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Monday 7 July 2014

AN ASSESSMENT OF RESIDENTIAL PROPERTY VALUE DETERMINANTS: A CASE STUDY OF IKEJA, NIGERIA

Source: www.agunbiadeolumide.blogspot.com
By Olumide T. Agunbiade

ABSTRACT
 This study investigated, by means of primary and secondary sources, the influence of residential real estate property characteristics on property values, using Ikeja area of Lagos State as a case study.

 It revealed a positive correlation between property market values and location; an indication that this uniqueness reasonably predicts property market values.

The study demonstrated that although several property features can be identified with residential real estate properties, only a few important ones have significant impact on the market values of such properties.

This study identified various property characteristics that have relatively strong impact on market values (prices) and to an extent influence the sales and purchase decisions of sellers and buyers in Nigeria.

 The recommendations of this study should enable Real Estate Professionals and investors to make fair estimates of the market values of residential real estate properties given the features of such housing units. This would aid rapid valuation, help to improve housing quality and make possible mass evaluation of properties.

The study recommends to real estate investors, practitioners and professionals to use the knowledge of significant property characteristics for efficient valuation, investment decisions and proper management of residential housing units.

FOR SALE: LANDS

A land for sale
DESCRIPTION:         A full plot  
LOCATION:                 Modupe street, Folagoro, Lagos
PRICE:                                     N45M P/A | Cof O

CONTACT:       JOSSY PROPERTIES| 08023882330, 08165371627

QUICK LETTINGS: 2 & 3B/R FLAT

Block of flats.
DESCRIPTION:         A 3B/R flat in a block of 4flats
LOCATION:                 Sholanke street, Akoka, Lagos
PRICE:                            N800K P/A
CONTACT:       JOSSY PROPERTIES| 08023882330, 08165371627

QUICK LETTINGS: DUPLEX

A 3B/R Duplex
DESCRIPTION:         A 3B/R Duplex (New House)
LOCATION:                 Ogudu Ori-Oke, Ogudu, Lagos
PRICE:                           N1M P/A
CONTACT:                 JOSSY PROPERTIES| 08023882330, 08165371627

Monday 28 April 2014

Expert Urges Creation Of Database For Real Estate Industry

Real estate.
A consultant on environment, Dr Oluwole Alade-Ojomo on Saturday said lack of information database was the major cause of low Foreign Direct Investment (FDI) in the real estate industry.
Alade-Ojomo, a government consultant on Environmental and Spatial Development, who disclosed this in a telephone interview with the News Agency of Nigeria (NAN) in Lagos, decried the virtually non-existence of property index in the country.

Thursday 27 March 2014

14th Lagos Housing Fair to Hold In April

FROM LEFT: THE CHAIRMAN, LAGOS HOUSING FAIR, MR ADEROJU ADEPOJU;THE MANAGING DIRECTOR, BEECHLAND RESOURCES LTD., MR MOSES OGUNLEYE; A CONSULTANT BUILDER, MRS IYABODE BOLARINWA; FORMER GOVERNOR OF LAGOS STATE, ALHAJI LATEEF JAKANDE AND FORMER HEAD OF STATE, GEN. ABDULSALAMI ABUBAKAR, AT THE OPENING OF THE 13TH LAGOS HOUSING FAIR IN LAGOS.

By Olumide T. Agunbiade
Beach Land Resource in collaboration with Eko FM/Radio Lagos has concluded arrangement to hold the 14th edition of Lagos Housing Fair from April 28 through May 3, at Blue roof, Lagos Television.
The fair allows manufacturers and marketers of building materials to exhibit and promote their products.

Tuesday 11 March 2014

The benefits and challenges in real estate investment in Nigeria (1)

By Olumide T. Agunbiade |Online Editor
FOR decades, investing in real estate in Nigeria was a wide open playing field where anyone could seal any type of deals. Today, investors have been forced to re-discover themselves, the real estate and economic bubble.
Using Donald Trump as example, it’s easy to see that large fortunes can be made from investing in real estate. Like Mr. Trump, many people were fortunate enough to have grown up under the dedicated care of a father already successful in real estate investment. The question is whether anyone can be a profitable real estate investor without having the savvy of Donald Trump, or the benefit of his upbringing, to reap rewards.

Monday 10 March 2014

Help Create the Connect SF Agenda

Photo: inman.com
We’re hard at work determining the speakers and content for Real Estate Connect® SF set for July 16-18. This year’s theme is Breakthrough Customer Experiences. We’ll explore the firms, people and technology that are reinventing the real estate customer experience.

FOR SALE: AFFORDABLE BUNGALOWS IN LAGOS

FOR SALE: AFFORDABLE BUNGALOWS
Location:            Medina Estate-Agbara
Price:                    N4M
Contact:           Nelly –J Associate |08127032269| nelsonnjosiah@yahoo.com

Location:            2Bedroom Bungalow @ Agbara
Price:                    N4M
Contact:           Nelly –J Associate |08127032269| nelsonnjosiah@yahoo.com
Location:            Ikeja
Price:                    N1.3M P/A
Contact:           Nelly –J Associate |08127032269| nelsonnjosiah@yahoo.com
 Location:       on ½ & a full plot @ Oworo
 Price:              N2M, N2.5M, N4M, N9M, N14M, N18M & N18M
 Title:               R/S
 Contact:         Jossy Properties |08023882330, 08165371627

Location:        on 1 ½   plot @ 11, Ogunnoiki street, Oworo
Price:               N11M
Title:                R/S
Contact:          Jossy Properties |08023882330, 08165371627

Location:        on a plot @ 14, Kayode street, Abule Ijesha
Price:               N10M
Title:                R/C
Contact:          Jossy Properties |08023882330, 08165371627

Location:        on a plot @ 3, Olaosebikan Street, Shomolu
Price:               N15M
Title:               C of O
Contact:          Jossy Properties |08023882330, 08165371627

FOR SALE: DUPLEXES IN LAGOS


FOR SALE: Detached House
Location:        Detached House @ CMD Road, Ikeja
Price:               N100M 
Title:                Deed of Conveyance
Contact:          Nelly –J Associate |08127032269| nelsonnjosiah@yahoo.com

Location:        Vacant 5 B/R + 3Rms Bq on 1,915sqm @ Palmgrove Estate  
Price:               N120M
Title:                R/C
Contact:          Jossy Properties |08023882330, 08165371627

TO LET: 3BEDROOM FLATS

To Let: Available & Affordable flats in Lagos
Location:            Ikeja
Price:                    N1.3M P/A
Contact:           Nelly –J Associate |08127032269| nelsonnjosiah@yahoo.com

Location:            Folagoro
Price:                    N750K P/A
Contact:           Jossy Properties |08023882330, 08165371627

Thursday 13 February 2014

FOR SALE: AFFORDABLE ½, FULL & ACRES OF LAND IN LAGOS

A full plot of land for sale @ Akoka, Lagos.
Location:        A full plot @ Obayan Street, Akoka
Price:               N15M
Title:                  C of O
Contact:          Jossy Properties |08023882330, 08165371627

FOR SALE: AFFORDABLE BLOCKS OF FLAT IN LAGOS

The 6 flats of 3B/R @ Community Road, Akoka, Lagos
Location:        6 Flats of 3B/R @ Community Rd, Akoka
Price:               N50M
Title:                C of O
Contact:          Jossy Properties |08023882330, 08165371627

Tuesday 11 February 2014

SPECIAL REPORT: WILL MORTGAGE RATE SURGE HURT HOUSING MARKET IN NIGERIA?

Photo: fmbn.gov.ng
By Olumide T. Agunbiade |Online Editor

  Nigerians were not buying homes when rates were 18%, what happens now that rates have been increased to over 20%?
Back In October 2011, the Monetary Policy Committee (MPC) in an emergency session to bail the depreciating currency, stabilize the naira and peg the inflation pressure; announced the following rate changes: Monetary Policy Rate (MPR) was increased by 275 basis points from 9.25% to 12%. The Central Bank of Nigeria (CBN) also maintained the current symmetric corridor of +/-200 basis points around the MPR. Also, the Cash Reserve Ratio (CRR) was increased from 4 to 8%.
Before seeking and sampling the opinions of experts on these astronomical hikes, several questions besieged my thoughts: Should the quest to save the naira be a singular reason to hike? Did the MPC consider the impact on the real estate sector?

Monday 10 February 2014

CFPB To Require More Data Than Ever on Mortgage Borrowers

Pix: money.cnn.com
 By Elizabeth Ecker
The Consumer Financial Protection Bureau is gearing up to start requiring lenders to report a lot more borrower data.
As part of a new initiative announced late last week, the CFPB is seeking information from small businesses to help inform a rule making that will require lenders to submit more Home Mortgage Disclosure Act (HMDA) data than ever before—including credit scores and debt to income ratios both for applications that are accepted and those that are denied. This, the agency says, will help them spot “troublesome trends.” 

FOR SALE: BLOCK OF 6 FLATS AT YABA

The block of 6 flats for sale at Yaba. Pix: propertymaxng.blogspot.com
Location:        6 Flats of 3B/R each @ Community Rd, Akoka, Yaba, Lagos
Price:               N50M

LAND FOR SALE

The land for sale at Yaba. Pix:propertymaxng.blogspot.com
Location:          Obayan Street,, Akoka
Price:               N15M

Dangote Woos Ibeju-Lekki Indigines with cash to release land for his refinery project

L-R: Aliko Dangote and Lagos State Governor, Mr. Babatunde Fashola
By Olumide T.Agunbiade
 Billionaire businessman and Africa's richest man, Aliko Dangote in company of the Lagos state Governor, Babatunde Fashola was at the Ibeju-Lekki axis of Lagos yesterday to woo the inhabitants of the community to give up their lands which is expected to be used to develop Dangote's proposed Refinery and Petrochemical Project, which is one of the Lagos Free Trade Zone Projects.

Friday 7 February 2014

QUICK LETTING: 2 BEDROOM FLAT

Pix: www.propertymaxng.blogspot.com
Description: With separate staircase + car Park
Location: Abayomi Street, Akoka, Yaba, Lagos
Contact: Jossy Properties| 08023882330,08171112892

Friday 31 January 2014

2013 Pending Home Sales

Pix: papereconomy.com
Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for December 2013 showing that pending home sales plunged with the seasonally adjusted national index dropping a whopping 8.7% from November and falling 8.8% below the level seen in December 2012. 

Friday 24 January 2014

THE 6TH FLOOR:THE PRICE TAG (2)

 
By Olumide T. Agunbiade |Online Editor
  
  Follow @olumideblogzin   |Previous Articles on www.agunbiadeolumide.blogspot.com
I checked my watch for the umpteenth time as our Honda finally eased its way out of the chaotic Lagos traffic on to the expressway en route Ibadan. As planned, a man named Daniel came to pick me up the next day. Daniel was hired by Jibola Akinyemi to drive me to Ibadan.
I became perturbed when I began noticing road blocks at every 300 metres, but I breathed a sigh of relief as Daniel--who was very friendly—assured me that it was just the Nigerian Police mounting the blocks as checkpoints for security purposes.

Pinnacle plans N30b real estate in Nigeria

Pix: proshareng.com
 By Olumide T.Agunbiade
South African real estate firm, Pinnacle Point Group Limited, has indicated readiness to inject about N30 billion into the development of a world-class golf estate m Badagry, Lagos State.The company, which is the largest golf and leisure estate developer in South Africa and on the African continent, intends to position itself as a major global player in both the golf and residential estate development markets in the next five years.

Wednesday 22 January 2014

2014 REAL ESTATE FORECAST: WHAT TO EXPECT


By Olumide T. Agunbiade | Online Editor
Whether you’re buying, renting or selling it out this year, here is what’s ahead across the globe.
In Nigeria, the trend in 2013 and with notable projects still in the pipeline, professionals within the real estate sector have expressed optimism that there would be increased investments and consequently activities within the industry in the year 2014.
  The Mortgage Refinancing Corporation (MRC), launched by the government and its prospective impact on housing provision and home ownership in Nigerians has further strengthened the position that the sector will boom in the coming year. 
 The forecast, notwithstanding, the seeming parlous state of the nation’s economy, would be more visible in some states like Lagos, Port Harcourt and the Federal Capital Territory (FCT), Abuja. 
 Besides, they hinted that there is so much interest in the sector from foreign investors especially in the commercial, retail, leisure or hospitality. The service sector is not left behind in the flurry of Foreign Direct Investment (FDI). There is this anticipation that capital transfer into the sector is expected to be in billions of dollars.
 One of the areas where exponential growth is expected is Lekki corridor, situated along the Lagos–Epe expressway, an area that has being touted as the fastest growing location in the sub-Sahara West Africa.

Thursday 16 January 2014

QUICK LETTINGS: MINIFLATS

Location:            Akoka, Yaba
Price:                    N350K P/A
Contact:           Jossy Properties |08023882330, 08165371627

Location:            Oworo Rd, Oworo
Price:                    N230K P/A
Contact:           Jossy Properties |08023882330, 08165371627

Location:            Folagoro
Price:                    N250K P/A
Contact:           Jossy Properties |08023882330, 08165371627

Saturday 11 January 2014

JOIN US IN NEW YORK CITY FOR THE REAL ESTATE CONNECT 2014

                                                                                Pix: eagledailyinvestor.com
By Olumide T. Agunbiade
 In a world where people are closer to one another than ever before, how will our industry adapt? When our connectivity is redefining what it means to work for and with one another, how can agents and brokers make the most of the opportunity?
There is no better conference than Real Estate Connect to identify, dissect and apply the new guidelines of the partnership economy and determine what those changes will mean for the real estate industry. Come meet the change makers, find kindred spirits, and rewrite the rules of engagement right before our very eyes.

Thursday 9 January 2014

THE 6TH FLOOR: THE PRICE TAG (1)


 By Olumide T. Agunbiade| Online Editor and Blogger
IT happens a lot these days in Nigeria. Homeowner falls on hard times and has to move from his home, selling or renting it out to make ends meet. But, if that house happens to sit on a few acres in Ikoyi area of Lagos, there may be one difference. The rent is N2.5million. A month.

That was what chief Korede, a politician and socialite--his close friends includes Senators and Ministers—was asking for his Bourdillon Palace, as it was called. In the year since he moved, he already had two tenants. One a Russian oil tycoon and the other an Italian interior decorator. They were the sort for who price hardly matters. What they want instead are security, the location and the experience.

THE CODE OF CONDUCT OF ESTATE AGENCY PRACTICE IN LAGOS STATE

The Special Adviser to the Governor on Housing, Hon. Jimoh Ajao at the workshop of the Lagos State Real Estate Transaction Department (LASRETRAD) held in 2013. Pix: Olumide T. Agunbiade
RULES AND REGULATORY CODE OF CONDUCT THAT PROTECT THE PRACTICE OF ESTATE AGENCY IN LAGOS STATE
1.      RULES AND REGULATIONS ON REAL ESTATE TRANSACTION
                                                                                                   Source: LASRETRAD
        I.            A registered agent transacting business in Lagos State shall have ascertained operational business premises or office within the state.
     II.            A registered agent shall maintain a record of his or her business transactions and shall open a separate bank account for that purpose.
   III.            A registered agent shall ensure that a prospective tenant or purchaser takes physical possession of the property paid for within fourteen (14) days except otherwise stated in writing.
  IV.            A registered agent shall ensure that his principal performs all necessary obligations due to the government under applicable legislation and regulation
2.   STANDARDS OF PROFESSIONAL COMPETENCE
        I.            A registered agent must exercise all skill, care, competence and diligence at all times when carrying out agency work.
     II.            A registered agent is presumed to be conversant with laws and regulations relevant to the agency work.