Real Estate News

An appeal has gone to President Muhammadu Buhari to prevail on the Nigerian Army to halt the illegal sales of Urhobo lands hitherto acquired for military purposes.   The appeal was contained in a press briefing by the President-General of Urhobo Progress Union (UPU), Olorogun Moses Taiga, at his Ikoyi residence in Lagos. Taiga disclosed that Urhobo communities in Delta State ...

REAL Estate Developers Association of Nigeria has announced plans to roll out 77,400 housing units for low and medium-income earners across the country to complement the Federal Government’s efforts in bridging the nation‘s huge housing deficit. The association said the planned 77,400 housing units would create 2.2  million direct jobs and urged government at all levels to assist developers by ...

In the property market where it has become increasingly difficult to obtain long-term financing, property developers are turning to alternative funding to shore up their portfolios. One of the new concepts being adopted is known as unitisation, which offers discerning investors easier entry into commercial real estate investment. The model also gives investors gateway to diversify their property portfolio because ...

Property owners in Lagos State and professionals in the built environment have lauded the decision of the state government to review the 2018 Land Use Charge (LUC) Act, saying that it speaks of sensitivity on the part of officials. The state’s Commissioner for Finance, Dr. Rabiu Olowo, had on Wednesday said that the current administration decided to review the Land ...

The national President of the Nigerian Institute of Building (NIOB), Bldr. Kunle Awobodu has reiterated that the Nigerian society stands to gain optimally when it realises and accepts that building production management is a distinct professional service rendered by builders. Awobodu made this assertion, recently, at the first-ever virtual induction of NIOB members into its fellowship cadre. Awobodu lamented that ...

The Federal Government is on the march again, looking for money. Days ago, it charged the Federal Inland Revenue Service (FIRS) to mandate all property owners and agents in the country to begin to charge six per cent stamp duty on all tenancy and lease transactions. Proceeds of such transaction, the agency said, have to be remitted promptly.  As expected, ...

Housing development is slow because it is choked by several factors These include access to finance, land, materials and resources. Others are access to tilting, governor’s consent and approvals, which have made it impossible to have potent demands for housing as developers are almost choked by demands from the government and her agencies, the Chairman, Real Estate Developers of Nigeria ...

To stem the myriads of problems hindering private sector-driven housing supply, property developers plan to begin talks with states in the Southwest region to arrest the situation. The move comes on the heels of current national housing policy that emphasizes the use of the private sector in growing the housing stock and providing jobs through construction activities as well as ...

Toke Makinwa, a media personality, has come out to speak on the rumour that her mansion in Banana Island, Lagos, was taken over by the Asset Management Company of Nigeria (AMCON). On July 2, the AMCON had seized assets belonging to Festus Fadeyi and the Pan Ocean Group. It said that they were holding on to debt of over N240 billion. On ...

The Federal Inland Revenue Service (FIRS) has explained that there is no basis for landlords to embark on rent increment in relation to the stamp duty payable on tenancy and lease agreement by tenants in the country. FIRS had, about a week ago, mandated landlords and property agents to charge six per cent stamp duty on all tenancy and lease ...