PUNCH NEWSPAPER (February 6 , 2023)

Headline: NIESV Expels Five Members for Professional Misconduct

The Nigerian Institution of Estate Surveyors and Valuers has expelled five of its members over professional misconduct. This was disclosed by the president of the institution, Johnbull Amayaevbo, at the 29 edition of the annual lecture series of John Wood Ekpeyong Memorial Lecture with the theme “Competence and Professionalism in Real Estate Practice: Role of Specialization”.

The president noted that the profession operates on a code of professional ethics and practices and as such will not condone any member who flaunts the ethical standard of the profession.

The event was also used as an avenue to honor the former Federal Commissioner for Works, Lateef Okunnu as a pioneer honorary fellow of the institution. The event also featured the induction ceremony of 62 members of the institution.

PUNCH NEWSPAPER (February 13, 2023)

Headline: Lagos Calls for Review of Surveyors Act

Aramide Adeyoye, the Special Advisor to Governor Babajide Sanwo-Olu on Works and Infrastructure, during his keynote speech at the Maiden National Conference of the Association of Private Practicing Surveyors of Nigeria, called for a review of the 1962 Surveyors Act, for better infrastructural planning and development.

While speaking on the theme of the event “Roles of Surveying in Infrastructural Development in Nigeria”, Aramide Adeyoye encouraged the APPSN members to continue to uphold their ethical standards, he further stated that surveyors are crucial in the accuracy of infrastructural planning and development across all sectors of the nation. She also noted that surveyors aided the success of governor Sanwo-Olu’s administration in infrastructural development.

\Reiterating the need to review the surveyor’s act, Adeyoye emphasized that this will prevent errors responsible for granting approvals wrongly

Speaking further, the special advisor revealed that the state government is opening up new borders in the use of new technology and thus urged APPSN to join forces with their colleagues in the public sector for the advancement of the state.

THE GUARDIAN NEWSPAPER (February 20 , 2023)

Headline: Growth in Short-Let Rentals Increasing Investors’ Interest

According to the Guardian newspaper, the business of short-let apartments has continued to enjoy an estimated 200% growth in recent times due to the rising expenditure on travel, tourism, and travelers’ inclination towards budget-friendly accommodations.

This attraction to the sector is based on its comfort, beauty, and luxury facilities. The short-let apartments also seem to be larger than the standard hotel room in size and developed like a mini home with every trapping of a home. It also offers 24-hour light, water, and security.

The business of Short-let apartments also gained momentum in Nigeria after it leveraged the Covid-19 lockdown when most hotels were out of business or were forced to close their doors following the Covid-19 protocols, since then, there has been a noticeable influx of investors in this business, especially in Lagos, Abuja, Port Harcourt, Ibadan and so many other locations.

Judging from the Pan-African real estate data from EstateIntel, the short-let apartments market in Lagos has grown by 263% over the last 3 years. Findings also show that Ikoyi, Victoria Island, Lekki Phase 1, and Ikeja are the top short-let hubs in Lagos, with Lekki Phase 1 being the stand-out performer maintaining a higher occupancy level of 80% compared to 60% and 70% records in Ikoyi and Victoria Island.

More so, there is a boom in the business as prices are becoming competitive as a result of the increasing number of investors in the business. In Lekki Phase 1, one bedroom ranges from N35 – 45,000 per day and the longer one stays, the more the discount. In Owerri, Imo state, a three-bedroom deluxe apartment ranges from N70,000.

Speaking about the boom of the short-let business, Mausi Bababunmi, the managing director of Mausi Realty opined that the boom is real as about 90% of the clients are young and mobile, and the business thrives in both Lagos mainland and Island.

While the business promises a lot of benefits for investors, Mausi stated that the business also faces some challenges like the cost of providing power, and security, theft of facilities, and in some cases, the death of a customer.

Mausi Bababunmi, while describing the short-let business as a means of solving the housing deficit, called on the government to support young entrepreneurs investing in the sector with grants and loans.

FEBRUARY 2023 REAL ESTATE NEWS HIGHLIGHT

FEBRUARY 2023 REAL ESTATE NEWS HIGHLIGHT