Real Estate News Update

REAL ESTATE NEWS UPDATE | OCTOBER 24TH

Real Estate Developers Hails Lagos Housing Initiatives

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Real Estate Developers Association of Nigeria (REDAN), South-West Zone, have expressed their gratitude to the Lagos State Government on the housing initiatives being embarked upon.

Chairman, of the association Mr. Taiwo Ogunbodede, said that developers are now welcoming the idea of selling property through instalmental and flexible payments.

According to him, the rental payment introduced by the Lagos State Government is a good initiative for those who can afford it, and for those who can fit to that payment plan.

Culled from Vanguard

Global Rating Agency Projects 2.6% Rise In Nigeria’s GDP

Global Rating Agency Fitch has projected a 2.6 percent growth in Nigeria’s Gross Domestic Product (GDP) for 2017. This was stated in a statement issued recently by the agency.

The report stated that the economy will bounce back in 2017 with a GDP growth of 2.6 percent.  The agency noted that GDP shrank 2.1 percent YOY in Q2 of 2016 due to falling oil production, which shrank from an average of 2.1 million barrels per day (mbpd) in Q1 to 1.7mbpd in Q2.

Culled from Vanguard

FG Begins New Housing Programme With N35bn

Minister for Works, Power & Housing Babatunde Fashola

The Federal Government has began the pilot phase of the National Housing Programme with the sum of N35bn ($115m). Minister for Works, housing and Power Babatunde Fashola disclosed this at the 3rd United Nations Conference on Housing and Sustainable Urban Development (Habitat III) in Quito, Ecuador.

The Minister of Power, Works and Housing, Babatunde Fashola, said the National Housing programme would fill the housing gap in the country, create more jobs, and ensure affordable homes for the beneficiaries.

Fashola said that increased investments in affordable housing, and infrastructure were some of the Federal Government’s priority interventions.

Culled from the Punch

 

NIOB President Asks FG To Implement Building Laws And Codes

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The President, Nigerian Institute of Building (NIOB), Builder Gbenga Tijani Shuaib Tijani said that government must ensure the enforcement of laws governing construction of buildings and building codes to ensure safety of buildings.

He made this remark at the 2016 edition of  building exhibition tagged Building Construction and Machinery Exhibition (BUILDMACEX) held at the Eko Hotel& Suites, to showcase some quality building materials.

The President made it known that over 17 million Nigerians suffer from housing deficit as result of high cost of building materials. He added that increase in the prices of building materials has also made it difficult for Nigerians to build their own houses.

Culled from National Mirror

NSE Says Investment In Housing Will Lift Nigeria Out Of Recession.

The Nigerian Society of Engineers has called on the Federal Government to pay more attention to the building and construction industry if the nation is to be pulled out of recession. The President, Nigerian Society of Engineers Mr. Otis Anyaeji, made this known during a world press conference in Abuja.

The NSE President noted that a nation cannot be recession if the housing sector remains vibrant as the industry has multiplier effect on the rest of the economy.

He said that the economy will do better if the products are manufactured locally and asked the government to focus on the local manufacture of building materials.

Culled from the Punch

National Waste Management Conference To Hold In Lagos

Amina Mohammed

The first edition of the National Waste Management conference organised by InterMarc Consulting will hold at the Civic Centre,Victoria Island in November 2016. The conference supports the urgency for national policy on waste and encourages the need for stakeholders’ partnership in the interest of Sustainable Development Goals (SDGs).

The event will focus on critical areas such as achieving access to adequate sanitation and hygiene and advocacy to end open defecation by 2030.

Some of the speakers at the conference include Minister of Environment, Amina Mohammed, Special Adviser to the President on SDG, Mrs. Orelope Adefulire, DG NESREA Dr. Lawrence Anukam, MD Project Management office and GeoCycle, Lafarge Africa Plc, Mrs. Adepeju Adebayo.

Virtual Reality Technology Is Changing Property Market In China

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Virtual Reality, a computer technology that uses software to generate images, sounds that replicate a real environment are already in use to sell overseas properties in China. Property companies are already using the technology to market properties to offshore buyers.

According to Knight Frank Research, real estate market in China has grown from US$5.6 billion in 2012 to US$10.7 billion in the first half of 2017 hence the drive for most Chinese property companies to seek innovative ways to sell.

Eddie Lou a senior executive at a Virtual Reality research company says VR technology could be used to either capture an existing property or simulate a future property yet to be built. Market analysts have observed that VR leads to property buyers making quicker decisions on purchases and gives potential buyers opportunities to make changes before properties are built.

Culled from South China Morning Post

 

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