A combination of heightened uncertainty and eroding affordability is expected to cut into demand and contribute to a weaker real estate market in 2019, and 2018 harsh economic realities made the sector to underperform in terms of yield and returns, according to industry experts. While the economy remains weak, demographic fundamentals remain strong, lack of clear policy in 2018 impacted…
Environmentalists have called for more efforts to restore the country’s depleting mangrove as well as the reclamation of the desert. According to them, Nigeria has one-third of the entire mangroves in Africa but it is currently being degraded by human activities while the country is also losing about 351,000 hectares of its land mass to desert conditions annually. The Nigerian…
Following increasing growth in Nigeria’s low and middle income population, stakeholders have called for the unlocking of the real estate sector to drive national development. They said with right reforms and political will, the sector will spearhead a momentous growth because of high demands of housing occasioned by the increase in working age population. The stakeholders, who spoke at the 4th…
Following increase in natural disasters that have ravaged communities around the globe, a new search for architectural designs that will withstand such catastrophe has begun in earnest. The World Bank, UN-Habitat, Build Academy, Airbnb, and Global Facility for Disaster Reduction and Recovery are promoting the competition that majorly targets architects around the world to develop designs for resilient, modular and affordable homes that…
Stakeholders are worried about the poor state of facilities in federal government/state owned housing estates in the country, which are suffering from negligence and lack of maintenance. Maintenance of existing housing stock has been in the front burner without any concrete action or blueprint by the authorities. For instance, the Nigerian Housing Policy (NHP) didn’t provide for the maintenance to…
An international real estate expert, Mr. Bill Endsley has revealed that investors would not commit huge capital to the housing industry due to risks involved in investment and lack of transparency in transactions. To boost investment in the country, he suggested that the federal government should put in place risk mitigating measures for institutional foreign investors in the housing market….
The lack of market information with which to benchmark valuations or support investment decisions is affecting prospective investors from committing funds to the real estate sector. The severity of situation has continued to remain a black box within the industry. While some firms have established own proprietary data and others have started to publish useful market research, which experts say,…
As a means to tame urban migration, town planners have advocated for efficient planning across all levels in the country. They say, the myriads of woes facing Nigerian cities could also be tackled through a more dynamic and innovative strategy and plans for basic infrastructure for the rural residents as well as adjoining settlements that are closer to major city…
Caught in the middle of harsh economic realities, the nation’s real estate sector is witnessing a worrisome trend as developers and investors continue to bow to market forces, thereby reducing the quality of housing deliveries. Construction materials alone constitute over 70 per cent of the cost of housing delivery, especially where low- income households are concerned and over 50 per…
Property owners trying to sell their properties in flood-hit parts of the country are yielding to pressure to drop prices as demands for homes in some of the affected locations have reduced drastically, The Guardian investigation has revealed. After weeks of flooding in major cities, especially in eight states, some houses have been submerged in water, forcing the occupiers and…
