From N798.3 billion in the third quarter of 2017, credits to real estate sector have declined by 25 per cent to N596.3 billion, representing N202 billion difference in Q1 of 2019. The decline is also evident in Federal Government’s budget for housing in the last three years as document showed that from N141 billion in 2017 and N35.4 billion in 2018, the amount declined to N30 billion in 2019.
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As Central and Eastern Europe become increasingly popular for South Africa’s property sector due to subdued growth potential and earnings locally, should these funds not be investing closer to home. This is the view of Kfir Rusin, the host of the most significant annual gathering of capital investors in African real estate, the 10th annual Africa Property Investment (API) Summit (https://www.APISummit.co.za/) taking place on October 2 & 3 in Johannesburg, whose stakeholders have been more active in the first half 2019 than in the previous 24 months.
Contrary to the belief that lack of long term capital or low capital base is the main challenge of Nigeria’s mortgage industry, stakeholders in the industry and property sector analysts have spilled the beans, revealing that the structure of the industry contributes the most to its set back. Over 10 industry players and analysts polled …
The founder of Kenyan fast food chain Big Square has exited the business under unclear circumstances, coming just nine years after he established the casual dining enterprise. Morne Deetlefs, the founder of Big Square with operations in Nairobi and Mombasa, formally exited the chain this year after being compensated by his business partners with insiders citing boardroom wars and conflict of interest for his departure.
Any individual, group our organisation that is found to be responsible for the collapse of infrastructure in the works and housing sectors will henceforth face stipulated sanctions, the Council for the Regulation of Engineering in Nigeria declared on Monday. COREN said the council was perfecting its new Act for strict implementation and that the law empowered the regulator to sanction anyone or organisation, whether in the engineering field or not, found culpable in the collapse of any building, road or bridge.
Despite apparent uncertainties surrounding the economic health of the housing sector in major cities, Abuja property market appears to have rebounded, with the juicy accommodation package granted the legislators by the Federal Government.
The National Integrated Infrastructure Master Plan (NIIMP) has estimated that Nigeria requires US$3 trillion for development and maintenance of infrastructure in the country, said Executive Secretary, Federal Capital Development Authority (FCDA), Umar Gambo Jibrin delivering a keynote address at this year’s Charles Mbanefo lecture at the head office of the Nigerian Society of Engineers (NSE) in Abuja.
Termed the commercial capital of Nigeria, and also the most populous state according to official figures, Lagos is key to any business that wishes to establish, thrive and flourish in Nigeria. Moreover, the extremely competitive environment leaves businesses in Lagos to deal with the high cost of space rentals, and most of them end up with the short end of the straw.
A study conducted by Mckinsey on Nigeria’s infrastructure requirement threw up the need for the investment of well over $31bn annually, over a 10-year period for the country to bridge her huge infrastructure deficit. Given the huge amount required therefore, it is near impossible to expect government to foot the entire bill, neither will traditional project finance models essentially leveraging medium to long term funds from banks and development finance institutions do much, given the huge funds required for infrastructure projects and the needs that the DFIs contend with on the African continent.
It seems crazy to think that women, who were once excluded from the right to own property, are now the largest group of property buyers in South Africa. According to Lightstone Property statistics, roughly 72,000 residential properties were purchased by single women in South Africa last year, far surpassing the number of homes sold to men (around 62,000) and married couples (around 65,000).