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Top 3 Reasons Your Home is Still on the Market

One of the major challenges most homeowners or property investors face is the time it takes to sell off a property. The longer it stays on the market, the more difficult it may be to sell. Buyers often ask how long it has been on the market for two reasons:

If the property was so good and the offer is right, how come it stayed so long? There must be something wrong with the home! Have you noticed the moment a potential buyer is aware there is another buyer with an offer, they tend to sit up? The reason is simple, no one wants to be interested in what nobody is interested in.

Secondly, buyers believe there may be a lot of repairs since it’s been vacant and on the market for too long.

With the vast majority of sellers still assigning the sale of their property to estate agents, you might still be stuck with them for weeks or years if you choose the wrong ones. So, it ‘s an advantage if you are aware of these three tips.

Your house is overpriced

The moment you introduce your home to the market for sale, it will naturally attract a lot of traffic. Seeing that it is newly introduced, prospective buyers would call your agent to make enquiries, book for inspection, consult with the buyer and make offers.

However, if the price is too high, they would move on to look for better deals. You should be able to compromise at some point. Always do your research to understand the reasonable rates in that neighborhood before you place a value or better still carry out a pre-sale property valuation.

An unrealistic asking price would make a house linger on the market for too long.

Cumbersome inspection procedures

The more prospective buyers inspect your property, the higher your chances of selling. Don’t get tired. It should not be hard for your potential buyers to inspect the home they want to buy.

You also need to be prepared for the inspection and be ready to provide answers to any questions. Gather necessary paperwork, draw a map of the property or locate your survey, fix what needs fixing and be prepared to negotiate. You can also turn on utilities and ensure the process is easy.

It’s not attractive enough

You need to do better especially if you’re selling a used house. If you can’t get potential buyers past the front yard, then there’s problem. Clean the gutters, remove posters from the wall, paint the front door, and clean the windows.

Buyers want to see the potentials. A cluttered and dirty environment would defeat that. If you could stand at your front door, act like a prospective buyer and take a close look around, you will notice a couple of things that need to be attended to.

Fashola tasks estate surveyors on best practices

The Minister of Power, Works and Housing, Babatunde Raji Fashola, has said  estate surveyors and valuers practicing  without  registration by the  Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), is illegal.

Fashola stated this  at the 40th induction ceremony of  ESVARBON held Friday  in Abuja.

The minister said the present administration would stop at nothing in sanitizing the construction industry.

“The surest way of securing the future of the estate surveying and valuation profession is by ensuring that the younger generations are equipped with the requisite high moral and standards professional tools and integrity,” he said.

He congratulated the chairman of the board Olayinka A. Sonaike and members whose responsibility of preparing and registering persons to practice the estate surveying and valuation profession and admonished that the quality of persons must be on the high side.

The chairman who was represented by Bola Onabadejo urged the inductees to take charge of the future of the profession.

He urged them to uphold the profession`s  motto “honesty with devotion”, adding that  they  should practice the profession with integrity wherever they might be.

Originally published in Daily Trust

‘Investment in construction vital to economic growth, recovery’ – VP Yemi Osinbajo

Vice President Yemi Osinbajo has stated that the present administration has invested massively in the construction sector as a way to drag the nation’s economy out of the woes of recession.

Speaking at the 27th Biennial Conference and General Meeting of the Nigerian Institute of Quantity Surveyors (NIQS) in Abuja, the vice president, represented by the Minister of State II for Power, Works and Housing, Suleiman Hassan Zarma, said the theme of the conference: “Developing the Economy for Sustainable Growth- The Construction Industry as an Effective Stimulant’’ was a key component of the Change Agenda of the present administration.

He said apart from providing houses for the citizens and roads to facilitate societal integration and movement of goods, the construction sector also created wealth in the economy.

Earlier, the President of NIQS, Mercy Iyortyer, stated that the choice of this year’s theme was part of the institute’s ongoing efforts in contributing to the change mantra of the present administration in the area of sustainable economic growth and national development.

She appealed to the government to consider reformation in the sector by constituting a construction industry board or council comprising key players in the industry who would advise, plan and execute reforms that would galvanise the industry.

Originally published in Daily Trust

FMBN decries lack of data bank for housing sector

The Federal Mortgage Bank of Nigeria (FMBN) has expressed concern over lack of reliable data base in the real estate sector and has therefore called for the harmonisation of various means of data collation in the country.

This was disclosed by the Managing Director/Chief Executive, FMBN, Ahmed Musa Dangiwa, at the Stakeholders Conference on the National Real Estate Data Collation and Management Programme (NRE-DCMP) held recently in Abuja.

Dangiwa, who was represented by the Executive Director, Finance and Corporate Services in the bank, Mr. Melville Ebo, pledged to support the Real Estate Data Collation and Management Programme championed by the Central Bank of Nigeria (CBN) and the Real Estate Development Association of Nigeria (REDAN).

Speaking on the efforts of FMBN at diversifying its sources of funding, Dangiwa said the bank would continue to exploit other opportunities for providing affordable financing for home ownership.

He further said the National Housing Fund (NHF) Scheme remained the most affordable source of housing finance in Nigeria.

Dangiwa  said to ensure loan affordability among Nigerians, the bank had put in place a range of products that included NHF Mortgage Loans to finance affordable homeownership, FMBN Housing Cooperative Loan product, which is more amenable, to overcome the credit difficulties faced by the non-salaried/informal sector; and Home Renovation Loan, for the renovation or expansion of  houses.

He said, “All these are in addition to construction finance loan windows through the Estate Development and the Ministerial Pilot Housing Scheme run in conjunction with the FMBN’s supervisory ministry to boost the supply of houses for mortgage creation.”

He commended the initiation of the National Real Estate Data Collation and Management Programme (NRE-DCMP) and pledged the support of the bank towards creating a reliable data bank for the housing sector.

The programme, he said, was closely tied to business focus of the bank in addressing the housing needs of the low and medium income market segment.

In driving homeownership among the low and medium income market segment, he said the FMBN had financed the construction of about 20,000 housing units nationwide, as well as granted more than 20,000 mortgage loans to date.

“FMBN equally registered 21,320 contributors through 1,078 cooperative societies as a strategy to integrate the non-salaried/informal sector into the Nigerian financial services, with the ultimate goal of doubling its NHF customer base in the medium term,” he said.

Dangiwa commended the initiative of the CBN and the Real Estate Developers Association of Nigeria (REDAN) for kick-starting the programme and assured that FMBN would commit both human and financial resources towards the success of the programme.

Originally published in Daily Trust

7 Architectural Wonders of Africa

Nothing defines a place as much as its architecture. In Africa, like every other continent, the art and style of designing buildings gets more competitive day by day.

Although places like Miami, Paris, Rome, Singapore and Amsterdam are known for their brilliant architecture, cities like Lagos, Cairo, Nairobi and Cape Town in Africa are doing really great and the continent has some architectural wonders you might not have heard about.

Here we go!

Mausoleum of Agostinho Neto (Luanda, Angola)

Mausoleum of Agostinho Neto is an architectural monument and remains one of the wonders of Africa because of it rocket-like structure.

Located in Luanda, the capital of Angola, it was built in honor of the first president of Angola, Agostinho Neto.

 

AU commission Conference Center and office complex (Addis Ababa, Ethiopia)

The tallest building in Addis Ababa, Ethiopia, is the headquarters of the African Union and is 99.9 metres tall.

This $200million structure was funded by the Chinese government and was inaugurated in 2012.

 

1201 Ocean View (Cape Town, South Africa)

Located in Cape Town, South Africa, 1201 Ocean View is a 15-storey skyscraper.

 

National Arts Theatre (Lagos, Nigeria)

The National Arts Theatre in Iganmu is indeed an architectural masterpiece, not just for its significance but also for the exterior design which is shaped like a military hat.

Inaugurated by General Yakubu Gowon’s in 1973 and completed in 1976, the 23,000 square meters wide and 31 metres tall cultural landmark was constructed for the preservation of Nigeria’s arts and culture.

 

Alice Lane Towers (Johannesburg, South Africa)

Alice-Lane Towers is a 17-storey double tower structure, made with low-energy glass and state of the art glass-printing technology using curved and completely glazed façade, constructed out of concrete, glass and aluminum.

 

Great Pyramid of Giza (Egypt)

This pyramid was the tallest man-made structure in the world for more than 3,800 years and is the oldest and largest of the three pyramids in the Giza pyramid complex.

The 146.7 metres tall pyramid is believed to have been built over a 10 to 20 year period around 2560 BC.

 

PSPF Commercial Towers (Dar es Salaam, Tanzania)

PSPF Commercial Towers is one of the tallest buildings in Africa and the tallest in Tanzania. The 35 floor and 150.8 metres tall building was built in 2014.

FMBN embarks on building models to reduce housing cost

The Managing  Director  of the Federal Mortgage Bank of Nigeria (FMBN), Ahmed Musa Dangiwa, has said that  the bank  has introduced innovations that will lower the cost of houses and make them affordable to off takers.

He said this last week Tuesday at the occasion of 2017 World Habitat Day held  in Abuja.

Dangiwa stressed  that the FMBN is constantly devising strategies to reduce the cost of houses funded by the bank through the introduction of simple building models that are demand driven, cheap and expandable.

According to him, other strategies adopted by the bank are the introduction of the new rent-to –own mortgage housing arrangement that allows NHF contributors to own houses through payment of monthly rent which excludes payment of personal equity as against what obtained under the conventional NHF loan.

He further stated that the low interest rate of 6% and tenor up to 30 years of FMBN loans made it the cheapest and lowest in the country, adding that  the bank has given waiver on personal equity for funded estates priced N5m and below.

He said the bank is presently seeking for ministerial approval for downward review of personal equity of houses above N5m and N10m from the current 20% and 30% to 10% and 20% respectively.

He said, “FMBN has always advocated for the patronage of local building materials by professionals in the built environment as a means of lowering the cost of houses.”

He  called  on state governments to provide infrastructure to FMBN project sites in their states to reduce the cost of houses for their people and to also reduce the delays associated with issuance of Certificate of Occupancy (C of O).

Dangiwa also  appealed to the National Assembly to hasten passage of the bills seeking for the amendment of the NHF Act and the Land Use Act before them.

Originally published in Daily Trust

FG to revise national building code

The Minister of State for Power, Works and Housing, Suleiman Hassan Zarma, has said that the national building code is being revised to curb the incessant cases of building collapse in the country.

He stated this at the commemoration of the 2017 World Habitat and World Cities Day held in Abuja?

The minister also said the ministry is undertaking urban and slum upgrading programmes to encourage housing delivery and improve the living condition of Nigerians.

He explained  that the slum upgrading programme is in partnership with UN-Habitat to implement a Participatory Slum Upgrading Programme (PSUP) initiative in Nigeria.

Zarma said, “This initiative has been adopted by the UN agency as a sustainable way of addressing the salient issues and challenges of slum situation in Africa, Caribbean and Pacific countries, and we are fortunate to benefit from it.”

He said three cities: Karu in Nasarawa State, Ifako-Ijaye in Lagos State and Onitsha in Anambra State have been profiled at the instance of the international agency.

“Other states namely Katsina, Yobe Rivers, Osun, Ondo and Kogi have further adopted the PSUP initiative, and successfully profiled some of their cities,” he said.

Zarma said Nigeria is at the second phase of the programme which involves implementation of prioritized projects to alleviate slum conditions in the profiled settlements.

“The ministry intends to replicate such urban development/prioritization studies and subsequently implement urban improvement projects across the six geo-political zones of the country in conformity with the development agenda of the current administration, and sustainable development goals of building, vibrant, inclusive cities and communities nationwide,” he said.

 Originally published in Daily Trust

NMRC partners LASG, developers to deliver 20,000 houses

The  Lagos State government has  signed a  Memorandum of Understanding (MoU) with the Nigeria Mortgage Refinance Company Plc (NMRC) to deliver  20,000 houses, under the State’s Lagos Affordable Public Housing (L.A.P.H.) initiative, to help bridge the housing gap in the State.

The MoU executed on Monday  will avail residents of the State the housing  affordability and accessibility that NMRC provides through the refinancing of long-term mortgages.

The partnership with NMRC also includes Ibile Holdings Limited, the state’s investment company as well as some developers engaged by the state through direct and Joint Venture Initiative to deliver 20,000 housing units by 2018.

The Developers partnering with the State government and NMRC are Brains and Hammers Limited, EchoStone Development Nigeria Limited, Industrialized Mass Housing Development Company Limited, Multi-Purpose Infrastructural Development Construction Limited (MIDC) and Tact-Urban Infrastructure Developers Limited.

In his address, the Lagos state  Commissioner for Housing, Prince Gbolahan Lawal, stated that in furtherance of the Lagos Affordable Public Housing (L.A.P.H.) Initiative of the Governor Akinwunmi Ambode’s administration geared towards the construction of 20,000 housing units through Joint Venture Initiative (JVI), the Ministry is working on various modalities to ensure accessibility of the citizenry to these housing units.

Speaking Managing Director/Chief Executive of NMRC  Professor Charles Inyangete, said that the signing of the MoU  will ensure  homeownership for Nigerians a reality.

He said that  the MoU  will facilitate  titles  for the properties and the land on which the development will take place, with Lagos State committing to allocating to Developers appropriate land for the purpose of the development; while NMRC is committing to stand at the back end of the transaction to ensure that all the primary mortgage banks have funding available for the refinancing of the project.

Responding on behalf of the Developers, Mr. Adebola Sheidu, Chairman Brains and Hammers Limited, said that hard work and cooperation of both the public and the private sector is required in order to tackle the issue of housing deficit in Nigeria.

Originally published in Daily Trust

Global stock of investable commercial real estate hits $27.5tn

A recent investigation by CBRE has found that the global stock of investable commercial real estate assets to be worth $27.5tn.

The report also found that Tokyo, New York and Los Angeles are the world’s largest commercial real estate investment markets.

According to World Property Journal, CBRE examined the relationship between city market size and capital flows into real estate for 122 cities around the world and the research found that there is a high correlation between the size of a city’s real estate stock and the volume of investment into that city.

Among that key global findings are: Tokyo is the world’s largest single market with a total value of investable real estate of $711bn, followed by New York at $657bn and Los Angeles at $482bn.

Others are Paris are $342bn and London, $334bn as the biggest European markets while the top 10 cities accounted for approximately $4.0tn or 15 per cent of global investable real estate stock.

According to the study, New York, Los Angeles, San Francisco, Chicago, Houston as the largest five cities in the Americas represent $2tn of investable real estate; a figure that can be attributed to the free market nature of its economy and cities.

“Asia Pacific’s five largest cities of Tokyo, Seoul, Osaka, Sydney, Melbourne amount to $1.5tn, although it is worth noting that data was not available for all cities in the region, including China. The relatively lower total of $1tn in Europe’s five largest cities of Paris, London, Madrid, Milan, and Munich is attributed to the influence of national boundaries, land use planning, and regional support programmes,” the report read in part.

The research identified ‘outlier’ cities that do not follow the general trend and attracted either more real estate investment than the market size would suggest or vice versa. Markets that attracted more investment include relatively smaller US cities such as Tampa, Richmond, Austin and Charleston, while in Europe this trend applied to regional UK cities such as Edinburgh, Sheffield and Cardiff, as well as Oslo, Düsseldorf and Tallinn.

CBRE also investigated the ratio between the market size and the real estate investment inflow to establish the market’s liquidity. From cities with an average turnover of at least $10bn, London, New York and Dallas mark the top three most liquid markets, with respectively 8.6 per cent, 7.1 per cent and 7.0 per cent of stock traded on a yearly basis. San Francisco, Los Angeles, Washington, D.C., and Paris closely followed, all trading above 4.8 per cent.

“The amount of stock available in each market is relevant to investors pursuing a global diversification strategy — a true market neutral portfolio needs to be weighted by city size. Most investors are not pursuing full global diversification, but many have a more tightly defined strategy such as ‘core real estate in global gateway cities’. It is important for these investors to know the relative size of the key investment markets to ensure portfolio balance,” said Chris Ludeman, global president, Capital Markets, CBRE.

Originally published in Punch

Afriland Properties Plc Takes the Best Offers to TEF Forum 2017

Over the last weekend, the continent of Africa stood still as we witnessed the largest gathering of African Entrepreneurs, TEF Forum 2017. Afriland Properties Plc, showcased an entire spectrum of property options on of­fer, from the affordable to the super luxurious.

Ensuing our purpose to improve lives by investing in the development, management and maintenance of world-class Real Estate offerings across Africa, our product exhibition at this phenomenal event stems out of our con­tinued efforts to create more awareness regarding all existing opportunities to Investors.

Spanning commercial to residential properties, some of the offers displayed include Raymond House (open office space on Broad Street), Caterer’s Court (Luxurious and fully furnished short let in Ikoyi), Afriland Guest House (Affordable hotel rooms in VI) and Afri-shops (affordable, ultra-modern lock-up shops in Egbeda).

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