Real Estate

Beware of illegal property, FCTA warns Abuja residents

The Federal Capital Territory Administration has alerted residents on the proliferation of illegal housing estates and other developments in the capital city. This was as it reiterated its readiness to demolish illegal structures obstructing the town’s master plan. The Director of the Department of Development Control, Mukhtar Galadima, who gave the warning during a press briefing, stated that…
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Real Estate

Property managers must act ethically.

Stakeholders in the building industry have been charged to uphold standard ethics, which would put the sector in good light and lead to improved welfare for practitioners. A professor of Estate Management at the University of Lagos, Nigeria, Timothy Nubi, attributed the high…
Real Estate

Stakeholders are looking for government interest in real estate.

Stakeholders in the building industry have called on the government to provide incentives to players within the ecosystem as a way of boosting wealth creation and economic prosperity. They disclosed this at the Nigerian British Chamber of Commerce and the International Real Estate Federation Real Estate Outlook 2023 themed “Pitching Your Tent Post-2023 Elections” in Lagos. In a statement, the…
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BankingReal Estate

Aid groups lift cash limits for mortgage lenders.

The Housing Development Advocacy Network has appealed to the Central Bank of Nigeria to give waivers to mortgage banks in the cash withdrawal limit policy. The report titled “How CBN is underdeveloping the Nigerian mortgage sector” noted that appeals made to the CBN for…
Real Estate

Operators project over 60% rise in housing deficit.

Experts in Nigeria’s built industry have predicted an over 60 per cent rise in the housing deficit by 2050, on the back of rising population and urbanisation worsened by economic conditions. The Treasurer of the Nigerian Institute of Building, Lagos Chapter, Philips Ayotunde, projected that the housing deficit would increase by over 60 per cent because the growing population would double by…
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Real Estate

Guild canvasses tech for construction monitoring.

The Building Collapse Prevention Guild has called for the deployment of technology for the monitoring of construction sites. The call was made at the guild’s Annual General Meeting in Lagos, themed “theme: “Investigating the Political, Socio-Cultural Dimensions of…
Real Estate

Real estate and construction sector increased GDP by N8.9 trillion - report

The contributions of the real estate and construction sector to Nigeria’s real Gross Domestic Product increased by N8.9trn in the fourth quarter of 2022, according to the latest GDP report released by the National Bureau of Statistics. The sector’s GDP contribution rose to N28.9tn despite high-interest rates, inflation, cost of building materials, amongst other challenges faced last year. The…
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