Real Estate

To curtail incessant building collapse in the country, the Council of Registered Builders of Nigeria (CORBON) has instituted instruments to ensure builders comply with the law, national building code and adopts international best practices.

The Federal Mortgage Bank of Nigeria (FMBN) has performed a ground breaking ceremony for the construction of 130 houses in conjunction with Mshel Homes Limited through its Staff Multi-purpose Cooperatives Society Limited, in the Federal Capital Territory.

The General Overseer, Redeemed Christian Church of God (RCCG), has dedicated the church’s 14-storey building; ‘Trinity Towers’ built by the City of David, a Parish of the RCCG.

Despite sluggish economic outlook globally, high-net-worth individuals including Nigerians have continued to invest in Dubai, which boosted the luxury market and saw a record 90,881 residential transactions in 2022, exceeding the historic high of 81,182 in 2009.

In a renewed effort to provide houses for the low-income families, the Federal Government has completed its Family Homes Estate in Darmanawa, Kano State.

Real estate practitioners have identified creativity as one of the essential tools needed for wealth creation, especially in the real estate sector. They spoke, at the weekend, during Mega Summit 2023 entitled: ‘Strategies for Increased Financial Growth’, organised by TeamFocus Realtors Group, in Lagos.

Given the increasing population and demand for decent and affordable shelter, Lagos State government has called for partnership with the private sector to bridge housing deficit in the state.

To address challenges of housing deficits in the state, Oyo authorities plan to construct 20 more housing projects and expand Government Reserved Areas (GRAs) in partnership with professionals. The Commissioner for Lands, Housing and Urban Development, Mr. Olusegun Olayiwola, who gave the assurance at the inauguration of 15th executive of the Nigeria Institution of Estate…

As adverse weather conditions, and climate-related emergencies reduce and degrade affordable housing stock across continent, members of the African Union for Housing Finance (AUHF) are seeking resilient, safe and adequate housing to improve quality of life of households and reduce environmental impact in the residential construction industry.

Nigeria has been scored low in the 2022 Global Real Estate Transparency Index (GRETI) released by JLL and LaSalle Investment Management. Out of 156 cities across 94 countries and territories covered globally, Nigeria was ranked 60.

Pan-African housing development financier, Shelter Afrique has approved $13 million line of credit to Lagos-based real estate firm, Mixta Real Estate PLC.

Given the challenges facing the real estate industry, the President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Johnbull Amayaevbo has advocated increase in infrastructure spending at the federal and state levels, as well as reduction of bureaucratic processes in transactions.