Nigeria to Announce Details of Mortgage Company

Nigeria’s government will announce tomorrow its plans to develop a mortgage finance company along the lines of the U.S.’s Fannie Mae that will help broaden access to home loans.

The Nigeria Mortgage Refinance Co. (NMRC) will sell bonds on capital markets and provide long-term financing to lenders that will help them extend more home loans, according to an e-mailed statement from the Mercury PR company, acting for the government. It will also have an “oversight function to standardize mortgage lending practices,” it said.

NO RESTING PLACE FOR SINGLES

Abstract:

The real estate market has typically been slow to react to the changes in the environment.  One of the glaring examples of this is the scarcity of purpose built accommodation for the fast-growing single working population in the city centres. Whether due to religion, exposure to modern values, lack of marriageable men and women or even in the extreme case of homosexuality, the number of singles living alone has risen sharply.

Along with the rise in numbers is the demand for single accommodation like self-contained rooms, mini-flats and one-bedroom flats. In the request box of our website, request for some properties are by far the highest we receive on a daily basis. To assist the singles, we have published below a guide on how much rents are being charged for some properties in various areas in Lagos State.

This can also be a guide for developers and landlords who may be thinking of catering for this large and increasing group of accommodation seekers.

Mainland

N50, 000-150, 000 (Per annum)
Properties you can get in this price range include self-contained rooms and mini-flats depending on the location. A self-contained room can be gotten in areas like Yaba, Surulere, Fadeyi, Ketu, Ogba GRA, Shomolu and Magodo. For mini-flats for this price range you have to move further ahead to areas like Ojota, Ikorodu, Agege, Mowe-Ibafo, Meiran (after Abule Egba), Abule Egba, Iyana-Ipaja and Olodi-Apapa.

The trend here is that with N100, 000 and above you would get a mini-flat in those locations that are not necessarily considered premium. While in places that are considered city centres like Yaba, Surulere and Ogba GRA, the most you can get for this price range are self-contained rooms. 

N160, 000-N250, 000 (Per annum)
In this price range it was discovered that mini-flats could be gotten in locations that were not upscale so to say but these are locations that can be considered as commercially vibrant. Some of these locations would also afford you easy access to the Island. Places you can find mini-flats for this price range include: Fagba, Agege, Surulere (Kilo, Aguda, Obele), Orile-Iganmu, Ojota, Isheri -Ketu, Ikosi-Ketu and Ogba.

Getting a room in this price range is rather difficult but in Awuse a gated estate in Opebi, rooms are available to let. This is a gated estate that has mostly detached and semi-detached houses. So it would appear that a property conversion has been done or this is a boys’ quarter.

N260, 000-N350, 000 (Per annum)
For this price range, one can get mini-flats in the relatively upscale location of Ikeja, Ebute-Metta, Magodo (GRA/Shangisha), Maryland , Fadeyi, Gbagada, Adeniyi Jones, and other parts of Ogudu apart from the GRA like Alapere. In Adeniyi Jones, mini-flats are available for let in Adekunle Village, an estate that can be considered middle class.  In other parts of Adeniyi Jones however, you can still get mini-flats but mostly at a higher rental rate.

N360, 000-N500, 000 (Per annum)
Surprise, surprise. Singles are ready to pay up to this amount for mini-flats but they must be well done up in central locations. Mini flats for this price range can be gotten in areas like Opebi, Ojodu, Oregun, Omole Phase 1 and 11, Surulere (Bode Thomas, Adeniran Ogunsanya, Abayomi), Ogudu GRA and Anthony.

In Ogudu GRA, mini flats are available in this price range because charges for services like fumigation, refuge disposal, security and PHCN bills have been included in the rental price.  

There is the interesting case of mini-flats in Anthony Village for an annual rent of between N600, 000 - N800, 000m. The mini-flats going for this rate were in serviced estates around Adebayo Makuolu Street, a hop, step and jump away to the Gbagada Expressway and Ikorodu Road.

Executive singles accommodation on the Island
As with all accommodation on the Island, singles accommodation does not come cheap. The lowest we found was for a self-contained room in Oniru for N400, 000.

Area	Description	Rent p/a	Realtors Contact
Lekki, Christ Avenue	Mini-flat (serviced)	N1m	Demand Properties & Inv Ltd08123290100
Oniru, Lekki	1bedroom flat	N1.5m	Greg Usiholo & Co: 08067413196
Oniru, Fatai Arobieke Str	1 bedroom studio flat (serviced)	N800,000	E.O Realtors 08033047772
Oniru Estate	Mini-flat	N600, 000	Base 3 Properties: 08038226645
Oniru Estate	Self-contained	N400,000	Base 3 Properties: 08038226645
Lekki Phase 1	Mini-flat	N1.2m	Lazer Limited: 08033788689, Sumbo Onitiri & Co: 08029467674.
VGC	1 room self-contained	N500, 000	Stanley Peters Properties: 08032014442
Dolphin, Ikoyi	Mini-flat	N800,000	Ariwayo Group Nig Ltd: 08174604142
Lalupon Str, Ikoyi	1 bedroom flat	N1m	Akinsuyi Estate Consultant: 08055113850
1004 Estates	1 bedroom flat	N2m	Joe Etoniru & Ass: 07038480838
Bishop Oluwole Str, VI	1 bedroom flat	N700, 000	M.I Realtors 08034017927
Muri Okunola Str, VI	Mini-flat	N600, 000	M.I Realtors 08034017927
Bourdillon, Ikoyi	Mini-flat	N1.5 m	Akinsuyi Estate Consultant: 08055113850
Abacha Estate, Ikoyi	1 bedroom chalet with AC, courtyard	N1.7m	Country Home Real Estate: 08033963999

SURVEY OF RENTAL PROPERTY SUPPLY

The survey covered advertised flats in Castles from October 21 to Nov 10, 2012 and the results showed that only 28 rooms (2 %) were advertised out of a total of 1, 492 flats with mini-flat coming at 6 % (86). Developers seem restricted to the 3 bedroom flat accounting for half of the figures recorded.

 

Self-contained rooms (SF) -28
Mini-flats (MNF)-86
2 bedroom flats (2BF)-255
3 bedroom flats (3BF)-726
4 bedroom flats (4BF)-397

Demand survey for singles in Lagos
From our survey, all female single respondents said they preferred mini-flats but due to its dearth in the market they have settled for other property type. The few single male respondents who preferred 2 bedroom flats said they did so because they would soon be getting married. Some said they would ordinarily have preferred a mini-flat but due to non-availability they presently share 2 and 3 bedroom flats with other friends. The choice of location ranged due to proximity to work, centrality and price.

Are you a Workaholic or an Engaged Worker?

Workaholics are the one kind of “aholic” that society values. In fact, many people are proud to call themselves workaholics, thinking that it makes them seem more like a valued employee. Workaholism is hardly ideal. It’s definitely not great to be obsessed with your work at the expense of your other interests and loved ones. We all know what happened to Jack: this tendency to work, work, work makes all of us dull boys (or girls). True workaholics are even worse than dull, but I’ll get to that in a minute.

REAL ESTATE INVESTMENT TRUST

WHAT IS REIT?

An acronym combining two terms together, It is an entity that buys, develops, manages and sells real estate assets and also lend to mortgage.

•REITs allow participants to invest in a professionally-managed portfolio of real estate properties.

•It can be an Open ended or Closed ended real estate investment trust

REIT as a Closed ended vehicle, can be quoted as an exchange traded fund to provide liquidity and secondary market window for investors.

It can also be an Open ended vehicle come under memorandum listing of the exchange

Is Homosexuality About To Become A Non-Issue?

Remember when being gay was the biggest taboo of all times? Me, too. But things have been changing. From little things like a gay club to a gay celebrity to a gay athlete .. and it goes on. But the church – no matter the denomination – has probably been the most difficult place to turn around.

I, for one, will tell you honestly that my strong belief against homosexuality has softened. I still do not believe that it is a virtuous lifestyle, but although I am not gay, by my standards, I am not virtuous either. I have never been attracted to or slept with women, but I have done many other things that are wrong.

Survey: Buyers Will Pay More for Good Schools

More than 44 percent of home buyers who plan to buy a home within the next two years said they would be willing to go over their budget by up to 10 percent in order to buy in their preferred school boundaries, according to a new survey by realtor.com®. 

Property As Investment

Property as investment remains the world’s surest means of wealth accumulation. Studies have shown that in the generations past, as well as in this our generation, real estate has continued to be the underlying source of sustained growth of wealth by individuals, families and corporations.

And I dare say that this trend will continue for a long time to come, if not perpetually.

Raw land in particular, has been the millionaire maker of the past and continues to make waves as an investment. Multimillions of respective countries’ currencies have been made through the purchase of vacant land, held for some time and off loaded.

Understanding Your Local Housing Market

The Nigerian housing market has been a structural impediment to economic growth since the price collapse started in 2008. Recently, a number of price indices, sales reports and anecdotal stories are pointing to an apparent housing recovery since 2012. This may or may not be a boon to the broader economy, but what does it mean for local markets?

MUTUAL BUREAU

Conference Room

Mutual Bureau

- Are you an existing business owner looking to minimize your overheads?

- Are you trying to explore new business possibilities or looking to expand?

- Are you an upwardly mobile/middle class person who is currently working in an organization but has a part time business?
- Or are you currently working from home but still require office facilities?
- Do you need someone to screen and manage your calls and messages while you are out of the office?

- Do you need an affordable office in a secure and serene environment?

If you fall into any of the above categories, you might want to check out these office packages offered by Cityworks:

Senator Yerima and Constitutional Review

Maryam Uwais

Once again, Senator Yerima is in the news, claiming Islam as the basis for his argument that a girl automatically transforms into an adult of ‘full age’ once she is married, with the attendant responsibilities that relate to the renunciation of citizenship, irrespective of her age or mental capacity. Because the Senator from Zamfara State has gone public with his personal comprehension of the Shari’a, it has become necessary to respond publicly to his utterances.
It should be pointed out, however, that several media reports on the constitutional review debate at the Senate give the impression that underage marriage has been endorsed by the Senate Chambers. Facts are that S.29 of the 1979 Constitution permits a Nigerian citizen of ‘full age’ to renounce his or her citizenship by declaration in a prescribed manner, for which purpose ‘full age’ was stated to be 18 years and above. The subsection also provides that, ‘any woman who is married shall be deemed to be of full age’. In its current efforts to review the Constitution, the Senate Committee had ...

Affordable Housing

Affordable housing means different things to different people. It includes homes that are sustainable, beautifully designed, professionally managed, and connected to services.

Due to the economic standard in Nigeria today- housing that is affordable to the lowest income continues to shrink, the concentration of housing needs, among the poorest families continues to rise.

Affordable housing, however, is not only a compelling concern of the very poor. One needs not be poor at all to realize that housing costs are high, or that the housing choices open to people with low/moderate incomes are often limited at best.

For New Home Buyers

Finding the right home can be a long and difficult struggle particularly if you are new to the property
buying game. Presently, prices are stable and there are a number of houses on the market, so it’s best you take your time. I’ve made a list of some important things you need to look out for before signing that offer:

• Location: In real estate, they say the 3 most important things to look out for are location, location and location. This is true as you can change everything else about your home except the location but again it’s also when the real work of looking begins.
• Structure: This includes the foundation, walls, floors, ceiling, and roof. One of the things you'll want to watch out for is water penetration, water logged areas or areas prone to flooding. Take a walk around the building, look for any signs of mold and mildew on the floors or walls. This is a sure sign of damp. Check to see the water drainage system of the building within its compound and outside. Also, go inside and knock on a few walls. Walls that sound empty and hollow are probably just that, so be wary. 
•  Kitchen: the most expensive room to remodel is the kitchen. You’ll want to carefully examine the following:
  

o   Cabinets: painted or stained solid wood or particle board? Know what you're buying. If it’s an old house you are buying, make sure the cabinets have been sprayed and they close properly.

o   Counters: laminate or solid surface? Laminates tend to stain and chip easily. Solid surface counters are more durable. But do you like the color? If it is new, this might be an added expense on your part.

Home Sellers Take the Power Seat

The housing recovery has “transformed the mind-set of many buyers and sellers who grew accustomed to the buyers’ market we saw for years,” says Bimbo Oyadiran, CEO of Century 21. "Buyer confidence is building back up and demand is getting stronger... sellers are now in a more favorable position."

What Makes a Great Looking Real Estate Brochure?

Whether you are a real estate agent, a developer or in property management, a brochure can be a powerful marketing tool for your business, if it is done properly. We are surrounded with all kinds of brochures. It could be a direct mail piece that came through the mail showcasing a house being sold in the neighborhood. Maybe it is a brochure that is advertising a new luxury condo tower living or

MTN Project Fame: All Stars Concert

This season MTN Project Fame has decided to bring together all its superstars and take them on a two city tour of Calabar and Lagos. Project Fame’s season 1 winner Iyanya was discovered in Calabar. MTN plans to paint Calabar Y'ello with a rich collection of Project Fame All Stars from season 1 to 5.

The MTN Project fame concerts promise a parade of both Nigerian and West African Award-winning PF Stars including Ayo, Monica, iMyke, Chidinma, and Iyanya, Kesse and Nii from Ghana, Nicholas and Musulyn from Liberia, and Anis from S/Leone. They will be supported by Fineboy Eyo, Tolu, Ochuko, Yetunde, Adetoun, Ella and Marvellous,  and lots of others plus special guest appearances from Wizkid and Davido.

The concerts are free with registration by texting, name, location and age to 5005 from an MTN line.
 The Calabar concert will hold at the Cultural Centre on Mary Slessor Ave on Friday June 21st from 7pm and in Lagos  on Friday June 28th  at the Lagos Oriental Hotel, lekki, lekki Toll plaza. 

 Segun Ojo

Will House-Hunting Unleash the Battle of the Sexes?

When my husband and I purchased our home, we went to war with one another over the various amenities and aesthetic differences that make a house a home. It got me thinking: How do men and women differ when house-hunting? And who wins out in the end? Surprisingly,

Three Gay Teenagers Caught in Kaduna

Models

A brief pause from Real Estate; I came across this news on the net, tell me, do you think the government has a right to prosecute gays?

According to the Leadership newspaper, three teenagers between the ages of 8 and 10, have been caught in the Badarawa area of Kaduna North Local Government Area of Kaduna State, for their indulgence in gay activities. The young offenders were nabbed when the mother of the 8-year-old boy became curious

My Last Will and Testament

After watching an intriguing episode of ‘how I met your mother,’ where Marshal and Lily decided to write “future notes” to each other which will contain any important information which they needed to pass to the living spouse after their demise, it got me thinking about writing my own will, especially because of my property.

Why It's True: You Should Own, Not Rent

The "Nigerian Dream" means owning your own home rather than renting. More so, after the financial/banking meltdown experienced in the country in recent time, the dream is very much alive! But what, exactly, do people value the most in owning over renting? A study by Fannie Adekunle of Property Interest shows that most renters aspire to own someday, though they feel it may be more difficult to buy than in the past. The strong appeal to owning is rooted in the sense of control.

Questions to ask your Real Estate Agent

When you go through the process of buying a house, you usually do so with the help of a real estate agent. This person will help you find a home, make an offer and help close the deal. However, there are some things that you should make sure to ask your real estate agents during the process before you pick one to work with.