Bunmi Real Estate Maestro

09/09/2021

Banana Island is a man-made island in Ikoyi, Lagos. From an aerial view, the island is actually shaped like a banana, hence its name. The Island is a gated community and the most expensive real estate in the most exclusive area in Nigeria.

Despite the sluggish economy and rampaging inflation, the Lagos real estate market is holding its own with Banana Island as the preferred location for the most luxurious residential projects.

Waterfront plots in Banana Island are especially desired for the Lagoon view. With demand outstripping supply prices have risen inexorably. Indeed, some waterfront plots in Banana Island are on the market at N1.2million per square meter. For instance, Misa Limited has DIRECT instructions from the owners to sell two waterfront plots in Banana Island:
1. 4800sqms at L9 with federal certificate of occupancy and Lagos State Regularisation - N5bn.
2. 1134sqms at J60D with federal certificate occupancy - N1.4bn

What is fueling this demand? First and most important is the excellent infrastructure in the estate, access control, great security, green areas and the good maintenance culture. There is also an active residents association that monitors and enforces building regulations.

The premium on waterfront plots rose further recently on pronouncements by the authorities that owners of such plots may increase their plots by sandfilling to a point approved by the government. For example, the buyer of Plot L9 mentioned earlier may extend the plot by a further 2000sqms at a significantly lower cost than the N1.2million per square meter market rate.

All in all, it seems prices in Banana Island will continue to rise.

11/03/2021

Trends in Real Estate 2021
The real estate sector is booming this first quarter of 2021. What are the trends fueling this boom?
The first trend we have observed is the demand for houses rather than flats. The reason being that many are still working from home and now see a dedicated home office as a necessity. That fourth room was also useful as a study when schools were closed. Existing real estate continues to work much harder in 2021 as there is a demand for multi- functional spaces. That spare room, store or BQ is now being used for two or three different purposes. We predict the residential real estate sector will continue to be strong in 2021.
With lockdown and reduced working hours 2020 was detrimental to commercial office space in business districts throughout Nigeria. In particular, Grade A office space which usually charge dollars have been hard hit. Many continue to have low occupancy rates despite significant rent reduction. However, many of these tenants are international companies that have announced they will not renew some leases on expiry. Some have informed facility managers they will reduce floor space on expiry of current leases. We expect that trend to continue as staff have become familiar with utilizing technology to do their jobs so the need for to be physically present in an office reduces.
Bayview Estate is a new development by Misa Limited at Ikate Elegushi, behind Enyo/Tastee at the 4th Roundabout on the Lekki-Epe Expressway. One of the features in this estate is are fully equipped meeting rooms for the use of residents and business facilities. There are a few units of the four-bedroom N80m terraces available for sale. Click the link below for more information on Bayview Estate.
https://nigeriapropertycentre.com/for-sale/houses/terraced-duplexes/lagos/lekki/ikate-elegushi/450531-brand-new-four-bedroom-terraces
In summary, whilst commercial real estate may not recover in 2021, we expect buyers of residential accommodation to create spaces within existing units for commercial purposes or deliberately purchase buildings that may be used for multiple purposes

26/02/2021

2020 was the year of the coronavirus COVID-19, so named because it started in 2019 but its impact continues in 2021. What does 2021 mean for the real estate industry?

The real estate market in Nigeria is booming. The reasons are simple. With almost zero savings interest rates, ever higher exchange rate, rampaging inflation and an unstable stock market, real estate remains a reassuringly stable asset and investment.

Insecurity

The security or otherwise of citizens and property is compromised nationwide. From the Boko Haram insurgency in the North East to cattle rustling in the South to the kidnapping of students and persons for ransom, the word ‘’insecurity’’ has become a catchphrase. To counter this insecurity there is high demand for properties in gated communities or estates that are seen to be security conscious and ‘’safe’’. Typically speaking, these have their own security personnel and vehicles for rapid deployment, enhanced access and visitor protocols, perimeter fencing and technological gadgets such as CCTV and walkie talkies.

One such estates is Bayview Estate a new development by Misa Limited at Ikate Elegushi, behind Enyo/Tastee at the 4th Roundabout on the Lekki-Epe Expressway. The 100-unit estate comprises four-bedroom terraces (68) and 3-bedroom flats (SOLD OUT) with 1 room staff quarters each. Facilities available in the estate include a clubhouse, children’s pool and a separate adult swimming pool, and a central generator.

Click here for more information on Bayview Estate https://nigeriapropertycentre.com/for-sale/houses/terraced-duplexes/lagos/lekki/ikate-elegushi/450531-brand-new-four-bedroom-terraces

Next time we look at more trends in 2021 including offices and the fate of offplan developments in these uncertain times.

02/01/2021

16/10/2020

Now is a good time to review your property management files. Have you paid your insurance premium for building and contents insurance? Remember cover starts when you pay the premium

04/09/2020

In 2018 there was a public outcry when on the passing of the Land Use Charge Law (LUCL) when Lagos State Government (LSG) increased the rates across board and changed the valuation method which led to higher assessments for many citizens.

After the elections the new administration consulted widely and on 3 September 2020 reverted to pre-2018 land use charges with

* Properties owned and occupied by pensioners who are not engaged in business.
*The 2018 method of valuation remains the same (market value + annual charge rate) but a 48% reduction in the annual charge rate.
* Several reliefs available on application.
* Penalties for 2017, 2018 and 2019 have been waived.
*Maximum 25% discount available for payment before the due date.
*10% relief for vacant properties
*20% relief for open vacant land

The land use saga has emphasised the need for efficient, knowledgable property management who can make sense of it all and advise maximisation of available reliefs.

18/08/2020

Our latest project Bayview Estate, Ikate, at the 4th Roundabout of the Lekki-Epe Express will be delivered next month. 4 bedroom terraces at N80m and 3 bedroom flats at N55m.

12/08/2020

The year 2020 has over turned all predictions and expectations. The coronavirus pandemic has impacted and continues to impact the real estate industry in an unprecedented manner.

1. Many people are working from home, and liking it. Productivity is up with no more lost hours stuck in the Lagos traffic. That traffic has been exacerbated with the partial closure of the Third Mainland Bridge.

So, is this the end of the office? What does the future hold for all those skyscrapers in Eko Atlantic, Victoria Island, Ikoyi , Lekki and Ikeja?

2. Citizen activism led to Lagos State government reducing the Land Use Charge payable on chargeable properties to 2018 rates. With stagnant rental rates for landlords and multiple pressures on salaries for tenants (for those still fortunate to have a job!) and a rampaging 16% inflation rate, does the land use charge reduction actually make any difference? What rate exactly do citizens now have to pay? What happens to those who paid the higher rate?

3. For developers and builders the situation is even more critical. The depreciating naira and enforcement action by the regulatory agencies means many have had to go back to the drawing board and rejig their figures. Some projects have been mothballed due to offtakers deferring scheduled payments, increase in the cost of raw materials and compliance with regulations such as insurance. Yet, a price adjustment seems to be out of the question in the current economic climate. Is it worth continuing or completing projects in such a market?

At Misa Limited we offer an unrivalled advisory service encompassing the entire real estate industry. Our expertise and knowledge is second to none and helps you navigate the choppy waters of these uncertain times. Our dedicated team offered our clients solutions to all the above questions and many more. Experience counts and we have 25 years active knowledge and participation in the Nigerian real estate industry at our finger tips, ready to deploy for our clients.

11/08/2020

Peace of mind, come rain or shine. You can rest easy when it's built by Misa!

11/08/2020

In real estate experience matters! Misa is an integrated real estate company with 25 years experience of construction, sales and lettings, property management and consulting. Our latest project is Bayview Estate at Ikate, 4th Roundabout, Lekki-Epe Express. 3 bedroom flats N55m, 4 bedroom terraces N80m. Finishing works ongoing. Delivery Sept 2020