Real estate business might not be very buoyant at the moment. The reasons are not far-fetched; the ongoing economic challenges in the country which has resulted in the fluctuation of naira against other currencies (dollar and pounds) and has made some people to put on hold investment in real estate, while a number of would-be investors have to contend with the task of locating investment opportunities in markets that offer the greatest long term growth and stability, and or investment in other endeavours. Read More
This is a new twist to real estate 419 scams used against unsuspecting real estate agent. In this case, the agent is a high profile, highly professional estate firm.
In the early hours of Tuesday, May 9, 2017 at about 7:17am, this writer received a call from someone who said his name is Gbenro, and that he is very interested to buy our fully furnished 5 bedroom detached duplex at Chevy View Estate, Chevron, Lekki, Lagos going for N88million. He assured during the telephone conversation that if he can view the property, and he likes what he sees, he will like to pay immediately.
With this assurance, we quickly arranged for the immediate inspection of the property at about 10:00am the same day. The current owners/vendors of the property – Mr. & Mrs. Augustine (not their real name, to protect their identity) are still living there; Mr. Augustine has just been transferred to the Abuja branch of his company, hence the need for relocation and sale of the property. Read More
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
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
The real estate industry across Nigeria in Q1 of 2016 has performed generally below market expectations. Some attribute this to the prevailing economic conditions in the country especially the continued fall of the Naira against the Dollar, the limitation on access to forex placed by the government and the yet-to-be signed 2016 budget.
In this report, prepared by Residential Actions Company (RAC), the author focused on the Lagos real estate market and put pieces together than can be of great use to the real estate investor.
Download the report here: Spotlight On Lagos Housing Development Market [PDF]
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
Housing delivery system in Nigeria is a combination of many interrelated components which include land, infrastructure, building materials, policies, building regulations and more importantly the finance component. Finance in housing delivery is very important because of the huge financial requirement for housing production. Many researches have been conducted along this line by scholars in the building industry and suggestions were made on the need to strengthen the cooperative housing system in Nigeria in order to ameliorate problem of housing finance. Read More
Real estate agency is a highly paying and rewarding business or job, but like any good things, it comes with a catch. There are too many real estate professionals who entered the business for what they perceive as easy big money commissions. Few months down the line,they find out the hard way that they’ve over-simplified what it will cost them to get, initiate and land deals. There are monetary costs and a lot of work is required to be successful.
Too many newbie real estate agents fall within their first year because they didn’t develop a plan and follow it for success in becoming a real estate agent.
The following are some of the “secrets” of a successful real estate agent:
They return calls and emails at lightning speed: These are the people that get a lead and don’t let it go. They immediately make contact and they follow up. They answer any questions and are happy to stay on the phone with nervous clients. They are the warriors of email, text, and phone and they keep that rhythm right up through the whole transaction, one agent calls it his land, sea, and air approach, reaching out to clients through as many channels as possible in the beginning even using Skype. Read More
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
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