Nigeria Property

Tuesday, July 9, 2013

The Growing Con In Nigerian Real Estate - The Legitimate Dilemmas - Properties

I left Nigeria to London in my very young age where I successfully studied law in among the top London University and continued to do Bar Vocational Course (BVC). Having spent so several years in London I believed it wise to return to my country (Nigeria) to be in down with my children to ensure that my children will know their root very well.

In order to continue my practice, Used to do my law school in Nigeria and started my practice as a Barrister & Solicitor Advocate of Nigeria.

Among other areas of speciality, conveyancing, Property Sales and Development is one of our area of expertise and through this experience I believed it wise to create this article to warn other Nigerians both local and Overseas in what they have to know before buying or selling properties in Nigeria.

Unfortunately, I will not prefer to overwhelm you with a lot of information, however, if you should be of any concern, do call me at appropriate time; I may well be more than pleased to answer your questions.

In doing so, I will require to to generally share some personal and professional experiences with buying, selling, letting or renting properties in Nigeria. Things are very tough now making some individuals to become ‘fake'estate agents being an umbrella to commit fraud.

I need to honestly say there are good and genuine estate agents and surveyors in Nigeria however the bad agents will be the once destroying the estate agents'business in Nigeria. The question is how can we dictate a fake estate agent?

To slice the story short, I will share only few experiences and will not name the concerned agents and the so-called surveyor in this article.

In 2013, a very reputable client instructed us to purchase land for property development. We sighted the first document for the land as well as the plan. The issuing is how to understand the document is real or clone. Appropriate searches were conducted through AMAC, the name on the AMAC record clearly match the seller's name in the document. However, reading the program, everything did not seem directly to us. To ensure that our client will not be at an increased risk with the proposed property purchase, we carried out an additional and third surveyor. It transpired that the land demonstrated to us was not the particular land on the program making the sale illegal and fraudulent.

Obviously, the agent and his surveyor did not realise my profession and level experience in Nigerian real-estate, but seeing me with another foreign buyer, their main motive was to commit fraud. I monitored them very closely until their plan was uncovered through evidence.

There are plenty of stories to share with, however in order to not scare you, it's necessary to hold out a suitable due diligence through reputable law chambers or other trusted estate agents.

It can also be necessary to ask for other identity of owner to be able to eliminate fraud. Through legal cases, there have been many cases where people sold land that belonged to someone else. The vendor believing that he/she had acquired a legal and equitable fascination with Land would start an immediate property development on the land simply to notice at a later stage that the land was fraudulently sold to him/her. Consequently, two innocent people would end up in a very expensive litigation to find out the rightful owner of the land. This really is very awful and something you've got to avoid when possible by taking a suitable due diligence.

Please make sure you instruct your own surveyor and not only the seller's surveyor.

If you're in doubt concerning this please contact me for proper estate agents'referrals or assistance in buying, selling, letting, managing or renting accommodation in Nigeria. Once proper steps are taken to avoid this mess, you will surely be happy to purchase Nigerian Real Estate.

I've received tens of thousands of awful stories from so many individuals and thought it wise to create a write-up warning people to hold out appropriate due diligence before committing their hard earned money. In this way, you is going to be be confident that your investment is safe! Nigerian Real Estate is good if you handle the right individuals or lawyers.

For questions or answers please contact me on:

Conversation with a real estate millionaire In Nigeria

We've experienced several principles on real estate investments and answered several questions and enquiries from ardent readers with this column. But it may be much more instructive to share one of several conversations that I have experienced with a real estate millionaire that has helped me tremendously.

I have found the truth of the word that the ounce of example is worth a pound of precepts. Permit me to extract the essential principles of this particular conversation and to safeguard the privacy with this individual who'd also prefer his name not to be mentioned.

Rule 1: Have an excellent source of income. This specific real estate investor started several years ago just a couple of years after the independence of Nigeria by exporting certain agricultural produce. He poured himself into building this business and was later joined by a few other partners. The business enterprise flourished and provided him with the normal stream of income with which he started investing in real estate.

This real estate millionaire believes in work and entrepreneurship. He believes that most of the youths of today will do better if they figure out how to walk before wanting to fly. He believes that if you're willing to serve others faithfully within their business, you'll do wonderfully well in yours once you eventually start.

The lesson for people in that is that real estate investment requires seed capital and to possess those initial seed capital you must have earning power, you must have a means of income. You can't set up a great structure without a solid foundation. So,for several could be investors, first learn a skill or profession that'll allow you to get a job or begin a business as possible grow and that'll give you regular income.

Rule 2: Start saving and start investing in real estate in your own little way. Our real estate millionaire started by buying land in a location that has been a “jungle''but has become one of many commercial nerve centres of Lagos. He stated so it was not easy buying some of these properties then.He said he made buying real estate one of his true pastimes.

He did not start buying properties in the high brow areas of that time period while he could not afford them. In accordance with him, start what your location is and with that which you have. If all you could are able is a parcel of land in the outskirt of town by all means start there rather than not starting at all.

Rule 3: Its good to create and rent. This real estate millionaire began to create a number of his properties with desire to of letting them. Fortunately for him, as time continued ,he started to obtain understanding of construction and building development. This accelerated his building projects and his ability to communicate with builders and workmen saved him significant costs. He also started initially to allow buildings to tenants to generate income. As at today, his annual rental income is in millions of naira.

The lesson for aspiring real estate investors is to target on income-generating assets. When you have sorted out the issue of where you reside, you ought to continue building for others to rent from you and pay to you. Some real estate investors have an objective to create a specific number of houses using areas over a period of time using current and projected rent as a basis for planning.

This strategy can also be a form of retirement planning since rental income from such properties provide passive cash flow. Like our real estate millionaire, who is now an elderly man, but does not need to work to be able to pay for his cost of living.

Rule 4: In the event that you can't develop some properties by yourself, let them have to reliable developers.This real estate millionaire had some properties he could not afford to produce on his own as a result of multiple projects he was involved in. He gave a number of such properties to carefully selected developers he gave long leases to. Many of such properties have since reverted to his control and are actually giving him fantastic returns. In his thinking, it was better to include value to the land or allow someone else to include value to the land. As long as the properties aren't sold they'd eventually revert back to him or his beneficiaries.

Rule 5: once you do sell, reinvest all or part of the income in real estate. This real estate investor rarely sells his properties but when he does, he sometimes buys another property or uses the income to include value to a different property. He is comfortable and modest at the same time. He often has the next project or investment in sight before concluding the offer to sell.

He believes in moving his funds to raised and better real estate locations that provides in better rental income. As at today, a conservative estimate of his property assets is over N2billion.He started small,built his estate gradually but strategically and now he is reaping the reward.

Some locations suddenly became prime locations and transformed the value of his investment. His life proves that should you cast your bread on many waters you will find it and more someday or somewhere you least expect

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Saturday, July 6, 2013

The financial and economic implication of violence and terrorism in Nigeria - Halima

local News
The economic implications of the growing charge of abuse and terrorism in Nigeria can be assessed from various perspectives. The price of diversion of house and national output are immediately affected while you can find long run indirect charge of confronting and curbing the menace. To not be neglected could be the individual charge, the amount of lives wasted in the process.

The task of preventing violent crimes and terrorism has actually been very expensive. Just in 2010, the us government is paying a whale of total on defence and security. Much sum in comparison to expenditures on different critical industries of the society. The price of tackling terrorism in Nigeria also plunges us greater to the mire of poverty and political destabilization, cankerworms which can be themselves, already consuming up the nation's great money and substance resources. In the bid of proffering a feasible indicates by which they could be terminated.

It is saddening to understand that the recent state of uncertainty in the united kingdom is occurring at the same time when all of the important industries in the united kingdom have become moribund. What is even more saddening is that battle against horror is slowly affecting the transfer and tourism industries which are important international trade earners, duty revenue turbines, organization opportunities for growing entrepreneurs and sources of employment.

Domestically, the fight terrorism has triggered a hold down on the most popular “Okada” organization in claims like Borno and Yobe, ultimately causing the bar of the business enterprise in some parts of the these states. Secondly, interstate vacation for organization and alternative activities has been ridiculously affected. Indigenes of southern claims of the country are becoming more scared to see the north and vice versa.
Internationally, Nigerians are increasingly being treated with good suspicion. It is my opinion that the recent repatriation of some Nigerians by the South African-american and English governments might not be unrelated to activities occurring in Nigeria. To top it all, foreigners are finding it difficult to see Nigeria. A nation once believed to be “Huge of Africa”, and one of the very vivid nations in the world. Associated with maybe not farfetched, no “Oyibo” desires to be kidnapped, neither do they would like to be found 1 day in the center of a crossfire between terrorist gangs and safety agents in the accommodations or while sightseeing.

With the state of the state now, one might not be regarded as fully improper to say that terrorism and violent crimes have provided Nigeria and Nigerians more poor labels in four years than crime has done in the 51 years of nationhood.
While we might continue to count the implications of the terrorism and violent crimes on our culture and our economy, it is also essential for us to begin to plot a new vista for our nation. Correct, failure of the government to behave in techniques increase community assurance on such dilemmas have already been showing, coupled with this, our bodies appears to be giving these destroyers of our culture with an increase of factors to perpetrate their dastardly functions – the higher level of crime in high and reduced places, the upsurge in unemployment among a majority of the nation's childhood, bulk illiteracy-cum-ignorance and the hypocrisy of some conventional, political and religious leaders.

However, it is time for something to be performed, and we must think that it will. It may only take some time. A popular find word “it starts with you”, and I challenge say it starts with us. First, we must be described as a nation of positive thinkers and forward lookers such as the Americans who despite continuous political, organic, economic and security problems have maintained to keep their brains above the water.
We ought to exhibit such reliance and perseverance by praying for the country. Subsequently, spiritual leaders should figure out how to desist from teachings that inspire severe spiritual extremism and fundamentalism.
In addition, the us government should stop talking in loud hues, showing people that some people are responsible for the funding of enemy teams in the united kingdom, however being struggling to fine anyone or firm culpable for such act.

More over, security operatives must look into that, the time and energy to unlearn the act of reducing their strength on the altar of greed and learn the exercise of selfless service to individuals as enriched in the theory of patriotism. They ought to stop bothering simple Nigerians whom they are said to be defending on the highway as the bad eggs continue to wander about cot-free.

Efficient and efficient legitimate equipment must also be set in position to make sure that perpetrators of such severe functions against the sovereignty of our nation are decisively worked with.
Lastly, governments at all levels must guarantee they take part in progress concentrated tasks that will help alleviate the pains of the teeming mass Nigerians. It is just whenever we all work together and the us government performs for individuals with social progress in your mind, that we might be able to obtain peace and the resuscitation of our badly terrorism-damaged economy.
Compiled by
Halima Abubakar Aliyu
Team of Mass Connection
College of Maiduguri.

UPDC Real Estate Investment Trust/Nigeria

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Friday, July 5, 2013

Lucrative True Property Expense Possibilities in Nigeria - Real Estate

True House has been shown to be one of the very most profitable investment options currently for sale in Nigeria with relatively minimal variability of returns. It involves the purchase, control, management, rental and/or sale of real estate for profit. How-ever, investors must be familiar with the relatively extended tenure of holding time that may be required. The place of this investment usually has an important effect on the holding time required for a worthwhile transaction. You will find three key kinds of real estate namely:

The Professional True House
These attributes are employed solely for organization applications and an investor (developer) often owns the developing and collects lease from each organization that works within the structure. Often, the developer could build for outright sale and subsequently appoint a ability manager. A number of the key types of commercial real estate include:

·         Ultra-modern malls and function centers

·         Office houses

·         Recreational Centers

·         Credits including Streets, links, Free Business Locations and locations

·         Hospitality

·         Eateries & Fast Food Sites

We calculate that 60% of international investment in real estate is in commercial true estate.

The Residential True House
This kind of attributes are meant for living purposes. Shelter, it is said, rates 2nd in the hierarchy of human needs; being most critical following food. Accessible data show that 87% of the full total family citizenry in Nigeria lives in rented apartments. That reality, no doubt, makes Nigeria a practical investment location for local and international investors, provided the mammoth measurement of her citizenry

Industrial True House
These attributes are employed for production and production. Often involves the construction of warehouses and factory floors. That market of the industry is not powerful in Nigeria, as a result of current minimal amount of production actions in the country.

Overview Of The Nigerian True House Industry
In the past year, individual equity firms took Africa's real estate industry by surprise with millions of dollars in investments, specially in the industry and hospitality sectors. The total investment in these industries in the past 2011 is c. $652 million and analysts think the Nigerian industry is one of the very most wanted following, as a result of large results possible.

The growing curiosity about the Nigerian industry is as a result of large need buoyed by increasing urban citizenry and adjusting looking lifestyle among the expanding middle-income group, that has triggered the construction of several looking malls. Typically 5.7 million Nigerians are believed to invest on the common US$10 to US$20 per day. The united states also posseses an projected $115 billion annual usage spend.

There are c.10.7 million properties in Nigeria and we respect that statistics extremely insufficient when comparing to how big the nation. To the conclusion, the World Bank has esti-mated that it might cost as high as N59.50 billion to connection Nigeria's 17 million hous-ing deficit. That huge deficit determine may also be seen as a large and untapped invest-ment possible of the country's real-estate sector.

While the skilled an important lull from the Q2 of 2009 to the Q2 2011, the segment is slowly on the rebound and has skilled significant growth and per-formance. That performance is basically driven by the re-emergence of the Nigerian middle-class and the discharge of initially suppressed demand for decent residential and industrial accommodation by high net-worth individuals, corporate businesses and crucial participants in the retail merchandising sector.

Growth in the segment has also been enhanced by the entrance and expansion of new and active multinational businesses in groups such as for instance ICT, oil and gasoline, retail mer-chandising and finance. The upturn in economic activity; skilled from Q4 2011 currently, has led to a rise in demand and source for industrial and high-end resi-dential real-estate development, particularly in the important thing towns of Abuja, Lagos and Interface Harcourt. Worrying developers have dedicated to the structure of high-end resi-dential properties, industrial developments as powerful demand has been strongest for these sets of developments. There's also been an stimulating upsurge in the structure of flats and condominium –type house, to help affordability.

View
The Nigerian industry stays appealing as there are many possibilities obtainable in the sector. There are possibilities for equally institutional investors and real-estate developers. We've identified feasible possibilities in the next pieces of the market for the immediate term:

·         Hospitality;

·         Searching centers; and

·         Company prevents

·         Repaired flats

However, the process confronted by the with regards to high and unfavorable fascination rates is anticipated to persist in the small term. Hence, transactions must certanly be really analyzed ahead of commencement. None the less, the existing recovery development in economic factors is expected to carry on, thus which can result in a downward pres-sure in financing rates.

Other accessible home elevators real-estate include:

1.Macroeconomic Review

2.Industry Attractiveness

3.Technical Feasibility

4.Organizational Feasibility

5.Financial Feasibility

6.Key Achievement Facets

7.Major Business Participants

8.Cost Analysis

9.Income Analysis

10.Fund Increasing

Other accessible Publications…...

·         Charcoal Exportation

·         Extrusion Snacks

·         Retail Merchandising

·         Education

·         Importation of Sausage

·         Importation of Icy Meals

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.

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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)

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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.

NGN 55,000,000 negotiable	Bedrooms : 5	Bathrooms : 5
3,celestial road igando 234 View Map	Size (m2) : 400	Year Built : 2001
Code : 07033181041 - properties	Lot (meters) : 120 X 240	Land Size (hectares) : 3.00

Larry Ephraim EttahChairman	Hakeem Bamidele OgunniranManaging Director
Folasade Oluwatoyin OgundeExecutive Director	Godwin Abimbola SamuelSecretary

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

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Tuesday, July 9, 2013

4 bedroom Bungalow with 4 Rooms Domestic Staff Quarters at Shonibare Estate, Maryland

Monday, July 8, 2013

Sunday, July 7, 2013

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