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CNBC Africa: The Impact of COVID-19 on Nigeria’s Real Estate Sector

Dolapo Omidire, CEO of Estate Intel was a guest on CNBC Africa’s Closing Bell West Africa this Tuesday to discuss the impact of COVID-19 on Nigeria’s Real Estate sector. The discussion follows the publication of the Nigerian Real Estate and COVID in 19 slides report by Estate Intel which outlined the impacts of the pandemic […]

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UPDC Reports ₦15.883 billion Loss for FY:2019

On the 7th of May, 2020, UACN Property Development Company (UPDC) published its audited financial statements reporting a loss of ₦15.883 billion for the year ended 31st December, 2019. This is a 5.54% increase from the loss recorded in 2018 and the 4th consecutive year UPDC will be recording a loss. The ₦12.638 billion impairment […]

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REIT Market Update: SFS Real Estate Investment Trust

SFS REIT (formerly Skye Shelter fund) has published its Key Performance Metrics for the month of March 2020. The REIT currently holds 7 residential properties in its portfolio with a net asset value of  ₦2.274bn down from ₦2.376bn at the end of last year. The 2 properties within SFS REIT’s portfolio which are in Abuja […]

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Workstation is now benchmarking pricing of their coworking spaces to the Dollar, here’s why

On the 29th of April, Workstation announced that the billing and invoicing of their plans will be denominated in USD with an option to be paid in Naira. This evening, however, the company has updated and clarified that pricing will instead be benchmarked to USD but invoicing and payment will remain in Naira. The company […]

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Useful Business Resources for COVID-19

Resources we’ve found useful Nigerian Real Estate and COVID in 19 Slides COVID-19: Implications for business by McKinsey & Co. Tackling COVID-19 in Africa by McKinsey & Co. The Low Touch Economy by the Board of Innovation Brief Look: Coronavirus and the Nigerian Real Estate Market by Estate Intel Top Tools for Managing Remote Work […]

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Are Virtual Tours finally going to see an increase in adoption during the lockdown?

The COVID-19 pandemic has come with a devastating effect on most sectors of the economy. The Real Estate sector is one of those hit hardest by the lockdown. Construction has been halted on all sites, developments are being stalled as a result of the exchange rate volatility and agents are having difficulty closing deals. While […]

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Hilton Group’s Conceptual Hotels near Nigeria’s International Airport

With less than 1,000 rooms and 2 hotels at the end of 2019, the Hilton Group has a relatively limited presence within Nigeria. According to the W Hospitality Group 2019 Hotel Pipeline Study, Hilton was planning over 55 hotels and 11,209 rooms across the African continent. The only other hotel groups with a larger pipeline […]

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ei’s Top Tools for managing remote work during the COVID-19 lockdown

When the threat of COVID-19 within Africa became more apparent in late February, we decided to do a fully remote test run for the ei office on the 2nd of March. At this point, there were no ‘confirmed’ cases in the country but felt the process was important in preparing your favourite team for a […]

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5 Real Estate Companies given the Pioneer Status Incentive

Last month the Nigerian Investment Promotion Commission (NIPC) published details of Pioneer Certificates that were issued and cancelled in the year 2019. The Pioneer Status Incentive was established by the Industrial Development (Income Tax Relief) Act, No 22 of 1971 and is a tax holiday that grants qualifying industries and products relief from payment of […]

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Comparison: Million Dollar Apartments along the Bourdillon-Alexander-Gerrard (BAG) Road Stretch in Ikoyi

Development starts for mega residential projects in Ikoyi, Victoria Island and Oniru have grown consistently in spite of high vacancies in the luxury segment. Along the Bourdillon-Alexander-Gerrard (BAG) Road Stretch,  2 mega residential developments were recently completed, 5 are currently under construction and 3 are in the conceptual/early development phase. Here is a side by […]

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