Industry

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

1
Nigeria’s Real Estate Sector Projected to Grow by 10% Annually
2
The Top Contractors Changing Lagos’ Office Skyline
3
Police to Build Housing Units for Junior Officers
4
3D Printing: Future of Building Construction?
5
Agent Spotlight: Mr Patrick Ogungbola
6
Types of Mortgage Loans
7
Agent Spotlight: Mr Segun Ogunbiyi
8
Real Estate Investment in Ibeju-Lekki
9
Improvements For Festac Residents
10
Retail Real Estate Boom in 2014

Nigeria’s Real Estate Sector Projected to Grow by 10% Annually

The real estate sector have always been a growing sector and has recently become one of the most profitable sectors of the Nigerian economy. The growth rate of this sector in recent times can be attributed to various factors including an expanding middle class, foreign direct investment and others.

According to the Managing Director of The Infrastructure Bank (TIB), Mr Adekunle Oyinloye, while delivering a paper at a business forum in Lagos, the sector is expected to grow by 10 per cent annually in the next 10 years. He also stated that according to the Nigerian Bureau of Statistics, The Nigeria real estate market was valued at approximately N1.4 trillion in 2011 and has risen to N6.5 trillion in 2015. Read More

The Top Contractors Changing Lagos’ Office Skyline

The amount of office space under construction continues to grow as developers increasingly make bets that the requirements for prime office space in Lagos will rise. Some of the contractors/construction companies helping these developers build their assets have emerged as market leaders and this infographic seeks to illustrate this. Based on available data collected, this infographic ranks the contractors changing Lagos’ office skyline by number of office projects and size of leaseable office space under construction/constructed.

Over the past 5 years buildings like Churchgate 1 & 2, KPMG Tower, Eko Tower, Sapetro Tower, NITEL & Union House have defined Lagos’ office property skyline. New office development projects like the Civic Center Tower, Heritage Place, The Wings and Nestoil Tower among many others coming up across town are beginning to transform the city’s skyline. Read More

Police to Build Housing Units for Junior Officers

On Wednesday June 4th, 2015, the Inspector-General of Police (I-G), Mr Solomon Arase, mandated the Police Works Department to build 6,000 units for the junior officers in the force. Arase gave the mandate at a one-day workshop held for officers of the works department in Abuja.

The I-G, however, said that corrupt officers would not benefit from the project. He said 500 units of the houses should be located in each of the 12 Police Zonal Commands across the nation. Arase, who mandated the department to complete the houses in six months, said it was part of efforts to improve the welfare of junior officers. Read More

3D Printing: Future of Building Construction?

The construction industry has always been plagued with the issue of how to cut costs and save time while maintaining the quality of the building that will be constructed. The answer might be just around the corner as a company in China, The WinSun Decoration Design Engineering Co has discovered a new way to build quality houses while saving time and cost.

3D printing has begun to take over almost any form of construction including the basic industries. The question is whether it will also take over the building construction industry or not. Will the quality of the construction march that of the present day construction method? Will it be affordable? Will it be acceptable? These questions and more are some of the questions that will be answered as this invention takes hold. Read More

Agent Spotlight: Mr Patrick Ogungbola

Meeting trustworthy agents has always been a cause for worry in this part of the world and due to the current surge in the real estate sector of the economy as well as the gap which allows for quacks in the industry, We have a notion that it is better for you to meet the agents and get a mind grab of who they are and what their companies stand for.

Towards that end, meet one of Hutbay’s prominent real estate agent. He is a man that is highly passionate about the industry and the real estate profession. Read More

Types of Mortgage Loans

A loan, as we know are funds that organizations such as banks, lend to businesses/ individuals for different reasons. Applying for a loan means using Other People’s Money which is a very big deal in the world of financing. Getting a loan differs with every organization, there are however some processes you have to go through before you are deemed fit enough to be given that loan.

It is vital to prove that you are an upstanding citizen, honest and of high integrity. A dishonest person will often not be granted a loan.
Banks are in the business of giving loans and the more they loan to honest borrowers, the more profit they make. Read More

Agent Spotlight: Mr Segun Ogunbiyi

Every prospective client wants to have a peek at the integrity and professionalism of the agent who is in charge of the property they are about to buy or rent. Below is an interview with Mr Ogunbiyi Olusegun, one of Hutbay’s agents.

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  Name: Ogunbiyi Olusegun

  Company: Charis Global Resources

  Years in the Business: A little over six years.

 Q: What factors have contributed to the growth of your business?

A: I would say that the most important factors that have helped grow my business are tenacity, consistency and customer satisfaction. When your aim is to leave a happy and satisfied customer, you would always aim for the best. Read More

Real Estate Investment in Ibeju-Lekki

The future of Lagos real estate is here and it lies in the Ibeju Lekki development. Ibeju Lekki, is the newest Development and is fifty kilometres from the city’s centre. It borders Lekki Lagoon in the north and faces the Atlantic in the South. This area is fast developing and is offering unlimited opportunities to Estate developers, Water Transporters, Industrialists, Tourists and lots more.

Another great thing about this Ibeju Lekki zone is that it has easy access to places like Epe, Ajah and Victoria Island.
It also promises ninety-nine years of lease alongside fifty years of concessionary right of the Zone’s operation, tax free services and one stop approvals for all permit and operating licences.

There’s some more great news; the development will house the Lekki Free Trade Zone, a project that was approved by the Chinese Government in 2007 as one of the overseas economic and trade cooperation zones. Read More

Improvements For Festac Residents

Just like other countries, Nigeria is not a classless society; there is a form of segregation based on how much is in a man’s bank account. Most times, you will know which class someone belongs to by virtue of his or her investment in real estate. What properties do they own? Where do they reside?

Lagos may be a place for all classes of people, but not all Lagos cities are equal in real estate’s eye. FESTAC town is one of such places that are meant majorly for certain types of people. Improvements are on-going at the Festival town also known as FESTAC. FESTAC is known to harbour mostly middle/working class citizens. These set of people were the beneficiaries of the estate after it had served its purpose during the Festival of Arts and Culture hosted by Nigeria in 1977. Read More

Retail Real Estate Boom in 2014

For the average real estate consumers  and investors, 2014 heralded a better time in Nigeria’s real estate industry.

Last year, Nigeria became Africa’s largest economy with a GDP of $522.64 billion in the country’s 2014 Q3 release; this decidedly put the country on the top list of investors both local and international.  But to avid real estate investors, that isn’t the really amazing news; the year 2014 witnessed an expansion of Nigeria’s retail market on a large scale.

This is evident in the revolution of the real estate market especially with the influx of shopping malls and complexes. The advent of these malls have redefined Nigeria’s shopping culture and nuances of the consumers in both upper class and emerging middle class. Read More

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