Shopping centres across Europe, the Middle East and Africa (EMEA) are now the preferred destination for eating and drinking, says a new report by CBRE.

The views of 22,000 consumers in 22 countries across EMEA showed that 41% preferred to eat in shopping centres compared to 10% in restaurants and café’s on the high street, and 7% in retail parks.

A third of those interviewed visited shopping centres with the sole intention of eating or drinking. Four out of ten then went on to shop even if their reason for visiting the centre was just to eat or drink.

90% of those surveyed in UAE and 86% in South Africa rated the availability of food and...

http://www.estatetimesnigeria.com/most-people-visiting-emea-retail-malls-go-to-solely-eat-and-drink-not-shop/

When most people set out to buy a property, they have a predetermined range of what they are willing to pay for the property in mind. Sometimes this amount is based on research but more often than not it is based on assumption. In fact, the way most buyers approach the property market is to contact an estate agent once they have a certain amount in their account and give them a tall order of what they desire to buy. In order to work within a realistic range of expectation, experienced real estate agents would ask potential buyers what their budget is.

Asking a potential buyer what his or her budget is does not intrude into their privacy. It is an ...

http://www.estatetimesnigeria.com/how-do-you-determine-the-value-of-a-property/

A Nigerian coroner on Wednesday said a megachurch run by one of Africa’s best known preachers, TB Joshua, should be prosecuted over a building collapse last year which killed 115 people, most of them South Africans.

The coroner, Oyetade Komolafe, blamed poor construction work for the collapse of a Lagos church guesthouse on Sept. 12, 2014 and said weak foundations led to the disaster.

“Synagogue Church of All Nations should be investigated and prosecuted by the relevant authorities over the (construction) job for not processing the necessary building permit,” Komolafe said in his ruling.

Officials at Joshua’s church could not immediately be reached for comment on...

http://www.estatetimesnigeria.com/coroner-recommends-synagogue-for-prosecution-over-building-collapse/

One of the issues that come up frequently when it comes to owning a property by a first time investor is whether or not it is better to build than to buy. First time property owners fall broadly into two groups in this regard. The first group is those who consider it cheaper and better to build while the second group considers it smarter and faster to buy an already built property. One is not necessarily better than the other but it all hinges on several personal considerations.

Building a property involves several intricacies that most first-time home owners are not equipped for. Finding a suitable land and negotiating a good price could take months. Then you need to...


http://www.estatetimesnigeria.com/a-guide-to-acquiring-your-first-property/

Lagos is in dire need of green spaces, user friendly green spaces, not the bush you see when travelling through Epe by Road. We mean, spaces within the urban ecosystem that can be used for play and relaxation and can offer amenity to the area in which they are found. Due to Eko’s ‘built-up’ nature this would be difficult to pull off in inner cities embedded in concrete and tar. Only a strategic and gradual transformation, involving buildings and good architecture can bring this about.

To this end, We introduce to you the Maybury Towers.

Designed by S333 Architecture, this Banana Island development, is proposed as...


http://www.estatetimesnigeria.com/where-plants-will-generate-power-introducing-maybury-towers-banana-island/

As office developers in Lagos leave concrete focused designs behind to adopt proper curtain walls, glass cladding and floor to ceiling windows, they are ushering in a new era for the city’s property market and a renewed hope for a more modern skyline.

Projects like Heritage Place, The Wings, Madina Tower and more are changing the appearance of what’s on offer for new tenants/occupiers. Seeing as most of these projects will be delivered in close proximity, the rush for timely completion is obvious as many of them have started cladding their exterior. These landmark projects will set a benchmark for what needs to be built by new investors that are looking to make an...



http://www.estatetimesnigeria.com/will-foreseeable-supply-glut-lead-to-price-drop-in-viikoyi-grade-a-office-space/

Nigeria-USA Chamber of Commerce (NUSACC) has revealed that United States companies have invested over $1.5 billion in Nigeria since its 2014 annual general meeting.

NUSACC in a statement said with Nigeria’s economy worth $510 billion, ahead of South Africa’s economy, as Africa’s largest economy, global business leaders would no doubt court the country in their quest for investments, export and import opportunities to reach Nigeria’s 170 million con­sumers.

To expose business opportunities and match Nigerian busi­nesses with United States companies, investors and ...

http://www.estatetimesnigeria.com/nigeria-usa-chambers-of-commerce-mobilises-investors-for-1b-infrastructure-fund/

The quest to sustain high-rise buildings in Nigeria, especially, those that had been constructed since independence and the need to prevent collapse of buildings has been a subject of concern to stakeholders in the real estate sector. In this interview, OreOluwa Fadayomi, a fellow of Nigerian Institution of Structural Engineers, NIStructE, who is also the Deputy President of the institution, spoke on how Nigeria can preserve these old buildings; how to deal with incidents of collapse building, especially, high rise ones, among others. Excerpt…

Buildings in Nigeria and in particular those in central Lagos built since independence are still there while some had suffered a kind of dereliction. How do you ...


http://www.estatetimesnigeria.com/adherence-to-building-codes-ensure-longer-lifespan-prevent-structural-failure-for-buildings/

There are several plants that are not only easy to maintain, but will actually thrive in the fluorescent-lit workplace. Check out these list of low-maintenance plants that will enliven your space, clean the air, and tide you over until your next outdoor excursion.

In addition to mood-boosting colors and textures, it has been proven that indoor plants provide additional health benefits. Several varieties of indoor plants can actually purify the air by removing volatile organic compounds (VOCs), which can be found all around the average office, from carpets and furnishings to solvents and ink. Indoor plants also contribute to good air quality by increasing humidity and absorbing carbon dioxide. Most of the...


http://www.estatetimesnigeria.com/want-to-enliven-your-office-space-try-out-these-low-maintenance-plants/

It is often said that Nigerian government is not bereft of ideas but the capacity to implement. One thing is having a good idea or plan but another thing is having the capacity to implement it to the latter. This is also the case with most construction projects in Nigeria.

It is safe to say that when the construction design has been done that the project can be said to be half done, but one wonders why most of these projects don’t see the light of the day.

Why Construction Projects Fail and are Abandoned in Nigeria

From my 9 experience in the Nigerian construction industry, here are 4 reasons why...


http://www.estatetimesnigeria.com/why-construction-projects-fail-and-are-abandoned-in-nigeria/

The controversy surrounding the viability, or otherwise of the Eko Atlantic project and particularly, the “veil of secrecy” surrounding the Environmental Impact Assessment (EIA), was eventually resolved and made public at a forum organised in Lagos by the United Nations Development Programme (UNDP) in collaboration with the Lagos State Ministry of the Environment, while similar one was put together by the Heinrich Boll Foundation, an NGO affiliated to the Green Party in Germany. The event was held in collaboration with Environmental Law and Research Institute and ...


http://www.estatetimesnigeria.com/eko-atlantic-city-project-gets-safety-and-environmental-impact-passmark/

Believed in its capacity to deliver, the Enugu State Government has struck a deal with a local real estate development firm, BTG Group Nig. Ltd., to deliver 1000 housing units with a new mass housing solution.

This came to the fore last week, even as BTG Group has concluded on a partnership agreement with WEILER GMBH Germany, to set up a large scale Precast Factory in Nigeria.

In what the firm described as “innovative and revolutionary” the agreement is to promote production of large-scale real estate solutions, capable of mass housing delivery in Nigeria at affordable prices.

The pilot precast factory would be located in Onitsha, the Anambra State capital, where...


http://www.estatetimesnigeria.com/btg-introduces-pre-cast-housing-solution-set-to-build-1000-housing-units-in-enugu/

Amidst concerns over recent flooding that rattled the Victoria Island and Lekki corridor, a report by the Lagos State Government has confirmed that, investors and residents have nothing to fear, as the Lekki Master Plan, when fully in operation would address all interests.

Apart from flooding, some observers say that the ongoing Eko Atlantic City project is capable of threatening physical developments and real estate industry along the axis, seeing the ambitious project as capable of inducing ocean surge in a more ferocious manner.

The fears are not unfounded in view of the fact that apart from Victoria Island that is already a fully developed environment, Lekki corridor boasts of investments of...


http://www.estatetimesnigeria.com/report-outlines-development-plan-allay-fears-on-lekki-and-vi-flooding/

Amidst concerns over recent flooding that rattled the Victoria Island and Lekki corridor, a report by the Lagos State Government has confirmed that, investors and residents have nothing to fear, as the Lekki Master Plan, when fully in operation would address all interests.

Apart from flooding, some observers say that the ongoing Eko Atlantic City project is capable of threatening physical developments and real estate industry along the axis, seeing the ambitious project as capable of inducing ocean surge in a more ferocious manner.

The fears are not unfounded in view of the fact that apart from Victoria Island that is already a fully developed environment, Lekki corridor boasts of investments of...


http://www.estatetimesnigeria.com/report-outlines-development-plan-allay-fears-on-lekki-and-vi-flooding/

Mikasa Residences is a state of the art ultra modern estate to be built on 12.5 hectares of land located at KM 10, Airport Road, Galadimawa, Abuja owned by African University of Science and Technology. The Mikasa Residences when completed will consist of 230 units comprising of 184 units of four (4) bedroom semi-detached duplex, 10 units of four (4) bedroom terrace/stand-alone houses and 36 units of mixed houses.

Built by Construction Firm, Cubic Contractors, Mikasa Residences is located a mere 10 kilometers from...



http://www.estatetimesnigeria.com/featured-estate-mikasa-residences-abuja/

Abuja the Federal Capital Territory of Nigeria has tremendous importance in the country’s life and development.

It is a hotbed for political fermentation, such that generates centripetal attraction from all corners of the country. Perhaps, nowhere has the need for judicious use and preservation of exhaustive land resources become imperative in Nigeria today than the Federal Capital City.

When the Justice T.A. Aguda Panel was set by the Federal Government, it was empowered to...


http://www.estatetimesnigeria.com/abuja-land-availability-challenges-and-mismanagement-causes-and-solutions/

Where and how you wake up can change the whole tone of your day. When your bedroom is a reflection of your own inner calmness and style, it can make all the difference. Take a glimpse inside these 5 gorgeous bedroom designs and get inspired to make your own design dreams come to...


http://www.estatetimesnigeria.com/design-inspiration-beautiful-bedroom-design/

Various tiers of governments in Nigeria, both at the federal and state levels, have been propagating their efforts at meeting the housing needs of their citizens at affordable prices. One of the provisions of the 1992 National Housing Policy is to give priority to housing programmes designed to benefit the ‘low income groups’ and to ensure that the provision of housing units are based on realistic standards which the house owners can afford.

Before then, at the inauguration of the committee constituted by the...

http://www.estatetimesnigeria.com/what-is-the-fate-of-low-income-earners-in-govt-housing-initiatives/

The Nigerian real estate sector is growing at a rate of 8.7 percent, which is faster than the average GDP growth rate of 7.4 percent, according to a new report by accounting and auditing firm PricewaterhouseCoopers (PwC). In the report titled, “Real Estate: Building the future of Africa”, PwC also projected the country’s real estate investment to rise by about 49 percent, from $9.16 billion currently to $13.65 billion in 2016. It attributed the expected increase to a number of factors.

“This is driven by a growing middle-class driving demand for...

http://www.estatetimesnigeria.com/nigerias-real-estate-outgrows-gdp-at-8-7-pwc/

Stakeholders in the housing sector are of the opinion that unless a proactive policy is put in place by the government, the nation will continue to record huge housing deficit.

Some of them, who spoke at a two-day workshop for housing researchers and lecturers organised by the Centre for Housing Studies, University of Lagos, noted that the incoming government must aggressively pursue the progress of the industry.

“It is not enough to give incentives, it might have been sometime back, but we have passed that stage now.

“The economy is in the doldrums and...

http://www.estatetimesnigeria.com/stakeholders-seek-restructuring-of-housing-sector/

As a new administration is mounting the stage; members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have advocated that public office holders should accompany their asset declaration documents from Code of Conduct Bureau with an evaluation certificate to discourage anticipatory declaration.

They argued that assets declaration and confiscation of property from corrupt individuals have been shrouded in secrecy, adding that asset declaration without a valuation certificate amounts to non – seriousness in the fight against corruption by the authorities.

NIESV President, Mr. James Omeru who made the call while...

http://www.estatetimesnigeria.com/niesv-seeks-evaluation-certificate-for-public-officers-in-asset-declaration/

In an effort to fulfill its goal of providing full suite funding for new affordable housing projects across Africa, Shelter Afrique (SHAF) has invested $1 million in Tanzania Mortgage Refinance Company (TMRC).

The new equity investment is expected to give the investor a 11.06 percent stake in TMRC and consequently assist in making home ownership more affordable to more Tanzanians.

Speaking at the loan signing ceremony, according to a press release by it Nigerian representative, James Mugerwa, managing director, Shelter Afrique, said: “We are...

http://www.estatetimesnigeria.com/shelter-afrique-reaffirms-commitment-to-tackling-africas-housing-woes/

The Central Bank of Nigeria is yet to start the disbursement of the N300 Billion Real Sector Support Facility (RSSF), a statement issued by Ibrahim Mu’azu, CBN’s Director, Corporate Communications, said on Tuesday in Abuja.

“We are appraising the over 200 applications received in respect of the N300 billion Real Sector Support Facility (RSSF),” it said.

It added that the appraisal of the applications by Nigerian Small and Medium Enterprises for the N300 billion facility was still in progress in strict compliance with the eligible criteria for the fund.

According to the statement, as soon as the appraisals are...

http://www.estatetimesnigeria.com/cbn-yet-to-disburse-n300bn-real-sector-fund/

According to the president of the Federation of African Engineering Organisations (FAEO) Engr. Mustapha Shehu, Nigeria can’t come even 20th in infrastructure ranking of African countries. Now, even with a roadmap to tackle the deficit, there is hardly any cheering news from government. The outgoing administration failed to launch a 30-year master plan.

As Nigeria transits to a new government this Friday, a major concern is the fate of the National Integrated Infrastructure Master Plan (NIIMP), a document that has projected N398.1 trillion ($2 trillion) for infrastructure development over 30 years.

The National Planning Commission (NPC) in 2012 initiated the...

http://www.estatetimesnigeria.com/n398trn-infrastructure-plan-awaits-buhari/

On Sept 12th 2014, a six-storey guest house belonging to the synagogue church of All nations collapsed, killing over 100 people and most of them where foreigners. The reason for the collapse is still under investigation but according to reports, the building was originally a two-storey building said to be less than four years old, which the church decided to expand. It was also reported that the building had no approval from relevant agencies of the government.

This is one of the tens to hundreds of building collapse cases in Nigeria with each of them having its own reason for collapsing. The frequency of collapse building structures in Nigeria in the past few years have become...

http://www.estatetimesnigeria.com/5-guaranteed-solutions-to-building-collapse-in-nigeria/

Record has it that six million tonnes of waste are generated annually in Lagos and that 30 percent of such waste can be recycled to reduce the amount going to landfills. In other words, Lagos generates the equivalent tonnage in waste products for eight states in the country daily. It also operates eight landfill sites to process domestic and industrial waste in various locations across the state.

But given this high turn over of waste and the fact that most of the land fills are already overflowing, there is the question of what is to be done to stem this disturbing development, especially in the light of on-going campaign for waste to wealth. The question was answered recently when Governor Babatunde Fashola commissioned a...

http://www.estatetimesnigeria.com/from-waste-to-wealth-the-story-of-a-lagos-dump-site/

Used by the Roman Empire to construct their enduring architectural wonders, concrete has proven to be one of the most durable building materials. Though concrete reigns supreme, there is always room for improvement. For the past several years, a Dutch research team at Delft University of Technology has been working on a project to create a bio-concrete infused with the ability to self-repair.

Led by scientists Henk Jonkers and Eric Schlangen, the team has recently unveiled the first application of its living concrete, which fills its cracks with the help of bacteria.
Jonkers originally began work on the bio-concrete when approached by a concrete technologist who ...

http://www.estatetimesnigeria.com/introducing-the-new-concrete-that-repairs-its-own-cracks-with-bacteria/

Further to our earlier report on Pension contribution being used for Mortgage financing, Estatetimesnigeria investigation further reveals that the Director General of the National Pension Commission (Pencom), Mrs. Chinelo Anohu-Amazu, has unveiled plans by the Commission to issue guidelines that would allow pension contributors to use part of their retirement savings account balances as equity for mortgages.

Giving the hint in her opening remarks at the Stakeholders’ Sensitisation Conference on Pension Reform Act (PRA) 2014 organised by the commission in Abuja, the PenCom bosss said that the PRA 2014 had addressed a variety of issues aimed at ensuring the sustainability of the Contributory Pension Scheme (CPS).

According to her, the process of issuing the guidelines has reached advanced stages, promising that...

http://www.estatetimesnigeria.com/pencom-to-issue-guidelines-on-pension-savings-for-mortgages/

Based on its decision to relocate industrial workshops and warehouses within the state to a befitting site, the Abia State Government has entered into a Public-Private Partnership (PPP) framework with a firm, Acroideation International Limited, to commence the development of a $1 billion 300-hectare industrial park to be located at Osisioma.

The project, which first phase was expected to be inaugurated in December 2014 with the construction of about 34,346 units of workshops is however projected to consist of a totalled number of 68,692 units of industrial workshops and warehouses sited on 200 hectares, while 1,000 units of residential estate would occupy the remaining 100 hectares when completed.
Tagged the “Abia International Industrial City” (ABIIC), Head, Project Management Team of...

http://www.estatetimesnigeria.com/abia-set-for-economic-boom-as-smedan-partners-acro-for-industrial-park/

Based on its decision to relocate industrial workshops and warehouses within the state to a befitting site, the Abia State Government has entered into a Public-Private Partnership (PPP) framework with a firm, Acroideation International Limited, to commence the development of a $1 billion 300-hectare industrial park to be located at Osisioma.

The project, which first phase was expected to be inaugurated in December 2014 with the construction of about 34,346 units of workshops is however projected to consist of a totalled number of 68,692 units of...

http://www.estatetimesnigeria.com/abia-set-for-economic-boom-as-smedan-partners-acro-for-industrial-park/

After joining the ranks of JSE-listed property companies in December, Pivotal Property Fund (Pivotal) is growing its exposure outside South Africa, for now focusing on Nigeria.

Pivotal announced on Wednesday that it plans to acquire a 37.1% shareholding in ‘The Wings’ an office block development in Lagos, Nigeria, valued at $104 million (R1.2 billion). This will be in partnership with multinational energy group Oando and real estate company RMB Westport. An official of RMB Westport confirmed the transaction, saying, “the transaction is between one of RMB Westport’s other partners in The Wings project, and...

http://www.estatetimesnigeria.com/pivotal-property-fund-eyes-nigeria-set-to-acquire-37-stake-in-the-wings/