The post Global office demand stays positive appeared first on 9japroperty.

The post Dubai properties: Civil society groups demand Buratai’s sacking appeared first on 9japroperty.

Experts have said that for the ultra luxury market in Nigeria to take a hit, there would have to be serious financial woes that would go a lot deeper than what is currently being experienced because the rich is getting richer in the country.

More so, wealthy foreign buyers are also coming into the country to take advantage of the weak naira now on daily free fall and relatively bargain prices.

LEADERSHIP checks in Lagos showed that while sales are much weaker for lower-priced luxury homes because banks are not giving out facilities frequently like they used to do before the advent of Treasury Single Account(TSA) high ultra end market has remained robust because rich buyers are looking for trophy homes and the supply is limited right now in the country.

Though prices of these homes range from $1 million and above, these wealthy individuals and corporate organisations are less concerned about high interest rates and other mortgage issues because they are paying cash.

Presently, rental rates in Lagos is said to be one of the highest in the world with achievable rents of more than $1,020/m2 (about N186,000/m2) annually.

A realtor, Adolo Peter, said there was surge in fresh development of massive property for the super rich on the highbrow areas of Lagos Island, Eko Atlantic and Banana Island.

He said the Ikoyi , Victoria Island and Lekki peninsular were now the toast of buyers in search for prime properties , saying the decline witnessed in the past was as a result of neglect and infrastructural decay in the area.

“These areas command the highest densities of millionaires within its boundaries.Rental values had been on the upward swing in recent times in Ikoyi, Victoria Island. This I can trace to direct fallout from infrastructural renewal drive of the Lagos State Government in the last couple of years.

“You see real estate investors investing massively in real estate in this highbrow axis I have listed, while property owners are also improving on their properties in order to command good rental value,” he said.

In apparent move to fill the vacuum and meet the demand for such properties in Nigeria’s property market, the managing director of Sijimoto Construction Limited, Mr Sijibomi Ogundele, said the nation’s real estate market has come of age, saying his firm has concluded plans to commence the building of a sprawling mansion to meet the demand for choice residential accommodation on highbrow Ikoyi -Victoria Island axis in Lagos State.

Ogundele said the multi-billion naira project christened Lorenzo that would be nestled on 3,800 square meters of land in the highbrow area would be high rise blocks of super flats.

Ogundele said Lorenzo by Sujimoto is a magnificent development and symbol of structural mastery they hope to realise in Ikoyi’s prestigious neighborhood of Bourdillon within duration of 30 months.

According to him, the project is being financed 30 per cent by the company and 40 per cent by investors while off takers has 30 equity stakes in the project.

Harping on what make the apartments attract the attention of the super rich he said, “As a society, we must free ourselves from architectural slavery. This is why in terms of features and amenities, Lorenzo by Sujimoto leads the pack in comparison to other projects within Lagos, Nigeria and Africa. With its state of the art facilities, standing shoulder-to-shoulder to what exists in top-rated countries; it is definitely a force to reckon with.

“The Lorenzo, the nation’s first luxury apartments of its kind located in Ikoyi is a magnificent 25- floor architectural masterpiece built on 3,800 square meters of amazing landscape.

“These fully automated outstanding luxury apartments have two kitchens, three parking spaces, standard gym, world class spa, crèche, exceptional landscape and a five-star restaurant, penthouse suite with private swimming pool.

“The hallmark of this development is an enviable aesthetic icon called the eye of Bourdillon, present on the 16th floor. This unique and revolutionary structure gives a breathtaking view of Lagos like you have never experienced before.

“The Lorenzo’s vista bestows breath-taking views of the Lekki-Ikoyi cable bridge, the Bourdillon Boulevard, the Lagos lagoon and the atlantic ocean. The right choice for perceptive property aficionados ready for a fusion of smart-home technology and neo-classicist crafted residences in one of the most sought after vicinity in Lagos, Nigeria.”

Ogundele explained that the real estate company presents home owners the elegance of world class residential poise on the nation’s shores with unrivalled features, facilities and excellent services.

Harping on the company’s ability to provide what top echelon need in a property, he said, “We are bringing three fundamental pillars of real estate into one space. Location, architecture and lifestyle.

“The average contemporary apartment on Bourdillon is over $1 million and the prices keep getting better for property owners. Over the years, Bourdillon Road seems to always buck the trend in bearish runs in the real estate market. This proven resilience makes it a sure bet for investors.

“It is the ultimate spice of pure luxury and the right choice for perceptive property aficionados ready for a fusion of smart-home . On height, it is the tallest residential building in Ikoyi and probably Lagos with 25 floors, 57 units including 3 Pent-houses & 2 Villas (Multi-storey building, apartments including 2- bedrooms, 3-bedrooms, 4-bedrooms, 4-bedroom Villas and 6-bedroom Penthouse).”

He added the size of units is between 360m2 to 1,000m2 (including common areas), two fully operational swimming pools that is situated on the 16th floor and the other on the lobby/podium).

As a mark of the development of more of such edifices in the nation’s vibrant cities, a report by PricewaterhouseCoopers (PwC) had before now puts the value of the real estate sector in the country at $9.16 billion in 2014.

The post Meeting Increasing Demand For Ultra-end Luxury Homes In Property Market appeared first on 9japroperty.

According to Propertywire.com, the Royal Institution of Chartered Surveyors said that as a result, rents are expected to rise at the fastest pace since its survey began in 1998 with 46 per cent more respondents forecasting higher, rather than lower, rent rates going forward.

Offices remain the segment of the market where rental expectations remain most buoyant, while retail continues to lag although even in this area, momentum is picking up, while prices are expected to keep rising over the next 12 months.

The picture is not dissimilar in the investment market, where purchase enquiries rose again; 53 per cent more surveyors reported an increase in prospective investors over the quarter.

Meanwhile, availability continues to decline, exerting further upward pressure on capital values. There were also reports of greater overseas buyer interest, with 36 per cent more respondents seeing more enquiries from overseas investors.

Across the whole of the UK, but excluding London, 95 per cent of respondents believe that current commercial market valuations are either at or below fair value; this is roughly unchanged since the first quarter of 2015. However, in London 50 per cent of contributors now feel that commercial property valuations are ‘expensive’, an increase from 45 per cent in the first quarter.

RICS says it was interesting that given the upcoming referendum on the UK’s position in the European Union, when asked if Britain leaving the EU would have significant negative implications for the commercial property market, 44 per cent of respondents felt it would, while 32 per cent believed it would not. Reflecting the high degree of uncertainty, 24 per cent reported they did not know at this point.

“The results of the latest survey suggest the price of commercial real estate will continue to move higher over the next 12 months and quite possibly by another 10 per cent,” said Simon Rubinsohn, RICS chief economist.

“Fortunately, the strength of the occupier market is providing some underlying support for the market. Indeed, the feedback we are getting from around the country tells us that the economic expansion is continuing to broaden out with both tenant demand, and just as significantly, investor interest, rising in all areas,” he added.

The post UK commercial property demand rises as supply falls appeared first on 9japroperty.

The CBN Governor, Mr. Godwin Emefiele, gave the warning while briefing journalists shortly after the end of the two-day Monetary Policy Committee meeting, which was held at the central bank’s headquarters in Abuja.

Emefile said the official currency of the country remained the naira and warned that the central bank would no longer tolerate what he described as the “dollarization” of the economy.

The CBN governor said if the development remained unchanged, the bank would be forced to go after such organisations that were in the habit of demanding foreign currencies for the settlement of transactions.

He said the bank had identified the practice as one of the reasons for the high pressure on the naira.

Emefiele said, “There is a need for us to continue to imbibe fiscal discipline as much as we will see whatever can be done to build the Excess Crude Account; but from our side at the CBN, we are going to be taking certain actions that will nip some of the demands that are not useful in the bud.

“You have heard the incidence of partial dollarization of the economy. We will take actions to prevent that; the currency for doing business in Nigeria remains the naira and we will be looking at areas where people are making demands for foreign currencies.

“People who are landlords that are asking for rents in dollars; schools are asking for school fees in dollars or transacting business in dollars.

“This is illegal in Nigeria and we will like to advise those who are involved in this practice to desist from it because the CBN will in due course come after them.”

When asked what the outlook for the naira would be within the next few months, the governor said some of the recent measures taken by the CBN would help to reduce the pressures on the nation’s currency.

Some of the measures, according to him, are the improvement in supply of foreign exchange, deepening of the market and cutting what he described as ineffective demand.

Emefiele expressed optimism that after the elections, confidence in the naira would improve and the economy would move in an upward direction.

He said, “The exchange rate in the bureau de change market is going for N220 but I will like to say that this is a shallow market compared to the interbank market in terms of percentage in the foreign exchange market; it is, in my view, very insignificant and that market deals mainly in transactions that are not documented, and for that reason, we will not be looking at the outlook for the naira by looking at the BDC rate.

“But if you look at the outlook based on the interbank, which is on the average of N198, I believe that given the pressures that we have seen in the market as a result of the drop in crude oil prices and the pressures that have come with it, that adjusting the currency at the level it is now is okay and it is still sufficiently appropriate.

“But a number of measures have been taken in terms on improving supply, deepening the market and looking at areas where demand pressures can be cut and demand inefficiencies can be cut.

“I am sure that in due course, the central bank will begin to take actions that will look at areas where people make demands that are not effective, demands that we think are not useful for the economy.

“We will try as much as possible to control these to ensure that we look at the interplay between demand and supply, and what we will start to see is effective appreciation of the currency.”

On the removal of the country from the JP Morgan index, Emefiele said the central bank was doing all within its power to remain on the index.

He said the bank had begun taking steps to address all the issues raised by JP Morgan for the country to be re-admitted onto the index.

The CBN governor said, “We are committed to remaining on the JP Morgan index. The JP Morgan index has already told us what we have to do and that is that we need to deepen the market, increase the level of transparency and liquidity in the market.

“We do not have to meet or talk with them once we have met the criteria they want us to meet. We have done a lot and there is a lot of liquidity that has been injected, and we believe the market is sufficiently deep today to the extent that all the demands are effective.”

Emefiele also denied insinuations that the central bank was giving priority to foreign investors in the sale of foreign exchange, noting that it was only selling through intervention on a daily basis to people who had legitimate demands.

He said, “There is nothing like prioritising sale to foreign investors. The CBN sells foreign exchange through intervention on a daily basis or as it deems fit to sell foreign exchange to people who have effective demand.

“What we have done consistently is to make sure that for the foreign investors, we have made a promise to them that it is a free entry and exit, and that whenever they do decide to come in to invest in Nigeria and whenever they decide that they want to go out of the market, they should have unhindered access to get foreign exchange to exit.”

On the key monetary policy indicators, the governor said these were left unchanged owing to the fact that the previous decisions needed time for their effects to fully permeate into the economy.

Consequently, he said all the 11 members of the committee voted unanimously to retain the Monetary Policy Rate at 13 per cent; Cash Reserve Requirement on private sector deposits at 20 per cent; CRR on public sector deposits at 75 per cent; and the liquidity ratio at 30 per cent.

Asked what the interest rate outlook would be for the short to medium-term, the governor said, “The stance for now remains very tight and we will continue to monitor liquidity in the system, particularly during this election season, and in the course of time.

“The CBN will be taking certain actions and we don’t know what it is because of the size of the liquidity, depending on what people use liquidity for, whether they use it to target the real sector of the economy or whether they use it to carry out what I call the unholy attitude of attacking the currency.”

PUNCH.

The post Don’t demand fees in dollars, CBN warns schools, landlords appeared first on 9japroperty.