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Nigeria’s real estate sector to record 5.39 per cent growth

Notwithstanding the negative growth recorded in 2016, the real estate sector is expected to grow at an average rate of 5.39 per cent between 2017-2020.

The growth, experts said, would however depend on the supports from private and public investments, agricultural revolution, favourable oil prices, increase in volume of oil production and capable political leadership.

This is the forecast of Real Estate Industry Outlook 2017 presented by Cromwell Professional Services International (PSI), a real estate research and advisory body in Lagos, hinted that the sector will record a flat or modest recovery from the sector’s decline in 2016.

Cromwell revealed that the real estate market was less vigorous in 2015-16 due to the country’s macro-economic and socio- political challenges, which led to suspension of some planned real estate development projects, slow down in growth of rents, inflation of construction materials and labour costs.

The Country leader, Cromwell (PSI), Sola Enitan explained that Nigeria remains a major driver of growth for the real estate industry going by its population currently estimated at over 180 million and with the yearly average growing rate of three per cent.

Other major growth drivers identified include rising urbanisation, growing middle class, increasing investment from local participants that include Pension Funds and Mutual funds; growing number of High Net Worth Individuals (HNWIs) investing in real estate, and targeted intervention by the Federal Government in the housing finance sector.

Enitan also identified increased Foreign and Domestic Investment (FDI) as another significant driver of growth for the real estate industry expressing hope that in the long term, the industry is expected to experience an increasing entry of foreign investors, increased joint venture arrangements and development of secondary cities in Ibadan, Owerri, Abeokuta, Enugu and Kano.

To him, if the new bills pending in the national assembly like the Infrastructure Development Bill, Engineering Registration Act (Amendment) Bill 2016, Nigeria Industrial Development and Zones Bill 2016, Nigerian Assets Management Agency Establishment and Regulatory Bill 2016 and the HB 521 National Housing Fund Act (Amendment) Bill 2016 are successfully passed into law in 2017, they will impact positively on the real estate industry.

Speaking also on the outlook for the six -geopolitical zones, the organisation’s head of strategy, John-Paul Iwuoha stated that findings from trends across Nigeria revealed a real estate market weakened by socio- economic challenges.

He however noted that some states and regions have remained resilient.

“The Market Analysis for Lagos State shows one of the highest property values in Nigeria and one of the widest variances in value from one location to another within the same state/territory. The effects of the economic recession have affected the prime and luxury segments of the property market. However, overall property values remained robust, especially in the mid-market segments.

“The Federal Capital Territory also has one of the highest property values in Nigeria and one of the widest variances in value from one location to another within the same state/territory.

“The effects of the economic recession have adversely affected property values in the FCT with high vacancy rates, especially in the prime real estate segment. This is especially obvious in the poor year-on-year return for 2016”, he noted.

According to him, market analysis, in the North West, the real estate market prices have stayed relatively flat. Kaduna’s prices continue to suffer from protracted ethno-religious conflicts while in the North East, the instability, destruction and human displacement caused by the Boko Haram conflict has led to a slump in real estate market prices.

Iwuoha stated that in the Southeast property prices will continue to experience steady appreciation buoyed by increasing market participation while market analysis for South-South shows that the real estate market prices will likely continue to experience moderate growth in 2017.

For South-west, property prices in that zone, he said have remained resilient in the face of economic challenges.

10 Tips for a Powerful To-Do List

Your to-do list can be your biggest asset but can also be a liability, if not properly managed. The aim is to stay productive, efficient and effective at the end of the day.

Here are 10 Tips for a Powerful To-Do List:

  1. Consciously prioritize – Categorizing tasks into low, medium, high, and top priority tells you what needs to be done first.
  2. Set the urgency – When does the task need to be done? Today, tomorrow, a week from now, a month from now. Tasks that need to be done today would be higher on your list than those that need to be done in a week
  3. Determine the effort involved – Sending a quick email to a friend or co-worker is easier than creating a report. The differences in effort for these tasks are important to note. Categorizing a task as easy, average, hard, or brutal really gives you insight. For example, complete brutal tasks if you have a ton of energy and feel productive, and easier tasks when you feel you’re having an off day
  4. Use technology to help you – Time management software is a great way to stay organized. There are a ton of options out there, and a lot are affordable or free. I recommend only using one or two. Too much technology can actually make you less productive.
  5. Assess spontaneous tasks critically – Here’s how it plays out. Someone contacts you and says,”You need to do this now! It’s urgent.” Is it really? Or is that person just trying to put themselves at the top of your to-do list. Be sure to critically assess the importance whenever you’re given a spontaneous task. Run it through the priority, urgency, and effort test. That way you can be deliberate about what gets added.
  6. Segment projects into tasks – One of the most valuable skills on this planet is the ability to take a project and break it into manageable tasks.
  7. Review and edit the list throughout the day – The to-do list is a living, breathing document that can change at any moment. It is a direct reflection of who we are because it controls what we do. Review it throughout the day and edit it as needed.
  8. Review and assess progress – You should schedule a time at the end of the day to assess your task list. Why did a task take longer than you thought? Why was a task so easy then you thought it would be hard? This self-evaluation helps you understand your workflow.
  9. Include calendar events – Cross-referencing your to-do list with your calendar will help you find the time gaps where you can get stuff done.
  10. Make time for your life– Be sure to add fun activities and hobbies to your to do list. For example, I add rock climbing to my list because I love it. You should do the same for what you love to do.

Source : timemanagementninja.com

 

Uzo Oshogwe, MD/CEO, Afriland Properties Plc, Joins GRI Advisory Board, Chairs First Lagos Club Meeting

The Managing Director/CEO of Afriland Properties Plc, Uzo Oshogwe, has been named to the GRI Club Africa Advisory Board, a global group of real estate leaders with the foremost aim to strengthen global networks while holding high level debates with other global investors.

While chairing the first ever Lagos club meeting which was held at Radisson Blu in Lagos, she stated that though there have been huge challenges in West Africa real estate industry recently, the market has not bottomed out.

Other topics discussed at the gathering were investment opportunities in Anglophone vs Francophone West African countries, real estate recovery plans as well as markets that offer good returns on investment.

The GRI club meeting holds in Frankfurt, London, Milan, Madrid and other countries across Europe covering specific themes, sub-sectors or micro-markets.

Uzo is an exceptional leader who has played an integral role in redefining Africa’s real estate with over 20 years’ working experience, mainly in Information Technology, Banking and Real Estate. She also holds a professional certificate in Real Estate Management from Harvard Business School.

See more photos below:

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Top 3 Construction Trends in 2016

Change is indeed constant. Although combining yesterday’s rules with today’s trends might be a tough task, technology is constantly evolving and changing the landscape of many industries.

The construction industry is rapidly shifting to meet the needs of the modern society. This can be attributed to the urge for smarter homes as well as sensitivity to the effects of global warming.

In construction, the materials used play a vital role in the quality of your end product. It is one of the most important decisions you will have to make.  The doors, electrical systems and equipment, surface finishing, furnishing, metals, carpentry, windows, you just have to be certain on the sustainability of these materials.

As the world moves from the conventional way of building houses but still strives to maintain the same if not a better experience, here are the top 3 construction trends in 2016.

Solar Energy

Installation of solar panels on the roof a building generates free power at no cost. The reason for rise in popularity is quite obvious, the cost of electricity continues to soar. Making it one of the top trends in 2016.

solar panels

Green Buildings

This is also known as green construction or sustainable building. The need for energy efficient and environment friendly processes throughout a building’s life cycle keeps growing;  from siting to design, construction, operation, maintenance, renovation, and demolition.

It also has a low impact on the earth.

Green Building 2

Modular Designs

Modular designs and the use of prefabricated building materials are not new in construction but it is gaining popularity again. It is a faster and smarter method of building and has become hot in the industry.

Modular buildings are usually stronger than conventional constructions because each module is engineered to independently withstand the rigors of transportation and craning onto foundations.

modula design 2

Senate pledges speedy passage of national building code

To forestall increasing cases of building collapse in the country, the Senate has promised a speedy passage of all necessary legal frameworks on the revised National Building Code.

Senate President, Bukola Saraki gave the assurance, while declaring open the public hearing by the Senate Committee on Lands, Housing and Urban Development on “The Need to Prosecute Building Laws Violators”.

The Upper Legislative Chamber according to Saraki, who was represented by the Senate Leader, Senator Ahmad Lawan, would also employ more aggressive oversight scheme.

He noted that the forum would help the legislature to “provide a platform to undertake a detailed and thorough investigation with the engagement of all the relevant stakeholders with a view of finding possible and lasting solution to these preventable housing disasters.

“Working together we will all rid our country of this menace, if not in its entirety but bring to the barest minimum the occurrence of these disasters and also very importantly purge the construction industry of all forms of unsafe and negligent acts in the construction processes”.

Lawan added that Nigerians had in recent times endured unacceptable incidences of building collapse, which have sadly claimed the lives of a number of our citizens, lamenting that “many cases of building collapses have been recorded with about many lives lost, yet very few people are held responsible”.

He, however said that cases of building collapses were not peculiar to Nigeria, but added that across the world building development practitioners are working hard to reduce these incidences to the barest minimum, saying “rate of occurrence and the intensity of damage are low in the advanced nations where strict controls, enforcement of the codes and high ethics of professionalism are made imperative.

“In our country, the principal causes of these collapses are non-compliance to the building laws, use of unskilled artisans, poor supervision, inferior materials, ignorance, lack of maintenance, misuse of structures, conflicts among professionals and corruption.

“The lack of enforcement of our building laws and flagrant violations is directly connected to the exacerbation of this problem. It could also be said that the non-adherence to this laws may also be linked to the other problems we see now with the constant infernos being recorded at market places across the country and other public places and other housing disasters.

Earlier, chairman of the committee, Senator Barnabas Gemade, stressed the need to prosecute building law violators in the country, saying that “the incessant building collapses in the country had given the government and Nigerians sleepless nights due to the huge loss of lives and property”.

Originally published in The Guardian

FG plans N13b civil servants housing fund

Determined to cushion the effects of accommodation challenges facing workers, the Federal Government has announced plans to create a N13 billion housing fund.

Although the details are still sketchy and at its early stage, it was gathered that the office of the Head of Service of the Federation is sourcing for the huge sum, which would be deployed to the Federal Government Staff Housing Loans.

Under the scheme, the N13 billion will be made accessible to beneficiaries, mainly civil servants, while those seeking for loan of N5 million will not pay equity contribution, and others above N5 million is expected to pay 20 per cent of N8 million housings and 30 per cent for N15 million.

The Executive Secretary of Federal Government Staff Housing Loans Board, Dr. Hannatu Fika who made this known at the monthly lunch of Bureau of Public Service Reforms (BPSR) in Abuja, regretted that workers had misused housing loans in the past and largely responsible for the failure of execution of government’s housing project.

In a separate development, the original landowners of Centenary City have appealed to the authorities of Federal Capital Territory (FCT) to return their land to them without further delay.They made the demand due to irregularities of the project. The land was taken from them, without compensation or re-allocation papers from the FCT authorities.

The landowners who made these known when House Committee on FCT investigating the project on oversight visit, said they had gone far with the work on the site when the government revoked their allocation and failed to compensate them.

A representative of the land owners, Felix Osuji told the Committee Chairman, Herman Hermbe that his firm alongside with others got the allocation papers for the land in April, 2011 from the former FCT minister, Senator Bala Mohammed, which 75 titles were issued on Centenary City.

“We submitted our plan. We’ve developed 200 houses at different levels of completion. But in January 2013, I went to the site and a paper was handed over to me by our security man that our property was taken over,” he said.

FCTA to review staff housing plots for corporate organisations

The FCT Administration will review plots of land allocated to corporate organisations meant for staff housing that have not been developed.

The FCT Minister, Malam Muhammad Musa Bello, said this when the Managing Director and Chief Executive Officer of the News Agency of Nigeria (NAN), Mr. Bayo Onanuga and some officials of his organisation visited him.

The minister said the review had become necessary as some of these organisations have been unable to develop the plots of land.

He said, “The FCT Administration will review allocations of plots meant for organisations’ staff houses for eventual reallocation to more serious and capable organisations.”

The minister decried the activities of vandals in the Federal Capital Territory, saying that funds used to replace cables and other public facilities vandalised were enormous and could better be utilised in providing other services that are begging for attention.

Speaking earlier, the Managing Director/Chief Executive Officer of the News Agency of Nigeria, Mr. Bayo Onanuga, said his team was at the FCTA to deepen their relationship for mutual benefits and also requested for a plot of land to build a NAN Village for staff houses.

Originally posted in Daily Trust

‘Revised Ikeja master plan will address infrastructural challenges’

Current efforts by the Lagos State government to revise the existing Ikeja Model City Plan is to address infrastructural challenges in the capital city with a view to making it more sustainable, organised, liveable and investors friendly.

The State Commissioner for Physical Planning and Urban Development, Abiola Anifowoshe disclosed this at the public presentation of the final draft of the revised Masterplan to stakeholders and the public for necessary input, comments and observations before implementation.

According to him, the state is determined to produce strategic master plans for the entire state as envisioned in the Lagos State Development Plan (2012-2025).

Already, eight out of the 12 new development plans proposed for the state, are operational. They include Lekki Comprehensive Master Plan, Badagry Master Plan, Ikoyi-Victoria Island Model City Plan, Ikeja Model City Plan, Apapa Model City Plan, Lagos Mainland Model City Plan, Alimosho Model City Plan and Agege Model City Plan.

The other three, which include; Epe, Ikorodu and Oshodi-Isolo Master/Model City Plans, are at different stages of completion. The Commissioner said that of Kosofe would commence later in the year.

Anifowoshe, an architect and town planner stressed that the review of the old plan was necessitated by contemporary physical planning challenges and the inability of the existing Ikeja MCP (2008 – 2018) to solve emerging planning problems.

He further described the master plan as the second amongst the Operative Development Plans to be reviewed after Ikoyi-Victoria Island Model City plan which was reviewed in 2015.

Also speaking the Permanent Secretary, Ministry of Physical Planning and Urban Development, Mrs. Boladele Dapo-Thomas stressed that the proposed plan is at the public presentation level and open to inputs, comments, ideas and observations for incorporation into the on-going revision exercise,

She described the review as necessary and timely, saying “the existing Ikeja Model City Plan has been comprehensively evaluated and the challenges inherent therein have been meticulously studied, this review is necessitated by changes; hence, innovative recommendations subject to global best practices in contemporary planning concepts are adopted and contained in the report”.

For the Chairman Lagos State House Committee on Physical planning and Urban Development, Setonji David, there is need to review obsolete laws that is militating against development in the state.

Some of the proposals for the revised master plan, include construction of a fly over bridge at Allen Avenue round about and twin water tower tom provide additional two million gallons of water per day to service projected population of over 7 million in ten years time.

Originally published in The Guardian

A Good Recession? It’s up to You!

The word ‘Recession’ could mean a lot of scary things. For the urge of common words, it synonymizes with hardship, inflation, and many more. But in more technical terms, recession means a period of significant economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. The major cause of recession is inflation, but then a lot of factors could be responsible for inflation.

The man on the street might not even know what GDP is, but he knows life has just become so miserable.  The cost of living has tripled, there’s power shortage, loss of jobs, decline in real income, increase in unemployment rate and the list is endless.

Some scholars believe recession or economic downturn is a critical period in wealth transfer, either to individuals, startups or organizations.

However, the only way out of recession is investment, and more investments.  Although trust is often lost in the economy during recession, investment during this period saves the idle production outputs and hence sustains the production activities. This creates more jobs, increases wages and profits.

Every cloud they say has a silver lining, ‘no matter how thin’. Recession  is always a memorable one, either for the good or bad reasons. How can we take advantage of the problems and challenges of the weak economy?

These suggestions will not only help you defeat the recession but will also ensure you come out better and more financially stable.

Invest in real estate NOW

Generally, there’s a drastic reduction in buying power during a recession. This often increases the negotiation power in the purchase of goods and services.

Smart investors always take advantage of the state of the economy, whether strong or weak. It will be more profitable eventually if investments are made in real estate during an economic downturn. The value of land assets is low during this period and is likely to appreciate after recession.

You could purchase homes that have dipped below market value and have become very affordable due to damage to the property or the need for a quick turnaround.

There are several great deals in the market at the moment, take advantage! Keep monitoring the market landscape for opportunities to pick up high quality assets at discounted or promotional prices.

Track your finances daily and save

Tracking your daily expenses will help to cut back heavily and reduce unnecessary spending.  This is applicable to organizations as well as individuals. As an individual, you can conduct daily, weekly and monthly assessments.

No one should be spending more than they need to right now.

Below are some excellent ways to save money in a recession:

  • Draft monthly budget and stick to it
  • Transfer idle money to fixed deposit
  • Source extra income
  • Little or no debts

Become an innovative Entrepreneur

Innovation is critical during a recession. The good thing is that constraints can aid or enable innovation. Where there are problems and challenges, equal opportunities exist. Experts believe the best time for startups is during this time.

Businesses that address the basic needs always thrive in a recession.  Counter-cyclical businesses do well in economic downturns, since demand for their products and services continue regardless of the economy.

Simply set out to create value.

Below are a few tips on innovation:

  • Surround yourself with inspiration and not demotivation.
  • Try solving problems.
  • Keep imagining.
  • Write down all that you have imagined.
  • Fuel your creativity.
  • Access your assets.
  • Take actions.
  • Don’t stop.

 

Redan calls for FMBN recapitalisation

President of Real Estate Developers’ Association (REDAN) Mr. Ugochukwu Chime  has called on the Federal Government to  recapitalise the Federal Mortgage Bank of Nigeria (FMBN) to enable it perform its function of loan provision for accommodation seekers and developers adequately.

Chime said recapitalisation of the nation’s apex housing bank has become necessary in order to keep house unit’s prices within the reach of low-income earners. He said: “There is need for the recapitalisation of FMBN to be able to carry out its functions effectively. Even if is to provide loan to buyers, then the issue of Estate Development Loan for housing construction can be resolved. “Without this, price of the housing units will be out of the reach of low-and medium income earners.

There is no need to ask developers to seek money anywhere to build.” Following FMBN’s return to surplus in 2016, the Federal Government, through the Minister or Power, Work and Housing, Mr Babatunde Fashola, had promised to inject funds into the bank to enable it recapitalise.

Fashola said that embracing the mortgage system in the Housing Programme would also bring relief to the ordinary Nigerian worker as it would move the society away from the system whereby landlords demand rent in advance from tenants who receive their salaries in arrears.

But REDAN boss said the promise should be immediate so that people would embrace the mortgage system to drive the on-going National Housing Programme. Besides, he tasked the Federal Government to get back to full implementation of commercialisation of abandoned housing programmes to curb corruption in the sector.

According to him, government must embrace workable public private partnership (PPP) initiative, driven by the private sector in order to achieve tangible results in the area of mass housing provision. “There is need for government to allow workable public private partnership (PPP) initiative, driven by the private sector without authority’s incessant intervention for better performance in the sector,” he said.

Chime urged government to encourage investment in cheap houses for urban populace and to be consistent in its policy  of housing investment, adding that operators in the private sector should be involved in policy formulation for better implementation. “Investment climate has to be cleared for investors to come in.

The era of coercing the private sector to do things is gone. Government needs to get their endorsement in order to buy into its programmes.

Originally published in Daily Trust

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