Director-General of the Bureau of Lands and Survey, Segun Fowora, emphasized the government’s commitment to ensuring residents obtain legal land ownership documents.

He explained that a 50% discount was granted to beneficiaries, allowing them to retain their homes instead of facing demolitions.

A statement by officials Passover Adeshina and Damilola Akindele described the initiative as part of ongoing land administration reforms.

Fowora stated, “We brought this exercise to the community, ensuring residents benefit conveniently while receiving the 50% amnesty discount.”

Officials Adewale Adedeji and Oladele Ewulo urged more residents to participate in the initiative to secure legitimate property documents.

Former Speaker Olakunle Oluomo, represented by Kola Ishola, praised Governor Dapo Abiodun’s administration for fulfilling promises to the LUTH community.

The post Ogun grants C of O to Homeowners in Ifo, offers 50percent discount on Land Titles appeared first on Housing TV Africa.

A report from real estate company Clever reveals that while most buyers prefer homes requiring minimal work, nearly a third end up purchasing properties that need substantial improvements. But at what point does it make more sense to demolish rather than renovate?

Tearing down a home offers a fresh start. It allows homeowners to construct a completely new property tailored to modern needs and personal tastes. Kurt Carlton, co-founder and president of New Western, a real estate investment marketplace, points out that while demolishing can sometimes be more affordable than renovating, the actual costs depend on various factors, including location and project specifics.

A new build eliminates the limitations of outdated structures, providing opportunities for contemporary designs and advanced energy efficiency. Renovations, on the other hand, often require working around existing layouts and materials, which might not always align with a homeowner’s vision.

Despite its advantages, demolition isn’t always the simplest solution. Carlton explains that since 2008, constructing new homes has become increasingly complicated due to regulatory requirements, labor shortages, and material costs. Nearly 25% of a new home’s cost now comes from compliance and permitting expenses.

Delays in securing permits and finding skilled workers add to the challenges, making rebuilding from the ground up more difficult than it may initially seem. While demolishing a home offers a clean slate, the process can be riddled with unforeseen obstacles that stretch budgets and timelines.

The choice between demolition and renovation requires careful consideration. Structural integrity is a key factor—if a home has foundational issues or extensive damage, rebuilding might be the safer and more efficient option. Similarly, properties that don’t meet modern building codes may require so many upgrades that a teardown becomes the more practical choice.

Carlton notes that in high-end housing markets, where demand for luxury homes is high, demolition can be a smart investment. However, in urban areas where affordable housing is a pressing issue, renovations are often the better path, as constructing new homes at lower price points has become nearly impossible.

Perhaps the most critical aspect of a successful demolition project is selecting the right builder. Carlton warns that while renovations may uncover existing problems, demolitions introduce new risks. With an older home, issues are generally known and can be addressed. But when building from scratch, unexpected complications can arise. He stresses the importance of thoroughly vetting builders, checking references, and speaking with past clients to understand their experiences. While portfolios may showcase stunning completed projects, they don’t always reveal the challenges encountered along the way. Homeowners who choose demolition must ensure they have a skilled and trustworthy team to navigate the complexities of construction.

Ultimately, the decision to renovate or demolish depends on personal goals, budget constraints, and local market conditions. Some homeowners may prefer a blank slate and a fully customized home, while others might find that renovating an existing structure offers a more cost-effective and manageable solution. By weighing the pros and cons and thoroughly understanding the process, homeowners can make the choice that best suits their long-term needs and lifestyle.

The post Demolition vs. Renovation: What’s the Right Move for Your Home? appeared first on Housing TV Africa.

Despite formidable challenges such as volatile exchange rates, inflationary pressures, and the persistent issue of housing affordability, optimism remains strong about the sector’s future.

Real estate has consistently served as a vital pillar of Nigeria’s economy, contributing significantly to the nation’s Gross Domestic Product (GDP). However, the sector is grappling with Nigeria’s surging inflation rate, recently reported by the National Bureau of Statistics at over 34 percent.

This spike in inflation has placed immense pressure on developers, making it increasingly difficult for the average Nigerian to afford a home. Additionally, fluctuating exchange rates have exacerbated the cost of construction materials, over 90 percent of which are imported.

Speaking at the Saudi Arabia Real Estate Forum held in Riyadh, Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, highlighted the immense growth potential within Nigeria’s real estate market. He noted that the sector contributed approximately 5.2 percent to Nigeria’s GDP in 2024 and is expected to surpass ₦2 trillion by the end of 2025. Dangiwa drew attention to Nigeria’s massive housing deficit, estimated at 28 million units, a figure driven by rapid urbanization and population growth. Despite this daunting challenge, he emphasized the vast investment opportunities that exist, particularly within the residential real estate segment.

Dangiwa underscored the importance of strategic partnerships to tackle Nigeria’s housing crisis. The government is focusing on large-scale housing developments through public-private partnerships, innovative financing solutions, and collaboration with state governments to unlock land for affordable housing projects. These efforts aim to bridge the gap between housing demand and supply while boosting the sector’s contribution to the economy.

Addressing the issue of affordability, Dangiwa highlighted government initiatives designed to ease the financial burden on prospective homeowners. One key measure includes the recapitalization of the Federal Mortgage Bank of Nigeria with ₦500 billion, aimed at providing more accessible, single-digit interest mortgage products. Additionally, the government is exploring new funding models, such as Real Estate Investment Funds, which target mortgage interest rates around 12 percent significantly lower than the current market rates of 28-30 percent. These funds are designed to offer financial security to both developers and homebuyers.

To further improve homeownership accessibility, rent-to-own schemes are being introduced, offering flexible payment structures that cater to a wider demographic. Dangiwa also mentioned ongoing collaborations with the Nigeria Governors’ Forum to streamline land acquisition and approval processes, reducing bureaucratic bottlenecks and creating a more conducive environment for real estate development.

Through these comprehensive strategies, Nigeria’s real estate sector is poised to become a major driver of economic growth. Beyond providing much-needed housing, the sector is set to stimulate investments, generate employment opportunities, and contribute to sustainable development across the country.

The post FG Sets Bold ₦2 Trillion Real Estate Target for 2025, Paving Way for Economic Growth appeared first on Housing TV Africa.

Three property owners with Delta Mega Trends have been remanded in Kuje and Suleja Prisons following a directive given today at the Kuje High Court in Abuja.

The case involves Delta Mega Trends, developers of Plantation City Estate in Delta State.

The defendants, Omofo Cordelia, Benjamin Tobrise, and Avwaadjuvwo Jonathan, are facing a two-count charge of providing false information and making false statements to the police.

The management of the estate believes that the property owners intend to hijack the estate from the developers, which has prompted them to lie about the developers. This is contrary to the contractual agreement sealed when they were buying into the estate.

The complainants in the case are Mr. Sam Ogrih and Mr. Godspower Ekpoh.

The defendants denied liability, and the court granted them bail in the sum of one million naira each, with one surety per defendant. However, they were ordered to remain in prison until all bail conditions were fulfilled. The case was adjourned to the 28th of February 2025.

When approached for comments, Mrs. Elsie Oghenekaro, sister to one of the defendants, declined to speak on the matter.

Mr. Goodluck Osolobri, the Corporate Manager of Delta Mega Trends, speaking to us, stated, “It is high time developers are encouraged to do due diligence, as the experience is a bitter one where subscribers whom we sold properties to conspire on how to chase us away from our investment after we have provided them with all amenities like light, water, and others as promised in the agreement.

The homeowners resorted to writing petitions everywhere, lying about our organization and management. However, because we have our name to protect, we have decided to take this matter to court. I beg developers to ensure they operate with integrity in all their dealings, as only then will they be able to challenge any malicious statement or action from subscribers,” Goodluck said.

The post Homeowners Remanded in Kuje and Suleja Prisons Over Case with Developers appeared first on Housing TV Africa.

According to Freddie Mac’s weekly survey, the average rate for a 30-year fixed mortgage climbed to 7.04% during the week ending January 16. This represents the fifth consecutive week of rising rates, a trend that has further tightened an already challenging housing market.

The current average rate stands almost a full percentage point higher than it was in late September, a period when the Federal Reserve began implementing interest rate cuts. The latest rise in mortgage rates is closely linked to an uptick in the yield on the 10-year US Treasury note, which has been driven upward by persistent inflationary pressures.

While a slight dip in Treasury yields occurred on Wednesday following the release of the Consumer Price Index (CPI) data, which showed that inflation is back on a downward trajectory, it was not enough to offset the broader upward trend. The Federal Reserve has signaled only two potential rate cuts in 2025, likely to come later in the year, leaving little room for immediate relief in borrowing costs.

For prospective homebuyers, the impact of higher rates is compounded by near-record home prices and rising home insurance premiums in several regions. First-time buyers and low-income households are bearing the brunt of these challenges, especially in metropolitan areas like New York and San Diego, where rapid price growth has made affordability even more elusive.

Economists remain cautious about the outlook for the housing market. Many predict that mortgage rates will remain above 6% for the foreseeable future, with little expectation of significant relief before 2026. “The underlying strength of the economy is contributing to this increase in rates,” said Sam Khater, Freddie Mac’s chief economist.

Khater noted that despite the challenges posed by rising rates, there are ways for consumers to mitigate costs. “Freddie Mac research has shown that shopping around for different lender quotes can result in significant savings for buyers,” he added.

The rise in rates also reflects broader trends in the US economy, where a strong labor market and steady consumer spending have supported inflationary pressures despite the Federal Reserve’s efforts to bring inflation back to its 2% target. While the central bank has made progress, the housing market continues to feel the weight of these macroeconomic forces.

In addition to higher borrowing costs, many buyers are contending with increased costs for essentials like property insurance, particularly in states prone to natural disasters. These additional expenses are squeezing already-tight budgets and pushing some would-be buyers out of the market altogether.

The 7.04% mortgage rate figure is a stark reminder of the challenges facing the housing sector as it navigates the combined pressures of inflation, interest rate policy, and persistent affordability issues. With little relief in sight, prospective buyers and industry stakeholders alike are bracing for another tough year in real estate.

The post 30-Year Fixed US Mortgage Rates Hit 7.04%, Highest in 8 Months appeared first on Housing TV Africa.

Nigeria’s swift urbanization rate has propelled 53.9 percent of the nation’s estimated 200 million population into urban areas, leaving over 125 million people grappling with limited housing options.

The situation is particularly critical in Lagos, where the state’s deputy governor, Obafemi Hazmat, revealed that approximately 6,000 people migrate to Lagos daily from rural areas, with about half of them staying without any identifiable residence.

This relentless influx is exacerbating an already dire housing shortage in the state, underscoring the broader challenges facing Nigeria’s urban centers.

Renowned economist Bismarck Rewane recently highlighted the alarming growth of Nigeria’s housing deficit, which has expanded by nearly 300 percent over the last two decades.

In 1991, the deficit stood at seven million units but surged to 14 million by 2012 and further ballooned to 28 million by 2023. According to the World Bank, closing this gap would require the construction of 700,000 new housing units annually—a goal far from being met.

Rewane pointed out that since 2018, Nigeria’s urbanization rate has surpassed the 50 percent mark, indicating that more than half of the country’s population now resides in urban areas.

However, this transition has not been accompanied by adequate housing development, resulting in a widening deficit. He attributed the housing crisis to a lack of affordable housing options, poorly planned urbanization, skyrocketing land and material costs, environmental degradation, and resource strain caused by unregulated urban sprawl.

At the Annual Real Estate Summit hosted by UPDC Plc, Rewane identified several structural barriers hampering the growth of Nigeria’s housing and real estate sector. These include complex land title transfer processes, a shallow financial sector, and a bureaucratic judiciary that is slow and often unreliable.

Additionally, escalating building material prices, fragmented and expensive land markets, high mortgage interest rates, and inflationary pressures are compounding the challenges.

Rewane noted that Nigeria’s homeownership rate lags significantly behind its peers, standing at just 25-30 percent compared to 80 percent in Indonesia, 60 percent in South Africa, and 47-50 percent in Ghana. He attributed this disparity to Nigeria’s high urban housing costs and persistent housing deficit.

While Indonesia benefits from cultural preferences and rural housing trends, South Africa’s government-subsidized housing programs and Ghana’s incremental rural building initiatives have helped boost homeownership rates.

The real estate sector’s underperformance is also evident in its growth figures, with a dismal 0.75 percent growth rate recorded in Q2 2024. Rewane emphasized that inflation has not only driven up construction material costs but also eroded disposable income, reducing the demand for housing and commercial spaces. Furthermore, a weak naira has increased the cost of imported construction materials and equipment, while high borrowing costs have limited access to affordable financing for both developers and prospective homeowners.

Economist Biodun Adedipe, CEO of B. Adedipe and Associates Limited, echoed these concerns, adding that Nigeria’s ongoing economic reforms have further worsened the housing crisis. High interest rates driven by the elevated cost of funds, exorbitant construction costs, and low mortgage penetration have made housing unaffordable for many Nigerians.

Despite these challenges, there are glimpses of hope for the sector. Adedipe highlighted the potential benefits of tax reforms, which could stimulate growth in the real estate market. Ayo Ibaru, CEO of Northcourt Real Estate, agreed, noting that tax exemptions on commercial real estate provide developers with greater flexibility in pricing and enable them to offer concessions to tenants.

Looking ahead to 2025, Ibaru projected positive developments in the sector, particularly in areas such as land-banking, warehousing, hospitality, logistics, and residential projects. However, he cautioned developers against overbuilding, stressing the importance of strategic planning to align supply with demand.

As Nigeria grapples with the challenges of urbanization, addressing the housing deficit will require a multi-faceted approach that combines effective urban planning, affordable financing options, infrastructure development, and policies that prioritize the needs of low- and middle-income households. Without these measures, the nation’s housing crisis is likely to worsen, placing further strain on its urban centers and vulnerable populations.

The post Urbanization Drives Housing Demand Increase in Four Nigerian Cities appeared first on Housing TV Africa.

The residents also criticised the government’s decision to abandon the originally designated route for the coastal road, as planned by the Lagos State Government, in favour of a new route.

Aggrieved residents and homeowners voiced their concerns on Tuesday during a panel review of the draft ESIA for the coastal highway in Lagos, demanding a return to the original alignment.

One of the affected investors, WinHomes Global Estate, had petitioned the House of Representatives to investigate the circumstances surrounding the demolition, asserting that buildings valued at millions of naira and primarily owned by Nigerians in the diaspora were affected.

The Ministry of Environment established the panel, led by Professor Oladapo Afolabi, to review the ESIA report for sections 1 and 2 of the ongoing coastal highway construction.

At the panel workshop, which included participants from the Ministries of Works, Environment, representatives of Hitech, and homeowners, a stakeholder affected by the realignment, Femi Adekoya, questioned the sudden realignment, alleging that it had caused undue hardship for investors, residents, and homeowners.

He said, “I believe the ministry has put the cart before the horse. I was involved in a power project at Olorunsogo, where the ESIA was presented similarly at the Gateway Hotel in Abeokuta, with all stakeholders in attendance.
The preamble of the exercise was presented. Unlike this situation, where engineers arrive on-site and begin to destroy people’s properties, creating chaos, such matters were supposed to have been addressed with all parties agreeing ab initio.

All grievances should have been addressed and resolved. We want the Ministry of Works to explain why actions that should have been taken initially are only being carried out after people’s properties have already been destroyed.”
The Chief Executive Officer of WinHome Property, Stella Okengwu, expressed concerns that if the government failed to adhere to due process, diasporan investors could be discouraged from channelling their resources into the economy.

She said, “When Nigerians in the diaspora invest their money in the economy, they should not be treated this way. Such lawlessness will only discourage them from returning home to invest. We use this coastal alignment to attract investors.

Suddenly, they announced a diversion. The ESIA prohibits public officials or private individuals from proceeding with a project without considering its impact on human life.

When the sudden diversion began, I was in the U.S. I contacted the Ministry of Works, and they advised me to go to the press. I have the conversation saved on my WhatsApp. When we calculated our contributions to Nigeria, it amounted to approximately $250m.

Emphasising the importance of considering the masses in decision-making, another homeowner, Yusuf Oyenuga, urged the government not to prioritise the project at the expense of the people’s well-being.

If Hitech can extend the road from kilometres zero to three into the Atlantic Ocean and from 16 to 17 kilometres into the ocean, then why not block the shoreline to prevent erosion and flooding from devastating the communities? Erosion has already destroyed much of Okun Ajah and other nearby areas.

“We have been begging for an intervention. Now, the opportunity has come. Diversion or no diversion —this is the reality of what the community goes through. This is an opportunity for the government to use one stone to kill two birds. Eko Atlantic has done us a lot of damage in Okun Ajah,” Oyenuga stated.

A lawyer, Olabisi Akin-Arogunmati, who claimed that three of her properties had been destroyed, suggested that the abrupt diversion might have been made to serve certain interests. She urged the panel to ensure its decisions reflect the equality of all Nigerians.

She stated, “Somebody is seriously affected on three different properties in three different areas. All the houses were demolished and destroyed. A lot of estates have been affected. Monies have been collected from investors for property with layout plans and development, and there’s nothing to show for it.”

Responding to the concerns raised by homeowners, Olufemi Dare, representing the Minister of Works, David Umahi, assured stakeholders that their submissions would be presented to the minister after the session.
We have carefully listened to all the stakeholders and their comments. The alignment concerns, particularly the Okun Ajah issue, have been duly noted.

The honourable minister is aware of the Okun Ajah issue and has visited the area no fewer than three times. We will ensure that all stakeholder concerns are communicated to the minister,” Dare assured the homeowners.
The construction of the Calabar Highway’s first phase, covering 47.7 km in Lagos State and beginning at Ahmadu Bello Way, officially commenced in March 2024.

According to the federal government, the entire 700-kilometre highway is expected to be completed in eight years, with multiple sections beginning simultaneously once procurement, approvals, and other necessary procedures are completed

The post Coastal Highway Project Sparks Environmental and Social Concerns in Okun Ajah appeared first on Housing TV Africa.

The cost of building supplies including cement, iron rods, paint, and bathroom fixtures has jumped by more than 70% over the last 15 months. This is brought on by a number of things, such as supply chain disruptions, foreign exchange volatility, and inflation.

The Nigerian housing sector is suffering greatly as a result of the increased cost of construction supplies. Construction costs are tough for prospective homeowners to afford, and it is challenging for developers to create new homes at a profit.

Nigeria has a significant housing shortage, thus this is a severe issue. The World Bank estimates that Nigeria would need to construct 20 million additional dwellings by 2030 to accommodate its expanding population.

A few measures have been taken by the Nigerian government to address the issue of growing building material prices. For instance, the government has lowered import taxes on some building supplies and given social housing projects incentives.

To make housing more affordable for all Nigerians, more work needs to be done.

Some solution areas to look out for in other to solve the problem of rising building material prices include:
• Government subsidies for the social housing market

• Tax breaks for builders

• Standards and price controls on building materials

• Strategic inventory management by the government

Addressing the problem of rising building material prices is essential to ensuring that all Nigerians have access to affordable housing.

Read Also: Africa Housing News as Best Housing News Platform in Nigeria

Source: Africa HousingNews

The post Nigeria’s Dream of Owning a Home Dashed by Soaring Costs of Building Material appeared first on Housing TV Africa.

Women comprise half the world’s population, but just a small fraction of homeowners globally. While the shortage of affordable housing is a global crisis, women are at a particular disadvantage.

Because the majority of women in developing countries are employed in the informal economy, they typically earn less money and lack the formal credit history or access to the collateral needed to obtain a loan through a traditional financial institution.

Additionally, many women are constrained either by legal or cultural norms from owning land. Lack of gender-disaggregated data further limits the ability of both policymakers and financial institutions from developing products that are tailored to the needs and habits of potential women customers.

Building on the findings of the first Her Home study, published in 2020, Her Home II: Housing Finance for Women in Ghana, Senegal, and Indonesia, provides country-specific insights into the barriers women face in obtaining housing finance and what steps can be taken to overcome them.

Increasing access to housing finance for women not only grows the economy and improves women’s financial resilience but is also a largely untapped market for financial institutions in developing countries.
Please join us for a conversation with experts focusing on report findings in Ghana, looking at the challenges and opportunities, as well as the role of the private sector, practitioners, and policymakers.

September 13, 2023
8:00 am – 9:00 am ET
1:00 pm – 2:00 PM GMT

Register Now

Source: AfricaHousingNews

Read Also: FHA AND THE HOUSING PROJECTS  

The post Housing Finance for Women appeared first on Housing TV Africa.