TRIBUNE NEWSPAPER (1 JUNE 2022)

Headline: Nigerians Urged to Invest in UK Real Estate as Insurance Against Global Inflation

A United Kingdom (UK) property investment firm, Baron and Cabot, advised Nigerians to invest in UK real estate as it is a safe investment plan right now in the face of global inflation and guarantees higher returns against inflation. Mark Pearson the firm’s managing director, made this statement during the firm’s familiarization with the media on its operations in Nigeria. He also noted that UK real estate investment is an alternative means of converting cash to dollars as it’s a practice peculiar to many Africans.

INDEPENDENT NEWSPAPER (11 JUNE 2022)

Headline: CPC Boss Tasks REDAN On Low-Cost Housing to Close 17m Housing Deficit

The Real Estate Developers Association of Nigeria (REDAN) has been charged by the chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye to provide affordable houses to the poor to close the 17 million housing deficit in the country. Professor Bolaji described REDAN as an organized association fit enough to close this gap and boost the economy of the country. In reply to this, the President of REDAN, Alh. Aliyu Wamakko informed the ICPC boss that the association has already initiated plans that will provide affordable houses to Nigerians through partnerships with local and international organizations. In applauding REDAN for this move, the ICPC Chairman assured REDAN of his support.

PUNCH NEWSPAPER (20 JUNE 2022)

Headline: Lagos Moves to Domesticate National Building Code

The commissioner for physical planning and urban development, Dr. Idris Salako during a media conference in Lagos disclosed that the Lagos state government has winded up plans to adopt the national building code. According to Dr. Idris, the code will serve as a means of checkmating the industry and give attention to performance standards for buildings in the state as opposed to design standards. The national building code will also supply the missing link in an existing regulatory framework and reduce costs arising from possible disasters of flooding, fire outbreak, and building collapse in the state.

BUSINESSDAY NEWSPAPER (23 JUNE 2022)

Headline: Exchange Rate Volatility Creates Naira, Dollar Ecosystem in Premium Real Estate.

The irregularities in the exchange rate in Nigeria have affected a lot of sectors that it has even created what experts call the ‘naira and dollar economy’ in the premium segment of the real estate sector. Speaking to businessday, the CEO of Fine and Country West Africa, Udo Okonjo disclosed that because of the fluctuations in naira, quick-witted investors now move towards the ‘dollar economy’ to increase their return investment. Okonjo added that in the elite luxury market, working with naira-based projects is risky for investors. According to Okonjo, luxury development in real estate takes time usually between 4-7 years, and is thus reserved for long-term investors. She further noted that investors who are anxious about their naira stack and were not able to convert it to dollar now drift to real estate as a refuge.

JUNE – REAL ESTATE NEWS SUMMARY

JUNE – REAL ESTATE NEWS SUMMARY