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The Importance of Ember Months in Nigeria’s Real Estate Sector by Dennis Isong.

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The Importance of Ember Months in Nigeria's Real Estate Sector by Dennis Isong.

The Importance of Ember Months in Nigeria’s Real Estate Sector by Dennis Isong.

 

 

 

Sahara Weekly Reports Ember months refer to the last four months of the year: September, October, November, and December. These months hold significant importance across various sectors of the Nigerian economy, and the real estate industry is no exception. The ember months bring about unique circumstances and opportunities that can greatly impact the property market. This article explores why these months are crucial for Nigeria’s real estate sector and how they influence market dynamics.

 

 

The Importance of Ember Months in Nigeria's Real Estate Sector by Dennis Isong.

 

1. Increased Economic Activity

A surge in economic activity characterizes the ember months in Nigeria. As the year draws to a close, businesses strive to meet annual targets, and government agencies work to utilize their budgets before the fiscal year ends. This increased economic activity often translates to more money circulating in the economy, which can have a positive impact on the real estate market.

 

Higher disposable income: Many companies distribute year-end bonuses during this period, increasing the purchasing power of potential property buyers.

Business expansion: Some businesses may look to expand or relocate, leading to increased demand for commercial real estate.

2. Diaspora Influence

The ember months coincide with the holiday season, during which many Nigerians living abroad return home to visit family and friends. This influx of diaspora Nigerians has a significant impact on the real estate market:

 

Investment opportunities: Many in the diaspora see this time as an opportunity to invest in property back home, either for personal use or as an investment.

Increased demand: The temporary surge in population can drive up demand for short-term rentals and potentially influence long-term property values.

Foreign currency injection: Diaspora Nigerians often bring in foreign currency, which can boost the real estate market, especially in a country where the local currency may be experiencing fluctuations.

3. Cultural and Social Factors

Nigerian culture places a strong emphasis on homeownership, and the ember months often amplify this desire:

 

Status symbol: Owning a home by the end of the year is seen as a significant achievement, motivating many to make property purchases during this period.

Family gatherings: The holiday season prompts many to consider upgrading their living spaces to accommodate family gatherings and celebrations.

4. Weather Conditions

The ember months in Nigeria typically mark the end of the rainy season and the beginning of the dry season. This transition in weather patterns can impact real estate activities:

 

Construction boost: The dry weather allows for increased construction activity, potentially leading to more properties entering the market.

Property viewing: Improved weather conditions make it easier for potential buyers to view properties and for real estate agents to conduct site visits.

5. Year-End Goals and New Year Resolutions

As the year comes to a close, many individuals and businesses reflect on their achievements and set new goals:

 

Investment decisions: People may choose to invest in real estate as a way to meet financial goals or diversify their portfolios before the year ends.

New Year preparations: Some may aim to secure new living or working spaces in preparation for the coming year, driving up demand in the real estate market.

6. Government Policies and Budgets

The ember months often see increased government spending and policy implementation:

 

Infrastructure development: Governments may rush to complete infrastructure projects before the year’s end, potentially increasing the value of properties in certain areas.

Policy changes: Any new real estate policies or regulations slated for the new year may influence buying and selling decisions in the ember months.

7. Stock-taking and Portfolio Restructuring

The approach of the year’s end prompts many investors to reassess their portfolios:

 

Property disposal: Some investors may decide to sell properties to balance their portfolios or generate liquidity.

Acquisition opportunities: Others may look to acquire new properties to strengthen their real estate holdings.

8. Increased Rental Activity

The ember months can see a spike in rental activity:

 

Corporate rentals: Businesses may seek new office spaces or renew leases for the coming year.

Residential moves: Families or individuals may look to move to new rental properties before the new year begins.

9. Emerging Real Estate Hotspots

 

During the ember months, it’s crucial to pay attention to emerging real estate hotspots:

 

Satellite Towns: Areas like Ibeju-Lekki in Lagos or Kubwa in Abuja are experiencing rapid development.

Tech Hubs: Locations near growing tech clusters, such as Yaba in Lagos, are becoming increasingly attractive.

New Cities: Planned urban developments like Eko Atlantic City offer unique investment opportunities.

10. Types of Properties to Consider

 

Different property types may offer varying advantages during the ember months:

 

Residential Properties: High demand for housing during holiday visits makes this a prime option.

Commercial Real Estate: Office spaces and retail outlets can be good investments as businesses plan for the new year.

Land: Undeveloped land in growing areas can offer long-term appreciation potential.

11. Leveraging Technology for Remote Transactions

For diaspora investors unable to visit Nigeria:

 

Virtual Tours: Many real estate agencies now offer virtual property tours.

Digital Documentation: Explore options for digital contract signing and online payment systems.

Real-Time Communication: Utilize video calls for real-time property inspections with local agents.

12. Understanding Local Regulations

It’s crucial to be aware of recent changes in real estate regulations:

 

Land Use Act: Familiarize yourself with the implications of the Land Use Act on property ownership.

Foreign Ownership Laws: Understand any restrictions or requirements for diaspora Nigerians investing in property.

Tax Implications: Research recent changes in property taxes or capital gains taxes that might affect your investment.

13. Financing Options for Diaspora Investors

Explore various financing methods tailored for diaspora investors:

 

Diaspora Mortgages: Some Nigerian banks offer mortgage products specifically for Nigerians living abroad.

International Money Transfers: Research the most cost-effective ways to transfer large sums for property purchases.

Joint Ventures: Consider partnering with local investors or family members for shared investments.

14. Risk Mitigation Strategies

Investing during the ember months doesn’t come without risks. Consider these mitigation strategies:

 

Due Diligence: Thoroughly research property titles and ownership history.

Legal Representation: Engage a reputable local lawyer to oversee transactions.

15. Long-term Investment Strategies

Think beyond the immediate purchase:

 

Rental Income: Consider properties with strong rental potential for steady income.

Property Management: Research reputable property management companies if you plan to rent out your investment.

Exit Strategies: Have a clear plan for how you might eventually sell or pass on the property.

 

 

The ember months provide a distinct set of circumstances that make them an ideal time for diaspora Nigerians to invest in real estate back home. During this period, heightened market activity and the availability of potential deals create attractive investment opportunities. Additionally, the chance for personal property inspections and the ability to tap into cultural connections further enhance the appeal. However, successful investment requires thorough research, professional advice, and a well-defined long-term plan. By staying attuned to local market trends, utilizing technology, and being aware of relevant regulations, diaspora Nigerians can make informed and profitable real estate investments in Nigeria during this dynamic time of year.

 

For personalized assistance with property needs in Ojo or other parts of Lagos, interested individuals, particularly Nigerians in the diaspora looking to invest in property back home, can contact Dennis Isong, a top Lagos realtor specializing in helping Nigerians in the diaspora own property stress-free. I can be reached at +2348164741041.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

Published

4 hours ago

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November 17, 2024

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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

In Nigeria’s real estate landscape, property valuation serves as a crucial process that determines the worth of a property for various purposes, including buying, selling, and securing loans. One significant document that plays a pivotal role in this process is the Certificate of Occupancy (C of O). This legal document, issued by the state government, confirms an individual’s right to use and occupy land for a specified period.
Understanding the interplay between the C of O and property valuation is essential for investors, developers, and homeowners alike, as it can significantly influence market perceptions and property prices.
Understanding the Certificate of Occupancy
The Certificate of Occupancy is a legal document that signifies ownership and the right to occupy land. In Nigeria, land ownership is primarily governed by statutory laws, customary laws, and the Land Use Act of 1978, which mandates that all land in urban areas is owned by the government. Thus, the issuance of a C of O is necessary to establish a legal claim over any parcel of land.
Obtaining a C of O is a comprehensive process that involves several steps, including land survey, payment of necessary fees, and completion of relevant documentation. Once issued, the C of O provides security to the landowner by guaranteeing their rights against unlawful eviction or encroachment. This security is a significant factor in property valuation. Properties with a valid C of O are generally seen as more valuable and less risky compared to those without, as the certificate signifies legal recognition and ownership rights.
C of O and Market Perception
The presence of a C of O can significantly influence market perception and the demand for a property. Properties with a valid Certificate of Occupancy are typically viewed as more desirable by potential buyers and investors. This perception stems from the legal security that a C of O provides. Buyers are more likely to invest in properties with a C of O because they have assurance that their rights are protected, and the likelihood of disputes regarding ownership is minimized.
Moreover, lenders and financial institutions often require a C of O before approving loans for property purchases or developments. A valid C of O enhances the credibility of the property, making it easier for buyers to secure financing. This accessibility to finance, in turn, can lead to increased property demand, thereby driving up its valuation. Conversely, properties lacking a C of O may be perceived as risky investments, resulting in lower valuations and reduced buyer interest. Thus, the C of O serves as a critical indicator of a property’s reliability and marketability.
C of O in the Property Valuation Process
In the property valuation process, a valuer considers various factors to determine the value of a property. These factors typically include location, size, condition, and comparable sales in the area. However, the existence of a C of O is often a prominent consideration. During the valuation process, valuers will assess the C of O to ascertain the legal standing of the property. A valid C of O not only confirms ownership but also indicates compliance with local land use regulations, zoning laws, and building codes.
Valuers may also take into account the duration of the C of O. In Nigeria, a C of O is usually granted for 99 years, and this long tenure can positively influence a property’s valuation. The security provided by a long-term C of O assures potential buyers of their rights over the property for an extended period, making it a more attractive investment. Conversely, properties without a C of O, or those with expired or disputed certificates, may be valued lower due to the inherent risks associated with such properties.
Furthermore, a C of O can impact future development potential, which is a crucial aspect of property valuation. Properties with a valid C of O are more likely to receive the necessary approvals for development or alteration, while those without may face legal hurdles. This potential for development can enhance the property’s value, as it indicates future income generation possibilities. Consequently, valuers consider the C of O as a critical factor that influences the overall worth of the property in the market.
Challenges and Implications of C of O in Property Valuation
Despite its importance, the C of O is not without challenges. The process of obtaining a C of O can be lengthy and complex, leading to delays in property transactions. In some cases, disputes over land ownership can arise, particularly in areas where customary land tenure systems are prevalent. These disputes can complicate the valuation process, as properties with contentious C of Os may be difficult to sell and consequently valued lower.
Additionally, the presence of a C of O does not automatically guarantee a problem-free investment. Factors such as environmental issues, development restrictions, or changes in land use policies can affect property value. Valuers must therefore conduct thorough due diligence, considering not only the existence of a C of O but also any associated risks or liabilities.
In conclusion, the Certificate of Occupancy plays a crucial role in property valuation methods in Nigeria. As a legal document that signifies ownership and security, it significantly influences market perception and property demand. Valuers must consider the C of O when assessing a property’s value, as it reflects the legal standing and development potential of the land. However, challenges associated with the C of O, such as ownership disputes and regulatory complexities, must also be navigated to ensure accurate valuations. For stakeholders in the Nigerian real estate market, understanding the importance of the C of O is vital for making informed investment decisions and maximizing property value.
Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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From Ankara to Amala: Owambe Party unveils Christmas Edition for party lovers in Lagos

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17 hours ago

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November 16, 2024

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“From Ankara to Amala: Owambe Party unveils Christmas Edition for party lovers in Lagos

 

Imagine a night where Aso Ebi slays meet twinkling lights, where the beats of Afrobeat and Highlife are spiced with electrifying performances ready to get your hips moving.

Get ready for the biggest and most unbeatable vibes at the 2024 Owambe party happening on the 15th of December 2024! at Amore gardens, Lekki phase1 proudly brought to you by Spotlight by Mmakamba.

The Owambe Party Christmas edition promises a night filled with vibrant entertainment, music, food and jaw dropping fashion with electrifying performances from award winning artists and celebrity DJs that will keep you dancing all night long!

This season’s ultimate turn-up is happening, and you’re invited to soak in the magic of Unbeatable Owambe Party vibes with all the flair and flavor you can handle.

Expect unlimited mouth-watering Jollof rice, smoky suya, and small chops paired with the finest palm wine and cocktails, because no party experience can match the Owambe Party.

Mark your calendars, save the date! December 15th will be a masterpiece!

For inquiries and reservation, follow us on Instagram: @SpotlightByMmakamba and @TheOwambeParty.

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Appeal Court Removes MC Oluomo, Reinstate Baruwa

Published

18 hours ago

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November 16, 2024

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Appeal Court Removes MC Olumo, Reinstate Baruwa

Appeal Court Removes MC Oluomo, Reinstate Baruwa

 

 

The Appeal Court in Abuja has announced Alhaji Tajudeen Ibikunle Baruwa as the lawful President of the National Union of Road Transport Workers (NURTW).

Appeal Court Removes MC Olumo, Reinstate Baruwa

It can be recalled that Musiliu Ayinde Akinsanya, popularly known as MC Oluomo, was days ago inaugurated as NURTW president.

The recent decision came after the court reviewed and upheld an earlier ruling by the National Industrial Court.

The initial judgment, delivered on March 11, 2024, recognized Baruwa as the rightful president of the union. However, an appeal was filed by Alhaji Najeem Usman Yasin, Alhaji Tajudeen Agbede, and their supporters. They argued against the Industrial Court’s decision but were unsuccessful in convincing the appellate court.

A three-member panel of justices, Hamma Akawu Barka, Nnamdi Dimgba, and Asmau Ojuolape Akanbi, ruled that the appeal lacked merit. The court declared Baruwa as the elected leader of NURTW and dismissed the challenge brought forward by MC Oluomo’s faction.

In addition to confirming Baruwa’s position, the Appeal Court ordered the appellants, who are supporters of MC Oluomo, to pay N100,000 as damages to the respondents.

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