WILL MORTGAGE RATE SURGE HURT HOUSING MARKET IN NIGERIA?

 By Olumide T. Agunbiade |Nigerian Real Estate Writer and Blogger

Follow @olumideblogzin 

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F 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?

Was the timing right, considering the fuel subsidy removal already generating heated debate? Does saving the depreciating naira and foreign reserve have a huge economic impact as to adjusting rates and fiscal measures to impact on agriculture and housing market?

QUICK LETTING: 2 B/R FLATS | June 7, 2013

Description:    New House| Upstairs| 2T/2B

Location:        Sabo

Price:               N500K P/A

Contact:          N.D.U Properties|08060582861|08128061566

Description:    Yoruba/ Working Class (Wanted)

Location:        Ogunbadejo Street, Bariga

Price:               N300K P/A

Contact:          Evang.Soneye Properties|08076582065|08141233287

Description;    New House| 2T/2B| Muslim (Wanted)

Location:        Awofodu, Shomolu

Price:               N400K P/A

Contact:          Elder Emmanuel Okeleye Properties| 08026609545

QUICK LETTING: MINI-FLATS | June 7, 2013

Description:    New House|2T/2B|Young Igbo Tenant (Wanted)

Location:        Awin Close, Ilaje, Bariga

Price:               N250K P/A

Contact:          Thompson Properties|08035727845

Description:    Upstair|With Floor tiles|Painted

Location:        Bariga

Price:               N200K P/A

Contact:          Thompson Properties|08035727845

Description:    New House

Location:        Jolad Area, New Garage

Price:               N270K P/A

Contact:          Thompson Properties|08035727845

QUICK LETTING: 3 BEDROOM FLATS| June 7, 2013

Location:        Ajileye Street, Ilaje

Price:               N450K P/A

Contact:          Constant Ventures|08084555340|07065173466

Description:    Up; 1T/1B

Location:        Moronfolu Street, Akoka

Price:               N500K P/A

Contact:          Constant Ventures|08084555340|07065173466

Description:    Ground Floor; 1T/1B

Location:        Fola-Agoro

Price:               N450K P/A

Contact:          Sunny World Estate Valuers| 08026054600|08032520036

THE CHALLENGE OF MORTGAGE AND AFFORDABLE HOUSING IN NIGERIA

By Olumide T. Agunbiade|Nigerian Writer & Blogger

Follow on twitter @olumideblogzin

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A Nigerian housing estate

everal 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.

Column: Living your Space- The Kitchen (1)

By Elizabeth Onuoha

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he kitchen is simply a place in the house where food is prepared. It could also be referred to as the ‘heart beat’ of the home; this is pretty obvious as we all must eat.

In this edition, which is going to be in two parts, we will be taking a look at the basic issues involved in the interior design of the kitchen and how we can make the kitchen practical enough to suit various needs.

The basic issues involved in interior design of the kitchen, are basically the same for every kind of space, but in residential designs, kitchens attract particular interest on the part of occupiers. I will never forget the shock I got when I first sighted the kitchen in my house.  As a result of my very busy schedule, I asked my agent to help me look round for an apartment. I gave him my specifications and impressed it on him that space is of importance.

A modern kitchen

You can imagine the rude shock I received when I came face to face with a kitchen no bigger than a cell and a large store. I had made the mistake of trusting my agent and had paid up without first inspecting the property. What was I to do with such a huge store even if I were storing food for an army!

This was not practical for someone who lived alone so I had to learn to live with my kitchen. Builders have long learnt that attractive kitchens sell a house faster than any other feature. The designer of a kitchen must carefully take into consideration the needs and desire of the actual users. The designer should find out what meals are to be prepared, how many people will work in the kitchen during meal preparations, will the kitchen also accommodate a washing machine, will there be a provision for serving and eating in the kitchen, and finally the size of the family will also be considered.