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Lagos Reacts as Estate Agent Swindles 250 House Seekers N65m

An estate agent has swindled 250 house seekers in Lagos of the sum of N65 million, even as the Lagos State Government raised the alarm over increasing fraud in real estate transactions, vowing to explore legal option to protect residents.

The Lagos State Commissioner for Housing, Mr Moruf Akinderu-Fatai, said that government would explore legal options to ensure dubious real estate swindlers were punished.

Akinderu-Fatai, while receiving some victims of accommodation scam from Alapere in Ketu area of the state, said: “The state government has declared a war against fraudulent practitioners in the real estate sector. Government is determined to make Lagos a no go area for unscrupulous individuals who prey on Lagosians under the guise of real estate business.’’

Akinderu-Fatai assured the victims who lost N65 million to a swindler who collected money from over 250 prospective tenants that the fraudulent developer would be prosecuted.

He said that the state government had instituted legal actions against the said developer on behalf of the victims.

Akinderu-Fatai advised Lagos residents to report suspected dubious estate agents and developers to the office of Lagos State Real Estate Transaction Department (LASRETRAD) at Block 7 at the Secretariat, Alausa, Ikeja.

“I want to assure you that the state government, under the leadership of Mr Babajide Sanwo-Olu, is very responsive. It will leave no stone unturned in ensuring that the culprits are brought to book,” the commissioner said in a statement by Mrs Adeola Salako, Director, Public Affairs in the ministry.

Akinderu-Fatai also advised victims to remain calm and be law abiding since the matter was already in court.

Also, Mr Wasiu Akewusola, the Permanent Secretary, state Ministry of Housing, urged accommodation seekers to always transact business with the estate agents and developers registered with LASRETRAD.

Akewusola said LASRETRAD is a directorate under the state Ministry of Housing, and was responsible for registering, regulating and monitoring real estate operators across the state.

He appealed to the victims to maintain peace and order while the state government takes necessary action on their matter.

Earlier, Mr Aliyu Toyin, who spoke on behalf of the victims, expressed fears that the swindlers might not be brought to book. Toyin urged the state government to assist them in seeking for the immediate refund of the rents the victims had paid.

Source: pmnewsnigeria

Role of Real Estate Valuation in the Economic Development of Nigeria

Today, real estate is a cliché in every country. Real estate property is attributed as a sure-bank investment for persons who can afford this intangible form of assets, and unlike money, it is ranked higher than financial instruments.

This article is not to argue about its societal placement as a form of an asset over other forms of assets but its role through valuation in the economic growth and development especially Nigeria.

There are several determinants of Economic development in the world. They include real estate development, inflation, money supply and interest rates, to mention a few. The main focus is on real estate as other determinants evolve around the statistical calculations of demand and supply.

Demand and supply are not really a major factor in valuing real estate, as there are other significant factors such as the people’s purchasing power, the category of the real estate, the soil composition and geographical location of the land which would also factor in natural and man-made disasters, etc.

Real estate is synonymous to land and everything that is permanently affixed to it. This includes buildings, structures, etc.

Real estate has various categories such as residential, industrial, commercial and development, and agriculture. These categories are usually depicted in the Certificate of Occupancy granted to either statutory or customary holder of the land for a term of years.

The Land Use Act of 1978 is the primary law governing land in Nigeria. The act vests all land in the state, that is, land in its entirety within each 36 states territory and boundary in the Governor of each state.

Just like every profession has its representatives, real estate has its representatives and they are called Estate Surveyors and Valuers (ESV).

These set of people provide information, contribute and advise persons (individuals, corporate entities, and governments) on the knowledge and strategies to build infrastructures, maintain infrastructures, and on national development.

Some roles of real estate valuation include:

Auctioneering: arriving at the initial value which the property will be auctioned i.e. guide price

Evaluating and valuing monetary value for property either for loan purpose, mortgage purpose, Construction purpose, assignment or transfer purpose, business startup, etc.

Consulting on statistical compensation required for the revocation of property for public interest

Splitting businesses based on its assets

Economic Development and Growth

Economic growth is defined as the process of growing or expanding a country’s economy geometrically through macro-economic indicators especially gross domestic product (GDP) per capita.

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It is also defined as the expansion of an economy’s total output which is measured with GDP to determine the improved standard of living and quality of life among the population. Therefore, when the output per capita is greater than or outgrows the population, there is economic growth.

Economic growth remains sustainable through economic development. Economic development is synonymous to an environment which is synonymous to Real Estate or Land.

As reiterated earlier, there are determinants of economic growth such as real estate development, interest rate, money supply, and inflation but the focus is on real estate development.

The Role of Real Estate Valuation in the Economic Development of Nigeria

The role of real estate valuation cannot be overemphasized. Valuing a property goes to the root of establishing the propensity of appreciations or stagnation over a certain period of time. Property valuation determines the exact value or worth of a property.

This determination gives the owner an insight into the possible returns on his investment or informs a seller on the value of his or her property before sale; likewise buyer.

When valuing a property, an Estate Surveyor and Valuer consider three key approaches: a cost approach, comparable sales approach, and the income approach. These three approaches determine the return on investment on a property in any geographical location.

In Nigeria, real estate valuation plays a role in economic development as real estate is one of the contributory factors of the economic GDP. A property rightly valued, can either be developed, maintained or sold.

When public infrastructures or assets are developed or built and maintained to serve the growing populations, especially in urban and semi-urban areas targeting low and middle-income earners, the outputs generated from these infrastructures will be one of the contributory factors of economic development and growth in Nigeria.

Conclusion

Valuing real estate is crucial for economic development. Several countries in the world turn to experts in the field to consult on the worth of a property and its projected value in future before committing to it.

Source: businesspost

How Family Homes Funds is leading ‘Next Level’ Affordable Housing Delivery

Against all odds, Family Homes Funds has established itself as a reliable social housing scheme for low and medium income earners in Nigeria. At its conception, sceptics were unsure – and rightly so – about how a federal government plan to build at least 500, 000 homes and create up to 1.5 million jobs in the process within 5 years through Family Homes Funds can be achieved. This scepticism was based on how replete Nigeria’s history is with many failed attempts to address the country’s embarrassing housing deficit.

It has been barely a year since kick-off, but the Fund has so far developed at least 1050 homes with another 3000 at different stages of development. They have been able to create about 1400 jobs through these projects. Over 500 units have been completed in Nasarawa state, 750 in Kano, 650 in Delta and many more all over the country.

Giving Nigeria’s housing deficit, these numbers might indeed seem like a drop in the ocean, but if previous projects were this consistent and result oriented, the deficit which many believe stands at least 17 – 20 million today wouldn’t have been.

With nearly 200 million people, Nigeria has the largest population in Africa, and it is the 7th in world population ranking. In spite of this huge population, the country has struggled over decades to come up with a sustainable action plan that will reduce the incredible housing gap in the country.

Governments in many countries take the responsibility for the provision of housing through a mortgage financing system that simplifies home ownership for employed citizens, and a social security system for the unemployed. And this is why China with a population of 1.3 billion people has a housing surplus yet Nigeria with a population of about 200 million has a housing deficit.

It is against this backdrop that the current administration under the leadership President Muhammadu Buhari and the Ministry of Works, Power and Housing, introduced new policy measures and initiatives to address the housing challenges in the country.

The Family Homes Fund Limited is one of such new initiatives. The Fund is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority as founding shareholders. The Fund is the largest affordable housing-focused fund in Sub-Sahara Africa, leveraging its significant capital (in excess of N500billion by 2023) to facilitate access to affordable housing for millions of Nigerians on low to medium income groups. Through strategic partnerships with various players in the sector and some of the world’s main Development Finance Institutions, the Fund has an ambitious commitment to facilitate and supply 500,000 homes and 1.5million jobs for the low income earners by 2023.

Through its Rental Housing and Help-to-Buy Schemes, beneficiaries of the project enjoy a deferred loan for up to 40% of the cost of their home. For the first 5 years of the loan, no payments need to be made. From the 6th year, monthly payments will be made to start repaying both interest and capital to assist the purchaser. The amount paid starts low and increases each year in gradual steps (average 6.5% per annum) in order for the Help-To-Buy loan to be fully repaid by the 20th year, the same year the mortgage is expected to be fully repaid.

To qualify, households will have earnings between N600k to N1.2m per annum and the Fund ensures that 1 bedroom unit should not be more than N3 million; 2 bedroom unit should not be more than N4.5 million, and 3 bedroom should not be more than N6.5 million. An exception is made in Abuja, Lagos, Port Harcourt and Kano where the cost of a new home can be as high as N9m. Households benefiting from Loan Assistance will not be owners of a suitable home and will include one income earner who is under 35 years of age and does not have to be one of the people applying for the scheme or the loan but must be available to help with repayments.

The Fund is in strategic partnership with housing stakeholders like the NMRC, with which it is currently working on affordable mortgages specifically through the Help-to-Own product where low income earners can enjoy the most affordable and flexible mortgage system in the country.

Family Homes Funds is most likely the only agency today in the country that is providing financing for affordable housing outside of the commercial banks where the interest rates, requirements, affordability and development costs are usually high. The fact that they are able to provide financing at no more than 10 percent per annum which is about one third of the market rate is a significant and novel intervention.

Most states that are in partnership with the Fund are now keying into the program to provide housing for their staff through the fund. In Borno state, the Fund is providing about 4700 homes, with 3000 of those being very low cost homes for Internally Displaced Persons (IDPs).

Having signed a Memorandum of Understanding (MoU) with Construction Skills Training and Empowerment Project Ltd/Gte C-STEMP, an organization with a vision to build a pool and database of certified artisans with the requisite skills to meet industry needs that translate to better quality of work and life for all stakeholders – Family Homes Funds has shown commitment to incorporate training, assessment and certification as a condition for beneficiaries to access its programs and to ensure that only skilled labour are utilized on its projects. Its laudable partnership with C-STEMP is to provide affordable and quality homes while creating jobs for highly qualified persons.

What makes Family Homes Funds stand out? The motivation behind the establishment of Family Homes Funds is based on the fact that it is not just enough to supply houses without taking care of the demand side. The Fund dedicates sufficient strategy to ensuring that the supply of houses meets the demand for it.

As calls for sustainable building rings loud in the air, Family Homes Funds already leads the way through its collaboration with other agencies in the development and application of building innovations that can be cost effective. Family Homes Funds is working with bodies like MBRI to commercialise innovative building systems that rely very little on concrete and cement, which is a significant step in not only advancing local content, but ensuring sustainability.

As a testament to their hard-work, Family Homes Funds won the Affordable Housing Promoter of the Year Award at the 2019 Nigeria Housing Awards. The prestigious award is in recognition of ongoing affordable housing projects being financed by the fund for low and middle income earners across the country.

While the excellent progress of Family Homes Funds excites stakeholders, there is the need for government to ensure that the kind of bureaucracy and political interference that have prevented previous and ongoing housing initiatives in the country from achieving their set aims do not affect Family Homes Funds. Its independence and all-round support from the government ought to be uninterrupted if set goals are to be reached in the allotted time frame of delivering the 500, 000 homes.

Investing in Technology and Real Estate

Investment in technology for real estate, also known as “proptech,” has seen exponential growth in the past decade. In 2010, only a handful of companies invested about $25 million in technology; a mere 8 years later that amount had surpassed $12 billion – a 400-fold increase. Having watched technology-based start-ups upend the transportation and hotel industries for years, investors are starting to realize that there is significant opportunity and incentive to continue to invest heavily in proptech for the foreseeable future.

Firstly, the sheer size of the real estate market is staggering – after all real estate is the largest asset class in the world. The residential real estate sector alone transacts nearly $1.5 trillion in sales annually, while commercial transactions contribute a hefty $2 trillion per year. While this considerable volume on its own should be sufficiently enticing for investors, the fact that real estate has not experienced the same degree of technological innovation as other industries provides an added incentive.

While the emergence of companies such as Compass, Opendoor, Redfin and Zillow have served to further meld real estate and technology, there still remains ample opportunity for growth.  Specifically, segments within real estate, such as appraisals, mortgages, co-working, co-living, retail space and building management have lagged behind in the race to develop and implement software that could enhance their efficiency, thereby providing start-ups with opportunities to incorporate technology within these real estate sectors.

The concept of a technology company operating as a real estate brokerage is nothing new – in fact there are dozens of players, big and small currently in the market.  Compass has distinguished itself from its competitors by ensuring that the Client-Agent relationship always comes first.  To better serve its clients, Compass has built the first modern real estate platform, pairing top talent with technology to make the search and sell experience intelligent and seamless.

To maintain its technological advantage, Compass is constantly innovating and enhancing its already comprehensive suite of services. One of its creations is the “Compass Collection,” a collaborative platform for buyers and agents to review new and “coming soon” listings in real time, allowing the buyer a more integrated experience when searching for homes.

Compass has employed the strategy of utilizing its competitive market advantages, which are its technology, its people, superior marketing and access to capital, to ensure that it is able to entice the best professionals, from agents to engineers, to join its ranks.  While most of its new hires are still agents, to ensure seamlessness between agents, clients and technology, Compass has significantly increased the number of technology personnel.

Compass is one of only two real estate tech companies that have been able to raise over $1 billion in equity. Strategic use of these funds in technology and people has seen a substantial increase in transaction volume and consequently revenue, resulting in its meteoric rise to become the third-largest brokerage in the U.S. in under a decade. This is especially impressive when taking into consideration that the real estate sector has traditionally had a handful of big players that have retained a firm grip over the market.

Compass’ modern, sleek and luxury branding, combined with its cemented status as a technology-driven brokerage has resulted in not just investor interest, but also from sellers and buyers looking to utilize modern methods to enhance their real estate experience. Compass’ rise to prominence is a reflection of the market demonstrating that real estate brokerages that invest heavily in technology will be rewarded with an increased sales volume – which undoubtedly means that technology will continue to shape the future of the real estate industry.

Source: washingtonblade

How to Ensure Your Real Estate Investment is Profitable

Real estate investments are one of the best ways to build up your net worth. When done right, it can be a very lucrative business, but if done wrong, it can be a costly venture. One of the biggest benefits, though, is that you can start investing in real estate with minimal cash compared to the total asset value you’re able to control. This allows investors to experience huge increases in net worth, much quicker than other investment opportunities.

But how exactly can you guarantee that this will be a worthwhile investment? Listed below are some tips that will help you successfully navigate the real estate market:

Choose a Good Location

When people search for a property, whether it’s for residential, commercial, or vacation purposes, the first thing that they usually consider is its location. Is it near their school or workplace? Is it in the center of a busy thoroughfare where many people can see their products and services? Is it readily accessible to tourist spots and other notable city landmarks?

The common theme around these questions is convenience. Basically, the easier it is for people to get to your property, the higher your chances are of getting in your target market’s radar. Additionally, even if your property isn’t in the best condition possible, you are still bound to attract clients purely because of location.

Also, the nature of your investment will also determine what makes a particular location “good” or “bad.” For example, if you are investing in a dormitory-type building for students, or in a residential building for young professionals, you must choose a location that is easily accessible to public transportation. On the other hand, if you are investing in vacation rentals targeted at affluent individuals, you’re better off going for a location with an exclusive vibe.

Upgrade Your Property’s Features

Depending on what you present your property to be, it may do better with added features, such as home automation. This DIY home automation guidehas some ideas on how to get this done. If your property is situated in a convenient location, and has features that will make things more convenient (e.g. automated lighting, Google Home, etc.), then someone will always have their eye on it.

Of course, this also applies to commercial real estate investments. One way of doing this is improving accessibility for people with disabilities, such as adding wheelchair lifts. Although the default target market of your property might be able-bodied people, providing access for people with disabilities is bound to attract more clients into your building.

Again, it all boils down to convenience. If you add features that will make people’s lives easier, then more people will find themselves in your property, whether it’s commercial or residential.

Improve Property Conditions

Clients are more likely to shortlist your property and ultimately choose it if it looks well-maintained. You don’t have to go overboard with this, though. One of the most common mistakes investors can make is to spend too much on beautifying their properties, thinking that it would instantly increase its value. While this might be worth it in some situations, the overspending is generally caused by grandiose goals for the wrong audience.

How can you make your property look well-maintained? Here are some renovation projects that you can look into:

    • KitchenKitchen renovations, if done right, can increase a property’s value by 80% to 100% of the renovations’ value. So, if you spend $15,000 on a supposedly $150,000 home, it can be sold for $162,000 to $165,000.
    • Plumbing: Clean running water is a necessity at all times. Rusty pipes are not only an aesthetic turn-off, they are also a health hazard.
  • Landscaping: A properly landscaped yard isn’t only pretty to look at; it also provides a more relaxing ambience to the property. Additionally, it can help decrease the monthly total of your energy bills.

Do Your Market Research

Of course, you also have to profile the kind of people you hope to rent or sell your properties to. To get the most out of your investment, you have to be in touch with people who can rightfully give you your property’s worth. Otherwise, no matter how profitable your property seems, it won’t pay off if you don’t study your target market. Choosing the right clients will help you avoid a significant mismatch with your target profit.

Conclusion

To make your real estate investment profitable, you must always keep in mind what its real purpose is. That way, you will be able to choose the best location and the best features that would attract your target market.

Source: nuwireinvestor

Protests and Trade War Wipe $50 billion off Hong Kong real Estate Stocks

Weeks of pro-democracy protests in Hong Kong are battering shares in the city’s property developers and pushing its benchmark stock index closer to a bear market.

About 446 billion Hong Kong dollars ($56.9 billion) has been wiped off the market value of the nine largest Hong Kong real estate companies since April, according to data from Refinitiv.
The Hang Seng Properties Index, which tracks a bigger pool of real estate developers in Hong Kong, has plunged 19% since its recent peak in April.
The broader Hang Seng index has fallen more than 16% during the same period. Both are at risk of falling into a bear market, which is defined as a drop of 20%.
Hong Kong is the most expensive city in the world to buy a home, with local residents and international investors alike paying huge money for small apartments in the financial hub.
The market slide began earlier this year because of the impact of the trade war on Hong Kong’s economy and China’s slowdown. The city’s political turmoil has piled on the pressure. Some of Hong Kong’s biggest real estate tycoons called Tuesday for the protests to end.
“Recent protests have triggered huge selling pressure for developers’ stocks, because people are jittery about the escalating unrest and no one knows when it could end,” said Louis Wong, director of Phillip Capital Management. “It has already dampened buyers mood on the property market.”
Hong Kong’s economy only grew 0.6% in the second quarter from a year ago, the weakest rate in a decade. Escalating protests have made the outlook even more uncertain, Wong said.
A weakening yuan could also crimp the buying power of mainland Chinese, who are the major buyers of Hong Kong properties. Several developers have postponed sales of luxury home projects this month.
“Developers are turning conservative about the market’s outlook. So they decided to pause and watch,” Wong said.
Sales of new homes plunged 60% in the past three months, compared with the first quarter, partly due to lack of project launches, data from Midland, a real estate agency, showed.
Why are Hong Kong protesters at the airport?
Separately, data from property agency Knight Frank showed Hong Kong’s residential sales volume fell 21% in July from a year prior.
The company predicted prices for mass housing in Hong Kong to drop 5% in the second half of 2019.
Sun Hung Kai Properties (SUHJF), a developer controlled by Asia’s third richest family, has lost HK$115 billion ($14.7 billion) in market value since its peak in April.
That was equivalent to nearly one third of its market value back then.
CK Asset (CHKGF), owned by Hong Kong’s richest man Li Ka-shing, has also lost more than HK$80 billion ($10.2 billion) in market cap since its highest level this year in early April.
Shares in Swire Properties (SWRAY), Henderson Land Development, Sino Land, New Development Development, Wharf Real Estate, Hysan Development and Great Eagle Holdings have all plunged more than 20%over the same period.
Source: cnn

Lagos, Estate Residents Bicker Over Facility Managers

The recent approval of facility managers by the Lagos State government to oversee its own housing estates across the state has pitched some resident associations against the authorities. The state had through the Ministry of Housing announced the engagement of facility managers to oversee its housing estates.

Some of the approved facility managers, include Arthur Momson Limited (Alhaji and Alhaja Adetoun Mustapha Estate Ojokoro); Akinpelu Akinwunmi and Associates (Abraham Adesanya Housing Estate Ajah); Power System Services Ltd, Baba Omojola Estate Gbagada, Jide Taiwo and Company(Millennium Housing Estate, Ibeshe) and Dolphin Direct Limited(Mobolaji Johnson Housing Estate, Lekki) among others.

Under the policy, facility managers will undertake arrangements for security personnel, refuse disposal, lighting of streetlights and cleaning and sanitation of jointly owned facilities and liaise regularly with the government on the state of the facilities.

The facility managers are to act as the agents of government in the management and maintenance of the estates particularly common facilities, while the residents pay the facility managers. Although, the government claimed that the policy was to tackle the deplorable of the estates, residents, however, are not comfortable with it especially when they are paying for the services.

Some of the resident associations, who had employed the services of estate managers for direct handling of the services, felt it was a ploy by government to rake in money from the appointed facility managers especially when it was not done through open bidding.
According to an official of new estate residents association, there was no need for a new facility manager as the estate already has one.

The official, who preferred not to be named, regretted the exclusion of the residents in the appointment. According to him, the estate will only comply after proper consultations with all the stakeholders.The Guardian learnt that several resident associations are averse to the policy because they were not carried along with the appointments.

Some of them, who have already employed estate managers for the maintenance of facilities in their estates, told The Guardian that it is a ploy to take over the jobs from them.They stressed that since government will not be the one paying for the services, there is no basis for such policy as they already have contracts with facility managers for the job.

According to them, what the government should do is to monitor adherence to the rules of engagement to ensure conducive, decent and healthy environment in the estates.

But the State said the policy was to give professional touches to the estates, some of which are in despicable conditions.Permanent Secretary of the State Ministry of Housing, Mr. Wasiu Akewusola, who spoke to The Guardian on the matter said, the policy was made in the best interest of the residents and the state.

According to him, before now, some the residents associations were managing them on their own but the state want professional activities and touches in our estates.The state, he said, do not want some retirees, who are executives of the associations managing the facilities because facility management is a profession on its own that requires skills and expertise not like claiming to be contractors in the construction industry.

He said: “We want professional touches in our estates that is why we said facility managers will be appointed in our estates not that we want to impose facility managers on them. But if any of the estates has a facility manager who is registered with us, they can have them in the estate. But not that the chairman, the secretary or officials of the associations will just be managing things and eventually destroyed many things believing that they are doing good to the estate.”

Akewusola said the ministry would continue to dialogue with the resident associations to resolve the gray areas. He stressed that the facility managers were not imposed on the estates. The Permanent Secretary said if they know that they have facility managers that are tested, that they believe on, they should register with the ministry after which they will be sent them back to them.

According to him, the policy behind it is that the facility managers are allowed to work and if they are not doing well, the residents can complain but not that the person has never work for them and they are complaining that they don’t want them.The Lagos state government has 18 existing housing schemes and 24 new ones; the appointment of facility managers is expected to create new jobs in the state.

Meanwhile, the Nigeria Chapter of International Facility Management Association (IFMA) has commended the State government on its plan to engage facility managers for the professional management of its estates.The groups’s acting President, Mr. Segun Adebayo, expressed readiness to support and complement this laudable initiative through advisory and recommendation of credible and reliable facility managers with professional capability and pedigree.

“This plan in our view is long overdue considering the value–adding benefits the government and the residents of the estates will derive from its effective execution. “It will not only promote the wellbeing of the residents but also create a sustainable model of management of the estate through professionalism and international best practice.

“The plan will also create jobs and employment for artisans and technicians in Lagos which will further translate to the preservation and enhancement of the life cycle of the assets in the estates in particular and the entire estate in general,” he said.

IFMA has been a progressive partner with Lagos State Government through quality collaboration with Lagos State Infrastructure Asset Management Agency and Government Technical Colleges in the State. The strategic partnership and collaboration with the State agencies and technical colleges has led to several initiatives like Facility Management Advocacy, Mentorship Programme for the student of the technical schools and celebration of World Facility Management Day, an annual global celebration of the achievements of facility managers across the world

Source: guardianng

Double-Digit Mortgage Rate Highlights Nigeria’s Fragile Macro-Economic Fundamentals

…NHF incapable of meeting everyone’s housing needs, experts say

High mortgage rate, which continues to deny many Nigerians the privilege of owning homes, portrays how weak macro-economic fundamentals are in Africa’s most populous nation, experts have said.

The experts, who spoke at Real Estate Investment Series (REIS) organised by K. ParkWood in Lagos, added that this weakness undermines the country’s ability to bridge its housing deficit and also provide affordable houses for low-income earners who form the bulk of Nigeria’s population.

In advanced economies, the mortgage industry contributes significantly to economic development with a single digit interest rate. The reverse is the case in Nigeria, where relatively high inflation rate and high mortgage rates hurt demand for housing.

Nigeria needs annual production of about 750, 000 housing units for the next 20 years to close its housing deficit. And this is a herculean task for a country stuck with low growth after a 15-month recession, even as limited access to funds lowers the performance of mortgage industry.

Kayode Omotosho, the executive secretary of Mortgage Banking Association of Nigeria (MBAN), in his presentation at the August edition of REIS with the theme, ‘Financing Home Ownership: A Focus on Mortgages and Housing Funds as Veritable Platforms’, maintained that mortgage rate was in double-digit because it was largely determined by market conditions.

“Market condition is what determines interest rate. We want to assure you that we are mindful that double-digit rate on mortgage is not the best; we are in talks with the Central Bank of Nigeria, but economic issues have to be addressed for mortgage rate to come down to single digit,” he said.

The MBAN boss assured further that his organization remained committed to improving funding sources for housing projects. Part of efforts in this regard, according to him, was the registration of nine mortgage brokerage companies, creation of mortgage default loss of job insurance scheme as well as collateral replacement indemnity scheme.”

“When these schemes are fully implemented, you will begin to see representatives of mortgage banks approaching you to assist with funds to actualize your housing dream,” he said.

Omotosho stressed that the National Housing Fund (NFH) loans are insufficient to meet the housing needs of every Nigerian, saying there is the need for multiple housing vehicles.

“Nigeria cannot survive only on NHF. We need private sector-led public-driven mortgage institutions in the country”, he said, adding that Canada that has less than a quarter of Nigeria’s population has about three housing vehicles.

In his speech, Ahmed Dangiwa, the managing director of Federal Mortgage Bank of Nigeria (FMBN), represented by the bank’s deputy general manager, Abiodun Fashina, stated that accessibility and affordability of mortgage defined the business model of the bank.

Fashina, in his presentation, noted that the lower-income earners, who account for over 70 percent of Nigeria’s population, are most affected by the country’s housing issues. He, however, maintained that low income of workers is the chief constraint to accessing housing facility.

Giving the performance scorecards of the state-owned FBMN, Fashina said as at the end of June 2019, the bank had 23, 199 registered organizations, 4.68 million contributors, 1, 125 registered co-operative societies, 21, 987 co-operative members, 20, 000 NHF loans disbursed, 2, 214 micro-loans worth N4.3 billion disbursed and N750, 000 mortgage loans refinanced.

He added that FMBN would partner National Employers Consultative Association (NECA) and Trade Union Congress (TUC) to construct 100 houses across the country’s six geo-political zones.

Kayode Ogundimu, the chief executive officer at Nigeria Mortgage Refinance Company (NRMC), represented by Dorothy Obata, Head of Business Development, noted that the firm has in the last four years raised N19 billion to refinance mortgages.

“We issued an N8 billion Series I bond in 2015 and another N11 billion series II bond in 2017. This shows how serious we are with our mandate to promote home ownership across Nigeria.”

REIS is the first investor-centric series birthed to deepen the knowledge base of individual and institutional real estate investors.

Source: businessdayng

Lagos Warns Against Alterations of Approved Designs by Residents of Government Estates

Share Lagos State Government has warned residents of state owned housing estates to desist from modifying or altering the approved designs of structures in the residential estates.

The Permanent Secretary in the State Ministry of Housing, Mr. Wasiu Akewusola, gave the warning during a meeting with the representatives  of the  Residents Association of Abraham Adesanya Estate at the State Secretariat last week.

According to Akewusola, it is in the best interest of all residents of government owned estates to stop alterations of buildings in government estates, adding that such alterations by residents   include restyling,  extension of, and additions to existing facilities and in some extreme cases, adding to levels of buildings.

He observed that these alterations  are deviations from the terms and conditions stated  in the deed of sub-lease signed by the two parties  and warned that it could lead to a penalty as stated in the Law. Akewusola noted that “The government owned  estates are designed and built by the state government in compliance  with global environmental and physical planning rules to ensure durability and liveability. Contravention of such standards often result in dire consequences such as reduced durability of structures both  for the home owners and people within the environment”.

Based on this , the Permanent Secretary then advised residents of government estates to desist from any form of redesigning of the buildings they occupy, as this may cause damages to the buildings  and the entire environment in no distant time.

He also underscored  the need for the residents to maintain the original  structural designs to   prevent future disasters, pointing out that “A building is a permanent load which capacity of erection can only be known and  accessed by certified engineers.

Source: vanguardngr

What Investors Need to Know For Profitable Investment in Commercial Real Estate Business

…as Greystone Tower opens for home buyers, investors, corporate tenants

Investing in real estate is an interesting, yet very intricate and challenging business. It is all the more challenging if the investment is in commercial segment of real estate, especially prime office space.

This explains why a prospective investor needs to know a few things this kind of investment needs in order for him to make profitable investment. There is need also to understand what both the external and interior parts of the space should be, or look like.

Professionals and marketers in this space advise that a commercial prime office building must have a flexible and technologically-advanced work environment that is safe, well-designed, well-built, and accessible. It should accommodate the specific space and equipment needs of its occupiers.

Udo Okonjo is the CEO, Fine and Country West Africa International-a real estate marketing, advisory and consultancy firm. The company has been operating consistently at the luxury end of the Nigerian real estate market and is reputed for successfully closing deals on many high end properties in Nigeria.

Okonjo explained to BusinessDay that in building a Grade A prime office space, special attention must be paid to the selection of interior finishes and art installations, particularly in the reception, meeting rooms and common areas. She added that well-maintained restrooms, lifts, provision of cafeteria, gym, crèche, smoking patio’s (terraces) should also be considered.

There are different methods of classifying Grade-A and Grade-B commercial office spaces. Okonjo points out that within the context of the Ikoyi and Victoria Island commercial office space offerings, Grade A buildings, such as the Greystone Tower, are unique in their location (accessibility) with a simple but iconic design and high construction quality.

Greystone Tower is an iconic mixed-use development strategically located at the intersection of two major business hubs in Victoria Island, Lagos. The building, designed by Majoroh Partnership and being built by Dori Construction and Engineering Limited, is standing on 18-floors.

According to the project managers, it has five floors of parking space; one of the floors consists of 4units of 3-bedroom residential apartments; there is a ‘concessionary floor’ with Restaurants, Creche, Clinic, Café & Gym. “Greystone promises to be one of the finest developments redefining the Lagos city skyline with its organic and responsive warm and clear glass façade,” the project managers assure.

Okonjo disclosed that at the building’s ‘Open House’ held a couple of weeks ago, developers, agents and investors were educated on the kinds of facilities that were made available, the selling points of the tower and why it was a great investment for both commercial and residential use.

The finishing of Grade A prime office buildings is always of the highest standards and, like Greystone Tower, they are equipped with technologically-advanced building safety, mechanical, electrical, and communications systems. Grade-A buildings are not only highly rated within their local communities, but are known to compete with similar developments in developed countries across the globe.

They also incorporate sustainability features and are value-engineered from the design stage to be Green/Leadership in Energy and Environmental Design (LEED)-certified developments.

Any standard prime office building must have features such as meeting/conference rooms; cafeteria, coffee shop; reception; with state-of-the art visitor management/access-control systems, as well as information central location for building directory, schedules, and general information.

The building should also have a common space and lounges for informal, multi-purpose recreation e.g the entertainment lounge at the Nestoil Tower and the water-front lounge at The Wings In Victoria Island, environment functionalities e.g. pressurized and fire-rated stairwells, railings at the staircases of the emergency-exits etc.

Provision of adequate alternative power-supply systems e.g. power generators and ups systems is also important just is necessary to incorporate water and sewage treatment plants; accessibility to the building at any time of the day – weekends inclusive

Other important features include provision of information technology dedicated server-room for each office unit, drivers lounge and maintenance room, dedicated kitchen; raised floor systems; energy efficiency – motion-sensored lights and water taps, and air-recycling systems Lagos’ state-of-the art security systems with closed circuit television cameras (CCTV).

There should be technologically advanced fire-alarm and fire-fighting systems – NFPA – 13 implemented; temperature monitoring in the critical areas e.g. Panel, ATS, control rooms etc; installation of health, safety and

Provision of adequate alternative power-supply systems e.g. Power Generators and UPS systems is important just as water and sewage treatment plants; accessibility to the building at any time of the day – weekends inclusive, and provision of information technology dedicated server-room for each office unit.

There is also need for drivers lounge and maintenance room, dedicated kitchen, raised floor systems, energy efficiency – motion-sensored lights and water taps and air-recycling systems.

Source: businessdayng

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