DAILY TRUST NEWSPAPER (AUGUST 19 , 2024)

Headline: High Interest Rates, Inflation, Crippling Property Market – HDAN

The Housing Development Advocacy Network (HDAN) has warned that high interest rates and inflation are slowing the real estate market across Nigeria. Executive Director Barr. Festus Adebayo cited rising building costs, driven by inflation and naira devaluation, as key factors.

Real estate sales in cities like Abuja, Lagos, and Port Harcourt are declining, with soaring material and labor costs impacting house prices and rents. Adebayo urged the government to subsidize local building materials or lower import costs to make housing more affordable.

PUNCH NEWSPAPER (AUGUST 19 , 2024)

Headline: FG Sets 90-Day Payment Deadline for National Housing Scheme Subscribers

The Federal Government has granted subscribers to the National Housing Programme a 90-day deadline to complete their payments, with an additional eight-week grace period. Dr. Marcus Ogunbiyi, Permanent Secretary of the Ministry of Housing and Urban Development, announced that subscribers now have a total of 26 weeks to finalize their payments.

Ogunbiyi warned that failure to complete payments within the extended grace period would result in the revocation of their offers. The first batch of provisional allocations began in April 2024, and the ministry has urged subscribers to use the grace period to avoid losing their housing offers.

BUSINESSDAY NEWSPAPER (AUGUST 23 , 2024)

Headline: Get Your Planning Permits for Property Development in Lagos

The Lagos State Government has reiterated the requirement for property owners and developers to obtain planning permits before starting construction or converting properties. Through the Lagos State Physical Planning Permit Authority (LASPPPA), the government aims to ensure organized urban development as part of its sustainable growth agenda.

The directive also emphasizes that a planning permit is mandatory for all construction projects to meet safety and zoning standards.

LASPPPA therefore warned against using unauthorized documents like the “Green Sticker” in place of proper permits. They also noted that illegal property conversions, such as turning residential buildings into commercial spaces without approval, will face penalties. LASPPPA encouraged property owners to comply with regulations to avoid legal issues and support Lagos’ long-term urban planning goals.

AUGUST 2024 REAL ESTATE HIGHLIGHTS

AUGUST 2024 REAL ESTATE HIGHLIGHTS