ChangeAgent Property

Poised to boost the retail sector of Nigeria’s real estate industry, a consortium of firms has floated N20 billion Real Estate Investment Trust (REIT). The newly berth REIT, promoted by Top Services Limited, a close-ended Real Estate Investment Trust company would be managed by a firm, Messrs First Ally Asset Management. Speaking during the signing of the Memorandum of Understanding (MOU), in Ikoyi, Chairman, Top Services Limited, Chief Tokunbo Omisore, said his company spearheaded the flouting of the REIT because of the need to grow the retail sector of real estate industry. Omisore, an architect, said the growing urbanization in Nigeria is driving the opportunities for organized retailers (Shoprite, SPAR) to enter the market.

The Federal Mortgage Bank of Nigeria (FMBN), Shelter Afrique, and the Real Estate Development Association of Nigeria (REDAN), have signed a $2 billion Memorandum of Understanding (MoU) towards achieving 10, 000 housing units yearly across the country. The project is scheduled to last for the next 10 years. Minister of Works, Power and Housing, Mr. Babatunde Raji Fashola, who spoke at the event, observed that the money which will be provided by Shelter Afrique, to FMBN, represents a strategic partnership that would deliver affordable housing through mortgages at low interest rate.

Honeywells Despite the nation’s economic recession, which has slowed down investments in the real estate, Tobykemsworth, a real estate developer has launched its iconic Honeywells Garden in Maryland, Lagos. Honeywell’s Garden is conceived as an estate for medium and high-income earners and choice prototypes and building design. Future house owners in the estate backed with the Governor’s consent and

The precast concrete being assembled at the factory site in Abuja A new building technology making its way into Nigeria’s construction industry is offering yet another bait to mass housing developers, with a concept that claims the ability to enhance efficiency by 70 times compared to traditional construction methods. At a precast factory, which will cover over the 100,000 square metres‎ of land, situated close to the Abuja Train Station in Idu Industrial Area of the territory, a demonstration project has commenced and, if the expectation of the promoters are anything to go by, the new technology will support the efforts of the Federal Government in reducing the huge housing deficit in the country estimated at over 17 million. Behind the German technology in Nigeria, is one of the nation’s leading real estate developer and construction firm, CTSR Group Limited. The company plans to set up its second factory along the Lagos-Ibadan Expressway in the second quarter of the year. A

Mowe in Ogun State… one of the suburbs With areas that were once affordable now out of reach, low-income renters are being forced to outskirts and border towns in major Nigerian cities.The soaring cost of renting is pushing tenants away from the centre of most capitals. For instance, Lagos, Abuja and Port Harcourt are now experiencing the highest demand from prospective tenants. The persistent changes of use of certain streets from residential to commercial have also put pressure on property owners to increase their rents for apartments.   Studies show that affordable housing is becoming increasingly out of reach for many low- and even moderate-income renters in the nation’s urban centres and their surrounding suburbs, as supply did not keep pace with this growth in demand, vacancy rates decreased, the average number of people living in a rental unit increased, and, in most areas, rents rose. The situation is worsened by the recession in Nigerian economy due to different mo

Unknown to many landlords in Lagos, the tenancy Laws of Lagos State, which came into force on August 24, 2011, has proved a panacea for the rising cases of disputes arising from tenants’ inability to pay rents. Section 13 subsection (1) of the tenancy law  also prescribes the length of notice to be given where there is no agreement between the landlord and the tenant to determine the tenancy, which are; a week’s notice for a tenant at will, one month’s notice for a monthly tenant, three months’ notice for a half- yearly tenant and six months’ notice for a yearly tenant. However, sub section (2) of section 13 further provides that in the case of a

The Lagos State Government is to invest 500 million dollars on redesigning and completion of housing units at Ilubirin and Ijora-Badia. The state’s Commissioner for Housing, Mr Gbolahan Lawal, made the disclosure in an interview with the News Agency of Nigeria on Wednesday in Lagos. Lawal said the investment would be done in collaboration with private partners and that the venture would create 10,000 direct jobs.

Chudi Ubosi The Nigerian chapter of the International Real Estate Federation (FIABCI) plans to honour and promote individuals and institutions recognized as drivers of growth in the real estate sector. The award by the federation is an integral part of its Annual Award and Business Dinner 2017 and will help motivate the domestic real estate space, as well as drive excellence, encourage

This is an article we wrote in June 2012 on the concerns of residents of Victoria Island. Tagged “Victoria Island loses residential appeal” it goes thus: Living in Victoria Island can be a privilege few people can lay claim to. But while there are advantages of living there, the flipside cannot be ignored. One of the benefits residents enjoy is that it is considered to be relatively more secure, accessible and self-contained. Also, because of the proximity to their offices and businesses, residents do not need to spend hours in traffic everyday as many do in Lagos. However, the increasing commercialisation of the