The Nigeria Real Estate Market Outlook report by Northcourt Real Estate. This report analyses the residential, retail, office and industrial markets from the investor's perspective. Economic indicators are also assessed.
Lagos (nigeria) real estate investment outlook q1 2018Munachi C Okoye
On the back of a stable, OPEC supported oil price well above its historical lows, Nigeria has emerged from recession into a period of weak economic growth. Following the oil price falls to US$30p/b in early 2016, Nigeria had taken tentative steps towards diversifying the economy away from oil towards agriculture. With a stable oil price and growing external reserves, the pain has eased and our attention turned away from the diversification story to the 2019 elections while we fund our expenditure with borrowing. With the increased borrowing, any sustained deterioration in the oil price will put us back in an even more precarious situation than we were before. Nigeria is living on borrowed time and borrowed money. We trust that you will find our latest report insightful and ask that you forward it to colleagues who have an interest in African real estate markets in general and Nigeria in particular.
The proposed FGN budget of N10.3 trillion for the 2020 fiscal year was presented to the National Assembly on Tuesday, October 8, 2019. The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. Of the total proposed 2020 budget,
non-debt recurrent expenses accounts for 47.6% (N4.9 trillion), while capital outlay represents 20.7% (N2.1 trillion).
We have done an in-depth analysis of the budget proposal evaluating it against such other issues such as our debt profile, ERGP, plans to raise VAT and performance of previous budgets.
Lagos (nigeria) real estate investment outlook q1 2018Munachi C Okoye
On the back of a stable, OPEC supported oil price well above its historical lows, Nigeria has emerged from recession into a period of weak economic growth. Following the oil price falls to US$30p/b in early 2016, Nigeria had taken tentative steps towards diversifying the economy away from oil towards agriculture. With a stable oil price and growing external reserves, the pain has eased and our attention turned away from the diversification story to the 2019 elections while we fund our expenditure with borrowing. With the increased borrowing, any sustained deterioration in the oil price will put us back in an even more precarious situation than we were before. Nigeria is living on borrowed time and borrowed money. We trust that you will find our latest report insightful and ask that you forward it to colleagues who have an interest in African real estate markets in general and Nigeria in particular.
The proposed FGN budget of N10.3 trillion for the 2020 fiscal year was presented to the National Assembly on Tuesday, October 8, 2019. The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. Of the total proposed 2020 budget,
non-debt recurrent expenses accounts for 47.6% (N4.9 trillion), while capital outlay represents 20.7% (N2.1 trillion).
We have done an in-depth analysis of the budget proposal evaluating it against such other issues such as our debt profile, ERGP, plans to raise VAT and performance of previous budgets.
The newsletter aims to give you an insight into key issues, both global and local, and will be published on a quarterly basis.
The articles are crisply written, carefully researched and thought-provoking. We hope you find the newsletter interesting.
Premium Property Outlook: 2015 in Retrospect (Nigeria) VICTOR NKWOCHA
A real estate performance review report for premium developments in Nigeria (Lagos, Abuja and Port-Harcourt) for 2015. Published by Fine and Country, Prepared by Victor Nkwocha
Microclimates of opportunity - Real estate & construction report 2014Misbah Hussain
This report draws on more than 700 interviews with business leaders in 45 economies to understand how the real estate & construction sector is recovering from the financial crisis, where the opportunities lie and what businesses are doing to keep their operations running
smoothly and free from fraud.
In August-September, 2014 issue of Economy Matters, we analyse the recently held G20 Summit; movement in oil prices and Ukraine situation in the section on Global Trends. In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on GDP, IIP, Inflation and Trade. In the section on Taxation, the urgency of implementing GST in India is discussed. The Sectoral spotlight for this issue is on the Food Processing Industry. In Focus of the Month, the spotlight is on improving investment in Infrastructure.
Top ten themes for 2019
From Diaspora remittances to unemployment, oil prices, population growth and the exchange rate, our economists, using relevant data and charts, highlight top ten themes around Nigeria's economic outlook for 2019.
Please note that this document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
We are pleased to release the July 2017 Africa Market Update with pre-election coverage for three countries - Angola, Kenya and Rwanda. In these three countries, we take a look at key factors likely to shape the forthcoming elections with particular interest in Angola (with an anticipated change of guard for the first time since 1979) and Kenya (where we expect a hotly contested race between the two dominant factions).
The issue concludes with our thoughts on the disconcerting disparity between high economic growth and low growth in wages in select economies in Sub-Saharan with a focus on Kenya, Botswana and Uganda.
An overview of Nigeria's 2010-2015 Socio- Economic Performance using Fundamental Key Performance Indicators and imperatives for Radical action in the Diversification of the Nigerian economy
Union Budget Preview - Reinforcement of Fiscal Stimulusemkayglobal
The Union Budget is round the corner and as it comes closer, speculation is getting rife. In this report we bring to you a preview into what you can expect from this year's budget and its impact in the ensuing period
Specific Analysis of FDI and Economic Growth in Nigeria and Ghanainventionjournals
This study analyses the relationship between FDI and economic growth in Nigeria and Ghana and how these relationship differ between both countries. This was explored using annual time series data obtained from the World Bank WDI for the period 1970-2015. This paper adopted the Absorptive Capacity theoretical framework and using the Seemingly Unrelated Regression (SUR) technique, regressed economic growth (proxied by the growth rate of per capita real GDP) on FDI, FDI transmission channels, and five other control variables. After conducting all the necessary and sufficient statistical, economic and econometric tests, the results show that: (i) generally, FDI exerts some positive impact on economic growth in both countries; (ii) the absorptive capacity theory does not hold in both countries, (iii) there is a bi-directional causality running from FDI to economic growth and from economic growth to FDI in both countries; (iv) the relationship between economic growth and FDI does not differ between both countries.
Read and follow the top economic indicators for Vietnam, M&A activity, and major developments in finance, banking, and legal. Published Monthly with contribution from LNT & Partners Law Firm.
The newsletter aims to give you an insight into key issues, both global and local, and will be published on a quarterly basis.
The articles are crisply written, carefully researched and thought-provoking. We hope you find the newsletter interesting.
Premium Property Outlook: 2015 in Retrospect (Nigeria) VICTOR NKWOCHA
A real estate performance review report for premium developments in Nigeria (Lagos, Abuja and Port-Harcourt) for 2015. Published by Fine and Country, Prepared by Victor Nkwocha
Microclimates of opportunity - Real estate & construction report 2014Misbah Hussain
This report draws on more than 700 interviews with business leaders in 45 economies to understand how the real estate & construction sector is recovering from the financial crisis, where the opportunities lie and what businesses are doing to keep their operations running
smoothly and free from fraud.
In August-September, 2014 issue of Economy Matters, we analyse the recently held G20 Summit; movement in oil prices and Ukraine situation in the section on Global Trends. In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on GDP, IIP, Inflation and Trade. In the section on Taxation, the urgency of implementing GST in India is discussed. The Sectoral spotlight for this issue is on the Food Processing Industry. In Focus of the Month, the spotlight is on improving investment in Infrastructure.
Top ten themes for 2019
From Diaspora remittances to unemployment, oil prices, population growth and the exchange rate, our economists, using relevant data and charts, highlight top ten themes around Nigeria's economic outlook for 2019.
Please note that this document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
We are pleased to release the July 2017 Africa Market Update with pre-election coverage for three countries - Angola, Kenya and Rwanda. In these three countries, we take a look at key factors likely to shape the forthcoming elections with particular interest in Angola (with an anticipated change of guard for the first time since 1979) and Kenya (where we expect a hotly contested race between the two dominant factions).
The issue concludes with our thoughts on the disconcerting disparity between high economic growth and low growth in wages in select economies in Sub-Saharan with a focus on Kenya, Botswana and Uganda.
An overview of Nigeria's 2010-2015 Socio- Economic Performance using Fundamental Key Performance Indicators and imperatives for Radical action in the Diversification of the Nigerian economy
Union Budget Preview - Reinforcement of Fiscal Stimulusemkayglobal
The Union Budget is round the corner and as it comes closer, speculation is getting rife. In this report we bring to you a preview into what you can expect from this year's budget and its impact in the ensuing period
Specific Analysis of FDI and Economic Growth in Nigeria and Ghanainventionjournals
This study analyses the relationship between FDI and economic growth in Nigeria and Ghana and how these relationship differ between both countries. This was explored using annual time series data obtained from the World Bank WDI for the period 1970-2015. This paper adopted the Absorptive Capacity theoretical framework and using the Seemingly Unrelated Regression (SUR) technique, regressed economic growth (proxied by the growth rate of per capita real GDP) on FDI, FDI transmission channels, and five other control variables. After conducting all the necessary and sufficient statistical, economic and econometric tests, the results show that: (i) generally, FDI exerts some positive impact on economic growth in both countries; (ii) the absorptive capacity theory does not hold in both countries, (iii) there is a bi-directional causality running from FDI to economic growth and from economic growth to FDI in both countries; (iv) the relationship between economic growth and FDI does not differ between both countries.
Read and follow the top economic indicators for Vietnam, M&A activity, and major developments in finance, banking, and legal. Published Monthly with contribution from LNT & Partners Law Firm.
You are welcome to review our Q4 2012 Lagos Real Estate Investment Report. MCORE is a project finance company focused on providing financing, investment, management and trading services to the real estate, construction, infrastructure, energy and commodity sectors.
IMAP partners around the world closed 185 M&A deals worth more than $18 billion during the Q1-Q3 2021 period. The boom in market activity observed in the first half of the year continued in Q3 and indicators suggest that 2021 will close out as one the strongest years for IMAP on record. The strong deal making environment is being sustained by a combination of high buyer demand following the pandemic lockdown pause, cheap
financing, abundant private equity capital, and cash-rich companies pursuing growth opportunities, and business
model changes amid widespread transformative market disruptions. IMAP deals were closed across 15 different sectors in Q3, with Technology, Healthcare, Industrials, and Consumer & Retail the most represented. Of the 185 IMAP deals closed in Q3, 28% were crossed-border.
Developmental Effect of the Rising Debt Level in Nigeriaijtsrd
Background Nigerian economy is bedeviled by dwindling economy, low per capita income, poor infrastructural development, high unemployment rates, inadequate basic amenities, falling growth rates of GDP and recently, rated the poverty headquarters of the world which calls for empirical investigation as a way forward to resuscitate the economy.Aim The study investigated the effect of debt level on the economic development of Nigeria from 1999 to 2021. Materials and Methods Two research questions were developed to guide the study. Also, two hypotheses were formulated for the study. Ex post facto research design was adopted. The study used time series data to analyse public debt level trends in Nigeria compared to GDP growth rate over twenty three 23 years, spanning from the year 1999 to 2021. Ordinary least square regression, unit root test, and Johansen co integration test were used to analyse the data collected from Central Bank of Nigeria Statistical Bulletin. Results The results of the study showed that domestic debt level significantly and positively affects the gross domestic product performance in Nigeria. Also, the study found that external debt level significantly and negatively influences the gross domestic product of Nigeria. Conclusion The study concludes that debt level domestic and external have significant effect on Nigerian gross domestic product.Recommendation It was recommended that the government should resort to domestic debts up to sustainable debt levels that do not crowd out development and social programmes to prevent issues with debt overhang, government borrowing from international markets should be utilized effectively and concessionary loans rather than commercial loans should be sought after. Tochukwu Akaegbobi | Okeke Onyekachi, N | Onyeogubalu Ogochukwu, N "Developmental Effect of the Rising Debt Level in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd57480.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/57480/developmental-effect-of-the-rising-debt-level-in-nigeria/tochukwu-akaegbobi
Micro, Small and Medium Enterprises (MSMEs) sector is the backbone of the national economic structure and has acted as the bulwark for the Indian economy, providing it resilience to fend off global economic shocks and adversities. The development of the sector is extremely critical to meet the national imperatives of financial inclusion and generation of significant levels of employment across urban, rurban and rural areas and to catalyse socio-economic transformation.
Easy access to credit and finance remains one of the many challenges faced by the sector. Hence, in view of the sector's importance in the overall economic landscape, it is critical the MSME sector develops through the concerted efforts of various stakeholders, including banks and financial institutions, equity funds, industry majors and MNCs, regulators across various ministries at the Center and in the States, and trade associations, together, to create a forward-looking framework and ecosystem. The competitiveness of the MSME sector is critical for sustaining economic growth.
Colliers Vietnam Q1 2014 Investment Report: Read and follow the top economic indicators for Vietnam, M&A activity, and major developments in finance, banking, and legal. Published Monthly with contribution from LNT & Partners Law Firm.
KMC MAG Group is pleased to present to you the Metro Manila Property Outlook for 2015, which offers the latest data, research, and forecast on the Philippines' top central business districts (CBDs) and emerging CBDs in Metro Manila. Some of the report's highlights:
With a GDP growth of 6.1% and strong macroeconomic fundamentals, the Philippines remains as one of the bright spots in both the global and regional scale.
Driven by strong economic performance, the real estate market is expected to remain buoyant across all sectors this year. Real estate activity remains to be in full swing, with developers allocating massive capex programs amounting to over PHP 300-billion into building townships across the city.
The office sector is still the most wanted asset class, with its robust rental growth due to high take-up from the business process outsourcing industry.
The retail sector also continues to be the top gainer among all sectors, further boosted by the declining oil prices that has increased savings for the economy.
Meanwhile, in the residential market, rates continue to grow although at a more modest rate as well as in hotels and leisure, whose long-term growth is being stifled by lack of sound infrastructure.
In spite of these opportunities, the Philippines' strict foreign ownership policies and lack of solid infrastructure remain as roadblocks towards sustainable and long-term growth for PH economy.
Northcourt H1 2019 Nigerian Real Estate Market Review reportAyo Ibaru
Security has grown as a critical selector tool in the residential market. Secure gated communities are priced higher than estates perceived to be less so. Investment thinking in property is shifting. Some expect the new administration to devalue the currency with the uncertainty around this delaying property purchasing decisions. Some investors are opting to buy assets out of the country.
Many are looking to sell local assets. On this backdrop is the migration of young and middle-aged professionals to Western economies, a fact not lost on the balance sheets of local agents. The residential real market is gradually picking up. Tenants pushed for better deals with Landlords making little or no reductions. Mini flats, 1 and 2 Bed flats remain favourites.
Vacancy rates in Port Harcourt have moved - but only slightly when compared with EoY 2018. Old GRA, GRA Phases 1, 2 and 3 recorded vacancy rates of 7%, 9%, 9% and 15% respectively. Abuja’s Apo and Gwarimpa are 14% and 2% vacant. Ikoyi and Victoria Island in Lagos state are respectively 41 and 23% vacant.
400,000m2 of Grade-A office space is expected in 2019. Coworking continues to grow as business owners are unable to meet up to the dollar rents obligations for Grade A office space. Nigeria’s commercial real estate market is going green. Most ongoing prime office developments - or those that have been delivered in recent years are a testament to the fact that green buildings have come to stay. The US government acquired about 50,000m2 of land in Eko Atlantic City for the Consulate’s new head office. A 21-storey smart office tower is being constructed in Uyo, Akwa Ibom state at an approximate cost of ₦19Bn, funded via a PPP. Upon completion, it is expected to house leading oil services firms.
M&A dealscape highlights the M&A deal activity in India over the last 4 quarters (July 2017 to June 2018), together with insights on macro-economic scenario and key deal rationales by sector.
Philippine Real Estate Market Insight Report - 3rd Quarter 2017: To Build or ...Bryan Barredo
The real estate market has been blisteringly active in the past five years or so. Margins north of 30% were doable especially right after the Philippines was rated as "investment grade" by a number of international rating agencies. There are sufficient reasons that the market, together with the general economy, is backed by real demand, but real estate developers cannot wantonly build and expect brisk sales and returns. As usual, Pinnacle Real Estate Consulting Services, Inc. evaluates macroeconomic indicators that directly impact on the real estate as well as supply-and-demand dynamics to answer the question of to build or not to build.
Based on reports, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo stated that massive urban migration and strong consumer power generated by dollar-earners like the overseas Filipinos workers (OFWs) and the Business Process Outsourcing (BPO) companies support the bullish foundation. By 2017, revenues from BPOs will reach US$25 billion revenues and OFW remittances will reach US$28 billion, generating a total of US $53 billion. This dollar income will be chasing after consumer favorites like houses, cars, and appliances.
Added to this will be the relatively high 1.9% annual population growth rate characterized by a young, employable population sector (with, therefore, low dependency ratio). Essentially, the stability of the industry is underpinned by demand outstripping supply. At present, the residential housing backlog is five million units and independent foreign-based forecasters peg the same 5.0 million supply gap even up to the year 2030. The BSP Deputy Governor says it will take the construction of 2,600 residential units every day to catch up and erase the backlog. Some argue this may not necessarily be true for the office types currently centered in Makati, Ortigas and the Fort Bonifacio areas.
Similar to 2018 Nigeria Real Estate Market Outlook (20)
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Avrupa Konutlari Yenimahalle - Listing TurkeyListing Turkey
Welcome to Avrupa Konutları Yenimahalle, where luxury living meets unparalleled convenience in the heart of Istanbul. Developed by Artaş Holding, one of Turkey’s leading construction companies, this prestigious residential project offers a contemporary lifestyle experience like no other.
https://listingturkey.com/property/avrupa-konutlari-yenimahalle/
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
3. Nigeria Real Estate Market Outlook 2018
3
Gravity is one of the strongest natural forces on earth; when
an object is thrown up, gravity pulls it back down. Escape
velocity is the minimum speed required for an object to
escape the natural gravitational pull of earth to ensure it
keeps moving up. This scientific concept quite well describes
the achievements of the Nigerian economy and investment
markets in 2017. The minimums achieved were sufficient to
ensure the country was no longer pulled down.
Though the year opened with one too many uncertainties, a
0.55% GDP growth in Q2 2017 was a sufficient score line to
declare the nation free from a 5-quarter long recession. The
announcement seemed to spark a renewed confidence as
both individuals and corporates gradually began investing in
residential and retail real estate. The equities market closed at
42% annual returns the highest since 2013. GDP would grow
by a further 1.40% in the third quarter.
Appreciations for this growth must be sent to a few unrelated
parties. First, the Central Bank for keeping the currency
stable by using a mix of policy directives and direct FX
injections. Next, OPEC cuts, tensions in the Middle-East and
a change in Saudi Arabia’s leadership saw oil prices cross the
$60 per barrel mark for the first time in over 28 months; all to
Nigeria’s advantage. Lastly, the current government’s drive
to reduce the bottle necks businesses have to contend with
not only moved Nigeria up 24 places on the World Bank’s
ease of doing business rankings but indeed made it easier to
do business.
Following these, capital inflows rose from $908M in Q1 to
$4.2Bn in Q3, helped in no small part by the Investors &
Exporters foreign exchange window which would record
$18Bn in transactions by November. The Purchasing
Managers’ Index expanded by 55% by September even
as Inflation dropped to 15.6% in November from 18.55%
at the turn of the year. As part of its commitment towards
transparency, Nigeria put together its first ever Sub-National
Competitive Index ranking States across four key pillars:
Institutions, Human Capacity, Infrastructure and Economic
Performance.
In all, the escape velocity needed to pull the real estate
sector from the weight of recession and negative growth was
seen. From the public side, the Minister for Power, Works
and Housing initiated infrastructure projects ranging from
Housing covering 33 states to the Apapa road reconstruction.
The ₦120Bn Bonny-Bodo road, a project abandoned for
over 40years was also restarted. The private sector also saw
starts, restarts and even completion of many projects. Quite
notable were retail developments such as the construction of
the Twin Lakes mall which picked up significantly as well as
Novare’s Gateway Mall which opened in Abuja by Q4 2017.
Some recent trends include; “small is the new big” as
developers across retail, residential, industrial and hospitality
sectors now favour small to moderately sized projects. Also,
there is a rising demand for much more affordable housing
projects. Buyers are insisting on getting more for less and this
may remain foreseeably so. In 2018, the Office market will
see the biggest change. Co-working spaces will proliferate
the cities and even begin to move into A-grade buildings to
house the small but mighty enterprises that can afford it. This
will give Nigeria’s shiniest buildings the much-needed uptake
it anxiously requires.
So while the highlight of 2017 was that Nigeria came out of
recession, 2018 is poised to be marked by recovery. Prices
will not rise to the 2014 highs in real terms, but the revival will
be clear and evident.
Tayo Odunsi
Ventures Park – Abuja
December 2017
SUMMARY
ESCAPE VELOCITY
4. Nigeria Real Estate Market Outlook 2018
4
CONTENTS
Summary 3/
Contents 4/
The Nigerian Economy in 2017 5/
Topical Issues 7/
Investment Markets 9/
Real Estate Summary 11/
2018 outlook 23/
5. Nigeria Real Estate Market Outlook 2018
5
INFLATION (%)PRICE OF CRUDE ($/B)
EXTERNAL RESERVE ($BN)EXCHANGE RATE (N TO $)
After 5 quarters, Nigeria exited recession,
recording a 0.55% GDP growth in Q2 and
subsequent growth in Q3 by 1.40%. The exit
was due to improved performance from rising
oil prices, agriculture and trade. Agriculture, for
much of 2017 was in the front burner of the
Government’s plans to revamp the economy.
At the State level, Governments partnered to
Though the year opened with a high inflation
rate of 18.6% there was a subsequent slow but
steady decline, reaching 15.90% in November,
as improvements in the business and investment
segments, fuelled by tightened fiscal and
monetary policies, began to pay-off. A major
contributor to Nigeria’s high inflation numbers
execute agricultural projects. Trade rose to
₦1.2Trn in Q3 2017, the highest figure posted
since 2014. Imports declined by 10.51% when
compared with Q2 2017 figures and were lower
than Q3 2016 by 4.68%. With the increasing
revenue from improved oil prices, and a
foreseeable positive outlook, it is hoped that
investment in agriculture will not slow down.
remains the food component. On a year-on-year
basis, food inflation increased by 20.30% as at
November. This is at its highest levels since July
2008. This suggests that the underlying causes
may be systemic and reflect the country’s need
for modern food processing and storage systems.
National Bureau of Statistics
Central Bank of Nigeria
THE NIGERIAN ECONOMY IN 2017
6. Nigeria Real Estate Market Outlook 2018
6
Other reforms initiated earlier in the year
remained consistent, which indicated political-
will in action. A major engineer in Nigeria’s
2017 rebound story was the Central Bank which
successfully stabilized the exchange rate by
Q2. One major decision the agency took was
to create the Importers and Exporters foreign
exchange window in Q2 to allow importers and
exporters procure and sell FX consistently and
directly. This would attract a whooping $17.86Bn
in transaction value by Q4 also guaranteed
Investors, Manufacturers and Traders access to
FX which gradually pushed demand and price of
the Dollar against the Naira downward.
Nigeria’s reserves inched higher under a decisive
Central Bank working in collaboration with the
Debt Management Office and the Ministry of
Finance. Reserves of $27.88Bn in January rose to
a record $38.2Bn by Q4 largely from improved oil
prices and highly successful fund raising rounds
such as an oversubscribed $3Bn Eurobond issue.
In managing the perennial FX crisis, the Central
Bank would have to inject a total of $14.2Bn
during weekly FX sales between February and
November 2017.
7. Nigeria Real Estate Market Outlook 2018
7
National debt is in excess of ₦20Trn while the
States owe ₦4Trn. Civil servant salaries in a
couple of states are yet to be fully paid and capital
projects in some cases do not seem to get off
the ground even after the capital votes. But with
decline government revenues, there is the need
to ensure effective use of all available funds. With
the 2018 budget of ₦8.6Trn is split 70% – 30%
for recurrent and capital expenditure, all funds
need to be appropriately applied. There is now
an annual debt service tag of ₦1Trn, a reminder
of the fact that debt is not free money.
Reviewing key aspects of Nigeria’s economy in
2017, the World Bank’s ease of doing business
rankings stating that Nigeria was 145th moving
24 up places. Nigeria was also adjudged among
the 10 most improved nations in the world and
6th for ease of access to credit. This high ranking
for access to credit was based on improved laws,
consumer identification/authentication and
The current administration had long vowed to
reduce the existential threats of corruption and
terrorism financing. A tool deployed to this end is
The Bank Verification Number (BVN), introduced
initially in 2014 to check terrorism financing
and bank fraud. The bank verification number
successfully identified and attached individuals
to all their personal and corporate bank accounts,
thereby reducing the anonymity previously
enjoyed on corrupt and terrorist transactions. It
would also be a major reason the country would
rise 24 places on the Ease of Doing Business
Rankings. But in Q4 2017, over 46 million bank
accounts were yet to be claimed by their owners,
leaving over ₦300Bn with the commercial banks
InQ22017,theOPECagreedtocapoilproduction
for each of its members, getting the cooperation
of 11 non-member nations - including Russia.
This was part of a strategy to stem the decline of
oil prices. Initially, the cap didn’t have too strong
an influence on oil prices, trading between the
$50 – $55 range. Prices declined from the End
of the May till the end of June, but picked up in
July reaching $63 dollars by December. As stated
earlier, this has improved both government
and private earnings, but this leaves room for
volatility should the cap be removed, though the
projections are that oil prices will continue to rise
for the foreseeable future.
NATIONAL AND STATE DEBT
EASE OF DOING BUSINESS – ACCESS
TO CREDIT
BVN FUNDS
THE OPEC CAP
TOPICAL ISSUES
usage of movable assets for collateral. However,
as interest rates are still well above 20% and
credit recording still remains a major issue, this
raises a myriad of questions especially for real
estate developers who experienced an all-time
dearth in credit within the review period.
EASE OF DOING BUSINESS RANKINGS
World Bank
8. Nigeria Real Estate Market Outlook 2018
8
unaccounted for. The Government’s moves
to appropriate this have met with resistance
from the Banks who argue that the attractive
Savings bonds issued by the Government are
already causing distress, alongside the economic
POWER, WORKS AND HOUSING
mention the ₦126Bn Bonny Bodo road project.
Still, the expectations are high for the Ministry,
as it remains integral to the growth of the Nigeria
economy. In all, the country has significant
housing and infrastructure deficits, which are
inextricably linked to the growth of the economy
and the quality of life of the citizenry. As the
current administration prepares to run for
another term, many will be looking over the last
four years for actual evidence of success.
headwinds yet to completely blow over. All this
while they continue to create jobs for the
private sector. The Attorney General on behalf
of the Government has filed a suit against the
CBN and 19 Commercial Banks.
Large projects announced during the year
included the Mambilla Power project, the
Nationwide Housing Scheme and the
rehabilitation of over 25 major Highways,
not to
9. Nigeria Real Estate Market Outlook 2018
9
FIXED INCOME & MONEY MARKETS
INVESTMENT
MARKETS
most government issues were all oversubscribed.
The country’s $1Bn Eurobond offered in February
at a 7.875% interest rate was oversubscribed
approximately 8 times and while many thought
the interest rate to be too high for a Sovereign
issue, it was a principal indication of investors’
willingness to invest in the Nigeria Market.
Similarly, the 5.625%, 5-year Diaspora bond
was oversubscribed by 130% raising $300M in
the process, the ₦100Bn, 7-year Sukuk bond
introduced to raise funds for infrastructure
projects was also oversubscribed by ₦5.87Bn
Treasury Bills were not left out of the national
debt management plan. In Q2, the Federal
Government moved to reduce the pressure of
debt repayment by approving the issuance of
dollar-backed Treasury Bills. Maturity periods
were also extended from between 91 and 364
days to between two and three years respectively.
Rates for Treasury bills would however drop by
December as the Government paid out $1.1Bn
instead of rolling them over, to lower its costs of
borrowing.
NIGERIAN PENSION FUND ASSETS AS AT 31ST JUNE 2015, 2016 AND 2017
PENCOM
The fixed income markets remained the toast of
investors, as there was both a flush of issues and
high interests on offer. This has been the trend
since January 2016, attaining a level of
consistency until October 2017 when rates began
to decline. To demonstrate the patronage
enjoyed in this market, the FMDQ OTC Exchange
would record over 115Trn in transactions by Q4
2017 while the $1.5Bn in 10-years series notes
was oversubscribed by $11Bn. The private sector
was not left behind as Zenith Bank and United
Bank for Africa (UBA) raised $500M (240%
oversubscribed) respectively. Fidelity Bank
would sell $400M in bonds at 10.75% to become
the highest yielding Emerging Market bond.
Outside the banking sector, food and
manufacturing giant - Dufil Prima raised N10Bn.
N
10. Nigeria Real Estate Market Outlook 2018
10
Coming from a market loss of over ₦2.79trn in
2016 and YTD return of –6.71%, the equities
market showed steady and solid recovery to
prosperity, starting in May 2017 to close at a
whooping 42.3% YTD market return.
Coupled with the irresistible rates being offered
by T-bills or bonds, investors needed significant
persuasion with more cogent reasons or a long-
term view to make investments in alternative
investments such as real estate over equities,
T-bills and bonds in 2017.
EQUITIES
12. Nigeria Real Estate Market Outlook 2018
12
In what can now be described as the most recent
boom years of Nigeria real estate (2012 – 2014),
prices rose to very high and perhaps irrational
levels. But in 2016 pushed by the recession, many
analysts concede that there was a correction. In
2017, the real estate market stood corrected.
Prices, yields and other performance indicators
stayed stagnant, declined or ascended very
mildly. As this was not the year for supernormal
profits, it was also not the year of bankrupting
losses.
This position is seen also in the construction and
real estate contributions to GDP, which moved
marginally from 3.09% to 3.12% and 7.17% to
6.79% respectively. Real estate not showing as
much improvement being a reactionary sector
with a lag of one or two quarters.
STAND CORRECTED
GDP GROWTH, CONSTRUCTION AND REAL ESTATE CONTRIBUTIONS (%)
National Bureau of Statistics
Vacancy rates have gradually started to reduce
across the residential, retail and office uses
thanks to improved economic prospects by Q3
2017. Many private developers have returned
to site on both small and large projects even
as construction costs stabilized in comparison
to the volatile periods of Q2 2016 to Q2 2017.
Many more completions are foreseeable over the
next 18 months even as demand strengthens.
PRICES OF BUILDING MATERIALS (N)
13.
14. Nigeria Real Estate Market Outlook 2018
14
Bare land remained the real estate sub-class
of choice as prices and yields continued to
appreciate in most locations, in contrast other
use classes, which have been impacted much
more adversely by economic headwinds in recent
years. Land prices in 2017 showed appreciation
in most areas. Ikoyi and Lekki Phase 1 saw
growth rates of 10.83% and 15.25% respectively
while Magodo GRA showed signs of recovery
later in year after declining in H1 2017. Prices in
places like Agungi, Abraham Adesanya and Ikeja
increased moderately benefitting from increased
population and demand. Victoria Island on the
other hand declined by 29%.
Land reforms bordering on land accessibility
and titling have long been a topic of much
discussion between the Government, Real
Estate Professionals, the Academia and Private
Individuals. Working from the Ease of Doing
Business plan, steps were taken in resolving
land transaction bottlenecks starting with Lagos
State which earns over ₦20.7Bn in Land fees.
A key objective was to reduce the number of
days required to register property from over 77
day to 30 days. To achieve this, the need for a
sworn affidavit as a procedure for conducting
a Title search at the Land Registry was made
redundant. The requirement for stamping Deeds
of Assignment was then merged with the final
registration process for lands owned by the State
Government. Again, the re-constructed Lands
Registry Service centre was commissioned to
improve customer service. Still, time required for
Governors consent continues to exceed that of
countries with similar laws.
2017 saw the revitalization, commencement and
continuation of more than a few infrastructure
projects; many of which are critical not only to
opening up new real estate hot spots, but also
driving key economic investments in the country
as a whole. The Federal Government partnered
with the Nigeria Liquefied Natural Gas (NLNG)
and Julius Berger to resume works on the 34km
Bonny – Bodo road construction. The ₦120.6Bn
project would be a landmark achievement seeing
that it had been in the coolers for about 40 years.
Both parties would be sharing the construction
costs 50-50.
Lagos state completed the Ajah and the Abule-
Egbabridgesinlessthantwoyears.At620metres
and 1.3km in respective length, both projects
were partly funded by a ₦85.1Bn Series 2 Bond
Issuance. Construction is on-going at six state-
owned art theatres to be concluded by 2018 as
part of plans to grow the tourism and hospitality
sectors. 2 locomotives and 10 coaches have
been imported for the $41Bn Lagos rail project
expected to go live by Q4 2018. The 1,100km
Standard Gauge Rail (SGR) will go a long way
in increasing the current national capacity of
15,000 metric tonnes/year.
The Federal Government again signed up the
CCECC (China Civil Engineering Construction
Company) to build the 4-dam, $5.79Bn
Mambilla hydroelectric power project expected
to take 72 months to complete. To finance these
initiatives, it was a delight to see the Nigeria
debut sukuk fund oversubscribed by ₦5.8Bn.
The 7-year ₦100Bn fund will also be applied
to the construction/rehabilitation of 25 priority
road projects spread throughout the country.
Other pipeline infrastructure projects expected
to have far reaching impact on the economy and
standard of living include the 35km Apapa road
reconstruction expected to cost ₦4.34Bn and
the Lagos-Ibadan standard rail project.
LAND
INFRASTRUCTURE
15. Nigeria Real Estate Market Outlook 2018
15
The Centre for Affordable Housing estimates that
$360Bn is required to solve the national housing
deficit – this is 10 times the market capitalization
of the Nigeria Stock Exchange. The housing
deficit for Lagos state alone is put in excess of
3 million units and will require approximately
₦8Trn to resolve at $10,000 per unit.
To attend to this, there are ongoing initiatives
by the Federal Government to increase housing
supply by initiating mass housing projects
across 33 states of the country. The project
would engage over 650 contractors to deliver
2,736 units, employing 54,680 people in the
process. Working with the results of opinion
polls and interviews, the project’s strategy is
to construct Bungalows with courtyards in
Northern regions of the country and Blocks of
Flats or Condominiums in the South. The experts
however seem unconvinced, citing the slow pace
of work, as designs for different regions in the
country remain the only visible signs of progress.
In addition, various states have created
different initiatives to curb the housing gap in
their respective constituents. The Lagos state
partneringwiththeNMRCandprivatedevelopers
plan to deliver 20,000 housing units by the end
of 2018. The Kaduna state government has
similarly embarked on an affordable housing
program and passed a law to establish the
State’s Mortgage and Foreclosure Authority to
facilitate speedy foreclosures on defaulters to its
home-ownership scheme in partnership with the
Mortgage Banks.
As it stands, vacancy rates in Lagos averaged
11%, down from 15.57% in H1 2017 and 32.87%
at the end of 2016. Developments that had
slowed in much of Lagos began receiving some
attention as developers gradually moved back to
RESIDENTIAL site as the economy turned for the better. The
stock of residential units in the Ikeja GRA area
reduced in part due to conversions to office use
while many others were either sold or leased
out. The improved economic situations also
encouraged the completion of many housing
projects. Even the high-end 15-storey Afren
Tower in Eko Atlantic received its first tenant in
August 2017. Vacancy rates in Abuja stood at
a 7% average, down from mid year’s 9.5% and
27.57% a year ago. In a bid to maximize the
value of their property, Landowners looked more
favourable to Joint Ventures with Developers.
The oil sector, long a favourite of luxury leasing,
remained below its former earning capacity and
was unable to sign many leases. And so was
the case for their supply chain - consultants,
allied services etc. Other sectors that had
long contributed to the demand for high-end
developments were also down. Property owners
continued to be flexible with their terms in order
to hold onto existing tenants with rents being
reduced by up to 25% in some instances. This
state of affairs is similar to what was observed
in the Ikeja GRA. Lease flexibility was seen not
only in amounts paid and lease terms, but also in
length of stay.
The fast growing business community in the
Lekki Phase 1 and Oniru axis saw a demand
from middle-income earners seeking to live close
to work. Standard 3-Bedroom homes, which
are more readily available in these areas, tend
to lease with a range of ₦2.5M to ₦4M p.a.
But the growing demand is for one or two-bed
condos. This is the trend with other residential
communities at borders of CBDs or commercial
hubs, across the country.
16. Nigeria Real Estate Market Outlook 2018
16
2017 LAGOS RENTAL PRICE GROWTH
Service charge pricing and collection is
increasingly a contentious issue in many
of the gated estates and multi-tenanted
developments. Landlords could manage with nil
increments in rents but found it difficult running
their facilities due to defaults in service charge
payments.
Port Harcourt had the highest vacancy rates
compared to Lagos and Abuja, averaging at 12%.
Like Lagos and Abuja, this is also down from
13.75% at the mid point of 2017 and 13% at the
end of 2016. The market has been described as
not vibrant and Landlords have dropped rents
marginally to maintain existing tenants. “To Let”
boards are fast becoming a major feature in the
city especially in mid to high-income localities.
Purchasing power has dropped and tenants are
choosing to maintain their current locations by
negotiating favourable rents. There is a clear lull
in the demand for luxury apartments of all sizes.
The effect of the gradual improvement in the
RESIDENTIAL VACANCY RATES
economy is yet to influence spending in the city.
To help curb the financing challenges of housing,
the Mortgage Warehouse Funding Limited
(MWFL) was launched in Q3 2017 to provide
short-term pre–financing in local currency to
Mortgage Banks to strengthen their mortgage
Northcourt
Northcourt
17. Nigeria Real Estate Market Outlook 2018
17
In comparison to 2016, the office use-class
witnessed significantly more activities in 2017.
Though very few pipeline projects like Eko Tower
II and Desiderata were completed, more lease
transactions took place than in the previous cycle.
As rents reduced and stabilized, more firms were
better positioned to lease some space in Grade-A
buildings. In particular, companies bound by
international standards were compelled to
negotiate leases in A-rated buildings to maintain
company policy. Rents for Grade-A offices in
Lagos hovered between $500 and $800psm,
lower than the $1,000psm price point that
obtained in a few cases 2-3 years ago, but still
significantly high for the typical successful
indigenous company outside oil and gas or
finance and accounting.
To attract tenants, Landlords continued to deploy
incentives such as rent-free periods, flexible
lease payments, fit outs and the provision of
soft furnishing. But as rents stabilize in coming
quarters, these are expected to reduce and may
lose popularity.
B-Grade and other purpose-built office
buildings also dropped rentals, taking hits from
the economy, rising expectations on space
quality and the growth of co-working spaces as
a cheaper and more flexible option especially
origination capacity. The body essentially sits
between the PMBs and the NMRC. To provide
short term financing, the MWFL intends issuing
investment grade Commercial Paper under an
initial ₦20Bn scheme.
Some major activities in the residential space
in the period under review include the listing
of Mixta Nigeria’s ₦4.5Bn guaranteed bond
for affordable housing on the NSE, Odu’a
Investment Company inaugurated a 4,400sqm
for those in need of smaller sized offices.
To better avoid paying out-of-reach rents,
businesses have continued the trend of moving
to residential properties and converting them to
office use. Such properties offer the advantages
of exclusivity and lower management costs.
There was increased demand for office space in
Port Harcourt driven primarily by SMEs wanting
to make the most of the situation. Trans Amadi,
Aba and Olu Obasanjo roads continued to be the
centre of attention even though new supply is still
yet to come on stream. With the low demand of
purpose-built office, that is not likely to change
within the next 12 months. Port Harcourt
office market remains dominated by converted
erstwhile homes for commercial use. The D-Line
district for example, originally a mid-density
residential area is now 80% commercial.
OFFICE
residential estate estimated at ₦500M in
Ibadan, The New FESTAC Property Development
Company Limited conceptualized a housing
project comprising 350-units on 1,126 hectares
of land. The project is backed by a 30-year build-
operate-and-transfer agreement with the Federal
Government and the International Finance
Corporation supporting the project by financing
a 10-lane highway connecting the development
to the International Airport.
AVERAGE OFFICE VACANCY RATES IN
LAGOS
Northcourt
18. Nigeria Real Estate Market Outlook 2018
18
Nigeria’s purchasing managers’ index (PMI)
is an indicator of the economic health of the
manufacturing sector based on new orders,
inventory levels, production, supplier deliveries
and employment. In the last 2 to 3 quarters the
PMI has shown a steady and rising trend. This
may not be so surprising, as manufacturing has
enjoyed significant private and government
intervention and patronage since the evident
and determined decision to diversify from being
a mono-economy was reached at the turn of the
recession.
With international firms preferring to build their
own factories/warehousing to specification, the
demand for commercially available industrial
space remained mostly from local firms. More
demand is expected over the next 12 – 18
months as industrial space requests was highest
in Q4 2017 due to increased economic activity
occasioned by relatively easier access to FX.
Demand for consumer goods is also growing as
purchasing power improves. The recovery of oil
prices and the consequent growth in demand
for allied services has also fuelled the need for
warehouse space.
INDUSTRIAL
PURCHASING MANAGERS’ INDEX – 1YR TREND
Ikeja with its access to major nodes in Lagos
currently ranks as the most active market
for industrial space as areas originally used
for manufacturing are being converted to
warehousing use. The next most demanded area
for space was the Isolo Industrial area where
mostly smaller spaces were leased. Private firms
with many employees are increasingly converting
warehouses to office use to avoid the costs of
conventional office space.
A consortium of industrialists has so far made
investments in excess of $150M towards the
development of four factories in the Lekki free
trade zone. These include TG Arla, Palm Oil
Refinery, Kellogg’s and Insignia Technology
Prints.Kellogg’s10,000MTperyearcerealfactory
was commissioned on the 1st of December
2017. AB InBev outlined plans for a new brewery
to cost an estimated $250M, its largest portfolio
investment outside South Africa and also plans
to list on the NSE. Food manufacturing giant –
Nestle Nigeria became the first firm in Nigeria’s
history to reach a share price of ₦1,004 indicating
the significant growth experienced in the food
and beverage manufacturing space.
To further stimulate local production, the Nation’s
Senate passed the Nigerian Automotive Industry
Development Bill to support the manufacturing
of cars in country. The purchase of new cars
dropped from 50,000 units in 2013 to and
19. Nigeria Real Estate Market Outlook 2018
19
estimated 10,000 units in 2017, caused in part
by a weakened currency and an economy trying
to find its feet. The Automobile Manufacturing
Industry is yet another growth area as over 50
firms now have licenses to assemble cars in
Nigeria.
HOTEL ROOM REVENUE ($M)
Nigeria’s hospitality sector has been barraged
by a flow of negative considerations in the last
2 years. Ranging from Ebola, insecurity due to
Boko Haram and most recently a recession.
While the nation may not have been the tourist
destination of choice, diplomatic, business and
investment visits has not particularly dried up.
This is expected to rise in coming periods even as
most factors that may have discouraged travel
are being addressed.
TranscorpHotelsextendeditsservicepartnership
agreement with Hilton hotels for another 20
years on its 667-room hotel in the Nation’s
capital, Abuja. Hilton also plans to increase
The population, spending pattern and
sophistication of the Nigerian market is part
of what makes it a contender for hospitality
investment in West Africa. With over 6,000
HOSPITALITY
supply to Africa by 100 hotels over a 5-year
period. The strategy is to convert or remodel
existing developments. It is estimated to cost
$50M. Past trials of this strategy have succeeded
even in instances where development costs are
high and access to reasonably priced debt is
limited. With this, Hilton joins other hotel chains
in renewed competition for the opportunities
in Nigeria. With growing stability, improved
business conditions and an increased inflow of
international travellers, demand for lodging is
growing in Nigeria. Occupancy levels as of Q3 in
Lagos, the Nation’s commercial capital is 51%,
up from 35% in 2016.
bedrooms spread across 41 hotels and 21
brands represented in 9 cities, Nigeria has more
proposed projects (60+) than a ny other country
on the African continent.
PWC Hotels Outlook 2017 - 2021
20. Nigeria Real Estate Market Outlook 2018
20
The market currently faces several challenges,
with security concerns as well as the reduction in
purchasing power – and effect of the economic
challenges experienced in recent years. Still,
long-term investors are taking positions. BON
Hotels acquired four additional hotels within the
last 18 months, bringing their total to sixteen
under management. This firm is the largest single
hotel operator based in Nigeria. Protea Hotels
in partnership with African Capital Alliance and
Kunoch Holdings also opened a 90-room Hotel
in Owerri. Landmark Africa partnered with
Marriot International to open a 25-floor hotel
with 216 rooms by Renaissance Lagos Hotel
and 44 Executive Apartments from Marriott. It is
expected to open in 2020.
It is now a tired rhetoric to state the far-reaching
impact of the recession in retail spending and
consequently retail mall developments. 2016
saw a shift towards smaller sized malls, as
the numbers for developing large malls were
increasingly difficult to justify. This profitability
conundrum would continue into 2017, reflected
by the developers’ and private equity firms’
decision to focus on Northern, Central and
Eastern Africa. Smaller developments are less
expensive (being easier to fund) and the resultant
rents are more reasonable from the retailers’
standpoint. Smaller malls and to a lesser extent,
large malls built in phases can accommodate
more favourable capital structures.
RETAIL
There were several instances of shops carved out
of residences or locations close to homes used
as shops. There was noticeable demand for retail
space in Yaba and Lekki as SMEs went shopping
for retail space. Large malls in the thick of the
battle to reduce vacancies solidified existing
relationships with sitting tenants, giving big-
name brands concessions. In exchange, their
brand power would be influential in attracting
lesser-known brands that would not have taken
up space otherwise. The aggregate effect was
a reduction in vacancies. Vacancies in Lagos
reduced by 10% in Novare Mall, 4% in Adeniran
Ogunsanya Mall, 11% in Ikeja City Mall and 27%
in Silverbird Galleria.
MARKET SATURATION (%) NATIONAL RETAIL SALES ($BN)
21. Nigeria Real Estate Market Outlook 2018
21
Despite the economic challenges and declines,
Nigeria yet led the African continent in total
retail sales with $109Bn – a 12% reduction on
the $125Bn recorded in 2016. South Africa
followed with $94Bn, while Algeria rounded up
the top three with $42Bn. Egypt didn’t make the
list, due to significant political risk. South Africa’s
retail space remained the most saturated (94%)
with strong players as Shoprite and Pick n Pay.
Nigeria’s 8% saturation, a decline on the previous
year’s 11% is reflective of not only the challenges
but also the opportunities that exist for well
thought out projects.
Although mall developments have slowed, new
developments have not been shelved entirely.
The 2,700sqm Westfield Emporium Mall in Lagos
is being developed on 4 levels and completion is
expected by Q4 of 2018 while Lennox Mall not
too far off is expected to open to the public by
Q1 2018.
its 2016 turnover of $1.5Bn (up from $750M
in 2015). The retailer currently has 2,000 stores
in over 50 countries with an average monthly
growth rate of 80 - 100 stores.
Nigeria’s consistently high food inflation (20.31%
as of October 2017) reduced discretionary
income that would have ordinarily gone to retail
spending. Retailers on their part entered the
The Palms in Sango Ota is yet to see much
patronage owing to weak attractions among
other things. The Use of household income data
and appropriate pricing contributed to the 73%
occupancy recorded by The Palms Shopping
Mall. Towards the end of Q3, leading Japanese
retail brand - Miniso took up space in Lagos at
Circle Mall, Festival, Ikeja City, Maryland, Novare
and the Palms Malls with hopes of building on
RETAIL VACANCY RATES
Northcourt
22. Nigeria Real Estate Market Outlook 2018
22
Where inflation to stay the way it is and there
is little economic growth, established retailers
may have to have to compete more aggressively
on price. This is especially as smaller sized
malls continue to expand. Premium stores will
always have a place in the Nigeria market, but
developments better geared to the mass market
will receive more interest. This is more the case
outside tier one cities. Retailers entering into
today’s market are different from those who
rushed in before the FX issues. Smaller malls
targeted towards indigenous retailers remain
easier to sustain and are likely to continue leading
the renaissance of mall development.
year struggling with the FX challenges and had
little or no access to bank loans. Apparel stores,
traditionally takers of significant space in malls
had to channel cash towards purchasing stock in
a bid to stay trendy – a key tenet of their industry.
In the end, this meant next to nothing was left for
rent. While the FX issues are somewhat resolved,
consumer demand is yet to pick up. Some
Landlords prefer shorter lease terms, in the hope
that opportunities to escalate will coincide with
growth spurts in the economy. Still, the days of
5 – 7% rent escalations for line shops and 2.5% –
3% for anchor tenants are unlikely to come back
soon.
Due to its growing middle class and youthful
population, Nigeria remains an attractive
destination for e-commerce companies.
Online retail is expected to grow at a double-
digit rate through 2020. An estimated 53% of
Nigerians access the Internet – higher than the
Africa average of 18%, and mobile shopping is
growing. Jumia and Konga, the country’s largest
e-commerce companies entrenched in price
and other battles with each other may have
forgotten what’s truly important. Konga has now
repositioned primarily as a classifieds portal, a
move seen by many as desperate and the signs
of the end. Jumia is only having it fairly better
however when leading industrial giant, Dangote
Cement signed up Jumia to sell its 50kg cement
bag online – listing the biggest company on
the Nigerian Stock Exchange was seen as a big
boost.
24. Nigeria Real Estate Market Outlook 2018
24
A federal budget of ₦8.6Trn tagged “budget
of consolidation” suggesting a departure from
a dependency on oil receipts for revenue and
harnessing the benefits of reforms and policies
to improve the economy, has been put forward.
The budget is premised on slightly ambitious
expectations for GDP growth – 3.5% and crude
production at 2.3million barrels per day. The
budget is 16% higher than that of 2017 and
though expenditure increased by 15.7%, but
with inflation at the 15% mark, expenditure may
not have increased much in real terms.
₦555.88Bn was allocated to the Ministry of
Power, Works and Housing, sufficient only to
get the wheel rolling. Much more investment is
needed to deliver the full impact needed within
one fiscal year. Ministry of transportation, an
allied ministry was voted ₦256.5Bn, coming
up from ₦241.7Bn in 2017. This increase
demonstrates a growing commitment to
infrastructure development.
Benchmark price per barrel of oil, initially set
at $45 in the budget was moved up to $47 by
the 2018 – 2020 Medium Term Expenditure
Framework (MTEF) and Fiscal Strategy Paper
(FSP), indicating a certain optimism for the
future of oil, at least in the short term. The
output budget assumption of 2.3mbpd is
As long as consumer purchasing power remains
low, developers will have to be conservative
in their approach towards creating housing
products for the mass market. The use of
locally and Asia sourced materials will aid in
reducing costs. But a minimum quality level
must be maintained by developers who intent
to be successful in a much more competitive
terrain. Affordability will become a bigger issue
2018 BUDGET
RESIDENTIAL
realistic provided there is no disruption from the
Niger Delta region. But even at that, the OPEC
has capped the combined output of Nigeria and
Libya at 2017 levels.
An assumption that the inflation rate would
average 12.4% was made in the budget
but there was graveyard silence on petroleum
subsidy items estimated to cost about
₦1.2Trn. and this could pose a challenge if not
handled properly.
Many oil-producing countries have predicted oil
prices may reach the $70 and even $80/b price
tag. Should this happen, Nigeria would earn
much more oil revenue than budgeted as long
as militant activities do not disrupt production.
Demand for product is equally expected to soar,
driven primarily by emerging markets, in part
because there is a growing awareness of climate
change and a move towards all things electric
by first world countries, leaving the demand for
crude to the of emerging nations.
In all, the $23Bn budget as GDP will keep the
country’s engine humming along. Still, a larger
budget would have offered stronger positive
influences for consumers, real estate
investors/developers as well as financiers.
in coming quarters. Buyers will insist on more
for less, and developers will have to think more
deeply to bend.
At least in the first half of 2018, the
Government is likely to continue ensuring
the implementation of announced policies,
diversification of the economy and improving
the business environment. This should translate
25. Nigeria Real Estate Market Outlook 2018
25
into increased household spending. But as
considerations of a Government in a pre-election
year begin to manifest, the need to show signs
of progress, however unsustainable, may lead
to politically correct decisions. Howbeit, only
sustained implementation of the Government
diversification agenda will grow the economy
and contribute to real growth in the real estate
sector.
A few residential investors who picked up
properties at lowest values during the recession
may be looking to offload at a premium. Others
who purchased at high values during the boom
years may also divest at recovering prices to
create liquidity while some may retain ownership
of their assets as a continued store of value.
Small is the new big and will continue to be
the case for retail developments, at least for
the foreseeable future. The retail development
pipeline is not as buoyant as seen previously for
For new retail developments; accessibility, ample
parking, recreational features and play areas for
children are must-haves for success. The culture
of outdoor family entertainment focused on
children is gaining ground. Developments that
will combine leisure and retail for adults and
children in addition to standard mall facilities
appropriately priced to the middle-income
bracket are likely to see more foot fall. The
Alimosho local government, the largest in Lagos
with a population of 8 million has long been a
candidate for a tailored mall development.
RETAIL
understandable reasons but there promises to
much more openings in 2018 than seen in the
last 24 months.
Design, finishing and quality maintenance of
facilities will continue to play a strong factor
as the market sees more supply. Nigerians are
increasingly able to differentiate between low
and high quality builds – and act accordingly.
Major developments underway include the Eko
Mall within Eko Atlantic City in Lagos, which is
poised to be the largest in West Africa. Work has
resumed on Actis’ 50,000sqm Twin Lakes Mall
where French retailer Carrefour is expected to
be the anchor tenant. Carrefour opened it’s first
RETAIL DEVELOPMENT PIPELINE
27. Nigeria Real Estate Market Outlook 2018
27
branch in Kenya in 2016, holding the anchor
tenant position at the Hub Mall, reentered Algeria
despite the requirement to form a joint venture
with local partners, currently operate a franchise
in Morocco, have seen expansion in Tunisia and
have plans for Cameroon and Gabon.
As growth in the real estate sector tends to trail
growth of the overall economy by 6 to 12 months,
it is unlikely that office rents will go up before
then. Coupled with a good range of existing
supply to choose from and a rich development
pipeline, A-grade office space developments will
continue to offer incentives and differentiators
to attract the available off- takers.
Offering flexibility and affordability, the co-
working spacesect of theofficemarket continues
to grow in both demand and supply with more
In a bid to maximise investments, small to mid-
sized office and mixed-use developments may
OFFICE
corporates opting for this option and new service
providers/spaces coming into the market.
As tech-entrepreneurship, MSMEs grow and
characterize the Nigerian economy, co-working
spaces, business accelerators and impact hubs
may proliferate city centres. The biggest change
in the office market would be the emergence
of a trend taking root in Nigeriaglobal
where co-working space service providers
begin to move into A-grade buildings to
house the small but mighty enterprises that
can afford it. This will give Nigeria’s shiniest
buildings some much-needed uptake it
anxiously requires.
see more application as a strategy to attract
tenants.
OFFICE DEVELOPMENT PIPELINE
Northcourt
Name Floors 2
Size(m ) Location Delivery date
-
6,670
10,000
10,000
-
-
-
81,000
-
20,000
1,350
12,000
8,300
5,313
15,588
1,000
11,000
3,900
-
11,500
44,000
26,000
Not Specified
Q1 2018
On Hold
Q1 2018
Not specified
On Hold
2018
Not specified
Not Specified
On Hold
2018
Not Specified
Not specified
Q2 2018
Q3 2019
2018
Not Specified
2019
Not specified
2018
On Hold
2017
Abuja
Ikoyi
Victoria Island
Victoria Island
Eko Atlantic
Ikoyi
Victoria Island
Abuja
Victoria Island
Victoria Island
Victoria Island
Ikoyi
Victoria Island
Abuja
Oniru
Ikoyi
Oniru
Lekki Phase 1
Lagos Island
Ikoyi
Victoria Island
Abuja
76
12
6
12
34
18
13
17
17
20
8
15
15
3
20
5
14
6
7
15
13
22
Africa Tower
Alliance Place
Bloomsbury
Cornerstone HQ
Corporate Towers II
Dangote HQ
Diamond Bank HQ
FIRS Head Office
Greystone Tower
Harbour Point
Jenkin’s Place
Kingsway Towers
Madina Towers
Novare Office Park
Oceanna (Phase 1)
Ogun House
One Zero Five Place
Property Gate Centre
Raymond House
Sogenal Tower
The Waves
World Trade Center
28. Nigeria Real Estate Market Outlook 2018
28
With a population of almost 192M, growing at an
estimated 3% annually, and an economy with the
largest GDP on the African continent ($550Bn+),
Nigeria can boast a pipeline of more guestrooms
(10,313) than any other African country. The
improvements in the Government’s posture
towards the business community suggest that
more inbound flights may be expected. However,
expert guidance is required for navigation of
the potential landmines that could detract well-
intended projects.
Infrastructure remains very critical in driving
hospitality developments and patronage.
Especially transport infrastructure, which is
critical to making it easier for the arrival of
business and recreational tourists.
HOSPITALITY
As a follow up to the Abuja airport revamp, the
Federal Government partnered with the China
Civil Engineering Construction Corporation
(CCECC)to constructanew international terminal
building at the Nnamdi Azikiwe International
Airport, Abuja. The planned completion date for
the $200M terminal is February 2018. Last year,
Nigeria paid down its $600M debt to airliners
to $221M, sending out the message that the
country honours its obligations and encouraged
their continued operations.
By Q3 2018, the Lagos State Government would
flag off the reconstruction of a 10-lane Oshodi-
International Airport Road. The road currently
handles over 50,000 cars daily and the planned
completion date is Q4 of 2018. As this road leads
to Nigeria’s busiest airport, responsible for 75%
AFRICA HOTEL DEVELOPMENT
PIPELINE BY COUNTRY
NUMBER OF PLANNED ROOMS BY CITY
W Hospitality Group / STR Data
concession deal expected to provide 10,000
jobs during construction and 2,000 jobs after
completion, which is slated for Q3 2018.
Nigeria is projected to be the fastest growing
market over the next five years, growing at a
projected 14.7% to $517M in 2021, up from
of international travel to and from Nigeria, the
project could not be completed soon enough.
The Nigerian hospitality pipeline retains the top
spot in Africa for more than three years now.
Turkish firm, Biray is partnering with the Osun
state government in a ₦69Bn 839ha airport
29. Nigeria Real Estate Market Outlook 2018
29
Disclaimer
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual, entity or property.
Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is
received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a
Cover Page Development - The Palms, Ota - Ogun State
thorough examination of the particular situation.
For more details, contact:
Northcourt Brokerage
brokerage@northcourtrealestate.com
Cover image photography by @dejiakinpeluphotography
$261M in 2016. With an increase in domestic
tourism, reducing inflation and an improved
business environment, room bookings have
begun to increase and would continue to do so
into 2018, rising at a 7% rate to 2.1M in 2021.
This is coming from 1.5M in 2016. The Nation’s
2018 budget indicates that non-oil revenue
would be called on to bear a good portion of the
revenue expectations.