REAL ESTATE NEWS UPDATE | AUGUST 23

The World’s Most Expensive House In France, Goes to Market for $1.1Billion 

forbes france

The world’s most expensive house is up for sale in France and is located in the small village of Côte d’Azur between Nice and Monaco. What seems to be the most valuable aspect of the property is its botanical park, considered to be one of the most beautiful private gardens in Europe.

The property covering more than 35 acres of land with 20 greenhouses, is managed by 15 full-time gardeners, and features some 15,000 rare species, of Europe’s largest collection of tropical plants.

Exclusive features of the magnificent building includes, a chapel 10 bedrooms, a ballroom, concierge,50-meter swimming pool dug into the rocks, a winter garden and stables for 30 horses.

With a population of just over 2,000, Côte d’Azur has always attracted celebrities, royalties and some of the best-known “rich and famous,”

In real estate business records, no real estate transaction has ever reached such amount, the last record was the sale of a ranch of 210,000 hectares in Texas, America that was offered for $725 million.

Culled from Forbes

 

Ambode Signs Lagos Property Protection, Neighbourhood Safety Bills

ambode

Governor Akinwumni Ambode has signed the Lagos State Properties protection Bill into law to combat the worrisome trend of land grabbing in the state. Governor Ambode also signed the Lagos State Neighbourhood Safety corps bill a move which is aimed at boosting security of lives and property across the state. He explained that the laws were salient to his administration’s focus of safeguarding the lives of all residents, as well as attracting investments and improving the ease of doing business in the Lagos, also known as Nigeria’s commercial capital.

The Governor noted further that the laws would reduce the activities of persons or corporate entities who use force and intimidation to dispossess or prevent any person or entity from acquiring legitimate interest and possession of property acquired through government or private transactions.

According to the law, anybody found guilty of forcible land takeover will be liable to 10 years imprisonment upon conviction. He gave out 09096667123 and 09020085005 as distress call numbers.

Culled from: Channels TV News

Investment in Infrastructure will Favour Nigeria’s Economic Potential

Real Estate

The challenges facing Nigeria’s economic growth can become a veritable investment destination if the government make favourable policies and provide incentives for investors in the Real Estate sector. This was revealed by a former member of the National Integrated Infrastructure Master Plan (NIIMP) and member of the Central Working Group of Vision 2020 Mr. Tony Odiadi. In his opinion, he asserted that one of the challenges facing Nigeria is infrastructure deficit.  And suggested ways by which the sector can become a harvest field for potential investors.

Nigeria has very serious infrastructure gap. With an estimated population of 170 million, the gap in infrastructure is so heavy. Nigeria has barely 35% infrastructure stock, way down the 70% of the GDP needed to be considered developed. He said”

Commenting further, India has 58%, South Africa 87%, Brazil 61%, and China 63% As at August 2016, there is a 17 million housing gap in Nigeria,

Culled from: The Guardian

 

Real Estate in India Projected to be 3rd Largest by 2030

india

According to a paper released by KPMG National Real Estate Development Council (NAREDCO), the real estate and construction sector In India, is projected to be the third largest globally by 2030, with over 15% in Gross Domestic Product contribution to the Indian economy.  The real estate sector is gradually becoming the as the largest employer in India providing employment opportunities to over 75 million people.

The paper shows that India’s urban population is forecasted to increase by about 40% from 420 million in 2015 to over 580 million by 2030. The government has launched several large programmes (such as Smart Cities, Housing for All, AMRUT, HRIDAY etc.) along with policy support (Real Estate Act, REITs, GST etc.) to accommodate such a vast population.

The paper provides a summary of the major programmes launched by the central government in the recent past to address the challenges in urbanisation and the real estate sector, and throws light on the policy reforms undertaken by government to address these concerns.

According to the paper, almost 110 million houses would be required by 2022 in urban as well as rural India to provide housing to all. This includes the current shortage of over 60 million houses, out of which around 20 million exist in urban areas.

Culled from Economic Times of India

 

Fashola Reveals Plan by FG to Begin Mass Housing Project in 2016

fashola

The Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola said the Federal Government has concluded plans to commence construction of homes across the six geopolitical zones of the country in fourth quarter of this year. According to him, the team involved are working tirelessly to inspect the sites, survey them, prepare layout design while some team members are working on preparing tenders towards awards of contract.

The minister also disclosed that 24 states had volunteered land to the Federal Government to begin its mass housing initiative. He said this during a public lecture about the state of housing in Lagos.

He spoke on the need to overhaul the nation’s mortgage system to make home ownership easy in the country’

Fashola identified mortgage financing and government support through incentives as also integral to providing affordable housing to the teeming population of Nigerians. t. As hinted by the Minister, more funds would be allocated in the 2017 budget for the execution of more housing project.

Present at the lecture also were Sen. Gbenga Ashafa and Mr. Francisco Abosede, a former Lagos Commissioner for Physical Planning and Urban Development.

Culled From: Businessday Newspaper

 

Lagos Targets 20 Days to Issue Building Permit

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Lagos State Government said it has laid out plans to reduce the number of days to get building permit by prospective builders from the current 30 days to 20.

Commissioner for Physical Planning and Urban Development, Mr. Anifowoshe Abiola said that “the government does not believe in planning for the people instead it believes in planning with the people and that is why the stakeholder’s session is an opportunity to get their inputs.”

He advised prospective builders to ensure they have building permits from the Lagos State Physical Planning and Permit Authority,LASPPPA before building to avoid losses that may result when such buildings are demolished for building in unauthorised places, because any structure without a permit is illegal.

Culled From: The Punch Newspaper

Gov. Ahmed Commissions N100m Kwara Building Project In Abuja

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A N100 million building project has been commissioned in Wuye, the Federal Capital Territory (FCT),Abuja by the Kwara State Governor, Abdulfatah Ahmed.

The Governor disclosed that the project is an avenue for the state government to generate revenue internally in line with Federal government’s order for states to increase their internally generated revenue. On how much the project will cost, he said: “I don’t think we will be looking less than N50 to N100 million to create an economic property like this.

The project handled by Harmony Holdings entails the construction of three floors building containing business suites. The project will be completed between a period of nine to twelve months if resources are made available.

Culled from: Leadership Newspapers

 

Lagos Ranks Low in Global Liveability Index

Lagos Sttate

A recent report released by the Economist Intelligence Unit says Lagos ranks low as the third worst city to live in the world, for 2016. Lagos occupied 138th position out of the 140 cities ranked in the latest liveability survey, just above war-torn Tripoli and Damascus. Some of the reasons why the report placed Lagos in the position it occupies is the    threats from terrorist groups like Boko Haram, Niger Delta Avengers, IPOB which are acting as barriers to security and economic growth in the City.  The report placed Melbourne, Australia; Vienna, Austria; Vancouver, Toronto, and Calgary, Canada as the top five best countries to live in,

The basic criteria for the liveability survey include best and worst living conditions in – stability, culture and environment healthcare, education, and infrastructure.

Lagos scored highest in culture and environment, followed by infrastructure. It scored lowest in stability.

In 2011, Lagos ranked in the 10 least liveable cities, ranking 137th out of 140 in that year. In 2012, It ranked 138th and then occupied the 137th position in 2016.

Culled From: Thisday Newspaper

 

 

 

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