Sow a Seed in Banana Island, Ikoyi, Lagos

I meant that title metaphorically, contrary to what you might think, Banana Island is not a place which has the most banana-friendly soil. It is rather one of the most expensive and sought-after areas in Lagos State and possibly, in Nigeria.

Located in Lagos, the most populous city in Africa, the area is bound to have lots of people who can afford that type of lifestyle and seek solitude from all the stress that comes with living in Lagos.

Occupying a sand-filled area of almost 1,630,000 square meters and divided into 536 plots, Banana Island got its name from the curvy nature in which it is constructed. Residents here enjoy some of the world’s best utilities such as underground electrical systems and water supply, central sewage system and treatment plants, to name a few.

Why then shouldn’t you consider investing in this uprising real estate? To make you more willing to ‘sow a seed,’ below are points explaining the best features of this Island:

• Eco-friendly

If you are one who appreciates nature, then Banana Island is the place for you. The island is beautifully and carefully constructed in a way that supports nature and brings out the best of it. From the well-nurtured trees to the surrounding sea, the island is truly a sight to behold.

• Night time

Night time in Banana Island is also a sight to behold; it is well lit up. Serving the dual purpose of beautifying the estate and serving as a security measure by curbing acts such as theft, that dark or poorly lit streets could foster.

• Well ventilated environment and top-notch amenities

As stated earlier, Banana Island is one of the best places to live for those who enjoy living in solitude or love to enjoy some silence and take an undisturbed break from the hassles of the city. The fact that it is surrounded by trees and the sea makes it a well-ventilated and peaceful area. The basic amenities available to residents in the area are not your usual amenities, from the good roads to the electricity, the place has quite literally set the standard in estate housing in Nigeria.

Source :– https://propertyexpert.ng/sow-a-seed-in-banana-island-ikoyi-lagos/

Source: Nigeria Real Estate listings website, PropertyExpert.ng

Real Estate: Harsh operating environment threatening business Developer

Against the backdrop of the severe and harsh economic climate the real estate sector of the nation’s economy has found itself at least in the last three years in which business continuity is now being threatened, operators in the sector have no option than to engage in innovative thinking and actions, just as they have to diversify their revenue if they must remain in business.

L-R, Propertygate Development and Investment Plc’s Company Secretary, Mrs. Janet Fifo, Managing Director/CEO Propertygate Development and Investment Plc, Mr. Adetokunbo Ajayi, and Non- Executive Director of the company, Mr. Jonathan Ogungbola, at the company’s Annual General Meeting (AGM) in Lagos last week. Reviewing the performance of real estate sector at the just concluded 10th Annual General Meeting of Propertygate Development and Investment Plc in the year ended December 2018 in Lagos, at the weekend, the Managing Director and Chief Executive Officer of the Lagos-based real estate development company, Mr. Adetokunbo Ajayi, said “The last few years have been very challenging for the sector. It recorded negative real GDP growth for the last three consecutive years (-6.86 percent in 2016, -4.27 percent in 2017 and -4.74 percent in 2018) respectively. “Unfortunately, many of the factors accounting for the struggle of the sector are still much with us. Many operators in real estate development and services space have been hard hit by the lingering slowdown in the sector. They have suffered from acute revenue shortage to severe liquidity crunch. “These have had devastating impact on many operators, even threatening their business continuity. Going forward is not an easy task, as some of the challenges are systemic in nature. However, innovative thinking and actions are required on the part of operators. The need for diversification of revenue should be taken very seriously in view of the experience of the last three years. “Having a mono income source can put an operator in a severe strain when the business climate of the income source begins to falter. Operators may also have to rethink their business structure and other operational strategy issues, products and services offering, funding mechanics and other fundamental issues critical to corporate success. “It is high time for vibrant industry groups to emerge, to seriously engage and collaborate with governmental authorities and other stakeholders on burning issues affecting the sector”, Ajayi noted. According to him, Propertygate intends to focus its attention mainly on real estate development, pointing out that the company has over a decade operated more as a development trading company, adding that going forward, it intends to do more in development for investment for strategic reasons. “Propertygage is exiting property advisory services. With exit from advisory offering, the company is currently holding a significant stake in PG Readzon Services, a real estate and allied services firm. This will help the revenue diversification goal of the company.

Source :- https://www.vanguardngr.com/2019/06/real-estate-harsh-operating-environment-threatening-business-developer/

By Emmanuel Okogba, 25 June 2019 for Vanguard Nigeria

Nigeria waterfront real estate endangered, losing property values

For many prospective home-owners, living in waterfront properties is a life-long dream because of the luxury and exotic views of the ocean.

In some Nigeria cities like Lagos, Warri and Port Harcourt, some of the most prized waterfront real estate is disappearing into the ocean, despite deep-pocketed homeowners spending enormous sums to put off the pain of losing their homes.

Initially, waterfront homes are sought-after haven by the wealthy and commands a significant value in terms of investment and rental income.

But all these seems to be in the past as erosion and sea rise put houses in peril, some owners vow to stay and fight, and some communities are spending millions.

Consequently, affluent home buyers in search of coastal property gravitated to the ocean are decreasing. As most of the cherished waterfronts in most Nigeria cities are disappearing to the chagrin of many.

According to a property expert and estate surveyor and value, Mr. James Anifowoshe, the sudden disappearance and degradation of waterfronts in most Nigeria cities could be traced to government insensitivity to its master plans and laws.

He stressed that Lagos is fast going the way of unplanned cities as the original master plan is being thwarted giving way to arbitrary developments that further compounds the problem of the city.

He complained about the arbitrary allocation of residents’ waterfronts to unscrupulous individuals for sand filling as one of the off-plan moves by the state that scares investors.

Source :- https://guardian.ng/property/nigeria-waterfront-real-estate-endangered-losing-property-values/

By Bertram Nwannekanma, 08 July 2019 for Guardian Nigeria