Property News, Tips and Advice

As part of an overall audit of lands and houses in its estates nationwide, the Federal Housing Authority is embarking on verification lands and housing units in its estates in the Federal Capital Territory (FCT).

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While many hospitality experts project events that will shape the industry in their outlook for 2012, the expectation is high on the many new hotels that will be opening their doors to the public this year.

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Lagos State government earmarked N43 billion in the state’s 2012 budget to tackle the problem of housing in Nigeria’s commercial nerve centre, through a rent-to-own option.

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Following on the heel of the fuel subsidy removal by the Federal Government, Abuja residents have decried new increases in rent rates in some areas in the FCT.

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The Lagos State governor, Babatunde Raji Fashola SAN, seems intent on complicating the (even at best of times) fractious relationship between landlords and tenants in the state. After signing into law the Tenancy Law which restricts the payment or rent to one year in advance, proposing that landlords may be asked to account for the criminal activities of their tenant, he has now told tenants to deduct withholding tax from the rents they pay their landlords. Speaking at the 5th Lagos State Taxation Stakeholders Conference last month, the Governor said “Everybody who pays rents for example, is collecting agents for withholding tax. And it is five per cent.

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If the proposal by BVI Limited, a subsidiary of “Zawawi Group”, is anything to go by, about one million homes look set to come on stream to cushion the housing shortfall through efforts by the conglomerate group in the coming year.

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Amid the prospects of completing existing structures in some housing estates, Ogun authorities have urged residents to explore opportunities provided by state’s mortgage firm towards becoming home owners.

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Set to expand its reach and operational capacity, the Nigerian Corporation of Insurance Brokers (NCRIB) has said that it would work towards delivering ₦160m new headquarters’ office complex in Lagos this year.

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With all economic parameters indicating a slowdown and large preponderance of government’s recurrent expenditure, construction costs will go up and harden rentals in the housing industry. Similarly, the subsidy removal will trigger inflationary trend, which will impact negatively on house prices and rentals, making it impossible for many people to buy an apartment, according to the 2012 predictions of housing industry experts.

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As agitations continue to swell over the Federal Government’s policy that effected removal of petrol subsidy, the implications on the real estate and construction industry are coming to the front burner with professionals within that sector saying that the policy will further nosedive construction activities and invariably provision of affordable housing for all in the polity.

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