Global Realty Portal

Wealthy buyers are being deterred from entering the top end of the Scottish property market because of uncertainty over September's referendum on Scottish independence, according to estate agents. A slowdown in transactions is typical before major votes when matters such as future taxation are unclear – "the general election effect", as one agent put it. But the referendum adds uncertainty related to the currency and interest rates. Although the mid-market is buoyant, with agent Savills reporting a 100% increase in the number of London-based buyers registering an interest in Scottish property this year, some wealthier buyers are pausing for thought. Matthew Sinclair, director of buying agent Saint Property Search, said talk of some financial services firms relocating in the event of a yes vote could have discouraged some buyers. "I think there are people who are thinking it would be nice to move and mortgage finance is more available but is our job going...

CONTRARY to media reports that works on the Second River Niger Bridge have been suspended due to non-compliance with environmental laws, the Federal Ministry of Works has debunked the claim, saying it was inaccurate information.   In a statement in Abuja yesterday, the Director in charge of Information in the ministry, Mr. Bisi Agbonhin, noted that the JB-NMIC Consortium has assured that compliance with Nigerian Environmental Laws is of priority and that Environment Impact Assessment (EIA) was an intrinsic part of the early works, which is being carried out in compliance with the Environmental Laws of Nigeria.   He added that under an Early Works Arrangement, the nominated EPC contractor, Julius Berger Nigeria Plc, has commenced full mobilisation to site and timely execution of scheduled activities as anticipated.   The statement reads: “Contrary to recent reports, work on the Second River Niger Bridge project progresses according to schedule, ensuring timely...

Own a plot of land now in Ibeju Lekki with over 100percent return on investment(ROI), where different infrastrucural project(both public and private) is either currently ongoing or almost at completion stage,  which includes: - New International Airport. - New Deep Seaport. - Free Trade Zone. - Lakowe Golf Course & Resort. - The New Pan African University. - Dangote Refinery. - Several Upcoming Gated Estate. Take advantage and seize this opportunity by owning a plot/s in any of our following estate.  1. Trinity Gardens & Parks Estate, Elerangbe Ibeju -Lekki @N594,000=/plot.(Instalment:N55,000=× 12months). Document: Govt. Gazzette & Deeds.  2. Lekki Villa Estate, Bogije Ibeju-Lekki @N1,500,000=/plot.(instalment:N1,800,000=) Document:Govt. Gazzette &Deeds.  3.Hectares of Diamond, off monastery rd, Sangotedo @N3,500,000=/plot. (Instalment:N4,500,000=). Document: C of O.  4. Dominion Garden City, Awoyaya @N6,750,000=/plot. (Insta...

Homebuyers and people looking to re-mortgage will face tougher checks before being offered a loan under new rules coming into force on Saturday, which are designed to prevent a return to the reckless lending seen before the credit crisis. Mortgage applicants' expenditure on childcare, travel and even takeaways will be taken into account by lenders and will reduce the amount they are allowed to borrow. Banks and building societies will also be expected to check that borrowers can still afford repayments if interest rates rise from the current historic lows. Experts said the changes could stall the burgeoning housing market and result in some customers being turned down for loans they would have previously been allowed. They also predicted growth in long-term fixed-rate mortgages as borrowers sought to avoid the new stress-tests. The changes have been introduced by the Financial Conduct Authority, following the mortgage market review (MMR) which it launched after the fin...

No fewer than 100 houses and shops were destroyed  by rainstorm, which followed more than four hours of torrential rainfall in  Dorowa village of Barkin ladi local government area  of Plateau State. Also hundreds of people were rendered homeless by the rainstorm, which also destroyed two schools,  shops and a police station. It was gathered that  many of the affected house owners in  the village    were now squatting with relations in various parts of the state. Chairman  of the local government, Mr.  Emmauel Loman,  told newsmen on Saturday that he has called on the state government and the State Emergency Management Agency to come to the aid of the victims. He said, “Right now the safety and wellbeing of the displaced people is our priority and that is why we have called on the state government and SEMA to come to our aid.” Loman also appealed for donations from individuals in order to assist those affect...

The collapsed two-storey building and a victim in Oworonsoki, Lagos..on Thursday No fewer than 10 people were trapped on Thursday after a two-storey building under construction collapsed on Alonge Street, Oworonshoki, Lagos. Although they were later rescued, but not without sustaining varying degrees of injury. It was revealed that among the injured were three children, Moses Atoketi 15; Jimoh Adebiyi 13; and Monday Ahungbe 12; and seven other casual workers in the building. A resident, Oscar Joshua, told our correspondent that the building collapses around 11.30am. Joshua, who is also the Organising Secretary, Oworonshoki Youth Association, said the building used to be a bungalow but was being reconstructed at the time of the incident. He said, “The building collapsed around 11.30am. Ten people were working at the building when it collapsed. The house used to be an unoccupied bungalow, but about seven months ago, labourers started working on it. “The build...

Global property investment transactions totaled $1.18tn in 2013, increasing 22.6 per cent from 2012 to the highest total since 2007. A combination of improving market conditions led to a strong performance in 2013, according to a report from Cushman & Wakefield. “The real estate market ended 2013 on a high on the back of greater confidence and rising liquidity and that momentum is building further this year with signs of a firmer occupier market as well as greater investment demand and new sources of debt set to drive investment activity and property pricing higher,” Head of EMEA investment strategy, David Hutchings said in the report. According to worldpropertychannels.com reported that while all regions witnessed positive growth last year, Asia led in investment volumes, increasing 25 per cent to $568.6bn, which accounted for 48 per cent of the market. The growth in China, Japan and Australia offset declines in Taiwan, India, South Korea, Hong Kong and Thailand. ...

TO secure and sanitise the industry, stakeholders in the building and construction sector have called on the Federal Government to give legal backing to the National Building Code through appropriate legislation.   In a communiqué at the end of the Second Lafarge National Dialogue series in Abuja, with the theme, “Building Collapse: An Assessment of Building Practices in Nigeria and the Imperative for Sustainable Construction”, the stakeholders also maintained that the quality of cement was not responsible for the collapse of buildings in the country.   They asked that the Building Code, which came into force in 2006, be forwarded to the National Assembly for consideration and passage, to help achieve the desired sanity and safety in the building industry.   It noted that the code, though accepted by all stakeholders since it came into force, was yet to receive the required legal backing, just as it called for an improved electricity supply at production level to s...

WORRIED by the continued presence of tank farms within Apapa metropolis in Lagos State, the Federal Government yesterday urged owners of the facilities to relocate their operations to between Ogun and Ondo states’ axis. Senior Special Assistant to President Goodluck Jonathan on Maritime, Leke Oyewole, who spoke in Lagos at a maritime stakeholders’ forum put together by the Nigerian Shippers’ Council (NSC), argued that any fire incident within the vicinity might claim several lives and property. Oyewole said: “Obviously, it is very dangerous where they are located now. The situation is a potential danger not only to the port but also to the community around that place.” He added: “The entire Coconut community is not safe. The entire Apapa is not safe, even up to the Island. If there should be fire there today, you will watch the entire Apapa conflagration on Cable News Network (CNN) (God forbid). It is not a thing any nation wants to see. But now, we can still save the si...

ian Institution of Estate Surveyors and Valuers has faulted the land administration system in the country, stating that in its current form, the system cannot promote economic development. The President, NIESV, Mr. James Omeru, stated this on Saturday in Abuja while briefing journalists shortly after the body’s council meeting. The council meeting, which is the first to be presided over by Omeru following his emergence as the 21st president of the institute, provided a platform for him to unveil his plans for the 2014 fiscal year. He said since the NIESV had a representative at the ongoing National Conference, the body would use the platform to demand for the removal of the Land Use Act from the Constitution. The amendment of the Act, according to him, will not only help to restore full land ownership to the people, it will also provide an avenue for raising loans to build houses. Omeru explained that a total reform of the land tenure and titling system was imperative to make...

Paying attention to safety as it relates to the housing sector will be the focus of the 14th Lagos Housing Fair, the organisers have said. According to the organisers, Beachland Resources Limited and Radio Lagos/Eko FM, there is a need to direct the nation’s attention to consideration for safety in all aspects of housing, from conception to design and construction; with special focus on policy matters, building designs, material usage and applications, construction methodologies, as well as building and planning laws. At a press conference to herald the fair, the Chairman, Lagos Housing Fair Committee, Mr. Moses Ogunleye, said the country had recorded lots of mishaps arising from poor designs, unsafe or inappropriate construction and weak enforcement machineries. He said, “The spate of collapse of buildings across the nation, particularly in major cities, is indicative of the need to refocus matters of safety in housing development. “It is even more worrisome to note that a lar...

Nigerian Bottling Company Limited has restated its commitment to preserving and protecting the environment by supporting the maiden edition of the Lagos Waste Management Authority’s Recycling Club’s quiz and exhibition, with the theme, ‘My Environment and I’. The company stated in a statement that the event, which held at LAWMA loading bay, aimed to build awareness and increase the recycling culture among primary and secondary school pupils and had over 100 pupils from 15 public and private schools in attendance. It said the education-based initiative was also designed to recognise and reward students in Lagos for their strong understanding of the environment and how it affected them. The statement added that ultimately, the initiative would seek to enable the pupils imbibe a strong culture of recycling. It also quoted the Head, Public Affairs and Communications, NBC, Mrs. Yanju Olomola, as saying that as a business, the Coca-Cola system was committed to minimising its...