• About Us
  • Contact Us
  • Privacy Policy
  • Submit an Article
  • Advertise With Us
Thursday, May 26, 2022
  • Home
  • Industry News
    • Video
  • Property
    • Real Estate Investment
    • Research
  • Special Focus
  • Home Tips
    • Outdoor
    • Lifestyle
    • Interior
    • Health Guide (DIY)
  • Market Guide
    • Average Property Prices
    • Average Mortgage Rates in Nigeria
    • List of Primary Mortgage Institutions in Nigeria
No Result
View All Result
Homes & Property Guide
Advertisement
  • Home
  • Industry News
    • Video
  • Property
    • Real Estate Investment
    • Research
  • Special Focus
  • Home Tips
    • Outdoor
    • Lifestyle
    • Interior
    • Health Guide (DIY)
  • Market Guide
    • Average Property Prices
    • Average Mortgage Rates in Nigeria
    • List of Primary Mortgage Institutions in Nigeria
No Result
View All Result
Homes & Property Guide
No Result
View All Result

Top 5 issues affecting Nigeria’s real estate and housing industry

Zion Rufus by Zion Rufus
1 year ago
in Real Estate Investment, Research
1 0
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Although 2021 looks promising for the real estate and housing sector in Nigeria, there are still some challenges facing the sector. From slow economic growth, decline in the commercial, retail, and residential segments, which negatively impacted the sector’s contribution to GDP and returns on investment, to lack of clarity and transparency in the regulatory environment, coupled with the extremely poor infrastructure to support real estate development. Not left out of the equation is the challenges of expensive, cumbersome and long titling and registration processes remain and investors had this also to contend with.

ADVERTISEMENT

Land Registration Bureaucratic Process


The monotonous process of land registration in Nigeria is at the top of the list. The registration process can last as long as 6 months to 2 years, taking an average of 12 procedures, and costing about 20.8% of the value of the property.

The Omo-onile scourge


The problems attached to buying lands that supposedly belong to lineages and age-long families popularly refered to as ‘omo-onile’ in the western part of Nigeria has become something bthat calls for urgent attention. When dealing with these people that has now come to be tagged ‘miscreants’ you pay undocumented fees here and there from survey fees, legal fees, agency fees, omonile signing fees, to foundation fees, roofing fees, drainage etc. At the end of the day, you will be forced to build a fence to ward off criminals and trespassers from stealing your land. Any form of complacency or negligence would only lead to criminals reselling your land. You would have to put up with annoying agents throughout the Inspection and negotiating experience.

Taxation


Taxation is a whole other challenge. Real estate investors are subjected to multiple taxations, the taxes and levies include development levy, income tax, building plan approval levy, property tax, land use tax, and in some cases real estate investors are expected to pay renovation tax whenever they want to renovate their properties.

Devaluation of Naira


The recent devaluation of naira is a huge obstacle for the development of Nigeria’s real estate sector. Mainly because the Nigerian construction industry is heavily dependent on the importation of the raw materials and equipment they use for construction from foreign countries. However, a devalued naira increases the cost of purchasing these raw materials and equipment.

Bribery and Corruption


There have been various instances where developers who have not satisfied preconditions or who simply do not qualify for the allocation of land are granted allocation, while those who are qualified are denied. More often than none, some staff of regulatory bodies prefer to take bribes rather than ensure that developers obtain the necessary permits and conform to statutory construction standards.

 

Zion Rufus

See author's posts

Related Posts

Death toll reaches 10 in building collapse in southwest Iran
Research

Death toll reaches 10 in building collapse in southwest Iran

2 days ago
Severe wind destroys 463 houses, renders 1,326 households homeless
Research

Severe wind destroys 463 houses, renders 1,326 households homeless

1 month ago
Canada to restrict non-resident Nigerians, others from buying houses
Real Estate Investment

Canada to restrict non-resident Nigerians, others from buying houses

2 months ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Lagos State Safety Commission

Lagos State Safety Commission conducts safety audit on LASU senate building

May 26, 2022
Death toll reaches 10 in building collapse in southwest Iran

Death toll reaches 10 in building collapse in southwest Iran

May 24, 2022
U.S. home sales slide to pre-pandemic levels in April

U.S. home sales slide to pre-pandemic levels in April

May 23, 2022

Recommended

Top 5 celebrity real estate deals of 2021

Top 5 celebrity real estate deals of 2021

4 months ago
More Americans say it’s not a good time to buy a home

More Americans say it’s not a good time to buy a home

2 weeks ago

Most Popular

When your cars and gold chains can’t save you, Real Estate will
Real Estate Investment

When your cars and gold chains can’t save you, Real Estate will

1 year ago
American star closes deal on $21 Million coastal California mansion
Industry News

American star closes deal on $21 Million coastal California mansion

3 months ago
U.S. home sales slide to pre-pandemic levels in April
Industry News

U.S. home sales slide to pre-pandemic levels in April

3 days ago
  • Trending
  • Comments
  • Latest
When your cars and gold chains can’t save you, Real Estate will

When your cars and gold chains can’t save you, Real Estate will

February 2, 2021
4 things you shouldn’t do to that lovely bedroom you have

4 things you shouldn’t do to that lovely bedroom you have

May 18, 2021
Edile Construction Limited: Taking building technology to enviable pedestal

Edile Construction Limited: Taking building technology to enviable pedestal

December 31, 2020
How to deal with really noisy neighbors

How to deal with really noisy neighbors

January 28, 2021
NIOB seeks passage of Building Code Bill, independent inspectors

NIOB seeks passage of Building Code Bill, independent inspectors

Opinion: Turning 360 degrees anticlockwise

Opinion: Turning 360 degrees anticlockwise 2

Top ways real estate investors are pushing for sustainable housing

Top ways real estate investors are pushing for sustainable housing

Opinion: Collapsed buildings in Lagos: Who are the losers?

Opinion: Collapsed buildings in Lagos: Who are the losers?

Lagos State Safety Commission

Lagos State Safety Commission conducts safety audit on LASU senate building

May 26, 2022
Death toll reaches 10 in building collapse in southwest Iran

Death toll reaches 10 in building collapse in southwest Iran

May 24, 2022
U.S. home sales slide to pre-pandemic levels in April

U.S. home sales slide to pre-pandemic levels in April

May 23, 2022
Two killed, three injured, many trapped in fresh building collapse in Lagos

Two killed, three injured, many trapped in fresh building collapse in Lagos

May 21, 2022
Homes & Property Guide

Homes & Property Guide online is an innovative and informative web-based medium that plays a key role in the development of the built environment.

Follow Us

Browse by Category

  • Architecture
  • Health Guide (DIY)
  • Home Tips
  • Industry News
  • Interior
  • International
  • Interviews
  • Lifestyle
  • Outdoor
  • Property
  • Real Estate Investment
  • Research
  • Special Focus
  • Video
  • Viewpoints

Recent News

Lagos State Safety Commission

Lagos State Safety Commission conducts safety audit on LASU senate building

May 26, 2022
Death toll reaches 10 in building collapse in southwest Iran

Death toll reaches 10 in building collapse in southwest Iran

May 24, 2022
  • About Us
  • Contact Us
  • Privacy Policy
  • Submit an Article
  • Advertise With Us

© 2021 homes and property guide

No Result
View All Result
  • Home
  • Industry News
  • Property
  • Special Focus
  • Real Estate Investment
  • Research
  • Home Tips
    • Interior
    • Outdoor
    • Lifestyle
    • Architecture
    • Health Guide (DIY)
  • Video
  • Submit an Article
  • Contact Us
  • About Us

© 2021 homes and property guide

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version