Industry

News and happenings that matters in Nigeria’s real estate industry

1
National Assembly Moves Against Land Use Act
2
Photos From The Sogenal Tower Launch
3
NIESV Advocates Establishment Of Real Estate Transaction Agency
4
Green Light for N844bn 4th Mainland Bridge
5
FG Earmarks N40bn For Affordable Homes as Housing Crisis Looms
6
Beyond Banners – Real Estate as a Career
7
Lagos State Unveils Urban Development Projects for Megacity Initiative
8
Know Your Rights and Duties Under the Lagos Tenancy Law
9
Lagos Ranked Among Least Liveable Cities Globally
10
Nigeria falls to 4th Position in African Retail Index

National Assembly Moves Against Land Use Act

A constitutional amendment is in the works at the National Assembly to repeal the 1978 Land Use Act in order to remove contentious areas. It is taking this step to make land easily accessible to Nigerians, according to Senate President Bukola Saraki.

Disclosing this on the 19th of July 2016, while opening the Abuja Housing Show, he said the Senate was awaiting a committee report on the Land Use Act, which may be ready before the end of September 2016. Read More

Photos From The Sogenal Tower Launch

Sogenal Group and Eris Property Group on July 14th launched the Sogenal Tower Development in Lagos at the first of many events to be held in key cities across Africa and Europe.

The development, which will be located on the corner of Cameron and Kingsway (Alfred Rewane) Road, will offer 11,560sqm of Grade A leasable space spread out over 14 floors. Read More

NIESV Advocates Establishment Of Real Estate Transaction Agency

The newly elected president of Nigeria Institute of Estate Surveyors and Valuers (NIESV), ESV Bolarinde Patunola-Ajayi has called on the federal government and State governors to establish Real Estate Transaction department to avoid illegal extortion by quack agents and surveyors.

Briefing newsmen in Abuja shortly after the maiden Council meeting since his assumption of office, he noted that the agency already functional in Lagos State would checkmate the excesses of non-registered agents as provided by the law. Read More

Green Light for N844bn 4th Mainland Bridge

Following a promise made by the Lagos State Government last month, the Memorandum of Understanding (MoU) to kick-start the construction of the 38km 4th Mainland Bridge was signed on May 25th, 2016.

The 4th Mainland bridge will be completed through a Public Private Partnership (PPP) initiative and is expected to cost N844billion. It will be financed by Africa Finance Corporation, Access Bank as well as other private investors who have already signified interest, while Visible Assets Limited will act as the coordinating firm. The new bridge will accommodate three toll plazas, which are still being tested for financial viability. Completion is expected in three years (±2019/2020, depending on when construction starts). Read More

FG Earmarks N40bn For Affordable Homes as Housing Crisis Looms

The Federal Government has earmarked N40 billion in the 2016 budget to implement a comprehensive housing development plan for Nigeria to avert a housing crisis in the country. President Muhammadu Buhari disclosed this last week, in Abuja, at the 35th Annual General Meeting and international symposium of Shelter Afrique, a pan-African real estate finance institution.

Buhari, who was represented by the Minister of the Federal Capital Territory, Muhammed Bello, said for Nigeria to adequately avert a housing crisis in the next four years, it must consciously build one million housing units annually to reduce the current national housing deficit estimated at about 17 million units. Read More

Beyond Banners – Real Estate as a Career

This article was written by Chinwe Ajene Sagna and it first appeared on JLL’s blog.

There is a general misconception on careers in real estate. I recently spoke to a group of young people who spoke derisively about the profession, describing it as “hustlers who don’t even know the landlords and are going from house to house looking to make small change.” There are a number of these informal estate agents who at best have tenuous relationships with property owners and for the most part act as go-betweens between tenants and principal agents.

These agents interact with many people and end up serving as the public face of the industry, but this is not a true representation of our profession. When you go just below the surface, you find that there is more to a real estate career than hanging banners advertising a property “To Let” or “For Sale”. Read More

Lagos State Unveils Urban Development Projects for Megacity Initiative

In a communique released on March 15th 2016, the Lagos State Government (LASG) unveiled plans to partner with suitable entities on a Public Private Partnership basis for the development of shopping malls, hotels, recreation parks, Zoos, theme parks and residential apartments. The LASG requested that entities with track record express interest in specific sites across the city, which are now available for development.

The effort is part of a Megacity Initiative where Lagos State is pushing to provide infrastructure and facilities that will enable the city cope with its large population. Read More

Know Your Rights and Duties Under the Lagos Tenancy Law

Tenant-Landlord relationships in places like Lagos can be very murky. The expectations of the Landlord from its tenants and vice versa may not overlap and this often lead to crisis. Most times, the crisis ends up in a stalemate leading to the tenant arbitrarily settling the score with the landlord on the streets.

The Lagos state government, in 2011, chose to address this very important part of life in Lagos by enacting the Lagos Tenancy Law. It spells out in clear terms the duties, responsibilities and legal obligation of both the tenants and landlords. If you are a tenant or a landlord in Lagos, it is important you are knowledgable about your duties and obligations under the law.

Download the PDF here: Lagos Tenancy Law 2011

Lagos Ranked Among Least Liveable Cities Globally

New analysis from the Economist Intelligence Unit (EIU) has shown that Lagos maintained its position at #137 in a survey examining liveability conditions in 140 cities across the world. Similar to 2014, Lagos ranked with the likes of Damascus in Syria, Dhaka in Bangladesh and other cities in Zimbabwe and Libya.

The liveability score is reached through analysis of five category weights, that consider factors like Stability, Healthcare, Culture and Environment, Education and Infrastructure. These indicators are scored and weighted to produce a rating, where 100 means that liveability in a city is ideal and 1 means that it is intolerable. Lagos scored 39.7. Read More

Nigeria falls to 4th Position in African Retail Index

A.T. Kearney’s 2015 African Retail Development Index (ARDI) placed Nigeria in 4th position, two places lower than its ranking in 2014 as a result of comparatively low true spending and difficult business environment. The Index covers the top 15 retail markets in Sub-Saharan Africa (SSA), ranking each on a 0 to 100 point scale, where a higher ranking means greater urgency to make an entry into the country. The scores were based on market attractiveness, country and business risk, market saturation and time pressure. Read More

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