China’s foreign real estate investment hits $33bn
A recent report by JLL’s Global Capital Flows data, says China has witnessed a record of $33bn in foreign commercial and residential property investment in 2016, an increase of nearly 53 per cent year-on-year. According to property experts-World Property Journal, while investment in land, offices and hotels account for 90 per cent of all Chinese outbound capital in the last three years, the hotel and industrial sectors had the biggest growth in 2016 due to significant transactions in the US in the form of portfolio sales and Chinese interest in industrial development.
Culled from the Punch
UPDC gets real estate award
UAC Property Development Company’s position as the foremost real estate company in Nigeria was reinforced when the company was honoured as the most influential real estate developer in the built sector by the International Real Estate Federation (FIABCI), Nigeria chapter. The event was themed: “ Real Estate: It is all about the Economy” in Lagos.
In the corporate categories, Stanbic IBTC Bank took home the most influential financial partner in real estate in 2016, while Adeniyi Coker Consultants Limited (ACCL) won the architectural and design award for 2016. Actis was honoured as the most influential investor in the sector for 2016.
In the media and journalism category, Chuka Uroko of Business Day newspaper, Property Editor, Guardian newspapers Chinedum Uwaegbulam were also honoured with various awards . Present at the event were members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV),Lagos State Commissioner for Housing, Gbolahan Lawal,NIESV’s National President, Bolarinwa Patunola-Ajayi and National President, Nigerian Institution of Surveyors (NIS).
FIABCI provides access and opportunity for real estate professionals interested in gaining knowledge, sharing information and conducting international business with each other.
Culled from the Guardian
China Exim bank release N408bn for Lagos-Ibadan rail project
The Chinese Export-Import Bank has approved the sum of N408bn loan for the Lagos-Ibadan project on behalf of the Chinese government. According to the agreement signed by the Nigerian and Chinese government, the Nigerian government will provide 15 per cent of the cost of the project, while the Chinese government will bear 85 per cent cost for the first phase of the project.
The Managing Director, Nigerian Railway Corporation, Mr. Fidet Okheria, said since the Exim bank of China has now approved the loan, the next stage is for the Minister of Finance to sign it for the project to begin.
The new Lagos-Ibadan rail, spanning 156.65 kilometres, is a double line, which is the first phase of the new Lagos-Kano standard gauge line. The contract was awarded to the China Civil Engineering Construction Corporation last year by the Federal Government.
Culled from the Punch
Kano partner Brains & Hammers to build Economic City
One of the leading indigenous real estate and infrastructural development company Brains & Hammers Limited is set to begin the construction of a megacity in Kano which will serve the commercial needs of Kano State and neighboring countries like Niger, Chad, Sudan and Cameroon.The project is worth N167. 508 billion
Kano Economic City, formerly known as Kanawa International Market is located along the Zaria-Maiduguri road. With economic activities picking up in the state, the need for an ultra-modern market with state-of-the-art facilities, designed to international standard becomes imperative as the ancient city gradually metamorphosed into a mega city.
Meanwhile the Kano State Governor, Dr. Abdullahi Umar Ganduje has officially signed the joint development agreement with the company. The company- Bains and Hammers is is expected to finance and deliver the project on a build, own, operate and transfer (BOOT) arrangement with the state government. The duration period for the construction of the city is 90 months. It is anticipated that about 500,000 jobs would be created during the project life-cycle.
Culled from Dailytrust
Firms float trust fund to boost real estate
In order to boost the retail sector of Nigeria’s real estate sector, a consortium of firms has floated N20 billion Real Estate Investment Trust (REIT).The newly founded REIT, is promoted by Top Services Limited-a Real Estate Investment Trust company and will be managed by First Ally Asset Management.
At the signing of the Memorandum of Understanding (MoU), Chairman, Top Services Limited, Chief Tokunbo Omisore, said the growing urbanization in Nigeria is driving the opportunities for organized retailers to enter the market.
The Chairman stated that the offer price of the REIT is N1,000 per unit adding that REIT has a stable and regular income distribution from diversified portfolio of real estate and real estate related assets; long term leases with tenants and diverse corporate tenant profile with staggered rental renewal periods, which will prevent mass vacancy at any period and provides stable and resilient portfolio performance.
Culled from the Guardian
Property prices go high in Spain
Residential rental prices are on the rise in most Spanish cities with the growth led by Barcelona, Madrid and Palma de Mallorca but some areas are seeing rents fall.Average rents in Barcelona have now increased from €892 a month in 2012 to €1,478, a rise of 65.7% while in Palma de Mallorca they are up 40% from €700 a month to €986 over the same time period.
According to Mark Stucklin a real estate executive, the growth of rents in many Spanish cities is due to a shortage of homes to rent but in the cases of Palma and Barcelona, tourist rental demand is one of the big factors driving up prices for locals.
However, a recent report from the international real estate company Cushman & Wakefield forecasts that average residential rental prices will rise 10% this year in Madrid and 5% in Barcelona.
Culled from global news