proffering solutions.

“With the annual budget of over N8 trillion, and capital of about 25 percent, it is clear that the government cannot fund the development of infrastructure. Unless the environment is ready, you won’t have the private capital,” said Ese Stephen Owie, CEO (sub-Saharan Africa), Numelec SA, Geneva, Switzerland.

“In the United States, for instance, what they have done is to have a number of infrastructure bonds, government’s support, unbiased support to home developers, guarantees given to the private sector and investors,” he said.

‎He said further that the government must ensure an enabling environment to enable it tap into the private capital investments of development finance institutions, commercial banks and investment banks in a bid to address housing deficit concerns.

“We should start revising our housing regulations, access to title, looking at the Land Use Act and its encumbrances to getting title. When we do that, the private sector can now move in with their capital,” Owie said.

He raised concern that the process of acquiring title to land is such that the Certificate of Occupancy takes a bit of time and no bank wants to wait for that.

“The point is that unless we review the issues under the Land Use Act, we will not make substantial progress in terms of housing finance because at the core of housing finance is the issue of access to land and title to land and that is a major problem.

“I am not sure up to five states in Nigeria have been able to digitise their land bank, and unless you begin to reform that, there will be no basis for you to have land transactions and that is key. So we need the political will to reform the Land Use Act and this must be done to change that narrative,” he said.

Owie said there was absolutely no way any government can personally fund housing development, stressing the need for more private sector participation in the sector.

“The role of government in housing development is to provide the legal and institutional framework for housing development. If a responsible government wants to go further, that government should set out a regime for state support to those seeking to build their homes. The role of government should not be that of personally awarding contracts like what we are seeing in Nigeria today, which is a misnomer,” he said.

Also speaking during a panel discussion, Babajide Odusolu, Group CEO, Legacy Holdings Limited, said the state governors guard the land jealously because “land is the IGR driver for most states under the Land Use Act”.

He called on the state governments to incentivise development by putting infrastructure in their areas to attract investments.

Nasiru Suleiman, managing director/CEO, Wiser Estates, said coming together to partner with the intention of solving land and housing problem was a good development.

Suleiman Arzika, chief operating officer, Suburban Fiber Company, said the application of technology, like CCTV cameras, would help to avoid land encroachment to make land a more viable asset.

“Technology such as smartphones can also help in effective land administration,” he said.

Kehinde Ogundimu, managing director, Nigeria Mortgage Refinance Company plc, said the best place to get money from the private sector is the debt capital market which is in trillions.

“Your pension, my pension and other things. For us to be able to meet the increasing need and the limited resources, we have to resort to debt capital market,” he said.

“As long as inflation rate remains high, interest rate will remain high and that will make mortgages impossible for people to afford, and then construction. You have to address both the demand and supply,” he said

Source: businessdayng

Scrapping Mortgage Grant will Derail Housing Market

A move to end the help-to-buy scheme for first-time buyers would have a crippling impact on the house market.

New figures show that more than eight out of 10 first-time buyers are now relying on the State scheme to purchase a new home. But the scheme is due to end this year, with the Government giving no indication it will extend it.

Some 84pc of new property purchases were made by first-time buyers with the support of the help-to-buy measure, according to new analysis by the Banking and Payments Federation. Its chief economist, Dr Ali Uğur, said the help-to-buy scheme was important for market stability.

“It is one of the important factors helping housing supply, as well as helping first-time buyers,” he said. “If it does not continue it would mean a significant support would be withdrawn, and that would affect construction activity.”

New buyers are also being squeezed out of the market by investor funds and State purchasers of new homes.

Buying by cuckoo funds and State bodies of homes has tripled since 2013, when property prices hit a low.

The help-to-buy scheme allows purchasers to claim a rebate of income tax already paid up to a maximum of €20,000, depending on the value of the property.

Last week, Goodbody Stockbrokers economist Dermot O’Leary warned that uncertainty surrounding the extension of the help-to-buy scheme and the limited scale of housebuilders meant that fewer properties would be completed this year.

And the construction sector has been stressing that the scheme ensures there is effective demand for housing in the market.

New buyers are already struggling with Central Bank rules that restrict them to borrowing no more than three-and-a-half times their income, unless they get one of the few exemptions.

They are also being hit by the second-highest mortgage rates in the eurozone.

The Banking and Payments Federation (BPFI) has defended the high rates, arguing that they are due to regulatory rules imposed by the Central Bank.

Last year funds and State bodies, such as local authorities and housing charities, bought a combined €2.4bn of property.

This represents around one in seven purchases of property last year, according to an analysis of the market carried out for the Irish Independent, based on the mortgage lending of member banks of the BPFI.

Despite this, first-time buyers have increased their share of the mortgage market.

They took out 48pc of mortgages so far this year, up by 22.5pc for mortgages at the height of the housing boom in 2007.

Help-to-buy is benefiting all areas, both Dublin and rural area, the statistics confirm. Some 75pc of those availing of the tax perk are buying builder-constructed homes, with a quarter being self-builds. A Department of Finance spokesperson said no decision had been made yet on the future of the help-to-buy scheme, which is due to finish at the end of the year.

Meanwhile, a separate report yesterday showed how property price growth has slowed to a faction of what it was last year.

Average prices for second-hand homes here rose 0.3pc in the last three months, estate agency Sherry Fitz­Gerald said. Prices in Dublin were flat. If Dublin is excluded from the national figures, there was an overall rise of 1.3pc in prices in the year so far, half of what was recorded last year.

Source: independent

Associations set to Build Record Number of Homes Next Year

Housing associations are set to build a record number of homes next year, but sector figures have warned that political instability could derail development ambitions.

Inside Housing’s exclusive Top 50 Biggest Builders Survey found that the country’s 50 largest developing landlords predict they will build 42,278 homes in 2019/20. If achieved, this would be the most new homes delivered by the top 50 developing associations since the start of the first Affordable Homes Programme in 2010.

The figure looks even more impressive when taking into account that L&Q, the association that built by far the most homes in 2018/19, was unable to provide exact figures for its 2019/20 pipeline.

However, optimism about a potential step change in delivery volume has been tempered by warnings that the continuing political uncertainty over Brexit and the policy direction of a new prime minister could stymie progress if there is no certainty over future funding.

Will Jeffwitz, policy leader at the National Housing Federation, said: “It feels like it’s going in the right direction but it’s not certain, and without new and substantial government investment you can imagine it falling off again in the next few years.

“It’s promising but it’s fragile without government coming in behind it.”

Mr Jeffwitz said that the government’s planned Comprehensive Spending Review would have been a chance to “invest in the long term” but said that it was “unlikely” to take place this year given the political climate.

The current Affordable Homes Programme ends in 2021 and there is no guarantee of what funding will be available once it comes to an end. There is more certainty, however, for Homes England and the Greater London Authority’s strategic partners, which will share combined funding of around £3.4bn up to 2022.

The Top 50 Biggest Builders Survey data tables allow you to find out which organisations completed the most homes for social rent, affordable rent, intermediate rent and low-cost homeownership last year. They also give detailed development pipeline figures.

This year’s data also ranks organisations according to homes built using modern methods of construction.

Source: insidehousing

Kenya Government to Launch Some Housing Units Next Month-PS Hinga

The Kenya Government is set to launch affordable housing units in Starehe Constituency earlier next month. This has been revealed by Charles Hinga, the Principal Secretary of State Department for Housing and Urban Development.

“As the government, we are launching the affordable housing project in Starehe Constituency in July. This is the Park road project. The construction started in April and by September we intend to have it completed,” he said.

The PS said that in Starehe constituency, the government targets building 2000 housing units.

He said that the project will offer employment opportunities to the youth especially in the Jua Kali sector, who have been contracted to supply over 180,000 metal doors at a cost of 5 billion.He was speaking in Nairobi while launching a two-day summit dubbed “Affordable Housing Investment Summit.”Hinga emphasized the government’s commitment to achieving its agenda by 2022.

“Our target to offer 500,000 houses by 2022 is on track. The country’s housing deficit stands at 4.5 million. We have an ambitious plan to do 50 thousand houses in a year,” Hinga said.Recently, Africa has seen tremendous potential in terms of being a real estate hot spot with 40.6% of foreign investment directed towards the construction and hospitality sectors.

The two-day summit sought to initiate a meaningful dialogue around affordable housing through the dissemination of information with latest trends in the affordable housing sector, opportunities and assisting major stakeholders and developers in addressing administrative and financial challenges.

The government lauded the park road housing project terming it the pacesetter to other projects that it will launch soon.According to Andrew Chimphondah, CEO of Shelter Afrique, who spoke at the event, high urbanization rates is one of the key problems facing housing in  Africa. Governments also lack policies to analyze developers and manage them.

He noted that that housing affordability problem is largely attributed to the land rate across the continent.

Chimphondah added that most financial lenders within the continent have a mortgage payment period of 2-5 years which cannot be afforded by the poor.“The land rate in most countries within the continent constitutes 40 per cent of the total house cost hence the price is out of reach for many within the continent,” he said

.He revealed that Shelter Afrique is teaming up with financial service providers across the continent to create sustainable housing financial trust where the repayment rate will be between 10-30 years.

This he said will be able to accommodate the poor. He said that the partnership is already piloting the program in Nigeria and Tanzania. This he said will help bring the cost of a three-bedroom house from Sh10 million to Sh1.5 million per unit.

Source: standardmedia

Brazil’s House Prices Continue To Fall

In Sao Paulo, house prices fell by 2.41% y-o-y in Q1 2019

Brazil’s housing market continues to struggle, despite improving economic conditions. In Sao Paulo, house prices fell by 2.41% during the year to Q1 2019, from annual declines of 1.89% in Q4 2018, 2.52% in Q3, 2.38% in Q2 and 1.11% in Q1. On a quarterly basis, house prices in Sao Paulo fell slightly by 0.72% in Q1 2019.

 

Brazil’s political turmoil

The crisis started in 2013 when the central bank raised key interest rates nine times to 11% in April 2014, causing a sharp economic slowdown.

In 2016, President Dilma Rousseff has been impeached, the speaker of the house has been jailed, five Cabinet ministers have been removed or allowed to step down because of allegations of corruption. Brazil’s new president, Michel Temer, is embroiled in a corruption scandal.

Worse, another massive bribery scandal, involving Brazilian construction giant Odebrecht, disrupted politics, not just in Brazil, but in more than half of the countries in Latin America, as well as in Angola and Mozambique in Africa. Odebrecht is behind the construction of venues for the 2014 World Cup, the 2016 Olympics, the metro systems in Caracas, and other huge infrastructure projects.

The crisis helped right-wing candidate and retired army officer Jair Bolsonaro sweep to victory during the October 2018 presidential election on a populist, anticorruption platform.

In Q1 2019, Brazil’s unemployment stood at 12.7%, up from 11.6% in the previous quarter but slightly down from 13.1% a year earlier, according to the government’s statistics agency IBGE.

Rents, rental yields: rental yields are moderate ranging from 3% to 6%

Rio apartments costs are around $4,370 per sq. m.

Brazil: typical city centre apartment buying price, monthly rent (120 sq. m)
Buying priceRate per monthYield
Sao Paulo$524,400$1,0005%-6%
Rio de Janeiro$709,200$1,2003%-4%

Recent news. Brazil’s economy is estimated to have contracted by 0.68% in Q1 2019 from the previous quarter, based on preliminary figures released by the Central Bank of Brazil. On an annual basis, the economy grew by a meagre 0.23% in Q1 2019, down from expansions of 1.1% in Q4 2018 and 1.3% in Q3 2018. The economy is projected to expand by 1.5% this year, following growths of 1.3% in 2018 and 1% in 2017 and contractions of 3.5% annually in 2015 and 2016, according to government estimates.

Source: globalpropertyguide

Cheyenne’s Housing Market is Heating Up

Affordable housing costs, a lack of inventory and Wyoming’s tax structure are contributing to create a seller’s market for Cheyenne homes, according to members of the city’s real estate and lending industries.

Figures show that single family homes with an acre or more of land priced between $450,000 and $500,000 are selling after just a little more than a month on the market and for an average of 99.3 percent of the asking price. A single family home in town with a price tag of $350,000 to $400,000 is selling for just a little more than the asking price after being on the market for less than two months.

Buck Wilson, president of the Cheyenne Board of Realtors, said the prices for homes in Cheyenne make them very attractive to out-of-state buyers.

“I believe there’s some opportunities for them to still find affordable housing compared to what they’re seeing in Fort Collins or anywhere south …” he said. “When you have a median house price of a home in town of $246,000, that’s affordable. Those people in Colorado go ‘I want to buy one all day long.’”

READ ALSO: GOOGLE SOOTHES ANGER WITH PROMISE TO INVEST $1BN IN HOUSING, INCLUDING AFFORDABLE

Wilson, of No. 1 Properties, and Larry Gardner of ReMax both pointed to the lack of inventory in Cheyenne as one reason for the market conditions. In 2009, there were 750 active listings in Cheyenne’s market, a number that has dropped to 250.

Wyoming’s lack of state income taxes and its conservative political climate also make Cheyenne attractive to buyers, Gardner said.

“They don’t want anybody telling them what to do with their guns, with their property,” he said. “A lot of people are looking for properties that don’t have (homeowners associations) or covenants, which is very hard any more.”

Mike Williams, manager of Jonah Bank’s Cheyenne branch, said the city is not facing a housing bubble, but some action might have to be taken to keep housing affordable.

“People are really, legitimately looking for places to live and affordably,” said Williams. “I wouldn’t say, in my opinion, that we have a bubble, but we really do need to watch this growth rate and we’ve got to do something to keep this cost affordable to the working guy in town.”

Gardner said he believes new home construction will eventually catch up to demand, ultimately leading to lower prices.

Wilson agreed, saying he also expects higher mortgage rates to contribute to a slowdown eventually.

Source: cowboystatedaily

Google Soothes Anger with Promise to Invest $1bn in Housing, including Affordable

Styling itself “a good neighbour” in a region afflicted by a shortage of affordable housing, internet giant Google says it will invest $1bn for homes in the San Francisco Bay Area.

The announcement came on 18 June, the day before a demonstration was scheduled outside a shareholders’ meeting of parent company Alphabet.

Among other issues, campaigners are criticising Google for causing housing hardship as the influx of highly-paid tech workers pushes up rents and house prices.

Specifically, campaigners are angry over Google’s plan to build a huge new campus in San Jose on public land it plans to buy for $110m from the city council. This would reportedly bring in 28,000 more employees, fuelling the gentrification fire.

A report commissioned by one group found that families in San Jose would by hit by rent hikes of $816 each year as a result of the new campus, and that more than 5,000 affordable and 12,500 market-rate homes would be needed to stabilise housing costs.

Meanwhile, the $1bn promised is not all cash. $750m of the sum will be the value of land Google owns that it will rezone over the next 10 years from office-commercial to housing.

The rest, $250m, will go into an investment fund to incentivise developers to build at least 5,000 affordable homes.

The rezoning would see at least 15,000 new homes built at all income levels, Google said.

To show the significance of that number, it said 3,000 new homes were built in the South Bay area last year.

“We hope this plays a role in addressing the chronic shortage of affordable housing options for long-time middle and low income residents,” Google chief executive Sundar Pichai said.

Google said it will also give $50m in grants through Google.org to nonprofits tackling homelessness and displacement.

Pichai said: “As we work to build a more helpful Google, we know our responsibility to help starts at home. For us, that means being a good neighbour in the place where it all began over 20 years ago: the San Francisco Bay Area.”

One campaign group, Silicon Valley Rising, called the pledge a “big win” after two years of organising rallies, town hall talks and marches.

It tweeted: “This is a great step in the right direction. We look forward to working with Google to dig into the details and make sure the tech giant partners with diverse communities and takes the additional steps necessary to prevent more rent hikes and displacement as Google grows.”

Source: globalconstructionreview

May calls for more Social Housing and Improved Design for New Homes

Prime minister Theresa May is set to urge the sector to deliver an increased number of social homes in a speech later today.

May  who is set to make a surprise appearance at the Chartered Institute of Housing conference this afternoon, will also call for new design standards to ensure high-quality homes and further tenant rights.

She is also expected to set out next steps on the Social Housing Green Paper agenda, with an action plan expected in September.

Her call to action comes as figures indicate that, by autumn, 1 million homes will have been added in under five years.

In Manchester, the number of extra homes being created is up 12%, in Nottingham by 43%, and in Birmingham by 80%. The number of affordable housing starts has also increased to nearly 54,000 this year.

May is expected to reiterate that the quality of housing must not be compromised by the drive to build more homes.

She will call for new regulations to mandate developers to build higher-quality housing, as while some local authorities make Nationally Described Space Standards a condition of granting planning permission, many do not.

Mandatory regulations would be universal, and provide a clear, national standards – potentially leading to increased housebuilding.

May is expected to say: “I cannot defend a system in which owners and tenants are forced to accept tiny homes with inadequate storage. Where developers feel the need to fill show homes with deceptively small furniture.

“And where the lack of universal standards encourages a race to the bottom.”

May is also set to confirm plans to end so-called “no-fault” evictions, with a consultation to be published shortly.

Responding to the announcement the LGA’s housing spokesman, councillor Martin Tett, said: “There is a critical need for renewed national leadership on standards for new homes, which give certainty to councils, developers and communities.

“These standards should future-proof all new homes ensuring they are accessible for all ages and all markets, meet the housing needs of our ageing population and are environmentally sustainable.”

Source: housingtoday
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