Real estate: Experts decry imposition of multiple taxes

  Professionals in the housing industry have decried the imposition of multiple taxes on real estate transactions by government.   The latest outburst is not unconnected with fresh directives by the Federal Inland Revenue Service (FIRS)  mandating landlords and property agents to charge six per cent on tenancy transactions as Stamp Duty and remit same to FIRS as Stamp Duty Act.   Speaking with New Telegraph on Sunday, many of the real estate practitioners stated that multiplicity of taxes without consideration was getting out of hand.   According to the…

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NIOB:  Engage professionals in building process 

  Nigerian Institute of Building, through its President, Mr Kunle Awobodu, has called on developers to engage professional builders to manage building processes.   He  is also seeking  prosecution of those found culpable in a recent collapse of a seven- storey building in Owerri, Imo State, to serve as a deterrent to others.   The collapse of the high-rise building under construction, Awobodu said, again brought to the front burner the problem of building management in Nigeria.   According to him,  investigation and prosecution of those culpable should not be…

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Housing: CBN’s planned intervention excites stakeholders 

As the Central Bank of Nigeria (CBN) is figuring out the modalities to make funding housing and mortgage developments a reality, stakeholders in the sector are already strategising on necessary measures to be put in place to make the apex bank’s intention impactful. Part of the measures they are urgently seeking include industry standardisation and amendments of housing and mortgage related laws, among others, to fully drive home ownership among Nigerians. Speaking through the Festus Adebayo-led Housing Development Advocacy Network (HDAN), on a social media platform, the professionals, which comprised…

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Vacant houses: Stakeholders fault planned tax imposition

  Stakeholders in the housing sector have asked the Federal Government to ignore proposal by the visiting UN Rapperteur, urging it to impose taxes on all vacant houses in major cities across the country. According to them, the basis for such proposal is faulty and amount to double losses to owners, while making  life difficult for accommodation seeking residents, who would be made  to  pay more rents. The United Nations Special Rapporteur on Rights to Adequate Housing, Ms Leilani Farha, who was on a 10-day fact finding visit to Lagos …

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Improving real estate contribution to economy

Having exited narrowly from negative zone in Q1 of 2019 after 12 consecutive quarters, real estate stakeholders have identified some issues to activate activities and growth  in the sector. Dayo Ayeyemi reports  Shortly after the National Bureau of Statistics (NBS) released report  of performance of each sector of the economy for the first quarter (Q1) of 2019,  real estate professionals have identified gaps and suggested  ways to activate activities in their sector for improvement. Speaking with New Telegraph, some of the professionals blamed paucity of fund, high interest rates,volatile forex market,…

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‘How developers can avoid waste during construction’

In an attempt to build houses for personal or public use, many developers have got their fingers burnt for failing to play by the rules. Dayo Ayeyemi reports. In what could be referred to as a case of penny wise pounds foolish, a nine-storey building, still ongoing, has been marked for demolition in Lagos State on the account that its developers failed to secure appropriate statutory permits before commencing development. Many housing developers have been cut in this web, hence the need for necessary steps to avoid such pitfalls. The building,…

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Checking congestion with new satellite cities

Efforts to reorder escalating population and continuous pressure on Lagos are in top gear as developers explore more fringe communities. Dayo Ayeyemi reports. The United Nations projects that Nigeria’s population will exceed 250 million mark by 2030. About 10th of this figure will live and work in Lagos in an estimated area of 356,861 hectares of which 75,755 are wetlands. Lagos is, by most estimates, one of the fastest-growing cities in the world as about 6,000 people enter the city on daily basis. Influx of people to the metropolis has…

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FDI: Stakeholders bemoan investor apathy to real estate

Nigeria’s fragmented real estate industry, difficulties in obtaining construction permits and other factors have discouraged foreign investors from large-scale investments in the sector, New Telegraph has learnt. According to  experts and major players in the sector, despite improvement of Nigeria on the Global’s Ease of Doing Business  global ranking 2018, private developers  have continued  to encounter difficulties in obtaining construction permits and property titles due to lack of transparency by officials of government. They agreed at a Business Forum organised by the International Real Estate Federation (FIABCI) Nigeria in Lagos that the World Bank’s…

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Real estate: Developers eye opportunities in mid-tier market

While other real estate developers are closing shops due to the nation’s unimpressive business climate, others have put on their thinking caps, eyeing opportunities in untapped segment of the market.  Dayo Ayeyemi reports   Despite the downturn in the real estate sector, many developers and investors have been creating a niche market for themselves to ensure that they keep their heads above water, not minding huge vacant properties in the market. To them, empty properties adorning Ikoyi and Lekki,  Lagos and Maitama and other highbrow districts in Abuja are built…

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