Tag Archive | "Real Estate Nigeria"

Global rating ranks Nigeria 125 in real estate business


A local and international research and fact finding firm, Pison Housing Company, says Nigeria ranks 125th in real estate business worldwide.

The president of the firm, Mr Roland Igbinoba, disclosed this on Wednesday in Lagos. Igbinoba said that the ranking was based on how easy local and foreign investors could invest in real estate business in any country.

He said that in the ranking Singapore came first, USA (4th), Thailand  (12th), Malaysia (23th), South Africa (34th), Mexico (51st), Rwanda (67th), Tunisia (69th) Ghana (92nd), Kenya (95th) and Egypt (106th).

According to him, the indices are derived from building plan approvals, Land Use, infrastructure, licensing fees and charges, taxation, multi agencies, location nd environment among others.

“The indices have continued to be investors’ dilemma in Nigeria. It takes time to obtain governor’s consent and to register a property.

“The indices also have continued to leave the funding of residential real estate to households incomes to the tune of 86 per cent and 10 per cent for public authorities.

“Mortgage institution funding in residential real estate is three per cent while banks and business organisations contribute just one per cent,” he said.

He said that these difficulties had changed the focus of investors to commercial developments which are in high demand.

He added that private residents had been converted to offices to meet the pressure of supplying the facility.

Igbinoba said that there was the need for the various governments to make life easier for those working hard to create opportunity for jobs through investment in real estate.

According to him, this can be achieved if the government ease the obstacles militating against investments in real estate business in the country (NAN).

Posted in Nigerian News, Real EstateComments (3)

Eko Atlantic City: A dream in the making


By Princewill Ekwujuru
South Energyx Nigeria Limited, a subsidiary of the Chagoury Group, said it has so far reclaimed 2.4 million square metres of land in the nine million square metres Eko Atlantic City land  reclamation exercise.

The company which was specifically created to undertake the development said the city which will be divided into six districts, will offer multiple investment and development opportunities through its strategic plan to reclaim nine million square metres of land from the ocean Speaking during a familiarisation tour of the site, Lagos State Governor, Mr. Babatunde Fashola, said, it is the states vision  to build a self contained city that provides the quality of infrastructure and services required to make the state the financial capital of Africa.

According to him, “we are reclaiming and restoring the geographical territory of Lagos State and by extension the Federal Republic of Nigeria. We are reclaiming the land that has been lost to the Atlantic ocean and uncontrollable erosion that has now been brought under control.

“For many who might not know during the rains of 2007 there were waves here as high as 70 metres and was buffeting this coast line. For the great wall of Lagos, the wall in front of us here today protected Victoria Island and Ikoyi and the residence in Lagos from being submerged by flood, that wall is still a work in progress.

This  will be the wall that will ultimately defend this Island from the Atlantic ocean. We will work this stock with our partners. The future is clear to us as it should. This will be a new city on the coast .The city will run and operate like any other city in the world, 24 hour electricity, new business centre, housing accommodation, very efficient and reliable transportation.

The future that Lagos promised is now within touch, it is real, and I am told that in the next 24 months we will begin to see the emergence of one of the apartment blocks.

In a statement, David Frame, Managing Director of South Energyx Nigeria said, “Eko Atlantic’s Business District will become a home to numerous financial institutions, legal and accounting firms, insurance companies, stockbrokers, oil and gas corporate headquarters, advertising and marketing companies, as well as major retailers. It aims to host a new stock exchange, shopping malls, conference centres and hotels. It will truly be a vibrant addition to the Mega City that is Lagos,” he said.

Posted in Housing, Nigerian News, Real EstateComments (1)

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