The National Bureau of Statistics (NBS) has listed the real estate sector as the third-largest sub-sector in Nigeria’s economy, up from 5th position, following the recent GDP rebasing exercise According to data from the Nigerian Bureau of Statistics (NBS), the real estate sector contributed 5.20 per cent to the GDP in Q1 of 2024. The rebasing exercise has rearranged the hierarchy of...
Despite rising inflation and policies that have restricted growth and slowed down the economy, experts predict that the 2025 housing market will witness continued demand for affordable housing, driven by urbanisation and city population growth. They also foresee a rise in property value, albeit at a more subdued level. Key developments likely to shape the market include introducing...
The Lagos State Real Estate Regulatory Authority (LASRERA) has called for greater collaboration with stakeholders to check fraud and malpractices in the real estate sector. The Special Adviser to the Governor on Housing, Ms Barakat Odunuga-Bakare, who spoke ahead of its 5th Lagos Real Estate Market Place Conference and Exhibitions, which Governor Babajide Sanwo-Olu will host, emphasised...
The Royal Institution of Chartered Surveyors (RICS) Nigeria Group has elected Tayo Odunsi, former Chief Executive Officer of Northcourt Real Estate as its new chairman. The 60-year-old institution draws membership from built environment professionals such as estate surveyors and valuers, quantity surveyors, land surveyors, and project managers. Founded over 150 years ago in the United...
The Building Collapse Prevention Guild has recommended establishing construction laws to tackle building collapses in the country. A partner with the engineering unit at Consol Associates Ltd, Aderonke Oyelami, made the call during a BCPG Ikoyi-Obalende Cell event in Lagos recently. The presentation, titled “Ikoyi in Transition: From Highbrow Residential Scheme to Mixed...
In a bid to tackle Nigeria’s severe housing deficit and stimulate long-term economic growth, the Federal Executive Council (FEC) has approved N250 billion real estate investment fund aimed at providing affordable, long-term mortgages to Nigerians. The initiative was announced by the Minister of Finance, Wale Edun, on Thursday after a FEC meeting presided over by President Bola...
Experts in the mortgage and housing sector of Nigeria’s economy have explained why access to mortgages remains a huge challenge to many home seekers, leading to a persisting housing shortage. According to the experts, the mortgage sector in Nigeria, which is a long-standing pillar for financing home ownership, is struggling under a growing burden of issues that have left many...
The Lagos State Government, under the leadership of Mr. Babajide Sanwo-Olu, will ensure that all ongoing housing projects are built to the best standard in terms of specification and will be completed during his tenure. The Hon. Moruf Akinderu-Fatai, the Commissioner for Housing reiterated this when he led the technical team of the Ministry on a tour of the ongoing LagosHOMS housing...
The President of the International Real Estate Federation, Nigeria, Lagos Chapter, Akin Opatola, has stated that Nigeria ranks high in the cost of a Certificate of Occupancy. He disclosed this during a press briefing on a World Habitat Day roundtable discussion, themed, “Engaging Youth to Create a Better Urban Future”, in Lagos recently. He said, “The issue of housing...
The Lagos State Government, through the Ministry of Finance, has announced the release of the Year 2024 Land Use Charge (LUC) Bills to all residents and property owners in the State. Property owners and business entities are encouraged to take advantage of a 15% discount on bills paid within 30 days of receiving the Land Use Charge bill. Payments can be made through banks,...