Real Estate News Update

REAL ESTATE NEWS UPDATE | OCTOBER 31ST

Government makes plan to halt building collapse

Minister of Power,Works and Housing Babatunde Fashola

Minister of Power,Works and Housing Babatunde Fashola

Minister of Power, Works and Housing, Babatunde Fashola, has said that the Federal Government is making plans to curb the alarming rate of collapse of building structures across the country.The Minister said this at the 29th annual conference of the Nigerian Institute of Structural Engineers in Abuja.

The theme for this year’s conference, dwelt on ‘Issues on Failure of Engineering Structures in Nigeria. Fashola, represented by the Director of Engineering Services at the Ministry, Mrs. Esther Okougha, stated that the constant collapse of buildings was due to the use of substandard materials by engineers and contractors.

The Minister  attributed causes of building collapse to inadequate specification, poor workmanship,use of substandard materials,incorrect methods of construction,and non-adherence to building regulations.He however promised that the ministry was working with concerned agencies to address the issue.

Culled from The Nationonline

 

Construction of cargo Airport begins in Benue State

Samuel Ortom, Governor of Benue State

Samuel Ortom, Governor of Benue State

Work has started on the construction of a cargo airport at Dauda in Guma Local Government Area of the Benue State. The State Governor Samuel Ortom made this known at a flagging off ceremony in Dauda Guma. The Governor stated that due to the airport project, related industries, like power plants, estates and other economic activities in the area will  come alive.

 Samuel Ortom stated that the project, when completed, will serve as a direct connection to the outside world and provide opportunity for the international community to have direct  access to local produce adding that the State is partnering with Cargopolis Development Consortium (CDC) on the project.

Spokesperson for CDC,Robert Orya, explained that the company had signed a 25 year concession agreement with the State to construct and manage the airport.The airport would be completed in 18 months, under a concession agreement, with CDC and would train 15 people from the state as pilots.

Culled from The Vanguard

Experts suggest ways to reduce housing deficit in Nigeria

A building development

A building development

Experts at the 2016 Annual State Conference of  the Institute of Building held in Owerri Imo State, says that  the country  has a housing deficit of about 17 million units. Mr. Collins Nwoke, Chairman of the state chapter stated that apart from the traditional style of building construction, there were alternative methods in building technology that could guarantee quality  with less expense.

He said, “A new technology exists that can assemble a complete building structure from the sub-structure to the super-structure at a lesser cost with highly economical materials, strength and durability.The chairman hinted that the objective of the seminar was to introduce alternative building construction methods to improve the speed of construction, which would reduce building cost with emphasis on quality in the standard of building materials.

Also at the event  NIB National President, Mr. Tijjani Shuaib, noted that quality building construction could be done at a low cost by using locally sourced materials noting that the body will sensitise the general public about the development.

Culled from The Punch 

The Nigerian Institute of Quantity Surveyors hold job fair in Abuja

Quantity Surveyor

Quantity Surveyor

All is set for the 2016 Quantity Surveyors and Project Management Job Fair organised by the Nigerian Institute of Quantity Surveyors (NIQS) scheduled to hold on Tuesday, November 1, at JD Leisure Centre, Maitama, Abuja.

In a statement by the Secretary, Marketing and Corporate Affairs of the Institute, Mr. Jide Oke, the job fair seeks to provide a platform for the interaction of employees and employers of Labour in the field of Project Management and Quantity Surveying.

The Minister of Labour, Dr Chris Ngige will be the Special Guest at the event. Also in attendance will be professionals in the construction industry, building and civil engineering contractors, finance consultants, human resources executives and recruiting agencies.

Culled from The  Guardian

 Bright hopes for Lagos Real Estate market

Real estate market

Real estate market

A new report released by Cluttons Nigeria says, there are high hopes in the Lagos commercial real estate sector, especially the industrial market. The report titled ‘Winter 2016/17 Lagos Commercial Property Market Outlook’ stated that the market has remained fairly strong in the face of the prevailing  economic challenges. According to the report, warehouse rents in all of the 16 submarkets monitored recorded no change in rents over the last six months, due to waving supply in the commercial market.

Gbadebo Erejuwa, CEO of Cluttons Nigeria said that the performance of warehouse rents has been in line with previous expectations, adding that the stability is being affected by the persistent demand-supply gap, the challenges of acquiring utilities, and transport infrastructure to service new developments. However, the rise in the cost of construction materials, combined with the exchange rate volatility, has affected real estate developments across Lagos.

Looking ahead to 2017, the report warned that unless the government  delivers on its recovery programme, with an impressive infrastructure spending, the rate of job creation and demand for commercial office space, is likely to be affected as rents will be on the decline.

Culled from The Guardian

 

10 million artisans begin training to meet housing deficit

A Scaffolder at work

A Scaffolder at work

Plans to ensure that the housing sector becomes  vibrant  has begun with the commencement of training for artisans in the built sector. Project Director, Construction Skills Training and Empowerment Project, (C-STEmp), Anthony Aboki Okwa expressed this view at the 2016 Builders’ Conference and Annual General Meeting of the Nigerian Institute of Building (NIOB), held in Lagos.

Speaking on the theme of the Conference: “Vocational Training: Bedrock for Nigerian Housing and Infrastructural Development”, Okwa said artisans to be trained include; those in masonry, carpentry, steel fabrication, electrical, plumbing, tiling among others. According to him  an estimated number of 10 million skilled workers would be needed to meet the housing needs of Nigerians in next 20 years.

The project Director stated that the workers are important to  Nigeria’s infrastructural development and housing delivery. At the event professionals pledged to adopt the National Vocational Qualification Framework (NVQF), approved by the Federal government for recognition and certification of skills and vocations outside the school system. Also at the event was Kunle Awobodu, former Chairman of the Nigeria Institute of Building.

Culled from The Punch

South Africa’s Thavhani Mall to open in 2017

Thavani Mall South Africa

Thavani Mall South Africa

Thavhani Mall, one of the ongoing shopping mall developments in South Africa is scheduled to be completed in August 2017.The project valued at R1 billion will be the largest shopping centre in Thohoyandou as well as the greater Thulamela Municipality in South Africa.The 50,000m2 shopping centre is owned and developed by Thavhani Property Investments and is situated in the heart of the growing economic hub of Thohoyandou. The mall is already creating jobs while  under construction and, upon opening next year, will create hundreds of new full-time jobs.

Paul Gerard, CEO of Flanagan & Gerard Property Development a shareholder in Thavhani Property Investments, says that the mall be offering the largest selection of shopping and leisure retail in the region.

Facilities at the shopping centre will include the Thavhani Office Park, a motor-city and private healthcare facilities. It will also boast of over 134 shops, restaurants, and service outlets. Thavani Mall will also introduce many new retail brands including HiFi Corp, Spur, Panarottis, Pep Home, Green Cross, Torga Optical, Donna Claire, Queenspark, and Bogart Man.

Culled from South Africa Commercial Property News.

 

IP Global report shows best Cities for Property Investment

An office building

An office building

A report by property investment firm IP Global, has revealed emerging cities for property investment as well as those to approach with caution. The report cited London,Melbourne, Berlin, Chicago and Tokyo on the wish list for global real estate investors with Adelaide, Brisbane, Hamburg and Vienna as preferences of Sub-Saharan African investors.

George Radford, Director of Africa for IP Global explained that investors from Nigeria,Botswana, Kenya and South Africa have consistently shown interest in London and Australia.

In Melbourne, the fast-growing city of Australia, apartment prices have shown a steady average increase of 5% per annum over the last 10 years but have recently increased with the city displaying average growth of 11% in the year to February 2016.

Brisbane, Australia has been experiencing vigorous investments, regeneration and infrastructure development. While property prices have been on a steady rise with house values increasing 5.5% in the year to March.

In Hamburg Germany, property prices have increased by an impressive 40% in the last five years, with strong demand exceeding supply by as much as 33% in 2014.Rents are also predicted to rise by 9.6% by 2018. The City of Hamburg also offers a lower property tax of 4.5%, in comparison to Berlin’s 6%.

Culled from South Africa Commercial Property News.

 

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