Rullion's Blog

Citing his government’s desire to encourage low income Lagos residents to own homes without much stress, the Lagos State Governor, Mr. Babatunde Raji Fashola on Monday flagged off the Lagos Home Ownership Mortgage Scheme (LagosHOMS). Mr. Fashola said LagosHOMS is part of his administration's solution towards reducing the acute housing deficit in Lagos State. According to Fashola, "the economic realities had made house ownership almost impossible for most income earners". He went further to say, "for many years, our people have had to acquire houses, often times being required to pay cash once and for all, as if they were buying a shirt or a pair of shoes in a shop. This approach in part, explains why a large number of ordinary middle class and working people, cannot afford to acquire homes on the basis of their legitimate income derived from hard work. In Lagos, we are of the view that a home is not something you buy in one day, but over time in a way that your...

An expert in the property market has described the real estate market as an investors’ haven, adding that the industry holds great potential for operators in the country. Speaking on the theme: ‘Growing a diversified group of businesses’ at the Fidelity SME Forum, a weekly radio programme being packaged by Fidelity Bank Plc, the Chairman/Chief Executive Officer, Genesis Group of Companies, Chief Nnaeto Orazulike, said the property business was one area where investors could expect to recoup their investment within a short period of time because of the high return on investment. He advised Small and Medium Scale Entrepreneurs desirous of growing their businesses to make conscious efforts to tap into the huge property market in the country even as they ploughed back the excess funds into their businesses. “Naturally, as you grow your business and develop it, the best thing to do with the excess, which the business doesn’t absorb is to invest it in real estate,” h...

Luxury homes sales volumes in key international property hotspots surged in 2013, while median sales prices remained relatively constant, according to a new report by Christie’s International Real Estate and Strutt & Parker. According to Propertywire.com , the report focuses on three markets which are experiencing exceptional growth London, Miami and New York, and shows that the number of luxury properties sold, that is those priced over $1m, increased dramatically, surpassing 2012 levels. Overall median sales prices leveled out, despite asking prices for some properties reaching historic highs and buyers were a combination of local residents, overseas investors and a growing number of young millionaires. It points out that the increased demand from wealthy potential buyers looking to invest in real estate is fuelling this renewed housing boom. Overseas buyers had a significant presence in all three luxury markets. In London, Strutt & Parker reported that...