3BR FLATS
LOCATION: Saka Ojo
Street, V/Island
PRICE: N3.5M
CONTACT: Ismail and
Partners|07038301367|08024541649
Saturday 4 May 2013
QUICK LETTINGS: DUPLEXES
DUPLEX
LOCATION: Logos Church Street, Lekki, Lagos
PRICE: N2.5M P/A
CONTACT: Everglade Properties | 08026887748
QUICK LETTINGS: TERRACE HOUSES
TERRACE HOUSE
LOCATION: French style masterpiece, Lekki
PRICE: |N2.5M P/A
CONTACT: |Prime Court Estates|08123653285|08175930248
Thursday 2 May 2013
HOW TO REDUCE HOUSING DEFICIT IN NIGERIA
By Olumide T. Agunbiade
In development terms, the last few years
of the 20th century and the first few years of the 21st
century have been a total failure. Housing is one of the basic of human needs.
The provision of houses through the creation of mortgages is taken for granted
in developed countries; however, remains a major challenge in developing
countries, especially in Nigeria.
A recent research revealed that Nigeria and United
Kingdom have two things in common – overcrowding and housing deficit. According
to a report on Nigerian Housing Sector aired a few years ago on African
Independent Television (AIT), it was stated that between 1973 and 2006, the Federal
Housing Authority (FHA) built only 30,000 housing units nationwide.
In 2010, just 103,000 homes were built in England – the
lowest since 1923 – though 232,000 was supposed to be built per year. Nigeria
has a large and ever increasing housing deficit which stood at approximately 8
million housing units in 1993 and 12 – 14 million in 2007.
According to a recent BBC report, the UK government has
agreed to build 3 million homes between now and 2020 with 1.8 million new homes
set to be constructed on Greenfield sites, a target area for development. A
recent estimate puts Nigeria’s housing deficit figure higher at 16 – 17
million. “At an average cost of N2.5 million per housing unit, Nigeria would
require N35 trillion to fund a housing deficit of 14 million housing units.” said
Olusegun Adeniji of Federal Mortgage Bank of Nigeria (FMBN).
Several factors have been identified as responsible for this
shortage. According to Mohsin Khoda, a Land Acquisition Manager with Kings Land
Global Investment Company based in Dubai, “Supply is limited while demand is
high due to increase in population.”
THE CHALLENGES OF MORTGAGE AND AFFORDABLE HOUSING IN NIGERIA
By Olumide T. Agunbiade
Several years ago, two notable economists,
Arvind Subramanian and Xavier Sala-I-martin, in a paper for the IMF said
Nigeria was a ‘metaphor per excellence of a failed development experience,’
describing the government as so damaging to progress that Nigeria would be
better off if someone sat down and wrote out cheques to every citizen to the
portion of their share of oil receipts.
All governments in Nigeria since independence have highlighted
housing as a priority. Unfortunately, the nation is yet to develop a vibrant
mortgage market and houses continue to be provided through the usual
traditional method of buying land and building over some years or saving to buy
a home which could take an individual’s entire lifetime.
Recently, the Federal Government has appealed to private
sector operatives to increase their investment in the housing sector in order
to assist the government in housing the citizens in line with vision 2020 when
the nation hopes to join the 20 largest economies of the world.
Experts also believe that efficient, accessible, simple
regulations and clear property rights can expand the natural entrepreneurship
of small and medium size firms even further. However, the ‘World Bank’s Doing
Business’ in Nigeria 2010 report revealed that it is easier to do business in
Jigawa - a state declared as the poorest state in Nigeria by World Group and
the CBN two years ago - and other northern states than any major cities in
Nigeria.
In Nigeria, 2012 was characterized by inactivity in the
construction sector, low level of effective demand for properties and tumbling
of property values and rentals especially in frontline cities of Lagos, Abuja
and Port Harcourt. “There is a gradual improvement from the depressed state of
2011 and this is a good development for property and related transactions,’
says Chudi Obosi, a Consultant at Ubosi Eleh and Company, an estate surveying
firm, ‘the greatest opportunities for real estate lie in the middle to low
income sector where demand greatly outstrips supply.”
Wednesday 1 May 2013
LISTINGS: FOR SALE
MALIK AJIBOLA & CO
(Estate
Surveyors & Real Estate Consultant)
SUITE 167, BLOCK A2-1, SURA OFFICE COMPLEX,
SIMPSON STREET, LAGOS
TEL: +234-1-2135589,
3202060, 7751429.
SALES
MOWE
·
2plots
of land @ Lotto along Lagos-Ibadan express road|N6M asking price|
·
3&2BR
bungalows + several plots of land @ MGC Estate, Ofada |N1M, N7.5M & N5.5M
·
200
acres of land @ Ofada/mowe along Abeokuta expressway |N1.2 per acre|
·
2plots
of land @ Palms Garden Estate along Sagamu-Abeokuta exp|N1.8M| C of O
·
1plot
of land @ Sagamu-Abeokuta Express road| N1M | C of O |
VICTORIA
ISLAND/LEKKI
·
Semi
detached 4BR @ Musa Yaradua, V/Island|N300M |Federal Allocation
·
Newly built 2wings duplex+ 3nos of 3BR@Bakare
Estate|N50M &N48M|
LISTINGS: FOR SALE
JOSSY PROPERTIES
|Real Estate Consultants | Property Managers |
10, Shobande Street, off Chemist B/stop, Akoka, Lagos.
TEL: +234-8023882330|08171112892 |
E-MAIL:jossyproperties@yahoo.com
SALES
·
Plot of land
@ Ayinke Street, Akoka| N19M |Certificate of Occupancy
·
Block of 6flats@ ST. Finbarrs Road, Akoka, Lagos|N60M| C of O
·
Bungalow @ Asani Street, Akoka, Lagos | N25M| C of O
·
Block of 4flats @ Obayan Street, Akoka, Lagos | N40M| RC
·
2wings Duplex@ Adenuga Street, Harmony estate, Ifako| N40M|C of O
·
Block of 4flats@ Zion Close, Bariga, Lagos | N20M| C of O
·
Bungalow @ Ogunaike Street, Oworo |N20M| C of O
·
Block
of 4flats of 3BRs each (new house)@ Akerele Estate, Oworo|N30M|Cof O
·
Bungalow along ST Finbarrs Road, Akoka, Lagos|N40M| RC
·
Warehose +6Rooms @ Layi Otegbade Street, Pedro|N20M|C of O
·
Acres of land@ Oladimeji St, off Razak Bichi St, Magodo PH1 Isheri|N18M/ Plot
·
A storey building@ 16, Farayibi
Street, Bariga|
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