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Tag Archives: real estate

Group wants Land Use Act repealed, expunged from constitution

Land Use Act

A Group of Civil Rights Associations has called for the immediate repeal of the Land Use Act in the country’s constitution saying the Act was impeding the development of real property in the country. The collision of three civil society organisations (CSOs) advocated an amendment of the Nigeria Constitution to exclude the Land Use Act from the document. After a ...

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Developers embrace unitisation to fund real estate

housing prices

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 ...

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How COVID-19 impacts buyers in real estate market


Notwithstanding the positive outlook for the Nigerian property market in 2020, the COVID-19 pandemic has impacted negatively on the market, leaving property investments in disarray. With the disruption, home buyers are still hesitant to buy. For them, the period was not ripe to invest as they don’t know how long the pandemic will last and are adopting a survival strategy. ...

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Nigeria real estate opportunities still untapped — ARCON president

real estate

The President, Architects Registration Council of Nigeria, Sir Oladipupo Ajayi, says Nigeria’s real estate industry offers great opportunities yet to be explored. Ajayi said bridging the housing gap in many of the country’s urban centres could create jobs for professionals in the built environment. The ARCON president, who spoke with journalists ahead of his 66th birthday, described Nigeria as a ...

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How coronavirus will affect Nigeria’s real estate, house prices

housing projects

As the coronavirus continues to spread, there is fear and trepidation in the air among real estate community, especially as travel and other economic activity have slowed or stopped. Their apprehension also arose that several sectors have taken a heavy beating, except real estate. And with social distancing, house showings may slow down while pullback by buyers will take momentum ...

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Property developer predicts boom in housing estates in Imo

property developer

A property developer is predicting that a surge in demand for residential and commercial accommodation in Imo State is expected to trigger heightened activities in housing estate developments, with special attractions for Owerri and its environs, as well as the Southeast in general. Chima Ifekwe, vice president of JLN Builders Nigeria Limited, an affiliate of JLN Construction Services, LLC USA, ...

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EFCC recovered properties to rescue FCTA huge expenses on rents


According to the provision of section 4 (1) (e) of the FCT Act, the FCDA is charged with the responsibility of the coordination of the activities of all ministries, departments, and agencies of the Government of the Federation within the Federal Capital Territory. This provision provides the window for the requests by Federal Ministries, Agencies and Departments, including foreign organizations, ...

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Developer seeks Land Use Act amendment

land use act

A real estate development firm Landshop founder Prince David Omaghomi has called for the amendment of the Land Use Act to recognise ancestral ownership of land and make them bankable. At a briefing, Omaghomi said though he could not challenge the Land Use Act, he could call for its amendment on it as many cases were still pending in the ...

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Lagos State to tackle unauthorised real estate practitioners

property developer

The Lagos State Government says it will tackle the menace of unauthorised real estate practitioners across the state. The Special Adviser (SA) to the Governor on Housing, Mrs. Toke Benson-Awoyinka, said this in a statement in Lagos on Monday. Benson-Awoyinka said that the state government had planned a stakeholders forum for real estate practitioners, aimed at tackling the menace. She ...

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