Category: Property

Aerial view of Enugu With a fresh policy underway to ban the use of foreign currency for local transactions, there are concerns that the proposed legislation will inhibit foreign direct investments and trigger ‘black market’ transactions in the real estate market. There are apprehensions among professionals that the move by the National Assembly to ban […]

Aerial view of Ikoyi, Lagos Despite ongoing developments in the high-end locations, the demand for luxury housing is waning largely due to changes in government’s tax policies and fears of security agencies’ harassment over money laundering, as well as government crackdown on illegal developments in the country, Chinedum Uwaegbulam writes. The Nigerian luxury real estate […]

When Lagos State governor, Babajide Sanwo-Olu, recently visited the scene of the collapsed building on First Avenue in Banana Island, Ikoyi area of the state, he accused some officials of the Lagos State Building Control Agency (LASBCA) of corruption, and culpability in the seven-storey building mishap. Expressing his frustration with the agency, he said: “It […]

Fraudsters are exploiting the desperation of prospective homeowners and tenants to have roofs over their heads and secure cheaper accommodations to defraud victims. With an estimated N20 trillion yearly contribution to the Gross Domestic Product (GDP), a 200 million population, and a housing demand-supply shortfall put at over 20 million units, Nigeria’s property market is […]

Notwithstanding the losses incurred after last year’s flooding in some cities, Nigerians, especially homeowners are yet to embrace property insurance in the country. Currently, the property insurance market faces hard times, as many Nigerians have failed to recognise risks associated with homeownership. It is a mandatory requirement by Section 64 of the Insurance Act, for […]

Aerial view of Victoria Island, Lagos How country can improve on rating, by experts Nigeria has been scored low in the 2022 Global Real Estate Transparency Index (GRETI) released by JLL and LaSalle Investment Management. Out of 156 cities across 94 countries and territories covered globally, Nigeria was ranked 60. GRETI has been charting the evolution […]

Uyo, Akwa Ibom State The dream of every Nigerian is the security of owning a home, but that reality has been scuttled, following rising prices of building materials and rents in the housing market. Statistics show that the housing sector has recorded one of its worst moments the past two years, plagued with a deficit […]

Aerial view of Abuja Photo: Desmond Onyirioha Following the economy’s poor performance in the last few years, Nigeria’s housing market has lurched into recession, with professionals and property developers seeking review of major drivers of the sector. An index by the National Association of Home Builders found builders’ confidence falling for the eighth straight month; […]

Building materials. Photo: GEP The country’s housing sector is not out of the woods yet, as the rising cost of building materials continues to impact rentals and the cost of delivering affordable housing for citizens. With Nigeria’s inflationary rate at over 19 per cent as of July, many estate developers are not enjoying the best […]