Amazing Property

PHOTO: GEP As inflation continues to spiral, major building materials markets in some parts of the country have witnessed a surge in prices, leaving many private developers jittery over maximising profits on housing projects. Manufacturers are passing on the rapidly rising cost of raw materials to their customers, adding to concerns that inflation, which increased by 18.76 per cent in March from the previous 17.92 per cent recorded in February 2021 may put further pressure on the economy. The increasing cost has also put the hope of becoming potential homeowners by Nigerians in limbo. About 60 per cent of the total cost of building construction goes to materials while the remaining 40 per cent is spent on labour. Prices of essential building components like sand, blocks, roofing sheets, tiles; paints and wood have witnessed an increase in prices by over 15 per cent in the past one month in cities across the country. Most of the developers still rely on imported materials. Last...

The Lagos HOMS launched by the state government under the scheme This insinuation far from the truth, says official Mrs Titi Akinlowo’s dream was to have a roof over her head and become a property owner in Lagos; eight years after, her hope seems dashed. To actualise that vision, she had visited the Lagos State Mortgage Board (LSMB) to subscribe for the Home Ownership Mortgage Scheme (Lagos HOMS), a government initiative created to encourage and support home ownership of First-Time Buyer (FTB) residents to purchase decent and affordable homes. Then, several projects were on the card, her interest was on Ogba housing scheme, which was at the foundation level. Surprisingly, she was told the project was over subscribed. When all efforts failed, Akinlowo also made attempt to buy into Igando scheme, named after the first civilian governor of the state, Alhaji Lateef Kayode Jakande Gardens, comprising 492-flat commissioned recently. But her move again didn’t yield any fru...

Inventory shortages have plagued markets across the country, but a new survey suggests a turnaround may soon begin to break for frustrated buyers who can’t find enough homes for sale. Ten percent of homeowners say they plan to list their home for sale this year, and more than a quarter—26%—say they plan to list within the next three years, according to a new survey from realtor.com® of 657 potential home sellers conducted during the week of March 29. The homeowners most likely to sell have homes valued below $350,000, which could help relieve inventory woes in a particularly tight price segment, the survey finds. “In a typical year, we see about 8% of the nation’s homes hit the market, and we’re expecting about 25% more this year,” says George Ratiu, senior economist at realtor.com®. “This signals that many homeowners who were wary to list during the pandemic are getting ready to do so, and this much-needed inventory—especi...

When selling a property, you have to make a lot of decisions, but one of the most important ones is about the method of sale; auction or private sale? Often depicted on reality TV, auctions are a competitive, public process that can help drive up the selling price, while private sale is the more traditional, popular method. It’s where a property is listed with an asking price through an agent, who then markets the property and presents offers back to the seller. Nelson Alexander Ivanhoe partner and auctioneer James Labiris says the decision about which method to go with should be made by the vendor and agent, in close collaboration, weighing up all pros and cons. He breaks down everything sellers need to know about each method. Selling at auction An auction, held at a certain place, time and date after a marketing campaign, is a competitive and transparent selling method. Auctions are governed by strict rules and regulations, which can differ between states and territories. But in...

Marine debris Countries from across the oceans have teamed up to tackle marine plastic litter under the ambitious GloLitter Partnerships Project. Plastic litter has devastating effects on oceans, marine life and human health. It also has measurable impacts on the fishing and shipping industries.   The project, which is up for a successful start, after getting 30 countries on board, comes as a major international initiative that will help reduce marine plastic litter from maritime transport and fishing sectors.  Five regions will be represented in this global effort: Asia, Africa, the Caribbean, Latin America and the Pacific.  The GloLitter Partnerships Project is implemented by the International Maritime Organisation (IMO) and the Food and Agriculture Organisation of the United Nations (FAO), with initial funding from the Government of Norway via the Norwegian Agency for Development Cooperation (Norad).  Already, ten countries have been confirmed ...

Housing estate in Enugu To mitigate the nation’s housing deficit, a real estate firm, the COPEN group has indicated readiness to deliver over 1500 housing units across different cities within three years. Managing Director of the Company, Ugochukwu Chime, stated this at the launch of COPEN housing group in Enugu. He noted that Nigeria’s housing deficit currently stands at over 20 million units and in the face of the colossal statistics, it had become a burden on the company to assist in overcoming the national housing challenge. Chime, who spoke at the event, which had in attendance, the Deputy Governor of Enugu State, Cecilia Ezeilo, noted that the group had a vision of mentoring, poverty alleviation and providing housing for all. According to him, the 1,500 housing units would be built in Abuja, Lagos, Awka in Anambra state, Abakaliki in Ebonyi state, Nsukka, 9th Mile Corner in Enugu, among others. He added that the company’s over 15 years experience in housing devel...

Want to shine a light on the role real estate professionals play in fighting discrimination? In honor of Fair Housing Month, the National Association of REALTORS® is launching several resources to help you promote your fair housing commitment, as well as educational resources to keep you informed about the latest issues surrounding fair housing topics. Promotional graphics.  Access promotional graphics including a poster, social media assets, a fill-in-the-blank press release, and a model fair housing proclamation that can be used by local officials. Where: realtorparty.realtor.  Toolkit.  Scan this collections of recommended books, videos, podcasts, and national and local organizations that you can turn to if you want to be a fair housing champion. Where: NAR.realtor. Events. On April 8, NAR’s Advocacy Policy Forum Series will feature a webinar, “Tipping the SCALE: How Alternative Data Prom...