REAL ESTATE DATA as at July, 2017

Written by  PROPERTYGATE Published in Data & Information Monday, 03 July 2017 15:56
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Real estate market indicators are essential for wise investment decision making. Our real estate data section aims at providing the most important real estate statistics trending in the market. These data have been carefully researched and refined into useful information with a view to aiding your understanding of the workings of the market.

 

 MARKET AND ECONOMICS

 

CONTRIBUTION OF REAL ESTATE TO NATIONAL GDP

YEAR REAL ESTATE SECTOR TOTAL GDP  % CONTRIBUTION
2016 $37.97billion $463.78billion  8.20
2015 $42.05billion $481.07billion  8.74

 

LENDING RATES AS AT MARCH 24, 2017 

S/N

NAME OF BANK

REAL ESTATE ACTIVITIES

 

CONSTRUCTION

 

    PRIME % MAX % PRIME % MAX %
1 ACCESS BANK 16.00 30.50 16.00 30.50
2 CITI BANK NIGERIA 19.00 22.00 19.00 22.00
3 CORONATION BANK 20.00 24.00 20.00 24.00
4 DIAMOND BANK 20.00 27.00 20.00 30.00
5 ECOBANK NIGERIA 19.00 28.00 14.00 24.00
6 FCMB

17.50

25.50 17.50 26.00
7 FIDELITY BANK 19.00 36.00 19.00 36.00
8 FIRST BANK OF NIGERIA 20.00 27.00 19.00 28.00
9 FBN MERCHANT BANK 24.40 24.40 19.00 19.00
10  FSDH 21.00 25.00 0.00 0.00
11 GUARANTY TRUST BANK 13.00 26.00 16.00 28.00
12

HERITAGE BANK

25.00 28.00 25.00 29.00
13

KEYSTONE BANK LTD

19.00 30.00 19.00 30.00
14

RAND MERCHANT BANK

26.29 26.29 0.00 0.00
15 SKYE BANK 28.00 31.00 0.00 0.00
16

STANBIC IBTC BANK

20.61 36.00 18.00 30.00
17 STANDARD CHARTERED BANK 18.00 25.00 18.00 19.60
18

STERLING BANK

21.00 33.00 21.00 29.00
19

SUNTRUST

21.02 26.00 21.02 6.00
20

UNION BANK

24.50 24.50 20.00 31.00
21

UNITED BANK FOR AFRICA

24.00 29.00 24.00 29.00

22

UNITY BANK

24.00

32.00

24.00

32.00

23

WEMA BANK

29.00 30.00 29.00 30.00
24

ZENITH BANK

23.00 34.50 23.00 34.50

Source: Central Bank of Nigeria (www.cbn.gov.ng March 24, 2017)

 

MOST PREFERRED REAL ESTATE LOCATIONS IN LAGOS

IKOYI

VICTORIA ISLAND

LEKKI

IKEJA

YABA

SURULERE 

 

SOURCES OF REAL ESTATE FINANCE IN NIGERIA

1. COMMERCIAL BANKS

2. MORTGAGE BANKS

3. FEDERAL MORTGAGE BANK

4. PRIVATE EQUITY FUND

5. INSURANCE COMPANIES

6. CAPITAL INVESTORS

7. CAPITAL MARKET

8. FOREIGN INVESTORS

 

 LIST OF REGISTERED MORGAGE BANKS IN NIGERIA

S/N

NAME

STATE

1 ABBEY BUILDING SOCIETY LIMITED LAGOS
2 ACCORD SAVINGS & LOANS LIMITED LAGOS
3 AG HOMES SAVINGS & LOANS LIMITED LAGOS
4 AKWA SAVINGS & LOANS LIMITED AKWA IBOM
5 ASO SAVINGS & LOANS PLC ABUJA
6 BRENT MORTGAGE BANK LAGOS
7 CENTAGE SAVINGS & LOANS LIMITED LAGOS
8 CITY CODE SAVINGS & LOANS LIMITED LAGOS
9 COOP SAVINGS & LOANS LIMITED OYO
10 DELTA BUILDING SOCIETY LIMITED DELTA
11 FBN MORTGAGES LIMITED LAGOS
12 FHA HOMES SAVINGS & LOANS LIMITED ABUJA
13 FIRST GENERATION HOMES SAVINGS & LOANS LIMITED ABUJA
14 GATEWAY SAVINGS & LOANS LIMITED OGUN
15 GLOBAL TRUST SAVINGS & LOANS LIMITED LAGOS
16 HAGGAI SAVINGS & LOANS LIMITED LAGOS
17 HOMEBASE MORTGAGE BANK LIMITED LAGOS
18 IMPERIAL HOMES MORTGAGE BANK LIMITED LAGOS
19 INFINITY TRUST MORTGAGE BANK PLC ABUJA
20 JUBILEE-LIFE MORTGAGE BANK LAGOS
21 JIGAWA SAVINGS & LOANS LIMITED JIGAWA
22 KEBBI STATE HOMES KEBBI
23 LAGOS BUILDING & INVESTMENT COMPANY LIMITED LAGOS
24 MAYFRESH SAVINGS & LOANS LIMITED ABIA
25 MGSL MORTGAGE BANK ABUJA
26 MUTUAL ALLIANCE SAVINGS & LOANS LIMITED AKWA IBOM
27 NEW PRUDENTIAL BUILDING SOCIETY LIMITED LAGOS
28 NIGERIA POLICE MORTGAGE BANK OGUN
29 OMOLUABI SAVINGS & LOANS PLC OSUN
30 PLATINUM SAVINGS & LOANS LIMITED ABUJA
31 REFUGE HOME SAVINGS & LOANS LIMITED LAGOS
32 RESORT SAVINGS & LOANS PLC LAGOS
33 SAFETRUST SAVINGS & LOANS LIMITED LAGOS
34 STB BUILDING SOCIETY LIMITED LAGOS
35 TRUSTBOND MORTGAGE BANK LAGOS
36 UNITED MORTGAGE LIMITED LAGOS

Source: Central Bank of Nigeria (www.cbn.gov.ng)

 

INVESTMENT INDICES

 

LOCATION PROPERTY TYPE
Detached House (=N= million) Semi-Detached House (=N= million) Terrace House (=N= million) Apartment (=N= million)
4/5-Bedroom 4/5-Bedroom 4/5-Bedroom 3-Bedroom 2-Bedroom 1-Bedroom
Agungi - 65 - 70 40 - 45 30 - 35 25 - 30 
Carlton Gate Estate 100 - 110 -
Chevy View Estate 58 - 90 55 - 65 28 - 35  26 - 30 
Idado 70 - 80 50 - 60 
Ikate Elegushi 85 - 120  70 - 75  65 - 75 38 - 60  35 - 40  25 - 28 
Ikota Villa Estate 70 - 100  40 - 52  50 - 55
Lekki County Estate 80 - 145    25 
Lekki Phase 1 150 -280  150 - 165  75 - 160 45 - 85  40  27 - 30 
Northern Foreshore Estate 160 - 170  -
Ologolo 58 - 65  33 - 50  30 
Oral Estate 55 - 65  50 - 55  45 - 60 30 - 35 
Osapa 70 - 75 65 - 75 50 - 65 32 - 44  26 - 30 
Peanock Beach Estate 160 - 350 
VGC 150 - 200 
Victory Park Estate 105 - 150  -

Source: Market Survey, 2017. 

 

 

National Housing Fund

National Housing Fund (NHF) is a Federal Government scheme, which entitles all Nigerians above the age of 21years in paid employment to a low interest, government funded loan. Members of the scheme contribute 2.5% of their monthly salary to the fund through Federal Mortgage Bank of Nigeria. The maximum amount obtainable under the NHF used to be N5 million but has since been increased to N15 million. The borrowed capital is repayable over a maximum of 30 years at the rate of 6% interest.

Key facts about the NHF

  • Who Can Apply
    Any Nigerian above the age of 21. They must be a contributor to the National Housing Funds for a period of not less than six months. For individual borrowers there must be satisfactory evidence of regular flow of income to guarantee loan repayment. This condition is easy to ascertain for applicants in paid/salary employment. For the people in private/trading businesses, there might be need to resort to their bank statements of account.
  • Purpose
    The loan shall be for the purpose of building, purchasing or renovating residential accommodation. No loan shall be for refinancing.
  • How To Apply
    Except for institutional borrowers who can apply for the loan directly from Federal Mortgage Bank of Nigeria (FMBN), individuals can only apply through a duly licensed and accredited Primary Mortgage Institution (PMI) of their choice and not directly to the FMBN. Loan applications are also to be obtained from the same PMI.
  • Security for the Loan
    The property (residential accommodation) for which the loan is sought shall serve as security for the loan. The property must have valid title documents (C of O; R of O, Deed of Sublease, Deed of Assignment or Letter of Allocation). The property shall conform to the existing planning laws and regulations and building plans approved by the appropriate authorities. The mortgage property must possess sufficient value to recover the loan. The mortgage property must be insured against hazards. Applicant must accept to take up both “Fire Insurance Policy” and “Mortgage Protection Policy”. The loan shall be secured by first legal mortgage between the applicant and the PMI.
  • How Much To Apply For
    An individual borrower is entitled to a maximum amount of N15 million. No individual shall be granted a loan in excess of 90% of the cost or value of the property to be mortgaged.
  • Institutional Borrowers
    Such as real estate developers or construction companies involved in direct housing construction may apply for an NHF loan. Hitherto, beneficiaries were limited to individuals but access has recently been extended to institutional borrowers.
  • Other Things To Note
    The House Ownership Account has to be operated for a specified period. This varies from one PMI to another. Usually it ranges between 6 – 12 months. It will afford the PMI the opportunity of having a record of applicant’s savings pattern. Repayment figure should not exceed one third (1/3) of total net income on a monthly basis. Except in cases of outright purchase of property, disbursement of the loan is made in instalments and in relation to the stages of development.

 

 

NOTE: FOR RENTAL INFORMATION ON PRIOR YEARS KINDLY SEND A REQUEST TO This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

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