JULY 2024 REAL ESTATE NEWS ARTICLE

PUNCH NEWSPAPER (JULY 1, 2024)

Headline: Declare State of Emergency on Geographical Mapping, Surveyors Tell Govt.

The President of the Nigerian Institution of Surveyors, Dr. Matthew Ibitoye, has called for a state of emergency on Nigeria’s geographical mapping. Speaking at the 58th annual general meeting in Edo State, Dr. Ibitoye emphasized that comprehensive mapping is crucial for national development and resource identification.

Dr. Ibitoye urged the government to prioritize small and medium-scale mapping, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda. He highlighted that accurate spatial data is essential for planning, decision-making, and solving environmental issues.

In support, the Surveyor General of the Federation, Abuduganiyu Adebomehin, appealed to state governors to elevate their State Surveyor General Offices, stressing that infrastructural development depends on precise surveying.

The call underscores the importance of accurate geospatial data for Nigeria’s growth and governance.

THE GUARDIAN NEWSPAPER (JULY 7, 2024)

Headline: Stakeholders in Lagos Seek Extension of Building Compliance Permit

Stakeholders in the building industry have urged Lagos authorities to extend the building compliance permit deadline and improve coordination among regulatory departments. Speaking at the Nigerian Bar Association Ikeja branch Law Week, Lagos-based lawyer ‘Toyin Bashorun SAN called for extending the amnesty window beyond July 30, 2024, and stressed the need for better coordination between the Ministry of Lands, Ministry of Environment, and the Surveyor-General’s office to prevent issues like unauthorized drainage systems.

Bashorun also highlighted the importance of public engagement in land regulation and criticized the fairness of taxing inherited properties. Senior Advocate of Nigeria, Adeyinka Olumide-Fusika, also criticized the tax system for causing delays and suggested that tax agencies should facilitate rather than impede progress.

Dr. Babatunde Ajayi, General Manager of Lagos State Environmental Protection Agency (LASEPA), emphasized the government’s responsibility for environmental protection and the need for community involvement. Daisi Oso, General Manager of Lagos State Planning and Environmental Monitoring Agency (LASPEMMA), called for accurate information from the private sector to improve permit assessments. Victoria Ajose from the Lagos State Physical Planning Permit Authority (LASPPPA) also emphasized the need for adherence to the master plan and encouraged public participation in development projects.

BUSINESSDAY NEWSPAPER (JULY 15, 2024)

Headline: Expert Harps on Why Scrutiny Is Needed in Property Purchase

The CEO of Webbihomes Ltd, Victor Usoro, advised potential property buyers to conduct thorough investigations before investing. Highlighting the risks amid rising demand, Usoro emphasized the importance of due diligence to avoid pitfalls such as fraudulent ownership claims and flood-prone properties. He shared a recent case where a client nearly bought a disputed property, uncovered through a meticulous title check. He also warned of properties lacking essential infrastructure like reliable electricity and water access.

BUSINESSDAY NEWSPAPER (JULY 16, 2024)

Headline: How Professionals Can Navigate Economic Uncertainties In Real Estate Sector

Nigeria’s economy is grappling with significant challenges, impacting various sectors including real estate. Developers are adopting a cautious approach, while resilient professionals are innovating to navigate these difficulties.

Uzo Oshogwe, CEO of Afriland Properties, advised professionals to adopt innovative and data-driven strategies to navigate these issues. Speaking at the FIABCI Nigeria annual meeting, she stressed the importance of market research, risk management, and technology.

Oshogwe also called for collaboration and data sharing to improve decision-making. and urged the sector to boost its contribution to Nigeria’s GDP. Ramon Torroba, FIABCI world president, encouraged leveraging the upcoming 74th FIABCI World Congress in June 2025 to showcase Nigerian innovation and construction prowess.

The event saw the induction of 26 new FIABCI members, highlighting the need for collective effort in driving growth.

BUSINESSDAY NEWSPAPER (JULY 30, 2024)

Headline: National land registration key to unlocking Nigeria’s $300bn dead capital—Dangiwa

The Housing Minister, Ahmed Dangiwa announced a national land registration and titling programme to unlock $300 billion in dead capital. According to reports, less than 10 percent of Nigeria’s land is registered.

In partnership with the World Bank, the initiative aims to boost land formalization to 50 percent within a decade. The plan, discussed at the Nigerian Liveable Cities Workshop in Abuja, is part of broader land reforms and includes establishing a National Land Commission.

Dangiwa also highlighted efforts to improve urban livability and resilience, including the Renewed Hope Cities and Estates programme, which aims to deliver 50,000 housing units. The workshop addressed rapid urbanization, infrastructure deficits, and climate change, recommending stronger legal frameworks and innovative solutions

July 2024 Real Estate Highlights

July 2024 Real Estate Highlights