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Multigenerational households are on the rise, according to new data

The real estate and construction industry will increasingly have to grapple with an older population and consumers who want homes that can house extended families

The United States is currently experiencing sustained, decades-long growth in multigenerational households, according to recent research, though nearly a century of focus on single-family housing means this transition also raises challenges.

Today, up to 41 percent of Americans who are buying a home isalso considering accommodating a family member from another generation, such as an elderly parent or adult child, according to research first reported by Fast Company from John Burns Real Estate Consulting. That figure stands in stark contrast to the middle decades of the 20th Century when only a small minority of Americans lived in multigenerational households.

Data from the Pew Research Center shows that in 1950, 21 percent of Americans lived in a multigenerational household. That number continued to fall over subsequent decades, eventually bottoming out in 1980 when it hit 12 percent.

Since then, however, the number of Americans living in multigenerational households has been rising, eventually hitting 20 percent in 2016. And, as the research from John Burns Real Estate Consulting suggests, even more, people are apparently considering a multigenerational living arrangement.

Though multigenerational households are still in the minority, Fast Company argues that there are some significant drawbacks to the single family households that dominate the U.S. Those issues include social isolation, a lack of community and cities that are forced to allocate vast resources for moving around people “who want to live conspicuously apart.”

“There’s been so much emphasis on independence and on privacy that we really designed community right out of our lives without knowing it,” architect and housing consultant Katie McCamant told Fast Company.

There are significant challenges when it comes to accommodating the growth in multifamily households, the largest of which is perhaps — as Fast Companypoints out — that much of the housing in the U.S. is comprised of single family homes. This type of housing tends to require a car to get around and can be especially challenging for seniors who eventually lose the ability to drive.

A Lennar Next Gen floorplan. Credit: Lennar

However, the market is beginning to adapt to an older population that wants to age in place — and potentially live with family. Homebuilder Lennar, for example, currently constructs houses that are designed to accommodate multiple generations. The homes are part of Lennar’s “Next Gen” program, which the company says “opens the door to an array of financial and logistical benefits, while providing the opportunity to share the comfort of your home with loved ones.”

The program is currently active in 14 states.

Families that can’t or don’t want to build a multigenerational house from scratch are turning to other strategies, such as adding onto existing homes or building an apartment in the backyard. Fast Company describes this as a more common option. And indeed such add-on spaces are often referred to as “mother-in-law” apartments, a moniker that speaks directly to their role in housing extended family.

Other options exist as well. McCamant, the architect who spoke to Fast Company, works with communities to build co-living housing geared specifically toward seniors. There are also various home-sharing options, such as seniors renting out rooms to younger people and college students.

All of these options, however, point to a clear trend: both attitudes about housing and the type of housing that is available is shifting. As a growing number of baby boomers reach old age, then, the question is what exactly the future of real estate will look like.

“It’s really about a proactive approach to: What do I want to do with this last third of my life and how do I set myself up for that?” McCamant told Fast Company.

Source: By JIM DALRYMPLE II

Housing market continues cooldown Home-price growth slows in March

After accelerating at a steady clip for several years, home-price growth has slowed this spring as the housing market continues to cool down.

Home prices increased just 3.7% year over year in March, according to the latest data from CoreLogic, increasing by just 1% from the month before.

And, prices may continue to decelerate, as CoreLogic predicts that home prices will decrease by 0.3% from March to April.

“The U.S. housing market continues to cool, primarily due to some of our priciest markets moving into frigid waters,” said Ralph McLaughlin, deputy chief economist at CoreLogic.

But CoreLogic says things will pick up from there, forecasting a 4.8% year-over-year increase by March of 2020.

“The broader market looks more temperate as supply and demand come into balance,” McLaughlin added. “With mortgage rates flat and inventory picking up, we expect more buyers to take advantage of easing housing market headwinds.”

CoreLogic also revealed that 35% of the country’s 100 largest metropolitan areas had an overvalued housing market in March 2019, while 26% were undervalued and 39% were at value.

The company also released the results of a survey measuring consumer-housing sentiment in high-priced markets, revealing that 76% of renters and buyers in high-priced markets said housing prices are driving rental rates up.

“The cost of either buying or renting in expensive markets puts a significant strain on most consumers,” said CoreLogic President and CEO Frank Martell. “Nearly half of survey respondents – 44% of renters – cited the cost to rent in high-priced housing markets as the No. 1 barrier to entry into homeownership. This is potentially forcing renters to wait longer to have the necessary down payment in these communities.”

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Source: By Jessica Guerin

These 10 markets will see the most home-price growth in the next year

Ten markets will see residential property values rise an average of 7.85% in the next year – more than twice the 3.7% rate projected for the rest of the country, according to the latest VeroFORECAST from Veros Real Estate Solutions.

But while this might sound great, the average growth of the top 10 is a half-percent drop from the 8.3% we projected last quarter. This is part of a softening that, while significant, is simply a slowing down of most markets.

The overall housing market is still expected to remain healthy, as the fundamentals – including historically low interest rates and a strong economy with low unemployment rates – remain strong.

Other than that, our Top 10 list has been consistent in two areas. First, it continues to be made up almost exclusively of small-to-modest-sized markets, where low housing supplies and steady population growth are driving higher demand. Second, it tends to be made up of MSAs in Northwestern states. Seven MSAs in our Top 10 are in Idaho and Washington.

The Lone Star State is also ranking high. Midland and Odessa form the Combined Statistical Area where most of the state’s oil production activities are headquartered, making it the fastest-growing region in the nation from 2010 to 2015.

The final MSA in this report’s Top 10 is the exception to the small-to-modest-sized MSA rule. And, not only is it the one large market in the Top 10, it’s one of the largest in the United States.

Here are the 10 markets projected to see the highest rates of appreciation through March 1, 2020:

  1. Idaho Falls, ID……………………………………………………………… 10.2%
  2. Odessa, TX……………………………………………………………………. 8.8%
  3. Boise City-Nampa, ID……………………………………………………… 8.7%
  4. Bellingham, WA…………………………………………………………….. 7.8%
  5. Olympia, WA…………………………………………………………………. 7.6%
  6. Midland, TX…………………………………………………………………… 7.5%
  7. Phoenix-Mesa-Glendale, AZ……………………………………………. 7.1%
  8. Spokane, WA…………………………………………………………………. 7.0%
  9. Yakima, WA…………………………………………………………………… 6.9%
  10. Kennewick-Pasco-Richland, WA…………………………………….. 6.9%

Source: By Eric Fox

FG unveils real estate data collation, management programme

In the bid to facilitate robust housing delivery and investment, the Real Estate Development Association of Nigeria (REDAN), has inaugurated a National Real Estate Data Collation and Management Programme (NRE-DCMP).

Mr Ugochukwu Chime, REDAN President, at its 2019 Building Expo in Abuja on Monday, called on state governments to respond to request for land administration information, to enable state’s real estate data to be reported upon.

“We propose that any state government that is unwilling to embark on the needed structural improvement should be blacklisted from receiving investment.

“Creating mortgages on equitable interest is a ticketing time-bomb and is therefore unacceptable,” he warned.

The News Agency of Nigeria (NAN) reports that the NRE-DCMP, was initiated by REDAN and Central Bank of Nigeria (CBN), to collate property price index nationwide in order to solve housing problems in the country.

The estate data which was aimed at getting a confirmed housing deficit figure towards mitigating the challenge, was hoisted on Nigeria Mortgage Refinance Company (NMRC) website, “hmip.nmrc.com.ng”, for public usage,

Chime described the real estate data which provided information for planning, investment analysis and direct energy towards policy decision, as a novelty activity of stakeholders, piloted in 36 states and FCT.

“As for the Federal Government, the Ministry of Power, Works and Housing, CBN and the Planning Ministry, this effort of the NRE-DCMP, calls for your support to make real estate development a catalyst in the development of Nigeria’s economy.

“The current huge transaction time and cost being encountered with the 37 land administrators, 36 states and FCT in Nigeria is a great barrier to investment flow into the real estate sector.

“Shelter Afrique has refused to invest in many parts of Nigeria, especially Abuja, because of this challenge”.

The surveyor said that the model mortgage law, foreclosure law and multi-door court process, must be adopted expeditiously by all the 37 land administrators.

He said that the theme of the expo, tagged “Real Estate Development, the Bedrock for National Economic Stability’’ was aimed at showcasing housing as a tool for employment generation and inclusive economic growth.

Mr Hakeem Ogunniran, Chief Executive Officer of Eximia Reality Co. Ltd., described real estate as the potent lever for socio-economic transformation, shelter, jobs and infrastructure development.

In his key note address, Ogunniran stated that real estate was estimated to grow from 3.813 billion dollars in 2019 to 7.48 billion dollars in 2021.

He said that real estate could transform an entire community, create additional jobs, increase property value, residential development and revenue generation.

According to him, its significant growth and neighbourhood development could eliminate slums.

Ogunniran expressed hope that the estate would address growth inhibitors in the sector,  by encouraging availability of funds and good titled land, stem multiple regulatory agencies to guarantee real estate growth.

Source: By Emmanuella Anokam

Dubai Developers Offer Heavy Incentives to Attract Property Buyers

Lucrative incentives, innovative payment plans and freebees are tempting investors and tenants to own a home in Dubai as developers are going the extra mile to dispose of unsold stock ahead of potential upcoming supply of over 50,000 homes this year.

Developers in Dubai are pulling out all the stops to win over buyers for newly launched and existing projects by extending post-handover payment plans on off-plan properties to ready homes as well as arranging bank financing for initial down payment of the property.

Extended post-handover payment plans from three years to anything up to 15 to 20 years, rent-to-own schemes and guaranteed rental returns are now the industry norm as the developers get creative to compete with other investment markets.

Experts?and analysts said it is a win-win situation for both developers and buyers as Dubai real estate market enters into a maturity phase and shows stability despite more than 27 per cent decline in prices since the peak of mid-2014.

Lynnette Abad, director of Research and Data at Property Finder, said developers have become quite creative over the last few years to sell their properties, both under construction and ready stock. The most popular have been the post-handover payment plans, rent-to-own and new schemes such as the one offered by Emaar and DMCC, she said.

“Developers are very aware that they need to be creative with new offerings to attract more foreign direct investment and be competitive with other popular investment markets,” she said.

Market insiders said developers have been playing the role of banks to stimulate demand for both off-plan and ready properties with ingenious payment plans. This is because under the current loan-to-value requirements in the UAE, the majority of buyers find it difficult to raise bank finance, and establish a foot on the ladder, due to hefty deposits and fees required.?

“As the real estate sector matures, developers need to come up with innovative schemes to attract buyers. Rent-to-own and extended payment plans are crucial in attracting home buyers,” said Rizwan Sajan, founder chairman of Danube Group.

He said more than 80 per cent of the UAE expatriates still live in rented homes and most of them have a wish to own their home in Dubai and these payment plan will surely help them.

“In the coming years, we expect more innovation to drive the growth of the real estate sector in Dubai,” he said.

“In 2014-15, we launched trend-setting one per cent monthly payment plan that helped us to attract thousands of end-users who had earlier been priced out of the market. Since then, we sold more than 5,000 units in the last 5 years.

“We have successfully converted thousands of tenants to home-owners. Going forward, these innovative schemes will help attract more end-users and home buyers to Dubai’s real estate,” he said.

Public, private developers?

While government-affiliated developers are the ones offering flexible payment plans and rent-to-own schemes for ready homes, private players are jumping on to the bandwagon as well. Nakheel is offering a payment plan for the Al Furjan villas and townhouses where buyers can move in now and pay across seven years. Customers only need to put down a five per cent deposit. Other perks include no Dubai Land Department fees, two years free service charges and two years free club membership.?

The latest incentive deployed by Azizi Developments for a newly launched scheme in Al Furjan is to partner with one bank for down payment loans while another financial institution will service the remaining portion of the mortgage. This has been conceptualised to bring in people who cannot afford the initial down payment.

Shaher Mousli, chairman, Arthur Mackenzy Properties Group, said extended multi-year payment plans and rent-to-own schemes are a norm in many parts of the Western world, however it is the developer-financed projects that are able to offer the level of flexibility that the buyers in today’s market expect.

“With offers like 10-year and 15-year rent-to-own schemes direct from the developer in the market, we foresee a sizeable part of UAE residents becoming homeowners,” he said.

 

“International investors have traditionally been unable to benefit from local banks with little or no offerings to suit them. Such payment plans directly from developers will surely add to the surge of international investors ahead of Expo 2020,” he added.

Rent-to-own schemes?

Rent-to-own schemes could see a good take-up since tenants only need to produce a small down payment unlike the 25 per cent sought by banks for mortgages. Even industry giant Emaar Properties is offering back-loaded payment plans for a slew of its off-plan projects across Dubai. The developer offered post-handover payments for buyers of ready villas in Arabian Ranches 2, where the average price is D1,160 per sqft.

Emaar is also providing a scheme at a Dubai Hills Estate project where buyers of an apartment get a three-year renewable business licence, three-year renewable family residence visa and 100 per cent business ownership in DMCC.?

Similarly, Sobha Realty is offering a discount on school fees for those buying an apartment in its project – Hartland Greens, where the average price for off-plan projects is Dh1,870 per sqft, according to DLD data.?

Haider Tuaima, head of Real Estate Research at ValuStrat, said any payment plan that minimises down payments with monthly payments not exceeding 30 per cent of an income is a welcomed news by expats working in the country seeking to become owner-occupiers.

“As the market matures, master developers and sub-developers alike, become further aligned with market demand, and since current demand is biased towards affordable housing, we can expect more innovative payment plans for the medium term,” he said.

“It would be prudent that such plans are designed around a buyers’ ability to re-pay in the long term and that appropriate credit checks are taken by the seller at the outset of the agreement,” Tuaima said.

Guaranteed returns

In a bid to offload unsold stock from their inventory, developers are also offering a guaranteed rental return for several years on their serviced apartments to bring in investors. Damac Properties in particular has been piloting such schemes. However, longer payment plans can also result in higher property prices for buyers. Such properties are always traded at a significant premium to the general market price.?

Even in the rental market, big developers like Dubai Properties are offering up to 12 cheques and adding in sweeteners like a month’s free of rent to fill up unoccupied units in communities like Remraam and Ghoroob Mirdif.

Source: khaleejtimes

Absence of Trust Threatens Investment in Nigeria’s Real Estate Market, Says Developer

Chief Executive Officer, Photizo Properties, Patrick Oriyomi, has said some investors shy away from investing in real estate in Nigeria because of the lack of trust.

According to him, “real estate in Nigerian, especially in Lagos has been bastardised by lots of quacks that embezzle investors’ money, leaving the investors in misery.”

He noted that over-taxation on properties and difficulty in getting Certificate of Occupancy (C of O) were also part of the challenges disrupting investments in the real estate sector in Lagos.

Oriyomi said: “I have a property that is free and gazetted already but the process has taken us more than four years and yet, the C of O has not been gotten. This also shows that some C of O’s have not been gotten in Lagos.

“There should be a regulatory body in the real estate sector that would regulate how things are done. Everything should not be left for the court to handle because some of these challenges can be handled without getting to court.

“In United Kingdom (UK), from the day you put in money into real estate, you can actually calculate your return on investment for the next 10 years but it’s not so in Nigeria.

In Nigeria, one can buy a property for N100 million and sell it the same day for N120 million and this is because we don’t have strong laws that regulate investors and investments in the sector.

“There should be a body that regulates realtors and property agents in Nigeria if quackery must be stemmed. There should be certain exams and training, which realtors should undergo and they should have the regulatory identity to distinguish professionals from quacks.”

He admonished realtors to undergo training before they move on, to market real estate products to investors, noting that it would distinguish them from quacks.

However, he urged government to boost the business-enabling environment in order to encourage investments in the nation’s housing sector.

In her remarks, another real estate expert at Photizo, Maureen Okpoebo, noted that ignorance of some people to understand the importance of real estate was also a challenge facing the nation’s housing sector.

She maintained that Nigeria as a country has not properly harnessed the opportunities that could come from giving comfortable homes to its masses.

She said: “If you check in other countries, they no longer sell lands itself. They sell rooftops and spaces. Nigeria has not properly seen the importance of real estate and is yet to tap into its enormous benefits.

“A lot more needs to be done in terms of housing, lands and procurement of spaces. The government should create awareness by educating people on the importance of lands, good environment and having convenient homes.”

Okpoebo urged the government to look into land laws in terms of land surveying, land registry and property taxation to enable low-income earners in Nigerians to benefit from investing in the nation’s housing sector.

In her remarks, Chief Executive Officer, Vivacity PR, Oluwakemi Areola, said the programme was aimed at inspiring Micro, Small, and Medium Enterprises (MSMEs) in the real estate sector to further improve their skills and ideas to grow Nigeria’s real estate sector.

She urged MSMEs in the sector to re-evaluate what they are doing and re-strategise to get better results.

By Bennett Oghifo

How Start-ups Can Invest in Sector to Reduce Rental Expenses

Landlords invest in rental properties to make money. Their profit is determined by the rental income received minus your expenses. Reducing the expenses you have associated with the rented property is one way to increase your bottom line. Here are some great tips from thebalancesmb for reducing the utility bills at your rented property.

Reduce expenses, increase profit

Any bill associated with your rented property that you are able to reduce will help to increase your potential profit. Electricity, gas and water bills are three separate areas that you can work on reducing.

The monthly rent is not the only expense tenants have to consider when finding a place to live. They are often responsible for paying the utilities as well. Lower utility bills can help make your apartment more affordable and make prospective tenants choose your property over other comparable units.

Taking steps to reduce your utility bills often coincides with making improvements to your rented property. These improvements could be small changes like swapping out older light fixtures for newer LED versions or it could involve larger changes, such as swapping out older appliances for newer energy efficient ones.

When you replace older items at your property with newer versions, you will often reduce the number of maintenance calls you have to make to the property. For instance, LED lights can last for 10 to 20 years. Newer windows can help cut out drafts and reduce heat complaints.

Tips for reducing gas, electricity bills

There are several steps you can take to help reduce the gas and electric bills at your rental property. These include:

Cleaning HVAC filters: When the filters on your HVAC units are dirty, the unit has to work harder and not as efficiently. To ensure optimal performance, you should change these filters every month.

Turning down temperature on water heater: Lowering the temperature on your water heater can help save you money. Consider lowering the temperature from 140 degrees to 130 degrees or even 120. The more you lower the temperature, the bigger your savings. Going from 140 degrees to 120 can save you anywhere from five to 20 per cent a year on your water heating costs; depending on the water usage and the specific utility company.

Buying a programmable thermostat: At the very least, you should have a programmable thermostat for the common areas of your rental property. You can set the temperature to vary throughout the day and night to account for exterior temperature fluctuations and hours when you are usually away from the property.

Installing LED light fixtures: LED lights to use far less energy than older fixtures. You should consider replacing all old incandescent, fluorescent or other lighting at your rental property. Not only can LED lights cut your electric bill by as much as 25 per cent, LED lights last on average between 10 and 15 years; so, they require virtually no maintenance.

Insulate: Properly insulating your property can also help to reduce energy costs. While you may not want to go and rip open every wall in the property, you can add insulation to areas that are already open, like attics or crawl spaces. Proper insulation can help keep the property cooler in the summer and warmer in the winter, therefore, reducing energy bills.

Swapping out old appliances for energy star appliances: According to EnergyStar.gov, replacing a 20-year-old refrigerator with a new Energy Star model can save you approximately $150 over five years. You will achieve similar savings when replacing additional appliances, such as stoves and dishwashers. While they will cost you more money upfront, they will save you money in the long term

Installing new windows: Replacing older windows with new double pane windows can help reduce drafts in your property, therefore, helping you save on heating and cooling costs. They also have the additional benefit of helping to reduce noise.

Replacing boiler: Replacing an older boiler with a newer energy efficient model can help reduce costs. Look for models that have an energy efficient rating of 90 per cent or better. You should also properly insulate the boiler room to help maximise efficiency.

Tips for reducing water bills

There are several ways you can help reduce water usage at your rental property. These include:

Fixing leaks: Fixing leaks in shower heads, faucets and toilets can help reduce water usage. Drips and leaks can increase your water bill by as much as 10 per cent, so they are worth addressing.

Low flow shower heads: Low flow shower heads will significantly reduce water consumption. Most low flow shower heads have a water rate of 2.5 gallons per minute. The more shower heads you replace in your rentals, the more significant the savings.

Faucet aerator: You can install low flow aerators on existing bath or kitchen faucets, which will help to reduce water flow. You can also purchase new low flow faucets. WaterSense faucets have a water flow rate of 1.5 gallons per minute, which is a 30 per cent reduction from the typical water flow rate of a faucet.

Low flow toilets/dual flush toilets: In the mid-’90s, the law mandated toilets to have a maximum flush power of 1.6 gallons per flush. You should replace any older toilets in your rental property with low flow toilets because these older toilets could be using as much as three to seven gallons of water per flush. You could also consider installing dual flush toilets. These toilets have an even lower flow option for liquid waste, usually between 0.8 and 1.2 gallons per flush, and approximately 1.6 gallons per flush for solid waste.

High-efficiency washer: If you have a washing machine at your rental, consider upgrading to a high-efficiency model. These washers use less water and less energy than traditional washers.

Source: By Feyisayo Popoola

FG to launch Real Estate Data

The Real Estate Developers Association of Nigeria (REDAN) will launch its National Real Estate Data Collation and Management Programme (NRE-DCMP), which is designed to help tackle housing problems in Nigeria, including housing deficit this week.

The event is part of the two-day Expo starting tomorrow from at Shehu Musa Yaradua Centre, Abuja. NRE-DCMP was initiated by REDAN and Central Bank of Nigeria (CBN) to collate property price index nationwide to solve housing problems in the country.

According to the body’s President, Rev. Ugochukwu Chime, the data, collated from national land administrators on pre-construction, construction and post construction activities nationwide would be hosted on the Nigeria Mortgage Refinance Company (NMRC)’s website for public usage.

Chime bemoaned how before now there was a big misrepresentation of housing data in the country which has not really helped the sector.

“I have been in different fora where ministers representing different various ministries in Nigeria outside this country were giving different data about the same issue, which is embarrassing.

“We need data for planning; we need to know where we need those houses, so we organised it in such a way that the CBN agreed to work with us to tackle housing sector crisis.

“The data emerged from developers profile and capacity, demand and affordability profile of the market within a given locality and household condition survey.

He said that the association collaborated with CBN, World Bank, Ministry of Power, Works and Housing, Federal Mortgage Bank of Nigeria (FMBN) , NMRC , Value Chain, NpopC, and other stakeholders.

Source: The Guardian

Over taxation, others ravage nation’s housing sector – experts

Experts in Nigeria’s real estate sector say over taxation, weak regulation, quackery, among others, are ravaging the nation’s housing sector.
Speaking at a talk show organised recently by Photizo Properties in Lagos, Patrick Oriyomi, CEO, Photizo Properties, said some investors shy away from investing in real estate because of lack of trust.
According to Oriyomi, real estate in Nigerian, especially in Lagos, has been bastardised by lots of quacks that embezzle investors’ money, leaving the investors in misery.
He noted that over taxation on properties and difficulties in getting Certificate of Occupancy (C of O) were also parts of the challenges disrupting investment in the real estate sector in Lagos.
“I have a property that is free and gazetted already but the process has taken us more than four years and yet, the C of O has not been gotten. This also shows that some C of Os have not been gotten in Lagos.
“There should be a regulatory body in the real estate sector that would regulate how things are done. Everything should not be left for the court to handle, because some of these challenges can be handled without getting to court.
“In UK, from the day you put in money into real estate, you can actually calculate your return on investment for the next 10 years, but it is not so in Nigeria.
“In Nigeria, one can buy a property for N100 million and sell it the same day for N120 million and this is because we don’t have strong laws that regulate investors and investments in the sector.
“There should be a body that regulates realtors and property agents in Nigeria if quackery must be stemmed. There should be certain exams and training, which realtors should undergo and they should have the regulatory identity to distinguish professionals from quacks.”
In her remarks, another real estate expert at Photizo, Maureen Okpoebo, noted that ignorance of some people to understand the importance of real estate was also a challenge facing the nation’s housing sector.
She said Nigeria as a country had not properly harnessed the opportunities that could come from giving comfortable homes to its masses.
“If you check in other countries, they no longer sell lands itself. They sell rooftops and spaces. Nigeria has not properly seen the importance of real estate and is yet to tap into its enormous benefits.
“A lot more needs to be done in terms of housing, lands and procurement of spaces. The government should create awareness by educating people on the importance of lands, good environment and having convenient homes,” she said.
She urged the government to look into land laws in terms of land surveying, land registry and property taxation to enable low-income earners benefit from investing in the nation’s housing sector.
Also, Oluwakemi Areola, CEO, Vivacity PR, said the programme was aimed at inspiring Micro, Small, and Medium Enterprises (MSMEs) in the real estate sector to further improve their skills and ideas to grow Nigeria’s real estate sector.
She urged MSMEs in the sector to re-evaluate what they were doing and re-strategise to get better results.
Source: By Ifeoma Okeke 

NIQS to empower members technologically to enhance performance

The Nigerian Institute of Quantity Surveyors (NIQS), Lagos Chapter, has reiterated its commitment to continually empower members to enhance service delivery to the society.

Making the revelation, the Chairman Lagos NIQS, Mr Ayuba Akere, at a workshop organised by the institute in Lagos last week, said the workshop themed: “Cost Management and Contract Administration of Road Projects” will make operators in the profession to keep abreast with new technologies evolving in the profession to remain relevant in the country.

Akere noted the world was evolving and new technologies was being invented on daily basis so, for operators to remain relevant the profession must not be left out. He said that, dearth of skilled workforce in the housing and construction industry hinders infrastructural development in Nigeria.

According to him, the gap in Nigeria’s construction industry could be attributed to the dwindling stock of competent skilled construction workers and the influx of unskilled. He said inefficient and dissatisfied workers who see the building sector as a last resort was also a major factor.


“Training/upgrading the skills and capacities of operators in quantity surveying profession is one of the major cardinal points for setting up the Institute. The motive of the workshop is to keep members abreast with the latest methodologies in road construction contract management.
“This is necessary so that when the Federal Government will roll-out its proposed road and construction projects, the quantity surveyors can gainfully be involved,” Akere said.

Speaking in the same vein, Managing Director, Pinconsult Associates, Mr Olarinre Williams said that quantity surveyors, as key players in road contract management, need to have deep knowledge of designs and materials involved.

Williams said that the workshop was an intensive training programme focused on road engineering forms of contract used in the construction industry. He stressed the need for human capacity development, particularly in the housing and construction industry.

“Asides evaluating the cost of construction projects, quantity surveyors should have deep knowledge of the engineering designs and materials used in construction contracts. If Nigeria will have the fund for infrastructure development, the skilled human capacity for execution of the projects will be lacking.

“Many foreign construction companies are operating freely in Nigeria, but no Nigerian construction firm can leave this country to another country and effectively operate. This is because they lack the skills/competency and government support that other countries give to their indigenous companies,” he said.

According to him, there is need for more collaboration among players in the industry for efficient delivery and infrastructure development. He, therefore, called for government concerted efforts towards creation of the enabling environment that could

Source: Sunnewsonline

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