New trends for 2018 are already beginning to emerge for which investors,developers, brokers and agents will need to keep up with and adjust accordingly. A few of them are as follows.
The Nigeria Real Estate Summit & Expo (NIRESE), in its 5th edition, is Nigeria’s most important real estate event and gathers the most influential players from the industry for two days of trade, networking and learning through premium conferences and dedicated exhibition zones.
Attracting over 2,500 visitors including real estate investors, top government functionaries, C-level business executives, investment brokers and high net-worth principals, NIRESE provides an exceptional opportunity to:
- Interact with the industry’s leading experts as they analyze emerging real estate ideas and explore current opportunities and challenges in the Nigerian real estate market.
- Meet and network with institutional and private investors, real estate financiers and joint venture partners
- Create new partnerships and alliances; develop relationships through new networking opportunities while strengthening relationships with existing ones.
- Showcase and sell top real estate projects, properties, products and services to keen and ready investors at the event.
To address the impact of the geopolitical, economic and societal challenges facing the real estate industry and create new sources of growth, stakeholders need to adapt and rethink their strategies by collaborating with new players and creating new forms of business. The NIRESE Summit offers insights, inspiration and solution-oriented tools to turn ideas into actions.
The problem with Interior Design is that a lot many people confuse it with Interior Decoration. While the former refers to designing an entire living space from scratch, the latter refers to decorating an existent living space with added furniture and upholstery. Interior Design is indeed a science that is bound by its own elements and principles and yes, it is not as simple as one imagines it to be! Generally interior designers go by the rule book that states that ‘There are 7 elements and 7 principles of Interior Design’.
“Interior design is the process of shaping the experience of interior space, through the manipulation of spatial volume as well as surface treatment. Not to be confused with interior decoration, interior design draws on aspects of environmental psychology, architecture, and product design in addition to traditional decoration.
An interior designer is a person who is considered a professional in the field of interior design or one who designs interiors as part of their job. Interior design is a creative practice that analyzes programmatic information, establishes a conceptual direction, refines the design direction, and produces graphic communication and construction documents. In some jurisdictions, interior designers must be licensed to practice.” – Source :Wikipedia
Every person in the market looking to rent a real estate property expects to find a property that meets his or her needs and preferences. How then can one ensure that a rental real estate property will offer value for money? These are some factors to consider when renting a real estate property.
When it reaches a time to own a home either through cash buying or a loan, it is prudent to consider using a real estate agent. It will avoid making a mistake that many people make and pay for it heavily. Today, there are numerous agents who can help you buy a home fast and conveniently. Hutbay is one such agency, and they have helped many people get their dream home. Choosing to use this method has the following benefits.
Tenant rights are more important than you probably realize and the first step towards protecting your rights as a tenant is to know what those rights are. Without knowing these rights, you put yourself at the mercy of landlords and caretakers in Nigeria. Before we delve into your rights as a tenant, let us start by establishing who a tenant is within the ambit of the law as well as the real estate space. A tenant is a person who occupies land or property rented from a landlord and is subject to the payment of rent. With this established, let us proceed to examine tenant rights and what they mean to you as a tenant in Nigeria.
Here are the some challenges developers’ faces in the built environment
- The issues of Omo-onile: You have to part with a lot of money to get land and be able to use the land. If it’s a country where the government has got full control according to the 1978 Land Use Act, we would get assistance from them as partners whereby they provide the land while we provide the houses. If we can get the cost of land out of the budget of housing, we would be able to sell them at a very reduced rate. But in a situation whereby we have to pay for the land, taxes and what have you, I’m sorry we can’t have the affordable housing we wish for.
- Getting good people to work with: People are difficult to work with. A lot of them don’t want to work but want to get paid. To get the right people has always been difficult. A wise man once said you must earn your keep and keep your earn. There are still good people though. It’s just difficult to get them
- Contending with economic policies: This is a big task. The government sometimes come up with policies that could send you back to your village but you have to be able to manoeuver your way around it and still find a way to comply. Some of these policies have killed so many businesses but nonetheless, the government still tries to introduce policies that would favour us. Although, most of the policies they came up with so far have crippled our businesses.
- Funds: For instance, a house that you ordinarily want to sell for 40 million naira will have to be sold for as low as 20 million because you need off-takers to kick-start the business. When you get the money, you don’t look at the margin, you just want to build and deliver. At the end of the day, you would have lost a lot of money before you start selling at the original price.
- Infrastructure development: In a situation where you have to provide your roads, drainage, poles, strings, transformers, light etc. there is no way you can regulate your price. Infrastructural development is a huge burden which has really affected this business a great deal because if you don’t have what it takes to provide all these, you will be out of the business
- Trust: Trust has been abused by many developers. There are a whole lot of Nigerians in diaspora who wants to come back home and invest but they have been swindled by families and relatives. Their trust has been betrayed and they have become so hard to convince.
Image source: www.naij.com
At what point in life should an individual begin to consider acquiring a land and building his first house? Buying a house, is one of, if not the most significant investment most people make in their lifetimes.
The phrase ‘The sooner the better’ is often being thrown around in a lot of steps we take in our lives. But, this phrase could confuse a potential real estate investor. On one hand, those in their mid-20s to 30s are sometimes encouraged to consider the option to buy a house due to the availability of spare money, while on the other hand, those in late-40s or early-50s consider real estate as a liability of a lifetime.
However, it is wise to recognize where you are in life and you financial capabilities as you decide whether or not to buy.
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