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Real Estate Projects Changing Nigeria’s Landscape

When it comes to real estate projects in Nigeria, pundits within the property space are optimistic that 2019 will experience a major boost in africa’s largest populous nation.

Nigeria’s economic growth slowed in the first quarter after the oil sector, the country’s biggest foreign-exchange earner, contracted.

Gross domestic product in Africa’s largest oil producer expanded by 2.01% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on its website last month.

The position of most experts is that with a visibly improved economy, the Nigerian property market will be on the path of witnessing a rebound from the uncertainties that plagued the sector in 2018.

Here are some of the real estate projects changing Nigeria’s landscape.

Eko Atlantic City

Pitched as Africa’s answer to Dubai, Eko Atlantic is a multibillion dollar residential and business development that is located as an appendage to Victoria Island, and along the renowned Bar Beach shoreline in Lagos.

When completed, it is projected to accommodate nothing less than 250,000 residents. It stands on 10 million square miles of land and is expected to have a daily flow of 150,000 commuters.

Some of the major players in this massive construction project are the Lagos State, South Energyx Nigeria Limited, city planners, developers, 17 expatriates firms and over 500 Nigerians firms.

The Eko Atlantic City Project was conceived as a planned city, which is being constructed on reclaimed land from the Atlantic Ocean.

One of the biggest problems the ongoing construction has helped resolved is the ocean surge and flooding at the Ahmadu Bello axis of the island in Lagos, which had the potential to wipe out hundreds of homes and businesses within the location.

The vast number of commercial and residential properties in Eko Atlantic City will help in easing the problem of overloaded infrastructure that the island is known for.

Oworonshoki Lagoon Reclamation Project

The Oworonshoki Lagoon Reclamation Project is designed to transform this decaying part of Lagos into a focal point of major tourism, transportation and entertainment hubs within Lagos State.

It’s one of the popular real estate projects in Lagos and it is not a housing scheme. Rather, it constitutes part of the bigger picture to position Lagos as one of Africa’s entertainment hubs.

To ensure the success of this project, 30 hectares of land space has been reclaimed out of the 50 planned for the scheme.

Upon completion, the Oworonshoki Lagoon Reclamation Project is expected to bring an end to the perennial flooding in the area. It would also accommodate hotels, event centres, cinemas, clubs, bars, a bus/ferry terminal, parking space with capacity for about 1,000 vehicles and other top-notch attractions.

Mass Housing Project by the Federal Government

To tackle the housing deficit in Nigeria, the Federal Government of Nigeria has wrapped up plans to increase housing supply by initiating mass real estate projects across 33 states of the country.

The project, under its National Housing Programme (NHP), is expected to engage over 650 contractors to deliver 2,736 units while employing 54,680 people in the process.

Collaboration Between Lagos State and NMRC

The Lagos State government Lagos State has partnered with the Nigerian Mortgage Refinancing Company (NMRC) and private developers to deliver 20,000 housing units.

Lagos State Partners Echostone Development

The Lagos State government entered into a strategic alliance with Echostone Development, a building construction firm, to deliver 2,000 housing units in three locations across the state.

According to the agreement, Echostone is expected to deploy a new technology that will facilitate the construction of the houses while the state government will provide equity in terms of land and others.

The 2,000 housing units will consist of 2-bedroom terrace bungalows in 3 locations; starting with 250 units at Idale in Badagry. The construction train would then move to Ayobo in Alimosho and eventually cruise into Imota in Ikorodu for the development of the housing units.

The bigger picture here for the Lagos State Government is to deliver 20,000 housing units within a 4-year period through the Lagos affordable Public Housing Initiative (LAPH).

Royal Residence Estate

This real estate development project is powered by Obika Realtors in Eluju town within the Ibeju Lekki axis of Lagos. Some of the facilities already set up in the estate are the inner roads into the well mapped out plots, perimeter fencing of the 10-acre land, central gates and grading of the main link road to the estate from the Lekki-Epe expressway.

The first phase of the development covers 54 plots and over 80 percent of them have already been subscribed to.

The company is currently on the verge of embarking on the second phase of the scheme.

Conclusion

The country has an estimated $360 billion required to solve the national housing deficit. In Lagos State alone, the housing deficit is put in excess of 3 million units and will require approximately N8 trillion to resolve at $10,000 per unit.

Source: africapropertynews

Real Estate: Harsh Operating Environment Threatening Business- Developer

Against the backdrop of the severe and harsh economic climate the real estate sector of the nation’s economy has found itself at least in the last three years in which business continuity is now being threatened, operators in the sector have no option than to engage in innovative thinking and actions, just as they have to diversify their revenue if they must remain in business.

Reviewing the performance of real estate sector at the just concluded 10th Annual General Meeting of Propertygate Development and Investment Plc in the year ended December 2018 in Lagos, at the weekend, the Managing Director and Chief Executive Officer of the Lagos-based real estate development company, Mr. Adetokunbo Ajayi, said “The last few years have been very challenging for the sector.

It recorded negative real GDP growth for the last three consecutive years (-6.86 percent in 2016, -4.27 percent in 2017 and -4.74 percent in 2018) respectively.

“Unfortunately, many of the factors accounting for the struggle of the sector are still much with us. Many operators in real estate development and services space have been hard hit by the lingering slowdown in the sector. They have suffered from acute revenue shortage to severe liquidity crunch.

“These have had devastating impact on many operators, even threatening their business continuity. Going forward is not an easy task, as some of the challenges are systemic in nature. However, innovative thinking and actions are required on the part of operators.

The need for diversification of revenue should be taken very seriously in view of the experience of the last three years. “Having a mono income source can put an operator in a severe strain when the business climate of the income source begins to falter.

Operators may also have to rethink their business structure and other operational strategy issues, products and services offering, funding mechanics and other fundamental issues critical to corporate success. “It is high time for vibrant industry groups to emerge, to seriously engage and collaborate with governmental authorities and other stakeholders on burning issues affecting the sector”, Ajayi noted.

According to him, Propertygate intends to focus its attention mainly on real estate development, pointing out that the company has over a decade operated more as a development trading company, adding that going forward, it intends to do more in development for investment for strategic reasons.

“Propertygage is exiting property advisory services. With exit from advisory offering, the company is currently holding a significant stake in PG Readzon Services, a real estate and allied services firm. This will help the revenue diversification goal of the company.

It intends to push the diversification goal forward by deliberately pursuing investments in other carefully selected areas and ventures. “The company continues to recognize that people are central to its drive in building a sustainable business institution. It will strive to recruit, develop, motivate and reward needed personnel, who will help its vision, mission and corporate goals.

The Board which has been a major pillar of the company gave needed support in critical areas including driving corporate governance during the year 2018, and has pledged its commitment to do more in future.

“The customers, who are our other major stakeholders, will continue to occupy a supreme position in our considerations and actions. We will also not fail to give due attention and regards to all our other stakeholders”, Propertygate boss assured.

On operating environment during the period under review, he said the year 2018, was dominated   by flurry of political activities, as the country prepared for general elections that were scheduled for early 2019. He revealed that investments, local and foreign, slowed down as the year drew to an end.

“Some investors (corporate and individuals) held back, and would not commit until after the elections. On the economic front, the country recorded a GDP growth of 1.93 percent by the end of 2018. That was an improvement compared to 0.82 percent  growth recorded in 2017. The year also ended on a positive note with a GDP growth of 2.38 percent in the last quarter of 2018.

“Looking at the performance of the real estate sector during the period, the results disclosed a sector in troubled waters. It recorded a negative annual  real GDP   growth  of -4.74  percent  for  the year; a   further   decline compared to   -4.27  percent recorded in 2017. Quarter 4 result was equally negative, with a real GDP growth of -3.85  percent.

Source: vanguardngr

Why you Need to Add Real Estate to Your Investment Portfolio

We all, to some extent, recognize the potential financial benefits we could get from real estate investing. It goes without saying that there are many benefits of investing in real estate that outweigh the costs, and you as an investor stand to enjoy a steady flow of income to secure financial freedom for the long haul.

Real estate has proven to be one of two major investment spikes to wealth growth, the other being financial market. The key to investment success is spreading your investment over a range of assets and this is what smart investors do. Creating a balanced portfolio means you are spreading your money across various asset classes: stocks, bonds, and real estate.

This year holds prospects for investors given the fact that the property market registered a positive growth of 0.93 percent in the first quarter of the current year, after 12-quarter contraction and the momentum is expected to be sustained as the broader economy continues to pick up.

Here are some benefits associated with real estate investing when you add the asset class to your portfolio.

Portfolio Diversification

Have you spoken to a financial planner about investing? If yes, then you must have been told about the importance of diversification.

When you diversify your portfolio, you are spreading out the risk. Real estate serves as safe tangible assets to minimize risk in your portfolio. This holds true because real estate reacts differently to economic conditions compared with equities and bonds.

Risk never disappears in the capital market and there are numerous factors beyond your control that can negatively impact on your investment but real estate gives you more control of your investment because your property is a tangible asset.

Value Appreciation

The secret to success in real estate is investing at the right time in the right location. If you’re aiming for both short and long-term gains in your investment portfolio, then real estate should be thrown in. One major benefit of real estate investing is the appreciation of capital assets (land) overtime. In other words, your property’s value will worth way more than 30 years now.

Steady Income

This is no brainer. Smart investors diversify to real estate for the steady flow of cash they earn in the form of rental income. Depending on the location, you could be earning significant income to cover your expenses, with extra income in your pocket. Urban centers tend to reap higher income because demand is high in those areas.

If chosen wisely, you can secure a steady income flow for a long time, and even save for retirement. And you do not have to stop investing in one property a time; you can increase the pace and invest in multiple properties, to increase your positive cash flows.

Long-term financial security

One of the big rewards of diversifying your portfolio to real estate is financial security in the long haul. Owning a property gives investors a sense of security because of the property’s appreciation in value overtime. This means your property’s value will most likely increase because land and building are appreciating asset.

With this, you have peace of mind that you have enough money saved to meet emergencies and future financial goals.

Hedge against inflation

An inflation hedge means you are investing in an asset expected to maintain or increase its value over a specified period of time. This is why inflation is considered a hedge against inflation since property value tends to increase in times of inflation.

Real estate investors embrace inflation because as the cost of living increases, so also their cash flows. It is an appreciative long-term investment with inflation-adjusted rental income.

By investing across different asset classes over long periods of time, you increase the likelihood of achieving your long-term investment targets. While having other asset classes in your portfolio is a smart move, but real estate has proven again and again that it is superior to other investment classes, and it is advisable you include it in your portfolio.

Source: BusinessdayNg

CAP to Leverage Reforms in Real Estate Sector to Boost Returns

CHEMICAL and Allied Products, CAP Plc, has said it is poised to take advantage of the structural reforms that will be undertaken by the federal government in the housing and real estate sector this year to boost revenue and returns to its shareholders.

The company also declared N2.03 billion dividend, representing 29 kobo per share for the year ended December 31, 2018, which was approved by the shareholders.

Speaking at the 54th Annual General Meeting, AGM, in Lagos, Solomon Aigbavboa, Acting Chairman, CAP Plc, said: “We expect that the economic environment in 2019 will continue to be fluid and uncertain and businesses must be proactive and make clear cut choices about how to compete in the market place.

Businesses also need to make clear definition of strategy, business model and core operations in order to increase revenue and profitability. “Your company is closely following developments at all levels and is prepaid to key into opportunities that will be created.

We will respond appropriately to the emerging paint market trends and different economic scenarios by introducing new products and value added services, increasing volumes, entrenching presence in the standard market, completing Dulux Colour Centers, DCC, upgrade and implementing impactful marketing initiatives to ensure effective customer engagement among others.”

He alluded to the effect of difficult business environment in 2018, saying that CAP navigated the business terrain by recovering its costs through various cost reduction initiatives and improved efficiency, which resulted in nine percent increase in revenue to N7.76 billion and 15 percent growth in the operating profit to N2.28 billion.

He said that the company expanded its distribution channels and improved on field presence by opening two Dulux Colour Centres in Lagos and Abuja during the year.

“We also increased marketing initiatives and value-adding services. We extended in-plant paint production to silk line and commenced DCC upgrades. We will work harmoniously with DCC distributors to achieve topline growth in 2019,” he added.

Source: vanguardngr

Expert Urges Professionals to Explore ADR in Real Estate Disputes

Olumide-Fusika, a Senior Advocate of Nigeria, said ADR remained a better alternative as courts had not been set up to understand that business litigations should not be delayed.

He said, “It should not be for real estate practitioners alone, it should be commercial disputes, where people don’t want delays and where people want disputes resolved as soon as possible.

“If you don’t want to spend time and money, it is better to sit down and resolve the issue since the normal court process has proved inadequate in resolving commercial litigations due to the time it takes.”

According to him, it is always better for people who are pursuing genuine cases to sit down and find solutions to their conflicts, considering the concerns and how to resolve them without resorting to litigation.

Speaking with members of the International Real Estate Federation, FIABCI Nigeria, on ‘Alternative Dispute Resolution: Panacea for growth in real estate sector’, Olumide-Fusika said conflicts were unavoidable but could be resolved within limited time.

He stated that beyond negotiation, which is the first stage in ADR, the parties involved could bring in a third party free from the emotions attached to the conflict for mediation.

“The third party will try to make you see reasons with each other but if mediation doesn’t work, then the last stage in ADR, which is arbitration and involves a lawyer should be explored. It is adversarial but it saves more time and yields a faster outcome than the traditional court case,” he said.

According to Olumide-Fusika, it is not true that people are taking away the job of lawyers through ADR as they are still involved in the process.

He, however, stated that the current cost of ADR remained one of its biggest disadvantages as people still considered it too high.

He said, “People say the number of years that litigation takes costs so much but anyone who has been through arbitration knows that it costs so much. I think the charges are too much and some people are milking the process, which makes it unattractive.

“So it should be made cheap for the people, so that they are made to see the advantages of it.  The price has to be reviewed; right now people don’t see the advantage because it is too expensive. But you need to look at all the cost elements and choose the one that will serve your best interest.”

The President, FIABCI Nigeria, Mr Adeniji Adele, said the association had found that there were so many litigations over the years, involving clients, and had been looking at ways to get out of the situation.

He said, “This gathering is part of knowledge sharing section for members, where some topical issues that relate to the profession are discussed to improve business competence of members. We are in the built industry; we don’t take it for a ride. For example, we have find out that there are so many litigations over the years involving some clients and we have been looking at ways to get out of the situation.

“We realised that there are so many ways to get out of it and one of the methods is perhaps the process of arbitration, mediation because litigation has not really solved the problem.

When you look at the law of the country, you see that litigation should be a no go area, as the process of the judiciary system is so cumbersome and apart from the cost element of it, it’s time wasting and parties may not get the justice so desired. So the best way is to have a peaceful resolution between the parties.”

Source: Punchng

Investors Are Buying More of the U.S. Housing Market Than Ever Before

The share of investor purchases of U.S. homes have climbed to an all-time high, a sign that rising home prices have done little to dampen demand for flipping homes or turning them into single-family rentals.

Big private-equity firms, real-estate speculators and others that buy properties comprised more than 11% of U.S. home purchasers in 2018, according to data released on Thursday by CoreLogic Inc.

The investor purchases are the highest on record and nearly twice the levels before the 2008 housing crash. The investor interest poses a challenge for millennials and other first-time buyers who are increasingly looking to buy starter homes and are forced to compete with deep-pocketed cash buyers.

Big commercial property owners like Blackstone Group LP and Starwood Capital Group began buying thousands of homes out of foreclosure during the housing bust. Many economists credit investors with helping to stabilize the housing market in 2011 and 2012 by buying with cash when prices were low and mortgage credit froze.

But analysts expected those purchases to slow, as the market rebounded and properties could no longer be had for fire-sale prices.

Instead, demand for properties has intensified. While these purchases dipped slightly when the market started to recover in 2015 and 2016, they have rebounded to surpass the previous peak of six years ago.

Strong rental demand, technology that facilitates buying homes online and low interest rates that make other investments less appealing have fueled investor appetite.

Investors are an especially powerful force at the bottom of the market, where they often pay all cash. Investors purchased one in five homes in the bottom third price range in 2018, according to the CoreLogic analysis, up 5 percentage points from the 20-year average of less than 15%.

“These are the homes that first-time home buyers would logically be buying,” said Ralph McLaughlin, deputy chief economist at CoreLogic.

Shane Parker, a real-estate agent in metropolitan Detroit, said first-time buyers he works with are struggling to win bidding wars against out-of-state buyers. The locals he works with are becoming more aggressive, putting in escalation clauses and agreeing to pay the difference if properties don’t appraise.

One of his clients, Michael Burnett, a tech writer in Detroit, and his wife are looking for their first home so they can have a treehouse for their young girls. They have visited 25 properties and bid on half a dozen but keep losing out to cash buyers.

The couple recently fell in love with a property they thought had great potential. “It’s ugly on the outside, ugly on the inside, but it can be made beautiful,” said Mr. Burnett, 43 years old.

The house ended up getting a dozen offers, more than half of which were cash, and selling for $40,000 over the asking price of $150,000. “We write letters. You think you’ve composed this great heartfelt, ‘I have a family, see my family,’” he said. “Oh, please…Cash is king.”

Real-estate entrepreneur Gregor Watson’s business has helped boost investor participation. Following the housing bust, he and partners bought more than 6,000 homes across the country and turned them into single-family rentals.

Then he founded Roofstock, a company that enables investors to purchase properties online. The internet has made it easier for smaller investors and foreign buyers to purchase properties they may never have visited. Demand is also shifting toward former industrial cities in the Northeast and Midwest where prices remain low.

Mr. Watson said that many people in San Francisco and New York are priced out of buying homes where they live but are able to purchase an investment property in less expensive cities.

Michael Pickens, 31, who works in tech sales in the Bay Area, and his wife kept losing out in bidding wars to all-cash offers. “It was all cash, no contingency, seven-day close,” he said.

He and his wife decided instead to rent a small apartment in Santa Clara County and buy investment homes on Roofstock in less expensive locales.

They now own homes in Georgia and Tennessee despite never having visited either state.

So-called iBuyers, such as Opendoor, Zillow Offers and RedfinNow, which snap up homes in cash for a fee to help sellers avoid the hassle of putting their homes on the market, comprised less than 2% of investor purchases last year, according to CoreLogic.

The biggest markets for investor purchases in 2018 were Detroit, followed by Philadelphia and Memphis, Tenn., where home prices are still low enough for investors to profit by renting them out. Investors bought nearly half the starter homes in Philadelphia last year and about 40% of lower-priced homes in Detroit, according to CoreLogic.

When Tawan Davis launched a business renting out single-family homes three years ago, he focused on Philadelphia because of the city’s slow foreclosure process and history of disinvestment, he said.

Mr. Davis typically purchases homes for about $75,000 to $90,000, puts an additional $50,000 to $80,000 into renovation and rents them out for around $1,300 a month.

He said he is often welcomed in these neighborhoods because his modestly priced rental properties help act as a bulwark against gentrification. Many of his renters are single and work as nurses or adjunct professors, he said.

“They’d much rather see us than a lawyer from New York,” he said.

Source:  By Laura Kusisto

Tasmanian Housing Solution Angers Neighbours in Huntingfield, South of Hobart

A southern Tasmanian community has raised concerns about the State Government’s plans to rapidly rezone land for social and affordable housing.

The Tasmanian Parliament passed legislation last year to “fast track” the rezoning of land for new affordable housing.

A proposal for a 37-hectare site at Huntingfield, near Kingston, would see 450 dwellings, including a mix of social, affordable and private housing.

But local residents say they only had two weeks to respond during the community consultation process, and the State Government has not been transparent about the proposal’s details.

Huntingfield resident Matthew Jones said he received a letter in the mail from the State Government two weeks ago.

“Chatting around the street we quickly realised the houses that were receiving these letters were the ones that bordered the proposed land development, which wasn’t ideal because a lot of people weren’t receiving these letters,” he said.

“Between the two streets about 15 houses received it.”

He said two weeks to respond was not enough and there should have been a full community consultation.

“Everyone’s supportive of housing, there’s obviously a housing crisis, but there’s a proper process,” Mr Jones said.

“A lot of our concerns are the infrastructure and access to this development.

“The schools are at capacity, the medical services are at capacity and it’s quite a rushed process.”

Consultation process ‘fallen over’: Kingborough Mayor

Kingborough Mayor Dean Winter said while he was supportive of more housing in greater Hobart, the local community was concerned about the consultation process.

“This is actually putting the whole project in jeopardy, it’s lost the community support already before the consultation’s already finished because people don’t have the information they need to make their own assessment,” he said.

“They’re concerned about infrastructure, they’re concerned about overcrowding and environmental impact and until the government gives them the information they need … they are going to be concerned.”

Cr. Winter said the consultation process did not appear “genuine”.

“Locals have only been given 14 days to respond and very few of them were made aware directly by the Government,” he said.

“People haven’t had enough time, they haven’t got all the information they need and therefore the consultation process has really fallen over.”

TasCoss chief executive officer Kym Goodes said building new affordable and social housing is a high priority for Tasmania.

“What we’ve heard over many months now is the long delays that can happen when trying to get housing stock built,” he said.

“My understanding is there will be 15 per cent of it dedicated to social housing and the balance of the development will be more affordable housing.

“So we can address those 3,000 people on the waiting list looking for somewhere to call home.”

Labor MP David O’Byrne said getting affordable housing built was crucially important.

“But we’ve seen with the Huntingfield development that you can’t trust this Government with anything,” he said.

“They have driven the Tasmanian community into this crisis … and now they’ve failed to consult and work with the local community on what could be a really important development.”

In a statement, Housing Minister Roger Jaensch said the fast track rezoning legislation does not apply to the development application process, which will go through the normal council process.

“The accelerated rezoning process shaves an estimated six months off the typical rezoning process, without compromising planning and community considerations,” he said.

“The act requires that adjacent land owners are notified, which is consistent with the Land Use Planning and Approvals Act 1993.

Source: Abc

Changes announced to Support for Mortgage Interest policy

Disabled people and others receiving Support for Mortgage Interest (SMI) will now be able to transfer this support to their new property when moving home, rather than having to repay the loan and reapply, it has been announced.

SMI is the help offered by the Government to owner occupiers in times of need. It is paid as a loan and contributes towards the interest on people’s mortgages if they are in receipt of certain benefits, to protect them against repossession and keep them in their own homes.

Previously, those receiving an SMI loan were required to repay the balance once a property is sold or transferred, provided there is enough equity after the mortgage has been paid off. They would then be asked to reapply for the loan on their new property.

However, the Minister for Family Support, Housing and Child Maintenance, Will Quince, confirmed that anyone with an SMI loan secured against their property will now be able to request their loan balance to be transferred to their new home when they move.

The policy shift will ensure those looking to move home to secure better employment will not face barriers to progressing in work. This follows the Work and Pensions Secretary Amber Rudd’s recent call for a new Government focus on helping people to move to higher paid, higher skilled roles.

Quince pointed out that the change will have a particular benefit for those who move into a new property due to a disability or health condition, as they will continue to receive uninterrupted support towards their mortgage payments.

‘This measure helps some of the most vulnerable people to stay in their homes and live independently. And we are now making it easier for people to keep this support, even when moving house,’ he said.

According to David Abbey, MySafeHome Limited Managing Director, allowing vulnerable people with disabilities to port their SMI loan reaffirms the Government’s full support for HOLD (Home Ownership for people with Long-term Disabilities).

‘This change should give many more individuals the opportunity to choose where and how they live their lives. The ability to transfer an SMI loan balance will also apply to those who have previously received this form of support but are no longer claiming benefits,’ he said.

And to ensure vulnerable customers or those with additional needs are fully supported, the Department for Work and Pensions (DWP) has issued two videos explaining Support for Mortgage Interest and setting out how to apply. These videos form part of a new range of fully accessible products offering helpful information in alternative formats.

Source: Property Wire

Investable real estate to grow by 55% in 2020

An expert in the real estate, Mr. Chibundu Marcellus has said that the movement of the economy can make positive impart in the built environment if government can straight out the laws regulating the industry.

Marcellus who is an investor in one of the biggest real estate firm in India said that by 2020 investable real estate will have grown by 55 per cent compared to what it was  ack 2012. He said that a lot of things will have to act together to bring about that. He said that the industry, no doubt faces a number of fundamental shifts that will shape its future despite the fact that confidence is gradually creeping into the sector.

According to him, global megatrends will change the real estate landscape considerably over the next six years and beyond. “While many of the trends are already evident, there is a natural tendency to underestimate how much the real estate world will have changed by 2020. The changing landscape will have major implications for real estate investment and development. It will increase the size of the asset pool, yet change the nature of investment opportunities. Real estate organizations will need to adapt early to survive and prosper,”he stated.

He noted that Real Estate in 2020 will capture important trends in the industry and the impact they will have for real estate managers and the investment community. “Key areas include the urbanization that’s taking place as people cluster around the great cities of the world, the new real estate subsectors that are emerging to satisfy the needs caused by shifting demographics, and also the technological implications that need to be considered as companies think and go globally. Every investor and asset manager can benefit from the profound implications shared herein, “he emphasized.

Specifically, experts, who looked into the performance of the sector, however, noted that the indices that will drive the market remained government actions or inactions. The implementation of the budget and the amount of money in circulation as well as the perceived government  willingness to focus on economic growth. “A lot of investors will be guided by their perception of the dedication of the government  towards its own policies and not just lip service,” Chudi Ubosi, President, African region of International Real Estate Federation, (FIABCI ) said.

According to him, stakeholders could continue to look out for government policies that encourage private enterprise.  “The world is moving towards economies where the private sectors take the lead in driving the economy whilst the governments focus on providing the enabling environment for economic growth. Until these are visible in Nigeria we may not be forward bound”, he noted. Ubosi, a renowned estate surveyor and valuer was also optimistic that the real estate sector will enjoy slow recovery this year. He hinged his optimism on the few policies enunciated by the Federal government in its budget. Ubosi however, noted that this could be short lived based on the perception of players in the economy and their confidence level as well as the political risks involved.

Collaborating his views, the Chairman, Faculty of Housing, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Chief Chika Okafor noted that the sector will be highly dependent on government’s policy, but expressed doubt that the budget for housing would be able to have any significant impact on the built environment.

Source: Sunnewsonline

Zillow, Redfin, and Rivals Look into Tech Disruption for Real Estate

The home-buying season is on in the US, despite the current dispute with trade partner China. However, the market looks different than it used to just a year or two ago. Geek Wire reported that buyers and sellers will be looking at a drastically changed–for better or worse–market, with real estate technology doing its expected disruption of traditional and slow processes.

With technology, there are quite a few changes expected. Homeowners can now have direct access to major realtors without the help of a middleman.

New technologies and innovative apps have also provided a better version of buying and selling a home or renting out a place. Major players, who were once traditional marketers, have also begun to expand their reach and capabilities, thanks to the disruption of tech.

The prevailing feeling with these companies, as well as well-known Wall Street investors, is that everything will change to adjust to the tech of the times.

The real estate landscape will inevitably undergo a chance. Redfin CEO Glenn Kelman said that 20 percent of the US economy will be up for grabs for companies willing to take a bigger risk than usual.

The notion that real estate is changing is shared by many others, including Stephens stock analyst John Campbell. Campbell recently spent some time studying the industry deeper.

He then shared his opinion that consumers are ready for change, but it’s not clear whether it’s because they want results or they want to see change.

Market Watch reported that today, that effort resulted in industry players like Zillow and Redfin, with customers at the center of that strategy. There are also new participants to this strategy making themselves known, eager to present a solution to the industry where Zillow and Redfin belong in.

Zillow and Redfin are in the market to create waves, and Seattle looks like the place where the waves will crash. The national transformation converges on the state as Redfin and Zillow are located here. Redfin has been in operation for 24 months–two years–while Zillow has re-invented itself to become a company that’s involved in direct buying and selling these homes per month.

Others have been making their presence felt slowly but surely, and real estate will be all the better for it. Outside of Zillow and Redfin, Compass–a Softbank-backed startup brokerage–has been creating quite the buzz. Instant home offers, quick resolution of processes, and the elimination of the middle man have become the new norm thanks to these real estate startups.

Source: businesstimes

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