FG completes 1,350 houses for Civil servants, issues allocation letters

The Federal Government has disclosed that a total of 1, 350 houses have been completed at various locations in Abuja and Lagos and their letters of allocation will be ready for distribution. The beneficiaries (civil servants) are under the Federal Integrated Staff Housing (FISH) programme. FISH programme, which is the initiative of the Head of the Civil Service of the…

Collective action will reduce Plastic Pollution

Experts seek campaign to increase recycling Buoyed by the disruptive impact of plastic and the need to reduce its effect, environmentalists have called for a collective action against single –use plastic products. They expressed worries that the world is daily confronted with problems arising from plastic pollution, stressing that about 300 million tonnes of plastic wastes are produced each year….

29% yield on hotel room at The Oceanna sets stage for new investment interest

For the yield-hungry investors, 29 percent annual return or yield on a N4.034 million investment in a hotel room is not only historic but also compelling at a time in Nigeria when viable investment asset class is hard to find, and that signposts a new trend for savvy investors. This is what The Oceanna, an iconic development in Lagos, Nigeria,…

Rental prices driving Abuja residents to outskirts

Facts have emerged that high rental prices of houses in the nation’s capital, Abuja have driven residents, especially, civil servants and low-income earners to seek accommodation in the outskirts. The biggest drops in rental affordability over the past five years are in areas like Asokoro, Maitama, Wuse I and II, Wuye, Jabi, and Garki, where two bedroom flat goes between…

FG to deliver 2,450 housing units – Minister

The Minister of State for Power, Works and Housing, Suleiman Hassan, has said that the Federal Government will deliver no fewer than 2,450 housing units in the first phase of the National Housing Programme of the President Muhammadu Buhari administration. He said the programme involved the building of an average of 70 housing units in 35 states of the federation…

Apex mortgage bank targets 50 million new subscribers

Amid cconcerns that some contributors to the National Housing Fund (NHF) have not been able to access loans, the Federal Mortgage Bank of Nigeria (FMBN) has assured Nigerians that the amendment of the enabling legislations in the scheme would make it more robust and beneficial. Accordingly, the bank explains that the objective is to expand its coverage to capture the…

‘Land of Honey’ city development broaches new housing deal

A comprehensive new plan unveiled last week to reverse the growing decline in the nation’s housing stock in the Federal Capital Territory, is promising an ambitious new deal for a fresh town project within the Gude district of Abuja. The scope of the scheme is massive and has the capacity to deliver between 15,000 and 20,000 housing units in different…

Real estate properties will continue to rise in Nigeria – Experts

Amidst the lip service being paid by the government on provision of affordable houses, stakeholders have argued that property prices in real estate may continue to escalate due to rising cost of construction materials. This might be worsened by the Land Use Charge (LUC) law made by Lagos State government, which other states may in no distant time start to…

How foreign capital aids Nigeria’s commercial real estate rebound

Notwithstanding that real estate recovery has taken time to gain traction, foreigners are fueling capital injection in Nigeria and other Sub-Saharan Africa countries, with South Africa and United Kingdom investors leading the way. Although, an oversupply of high-end property and limited access to finance have underpinned the market’s slow bounce back, prospects are looking up for the second quarter of…

Stakeholders seek partnership, policies for real estate growth

Stakeholders in the Nigeria’s real estate sector have ignited a new ray of hope in the sector aimed at increasing indigenous participation and mitigating the challenging business climate. The collaborative move initiated by Lagos based indigenous furniture firm, IO Furniture with major players in the real estate firm, led by PWAN Plus Business Concerns Limited was targeted at ensuring growth…