Nigeria Property

Friday, July 5, 2013

Nigeria has Real Estate Potential But Has Some Challenges

Local News.
In a few ways, Nigeria appears like a real-estate investor's dream. Africa's second-largest economy posseses an emerging middle-income group eager to look in modern shops and is getting many of the world's greatest businesses, which require offices. The nation includes a lack of most forms of modern space, raising the likelihood that the market may prefer landlords for a long time to come.

But there are disadvantages to buying Nigerian property. First of all, the nation placed 96 out of 97—one above Sudan—in the Jones Lang LaSalle 2012 international real-estate visibility index, which tracks the ease and confidence investors have in buying professional real estate in certain country.

The result is a industry that's viewing more deals with large costs from opportunistic resources ready to have a chance on Nigeria's potential. But the world's greatest and most recognized investors continue to avoid the country.

Most of the active investors in the country are either local players or foreign resources that specialize in Africa. "You're not going to get the European pension money here" shortly, says Mark Bradford, chairman of property representative Jones Lang LaSalle in sub-Saharan Africa. "There is very little of a industry [for them] here however, however the possible is huge."

The foreign players in the country contain Actis LLP, a London-based private-equity company with $1.7 thousand dedicated to Africa. Their Nigeria jobs are the Ikeja Town Mall, a 307,000-square-foot mall in Lagos. The development, which cost $100 million, exposed in 2011 and presently is occupied with tenants such as Africa's greatest food shop Shoprite Holdings Ltd. and Samsung Technology Co.

Actis is paying about $100 million to produce the 194,000 square-foot History Position company creating in Lagos, which is collection to start in 2015. "Nigeria from an global perception has attracted more curiosity during the last 2 or 3 years," says Brian Morley, mind of real estate at Actis.

One of the numerous difficulties experiencing foreign real-estate investors may be the paucity of industry data. Unlike other areas, investors can have difficulty finding data with fundamental data such as option rates, source, leasing activity and property ownership.

To make sure, the few real-estate data available reveal the country's potential. Like, excellent company rents reach as large as $70 a square meter each month in Lagos, the highest in sub-Saharan Africa excluding South Africa, in accordance with Broll Home Solutions Ltd., element of CBRE Party Inc. The next best is Accra, Ghana, at $37 a square meter.

But buying Nigeria is not for the weak of heart. The Jones Lang LaSalle report places the nation in the "opaque" category of visibility, meaning Nigeria suffers from components of problem, insufficient fundamental knowledge and poor environmental sustainability applications when creating large-scale properties.

In Nigeria, "real estate can be rife with problem all through the procedure," says Obi Nwogugu, who runs a finance at African-american Capital Alliance with $165 million in real-estate assets in West Africa. The finance this season accomplished a $36 million company creating on Victoria Area in Lagos that's being leased to Common Electrical Co.

60% of C of O in Lagos are Fraud – Lawmaker

Thursday, July 4, 2013

Wednesday June 26th 2013 Real Estate Job positions in Nigeria today 2013

Cheap 3 Bed Flats and shops with C of O

Insight: Nigeria seeks farming revival to break oil curse

Local News

(Reuters) - Down a rotating dust track in that sleepy community in northern Nigeria lies a corn farm which looks significantly just like the dozens that surround it. The difference is, this one is turning a profit.

"I will barely lift my 8-year-old. He's the fattest in the community," claimed Ibrahim Mustapha, 50, pulling fun from his other farmers as he pretends to lift up his puffy son.

The Babban Gona or "Good Farm" project, in northern Kaduna state, is among a handful where individual investment is supporting former subsistence farmers like Mustapha make gains for themselves and the companies backing them.

When President Goodluck Jonathan was elected two years ago, he pledged reforms that will transform the lives of tens of countless farmers who go on significantly less than $2 per day despite occupying a few of Africa's many fertile land.

Gas stays the key supply of foreign currency and state revenues, but agriculture is undoubtedly the biggest factor to GDP, getting back together 40 % of Africa's 2nd greatest economy.

With 170 million mouths to give and an increasing food import bill thanks to the disarray in the farming market, agriculture ministry officials say there is number time for you to lose.

If production doesn't improve Nigeria can experience a food disaster within a decade, its current bill surplus will be wiped out and the credit value of Africa's 2nd biggest debt issuer will be below threat.

"When we did nothing, it would be a problem," Agriculture Minister Akinwumi Adesina told Reuters in the capital.

"We do not consume gas, we do not consume it ... We can not sustain the quantity of income we use to import food," Adesina claimed, a Nigerian banner hanging behind his company chair.

In some cases, the imports replacement for things Nigerians are growing but can not get to advertise or lack the methods to process.

The country is the second largest farmer of acid fruit in the world after China and yet it uses $200 million annually on imported juice while a unique generate spoils, Adesina said.

Additionally, it generates 1.5 million metric tons (1 metric lot = 1.1023 tons) of tomatoes annually of which 45 % perish, while consumers invest $360 million on tomato substance imported from nations such as Italy and China.

CURING DUTCH DISEASE

To succeed, Adesina's reforms will need to reverse the inadvertent damage performed to the market by Africa's earliest and biggest gas and gasoline growth, which packed out different commodities.

In the 1960s, Nigeria was the biggest exporter of peanuts in the world and had 27 % of the hand gas trade. It remains among the world's prime chocolate growers, but creation and bean quality have dropped since their heyday in the 1970s.

While an elite allied to some military dictatorships grew rich on the spoils of the power market, countless primarily subsistence farmers received little or no help at all.

The effect: Nigeria is currently the world's next largest importer of grain and the biggest customer of U.S. grain, while much of a unique fertile land lies fallow. A flourishing populace has delivered its food import bill rocketing to about $11 thousand annually - comparable to greater than a next of the federal budget

Agriculture also offers the most effective possiblity to reduce unemployment, which bottles an Islamist insurgency in the north and gas theft in the south. Unemployment is 23 % and youth unemployment double that, national data suggest.

"Poverty is the source of lots of the uncertainty problems we have. A hungry person is a furious person," Adesina said.

The minister plans to create 3.5 million new jobs in agriculture and boost food creation by 20 million metric tons by 2015, the season of another national election.

To make this happen, he wants to boost access to microfinance for farmers and pull in $10 thousand of foreign investment into farming and food processing.

He has received tentative praise for early achievements from foreign diplomats, bankers and help agencies, but big agro-business tasks have yet to take off.

Adesina took a damaged fertilizer subsidy out of politicians'arms and now farmers are texted subsidy vouchers right with their cell phones so they can recoup from fertilizer sellers, a plan used in Kenya's farming reforms.

Seventy % of farmers now obtain subsidized fertilizer and vegetables, weighed against 11 % beneath the damaged plan previously run by state governments, Adesina said.

LONG ROAD AHEAD

Production of grain, cassava, grain, sorghum, and corn are climbing and chocolate, Nigeria's most important move crop, appears collection to move up by greater than a next that season.

In 2012, agriculture exports rose by 128 thousand naira ($788 million) and food imports dropped by 850 thousand, Adesina says.

Foreign investors such as food giant Cargill, seed organization Syngenta, brewer SABMiller and Africa's wealthiest person Aliko Dangote are planning to construct everything from fertilizer plants to food handling factories.

However grain imports still absorb $7 million a day, while bad infrastructure and plan flip-flopping have previously seen farming potential wasted. Farmers needs infrastructure to get things to market -- and rural Nigeria's can be as woeful since it gets.

Nigerian billionaire Dangote has pledged to pay $35 million on a tomato substance plant in the northern city of Kano and $45 million in Corner Lake state to process pineapple juice.

Adesina claims he's received $8 billion in commitments but such claims tend to be not held in Nigeria. Cargill and SABMiller told Reuters they are just "considering" investing.

"I'd estimate that no several buck of expense actually occurs for each $100 of released commitments," said Fola Fagbule, an Africa-focused expense bank in Lagos.

A central bank effort has given assures on about 25 billion naira of agriculture loans as it began in July a year ago, lifting lending to the field to about 4 % of complete loans, from 1.5 % at end-2009, the lender says.

The Earth Bank is setting up $100 million into agriculture, while British and U.S. help jobs push in hundreds of millions.

This barely scrapes the $10 billion Adesina claims the field needs by 2015. Smallholders say banks however do not lend for them, while the system doles out inexpensive money to major firms.

"We have heard everything before and I have never observed it get better," claims Alhaji, a character wrestling with two scrawny long-horned cows pulling a rusty plough through a field.

"I've 15 kids and ... we barely get enough food to feed ourselves," he said.

BEARING FRUIT?

A few success reports nonetheless give cause for optimism.

Farmer Mustapha claims he created $1,350 per hectare from his crop following paying back private company Doreo Partners, which goes the Babban Gona challenge, compared to previous decades wherever he might generate $200 per hectare.

"Today I do want to grow my farm, I've so much place I never used. Today I will send my kids to school," he explained, while behind him mainly unused farmland expanded to the horizon.

Doreo is working together with 600 farmers. It's ambitious ideas to improve that to 500,000 by 2020, and 5 million by 2030.

"I understand it looks ambitious but this has been performed elsewhere and Nigeria has so much easy-to-reach potential," said Kola Masha, the business's head.

Masha is trying to emulate big food cooperatives like CHS in the U.S. or India's milk franchise Amul, who make enormous profits while helping an incredible number of smallholder farmers.

He offers farmers high-quality fertilizer, vegetables, gear and experience on credit to hugely improve their yields, while negotiating with firms like Nestle to buy the make at higher rates compared to farmers could get themselves.

Farmers working together with Masha, he explained, are utilizing 40 situations more fertilizer than neighbors who could never afford that amount.

"It's early days but I'm more hopeful than I've ever been," he said.

($1 = 161.45 naira)

Nigeria: Babangida Has Put Down Foundation for N20 Billion Abuja Estate

Video: Big Girl

Tuesday, July 2, 2013

Nigerian Builder Set to Construct Africa's Next Giant City

Local News:

LAGOS, Nigeria—Africa's towns are working out of area, prompting a real-estate developer here to erect what could be Africa's ritziest region on a beach long known as a haven for time laborers and beer tipplers.

The shacks that packed the shoreline called Bar Beach are gone, changed by structure tents. People who squatted here were evicted. For the past four years, a Lebanese-Nigerian property developer has hosed sand into the ocean, creating new area for in the offing running routes, yacht jetties and condominiums with helipads for 250,000 opulent Nigerians.

The newest Eko Atlantic township is emblematic of a flourishing business in Africa where developers construct walled-off towns for ab muscles wealthy on a continent that is still the world's poorest.

Designer Gilbert Chagoury, founder of Nigeria's Chagoury Class, is the epitome of Africa's moneyed type: Aside from a friendship with Statement Clinton, whose 1996 presidential strategy he helped fund, Mr. Chagoury offers an ambassadorship from St. Lucia to the Vatican and a gallery in the Louvre named following him and his partner, equally contributors.

Remove with funding from French banks which are enticed by Africa's rapid development, the 67-year-old Mr. Chagoury is looking to top his job most abundant in colossal real-estate project in West Africa.

"That will probably be very same of Champs Élysées in Paris or Sixth Avenue in New York," says David Frame, handling director of South EnergX, a building model of Chagoury Group. He was sitting on a gravel road that will be smooth into an eight-lane boulevard, finishing at a gated quit into the rest of Lagos.

Africa has got the world's fastest-growing towns, based on the United Nations. Their recent metropolitan populace of 450 million is anticipated to triple next four decades.

As vacant area disappears in African-american towns, foreign investors are performing with the creation of new towns out of woods, grasslands and landfill. Investors be prepared to move huge gains from offering Africa's rich places to reside, function and shop away from the failing infrastructure and squalor of previous cities.

But these tasks attended under fireplace from critics who explain that they may certainly not relieve the property disaster striking the majority of the population. In Lagos, few will have a way to manage Eko Atlantic's glass tower condos.

Meanwhile, many of these gargantuan tasks are struggling. Renaissance Capital Economic Holdings Ltd. of Moscow plans to build an area for 62,000 persons on a coffee farm outside Nairobi, Kenya, and a similar-size project on a pepper subject near Ghana's money of Accra.

The coffee farm in Kenya continues to be just that, as Renaissance computes a dispute with shareholders. The project in Ghana is mired in a disagreement between regional chiefs over who owns the pepper field.

China Global Trust and Investment Corp. created a $3.5 million city for 500,000 persons near Angola's money, Luanda. The suburb opened in 2011 but remains a ghost town, as the government strains to market the $200,000 condos to a population whose per-capita money is $6,000 a year.

Mr. Chagoury hopes that Eko Atlantic will soon be different. Project executives indicate Lagos's population of oil-rich elites, which will be both larger than that of Luanda's and readier to cover top money for clear roads and contemporary infrastructure. They decrease to state simply how much Eko Atlantic will surely cost, other to say it will soon be "in the billions" of dollars.

Expand Image

Samuel David for The Wall Block Diary

What the Atlantic structure site seems like nowadays

Their city, Lagos, is crowded and chaotic. Its population develops by seven persons every 10 moments, in line with the U.N., which estimates that Lagos has 11 million persons and is the world's fastest-growing megacity. The Nigerian government sets the city's total population at 21 million.

Even yet in classy neighborhoods, sewage pockets up from open ditches. For want of company systems, countless companies fit their headquarters into moldy midcentury ranch houses. At lunch, many companies turn off their lights to sleep chugging electrical generators. To escape choking traffic, many elites drive by helicopter or yacht.

What small property there is for Nigeria's rising middle income is pricey. Average lease on a three-bedroom house in downtown Lagos is $3,624 a month, in accordance with Dubai-based research organization Reidin. Landlords often expect couple of years of lease in advance, preferably compensated in U.S. dollars. It is a challenge for Nigeria's middle income, whose money averages about $600 a month, in accordance with Renaissance Capital.

Buying is simply as tough. Town files on area ownership really are a chaos, stockpiled or missing. Swindles involving forged brands and the fraudulent purchase of villas are common.

House loans come with double-digit fascination rates. In a nation of 167 million persons, you can find only 20,000 mortgages, in accordance with Nigeria's financing minister, Ngozi Okonjo-Iweala.

To help keep velocity, structure activity increases by 13% a year, according to government statistics. Architect Ade Laoye estimates that Lagos needs at least needs 10,000 extra houses a year.

"We do not have the architects, electricians, bricklayers, designers, the contractors," Mr. Laoye says.

One individual who have sources is Mr. Chagoury, a Nigerian-born structure magnate. He got his first taste of city-making in the 1990s, once the government appointed him to construct a small banana-shaped peninsula now dotted with million-dollar homes.

In 2003, Lagos's government approached Mr. Chagoury with a problem. Waves were crashing around Bar Beach, washing away some of the drug scene, but also flooding shore-side paths and wetting the lobbies of essential Nigerian companies.

He returned by having an provide to build a ocean wall without charge. In return, Lagos's government allowed his company to dredge mud from the underside of the Atlantic Ocean—and shoot it out of a hose to generate 3.9 sq miles of beach.

The sq mile mixed to date is a panorama of mud, resembling the Sahara. Manhole addresses appear several feet above the dunes because the skeletal beginnings of a drainage system. Nearby the water, cranes decline X-shaped blocks to make a ocean wall.

Mr. Chagoury dropped requests for an interview. But challenge professionals say that they curently have distributed all but two of the several dozen making web sites on the sandlot. Consumers program an global school, high-rise condos, spas, headquarters for several fat companies, a conference center formed like the sails of a vessel and a U-shaped office tower called Unity.

Lower-end developers fear such endeavors can inflate the cost of making components for decades to come. An already extended method of getting bricklayers and cement mixers can keep to perform here.

Designers like Michel El Chemor are unapologetic about catering to the utmost effective end of Nigeria's property market. He acquired a plot from Mr. Chagoury for the site's first skyscraper: a $50 million, 24-story residence called Eko Pearl. It will peer out around a marina—and the smog and skyline of Lagos.

"I am sorry to say, but it's chaos in Lagos," he says. "They're likely to need to destroy what they had before and rebuild it, that will have a long time."

Monday, July 1, 2013

Lagos Property: NEW 4 BEDROOM DUPLEX WITH BQ AT BUENA VISTA, LEKKI

Nigeria: Qlichy.com Commences Market Roll Out

Local News:

Subsequent increase in traffic to internet sites on the site, Qlichy.com, an on the web organization networking system, has introduced their market throw out and subscription options for corporations and individuals.

The shift is coming on the pumps of a fruitful release of their on line and radio campaign as well as news of actress, Mrs. Funke Akindele-Oloyede, as manufacturer ambassador.

Qlichy.com is a multi-site organization site, information support and e-commerce system, that is linked to the Interswitch system for payment purposes. The system has been experiencing growing patronage and traffic because their release in April. Qlichy.com presents access to programs like Bizpoint, Talkpoint, Salespoint, Playpoint and Thoughtpoint for corporations and people to generally meet and interact.

Announcing that in a press record introduced in Lagos, Controlling Manager of The Quadrant Business, parent company of Qlichy.com, Mr. Bolaji Okusaga, said that "Today, we formally announce the commencement of Qlichy.com market throw out. We thus delightful subscription options for corporations and individuals. The need for it has become essential with the growing traffic to the different portals of Qlichy.com and we have been able to trace that to the market penetration and manufacturer making techniques that people have caused because April when Qlichy.com formally released in Lagos.

"Qlichy.com offer substantial options including organization intelligence and social commerce given the ability of the system to provide a seamless knowledge which pieces across organization information, e-commerce and life style, which were prior to this fragmented in the Nigerian on line space to enterprises across different sectors of the economy, be it customer things, oil and gasoline, real estate, telecoms and economic sectors amongst others," Okusaga said.

Akindele-Oloyede was introduced as Qlichy.com manufacturer ambassador at a press event that presented in Lagos recently as the most recent market penetration strategy and manufacturer making strategy. It followed a formal release and Area hurricane, which presented in April and May possibly respectively.

Speaking on the event, she remarked that "I'm delighted to be associated with Qlichy.com and consider it an honour to be the manufacturer ambassador. The Qlichy manufacturer besides being the greatest electronic meeting place and reference middle, it is the future. I state that because this new system may empower a lot of people."

She included that "I admire the thought process behind it and this is exactly why I'm thrilled to be part of the Staff Qlichy.com. I'm persuaded that it may empower a wide range of people, this is the reason I enjoin all organization operators, homeowners, material developers and reference people to become listed on me on Qlichy.com site," she concluded.

Nigeria Senate claims to focus on affordable housing

Saturday, June 29, 2013

Lagos Property: 5 BEDROOM TOWNHOUSE FOR SALE AT LEKKI, LAGOS

Need for SA property from Nigeria

With the Rand hanging across the R10 to the US Dollar, home in South Africa has become a actual bargain. The greatest amount of enquiries attended from Nigeria where the oil boom has resulted in really well-heeled entrepreneurs seeking greener pastures. Michael Steffers, handling director of Krugersdorp-based Pinnacle Home Brokers claimed he had numerous enquiries from many different nations and the need was particularly solid from nations in Africa. "We've notched up a few ales of upmarket homes in gated estates throughout the West Rand.

"Because we deal primarily with home to the West of Johannesburg, home costs are substantially less than in almost every other towns in South Africa.

Which means that consumers get substantially more value for his or her money. The quick devaluation of the neighborhood currency has started off something of a mini home boom and we presently have significantly more consumers than vendors," he said.

Upmarket homes on the West Rand have been in need for quite a while by pensioners in particularly southern Europe who're seeing their pensions and other benefits erode consequently of austerity actions presented by the European Union. Many of the numerous enquiries he had all through November and December last year from Europeans who have been on christmas in South Africa and who have been seeking to resettle have resulted in sales.

"Obviously the truly well-heeled crowd are looking at the Western Cape including the winelands and the Natal South Coast.

"For the hard-pressed Greeks, Spanish and Portuguese nationals, something that offers substantial greater affordable and are at once economical has brought the West Rand into sharp focus. "Giving a number of the cheapest rates per sq metre for upmarket homes anywhere on earth, we have been marketing houses and townhouses in upmarket parts like Noordheuwel, Featherbrooke and Chancliff in Krugersdorp while homes in Constantia Kloof, Ruimsig and Helderkruin in Roodepoort have been moving quickly," Steffers said.

The greatest amount of enquiries attended from Nigeria where the oil boom has resulted in really well-heeled entrepreneurs seeking greener pastures.

"South Africa has for quite a while today been popular with Nigerians. The customers we get from that location are usually really well-off consumers who often want to buy a swish townhouse as a holiday home or as a secure haven."

The fact that bonds are reasonably common if the buyer is able to ante up a considerable deposit is an additional component that makes the country a stylish proposition as is the truth that curiosity rates have reached historic lows. He explained South Africa offered enormous benefits for consumers from creating nations in Africa. "The extremely produced state of our infrastructure is just a solid bring card and the truth that they're generally built to feel really welcome with recognized Nigerian towns across South Africa makes South Africa a very attractive proposition for them," Steffers said.

Over all rates range between just around R1-million to homes in the R3 million to R4 million range.

"We see many a great deal more simple homes - mainly in older suburbs -selling for substantially lower prices." "We're today looking at setting up a operation in Nigeria from wherever we will be able to support the whole of West Africa. We have presently received enquiries from property brokers in areas of Europe who wish to industry our home portfolio."

A positive reality for international consumers is that home rates, based on nearly all indices, have reached most useful flat with an identical prospect planning forward.

Still another good part of buying home in South Africa is the truth that South Africa was viewed as a secure haven with a stable democracy free from conflicts and cycles, Steffers said.

At the the surface of the record are consumers from Nigeria and Uganda with solid curiosity from Francophone nations such as the Ivory Coast. - Sapa

Private Property,

Nigeria.

NGN 1,500,000	Bedrooms : 5	Bathrooms : 5
Buena Vista Estate By 2nd tollgate View Map	Size (m2) : 600	Year Built : 2012
Code : Well secured estate - Available	Lot (meters) : 18 X 36

NGN 120,000,000	Bedrooms : 5	Bathrooms : 6
Off Admiralty Road View Map	Size (m2) : 500	Year Built : 2013
- Available	Lot (meters) : 36 X 72