Vanguard Newspaper 5th September

Headline: Lagos, Most Expensive Place to Build in Africa — Stakeholders

The director, Turner & Townsend, Austria, Bruce Haswell stated that Lagos is the most expensive place to build in Africa compared to Kampala with an estimate of $2,056 per m2. This statement was made during his keynote presentation titled “Key signals in 2022 at the Real Estate Discussions and Awards, organized by Thinkmint Nigeria with the theme “Recovery”.According to the director, of the 88 cities surveyed, Lagos ranked the 56th most expensive place to build internationally.

Haswell further stated the major causes of this global challenge to the construction industry. They include general inflation in the country, increasing interest rates, geopolitical issues, the rising cost of construction materials, transportations issues, and the COVID-19 pandemic which caused the shutdowns in China, affecting supply and creating delay in many construction goods. He went on to note that trade restrictions are hurting Nigerians rather than boosting domestic value.

Tribune Newspaper 6th September

Headline: Experts Task Estate Surveyors On Ethical Standards, Code of Conducts

Experts have advised Estate surveyors and valuers to adhere to and uphold the ethical standards and code of conduct of the profession. This advice was given during the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) 2022 Valuers’ Assembly held in Abuja. These experts encouraged them not to compromise the ethics of the profession in all their work.

The experts who spoke during the event opined that estate surveyors and valuers have a role to play in the nation’s building, but some areas need improvement.

Dr. Christopher Kolade noted that the professional values and ethical principles of the profession should be the way of life of every member of the profession. According to him, if the members live their life this way, it will positively influence their nation’s building efforts.

Speaking on financial crimes and how they affect the real estate sector, Moses Azege, Head of Department, Real Estate and NPO, Nigerian Financial Intelligence Unit (NFIU), noted that the industry is highly susceptible to money laundering. He further noted that many people in the industry have poor knowledge of the risks connected to money laundering, terrorism financing, and the customers, products, and services they offer.

To curb this trend, Moses Azege stated that the Nigerian Financial Intelligence Unit (NFIU) will close the gap between it and ESVARBON. He further encouraged ESVARBON to include the requirements of Anti-Money Laundering/Counter Financing Terrorism (AML/CFT) in the subsequent amendment of its regulations.

Vanguard Newspaper 15th September

Headline: Expert Proffers Solution to Challenges in Real Estate Investment

The founder of Digital Landlords and ShortletHomes, Keji Giwa, disclosed that the real estate sector may be facing challenges in the return of investment as potential investors, especially Nigerians in the diaspora are gradually pulling out of investing in the real estate sector. This is because they have realized that it is better to invest in dollars or pounds than to invest in naira.

To fix this problem, Giwa suggested that real estate developers should focus on creating recreational real investment to attract tourists as Nigeria is speedily becoming a haven for indigenous tourists every festive period. This, according to Giwa, will boost the recreational short let market that will, in turn, generate a 30 percent return on Investment for investors.

Guardian Newspaper 26th September

Headline: Experts Harp On Data, Information to Guide Real Estate Investment

At the maiden edition of The Covenant Nation (TCN), real estate experts counseled prospective investors to properly research and have a sound knowledge of the real estate sector before making any investment. Mr. Toyin Ayinde, a former Lagos Commissioner for Physical Planning and Urban Development, stressed the need for investors to have a sound knowledge of the real estate sector and have all the available data they need to make an informed decision.

Speaking on the next step to take after getting available data, the CEO of Northcourt Real Estate, Mr. Tayo Odunsi revealed that investors should also understand the economy of the real estate sector. He noted that the major challenges hampering the growth of the real estate sector in the country are: strong macroeconomic headwinds, inflation, weak external reserve, high exchange rate, declining government revenue, and ability to borrow.

Speaking about the summit, Mr. Laolu Alabi, the CEO of Damilare Baker Projects stated that the summit is an avenue to bridge the information gap not just for investors but for individuals who desire to own their own homes.

The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka speaking on the measures that the government has taken to rescue the citizens from being defrauded said “we looked at the 2006 laws and thought it would be better for us to improve on it and included estate agents, who were marketing, but also the developers because the developers are the one who builds, alongside landowners. The law intends to make sure that everybody is captured.’

September – Real Estate News Summary

September – Real Estate News Summary