Business

Mr. Godwin Alenkhe, Chairman of the Estate, Rent and Commission Agents Association of Nigeria, Lagos state chapter has expressed that the high cost of land transactions is having a negative impact on the real estate sector as Nigerians now invest in foreign properties. He said this in an interview with MAUREEN IHUA-MADUENYI of PUNCH news. When asked how the devaluation ...

Expectations are high that Nigeria’s mortgage market which has, for too long, suffered slow growth, will experience a boom when the Nigerian Mortgage Refinance Company (NMRC), a private sector-led secondary mortgage market, starts refinancing more mortgages. The company, which launched 10,000 mortgages last year with an initial target of creating 200,000 mortgages, disclosed recently its plan to refinance one million ...

The consul-general of the People’s Republic of China, Liu Kan, has said that the volume of trade between Nigeria and China in 2014 was about N38.01 trillion ($18.1 billion). Liu said that there was relative increase in the exchange of goods and services in the year over the 2013 transactions. “Today, Nigeria is China’s third major export destination in Africa ...

The housing deficit in Nigeria, estimated at 17 million units has created immense opportunities in the country’s real estate sector, making it a preferred destination for local and foreign investors. The middle to the lower-middle class market alone needs about four million housing units, representing about 20-25 percent of the deficit and Richard Nyong, CEO of Lekki Gardens Limited, estimates ...

The recent drop in global crude oil price and the persistent efforts of the Federal Government of Nigeria to diversify her economy and move away from overreliance on the oil and gas sector have made Nigeria a fertile ground for investments. In spite of the attempts of both Government and indigenous companies, the telecommunication, energy, tourism and hospitality, agriculture, security, ...

Resort Savings and Loans Plc says it has secured the Federal Mortgage Bank of Nigeria’s approval for N1.5bn mortgages for more than 125 beneficiaries under the National Housing Fund Scheme. According to the mortgage bank, this comes amid the struggle by the nation to tackle the challenge of providing affordable housing for its citizens. A statement from the company quoted ...

As the upgrading of The City Mall, Onikan, nears completion, high profile companies are already taking tenancy at the Mall. Among the newest tenants are Genesis Cinemas, a leading Nigerian cinema brand, and Playzone, a fast growing family entertainment brand in Nigeria. Both companies recently signed a contract with Ibukun Efuntayo & Company, the property manager of The City Mall, ...

The Lagos Chamber of Commerce and Industry has expressed concern about the negative impact of the election postponement on businesses and investors’ confidence. The LCCI, in a statement on Sunday, said investors needed to have an idea of the direction of the country’s political and economic governance in order to manage policy and political risks of investments. The President, LCCI, ...

A stable supply of choice homes without the commensurate demand in Nigeria’s high end property market is compelling real estate developers in this segment to drop rates by up to 20 percent. Also, operators in this segment, known for demanding rent in foreign currencies (dollars) now accept naira from prospective customers, this is according to a BusinessDay report. The developers ...

In order to facilitate the establishment of an efficient and viable Real Estate Investment Trust (REIT) regime in the country, experts have urged the authorities to fashion out a new tax regulation that will enhance equitable administration of value in the real estate sector. They also called for an urban planning processes to create an improved enabling environment, which will ...