At OTIC Surveys Limited, we have always prided ourselves in our commitment to precision, efficiency, and client satisfaction which has been made possible through our use of advanced survey equipment. Recently, we sent out a team of four experienced surveyors to handle a topographic and detail survey for a new client in Victoria Island, Lagos Nigeria. This project showed us that when it comes to…
DAILY TRUST NEWSPAPER (AUGUST 19TH, 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…
JULY 2024 REAL ESTATE NEWS ARTICLE PUNCH NEWSPAPER (JULY 1, 2024) Headline: Declare State of Emergency on Geographical Mapping, Surveyors Tell Govt. The President of the Nigerian Institution of Surveyors, Dr. Matthew Ibitoye, has called for a state of emergency on Nigeria’s geographical mapping. Speaking at the 58th annual general meeting in Edo State, Dr. Ibitoye emphasized that comprehensive mapping is crucial for national development…
BusinessDay Newspaper (June 17, 2024) Headline: Fresh Hurdles On the Way to Registering Property in Lagos Worry Investors Despite efforts by the Lagos State government to enhance real estate investment and streamline business operations, investors remain dismayed by the extensive property registration requirements. In January, Governor Babajide Sanwo-Olu launched a land administration portal aimed at expediting property registration, reducing corruption, and securing titles. However, real…
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,…
Challenges they say often become the stepping stones to success, this was precisely the case for our team of surveyors during a recent project at Omu Creek, Sangotedo, Lagos for one of our returning clients. Their ordeals also highlighted some of the challenges that land surveyors face on site. For six weeks, our team battled with rough terrain, traffic, and unexpected obstacles to carry out…
If you are investing in real estate in Lagos or anywhere in Nigeria, please attention. These are some of the things people do and regret later. 1) Believe everything the seller says 2) Dont involve a surveyor and a lawyer 3) Don’t check whether the property is within the setback of a closeby canal, high tension, or other public utility. 4) Don’t ask about the…
In land surveying, we always say that each assignment presents its unique challenges and revelations. Recently, we carried out a land survey in the vibrant locale of Odorangunshi Eredo, Epe. What transpired during this four-hour endeavor not only encapsulates the essence of our profession but also underscored the importance of precision in our craft while illuminating the intricacies of land ownership, and governmental regulations/restrictions. More…
BUSINESS DAY NEWSPAPER (FEBRUARY 13, 2024) Headline: Land Recovery Is at The Core of Efforts at Fighting Climate Change—FG The Nigerian government intensifies efforts to combat desertification, focusing on reclaiming lost land in the North. Minister of Environment, Balarabe Abbas Lawal, highlighted collaboration with the World Bank to address landscape degradation. The project, involving federal and state agencies, local governments, and civil societies, targets solutions…
Though Investing in property can be a great way to generate wealth, it is not without its risks. One of the biggest concerns for investors is the threat of demolition, which can leave them with worthless property and without compensation from the government. In recent times, there has been a surge in the demolition of buildings by the Nigerian government especially in Lagos, raising concerns…
