BUSINESSDAY NEWSPAPER (APRIL 1, 2024)

Headline: 94% of Lagos Properties Lack Legal Titles, Stakeholders Lament

Industry experts in Nigeria’s building sector have expressed alarm over the staggering number of properties in Lagos State without legal titles. According to estimates, a whopping 94% of properties in the state lack proper documentation.

The issue was brought to light during the launch of Edge Facility Managers in Lagos, where stakeholders called for a streamlined land titling process to address the problem. Victor Alonge of NIESV emphasized the link between land titles and economic development. He noted that without legal titles, property owners cannot access financing, as banks require collateral in the form of a Certificate of Occupancy (C of O). Alonge proposed streamlining the land titling system to ease registration and urged state governors to prioritize this issue. Speaking about the reasons people fear getting titles, Chudi Ubosi highlighted public mistrust as a significant barrier and urged the government to prioritize public awareness campaigns and education to address these concerns.

PUNCH NEWSPAPER (APRIL 15,2024)

Headline: Stakeholders Canvass Centralised Property Platform

At the recent Association of Real Estate Agents in Nigeria Summit, themed ‘Building Enduring Partnerships for a Future’, held in Lagos, stakeholders proposed the establishment of a centralized platform for property listing. Emeka Eleh, former president of the Nigerian Institute of Estate Surveyors and Valuers, urged the institute to establish a multiple listing service, streamlining the real estate market. Supporting the views of Emeka Eleh, Gladstone Opara, President of FIABCI-Nigeria, emphasized the importance of listing property to bring transparency to real estate transactions. The Association of Real Estate Agents in Nigeria announced plans to unveil multiple listing services to prevent property scams.

BUSINESSDAY NEWSPAPER (APRIL 15, 2024)

Headline: Developer Bemoans Loss of Investment as FCTA Bulldozer Turns Estate into Rubbles

In a recent development, the Federal Capital Territory Administration (FCTA) in Abuja, as part of efforts to restore the city’s master plan, has demolished several estates, causing significant losses to renters, homeowners, and investors. This led to the demolition of Woodcrest Estate worth N3 billion in Maitama Hills, Mpape, despite ongoing litigation.

The developer and estate manager, Eze Innocent Okpara expressed shock as completed structures were destroyed without access for salvage. Tony Ogbulafor counsel to the developer condemned the FCTA’s actions, noting an ongoing court case regarding land ownership.

BUSINESSDAY NEWSPAPER (APRIL 18, 2024)

Headline: Lagos Amnesty On Unregistered Properties Seen Easing Dead Capital Burden

The Lagos State government has announced a three-month amnesty on unregistered properties in the state, aiming to ease Nigeria’s dead capital burden, estimated at close to $1 trillion by a PwC study.

From May 2 to July 30, 2024, owners and developers of unregistered structures will be allowed to obtain planning permits or approvals without penalty fees. Necessary documentation including survey plans, architectural drawings, and evidence of tax compliance will be required. The move is expected to reduce the 50 percent of Lagos properties without legal titles, rendering them non-bankable and non-tradeable as collateral for loans. The move is also seen as a significant step towards reducing Nigeria’s dead capital, where only 5 percent of properties have formal titles.

APRIL REAL ESTATE NEWS SUMMARY

APRIL REAL ESTATE NEWS SUMMARY