2015 IN RETROSPECTPREMIUM PROPERTY OUTLOOK
INSIGHT
FEBR
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A Publication of
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2. Macroeconomic Overview
1. Perspective
3. Premium Residential Real Estate
4. Grade ‘A’ Commercial Developments
5. General Housing Market Trends
Premium Property Outlook | Q1, 2016
OUTLINE
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leased out by Fine and Country West Africa.
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6. 2016 and Beyond
PERSPECTIVE
Recently, the Minister for Housing, Infrastructure and Works, Mr Fashola, lamented about the infrastructure deficit in Africa, stating: “This is the time to show that our nation and our national economy is bigger than the challenges posed by dwindling oil prices. This is the time to diversify and change the face of our economy. But the risks that stand in the way of investing the fund are caused by us and they must be changed by us. He also said, it was time to invest in the real sector, adding that "the biggest opportunity presented itself for the nation to act towards diversification rather than sloganeering it". We agree and in relation to our sphere of influence, we believe that the time has come for professionals with expertise in the real estate industry to contribute our quota to developing real estate insight especially on premium real estate, infrastructure and urban development as we join cities like London, New York, Dubai, Singapore in competing for what many consider to be shrinking global resources and investments. The Premium Real Estate Report from Fine and Country West Africa is a step towards the vision of a better developed real estate sector and a greater Nigeria.
In 2015, irrespective of the myriads of economic and political instability in Nigerian, the Nigerian real estate market experienced a steady interest and some foreign direct investment (FDI), growing urbanisation, and a sustained demand for appropriately priced Grade A office spaces and premium residences. The year also witnessed the release of the most grade A office spaces in Nigeria in any year, with the Quantum Luxury owned Civic Centre Tower aptly tagged "The Intelligent Building" successfully completed and leased fully to A grade corporates; the Iconic Nestoil Tower Victoria Island, West Africa's first LEED certified mixed used development offering exceptional offices and corporate residences, NIPOST offices in Victoria Island, Kanti Offices, Heritage Place, Ikoyi, Temple Tower, Ikoyi, Lakepoint in Banana Island, the World Trade Centre offices in Abuja amongst others with some nearing completion in 2016 within the prime location of vibrant Victoria Island, Ikoyi and environs. Lagos has clearly joined global cities with a strong supply of Grade A office spaces.
The trend towards new urbanism continued as public and private sector developers kept the pace of building satellite cities and new lifestyle residential communities on the outskirts of some of Nigeria's largest cities and on the other side of the equation, with new mixed developments ranging from mid to premium in "destination locations" such as the Eko Atlantic, Orange Island, Chevron's Pension Fund Twin Lakes Residential Estate, The Centenary City Abuja, Sunrise Hills, Asokoro Gardens, World Trade Center in Abuja, Lakowe Golf Estate, Enugu Golf Estate, and the strong release of retail developments in those aspirational locations including the Circle Mall Lekki, Festival Mall amongst others, demonstrating a new trend in Nigeria's emerging and premium real estate development.
This report shows the review of how the premium real estate space performed in 2015 with an overview of activities, and the impact of the economy and politics on real estate investors. The report is a preliminary report to a Quarter 1 report for 2016, which will expound more on the drivers for change in the premium real estate space; shed more light on the opportunities that abound for investors, look at the critical factors that will transform the Nigerian Real Estate space and finally deep dive into what leading experts in the industry feel will be the winning strategies for 2016 along with the factors that should shape the sector and sustain the momentum in premium real estate developments.
Here's to a successful year for you, your organization and Nigeria.
Research Team, Fine and Country West Africa.
Premium Property Outlook | Q1, 2016
We believe that the time has come for
professionals with expertise in the
real estate industry to contribute our
quota to developing real estate insight
especially on premium real estate,
infrastructure and urban development“
“2
Steep D
ecline
Premium Property Outlook | Q1, 2016
2015 was truly an overwhelming year for the Nigerian economy. The steep decline in Nigeria's economic growth rate, the early season of political and economic uncertainties, the commodity price weakness abroad, the declining value of the Naira, the change in government, changing investment laws and a number of challenges as a result of fluctuating oil prices were some trends that shaped the economy; making it record overall slow economic progress. Also contributing to the epileptic growth across board was the mono-directional focus of government to fight against corruption and fiscal austerity, with little emphasis on policies geared towards stimulating economic growth.
As Crude oil price moved from the lofty height of US$109 per barrel in mid 2014 to a low of US$44 per barrel in January 2015, as expected, hydrocarbon dominated economies were put under pressure including Nigeria. Though government responded by reducing the forecast price for oil in 2015 on two different occasions; (from US$78/barrel, and then US$65/barrel), until government eventually conceded to run a deficit budget.
Our foreign reserves also officially closed at $29.8 billion representing a 15.4% year on year drop, GDP forecast was lowered to 5.5% by government from 6.2% of previous year; Federal Government Bonds was delisted from the JP Morgan Emerging Market Bond index and reflected the increasing apprehension amongst international investors towards the economy and the CBN restriction of access to FOREX at the cheaper interbank rate for the importation of 41 items increased apprehension amongst international investors towards the economy.
MACROECONOMIC OVERVIEW
“Also, foreign and local investors saw the growth potential of Nigeria’s real sector, spurred by rising consumer spending of the burgeoning middle class, economic growth and investments in infrastructure. These trends opend up not only the property market but also other inaccessible markets”
In 2015, despite the downturn in the economy, caused by the dwindling revenue from oil, crash of the naira and apprehension over government policies, The Refined Investors Series experts called on would-be investors in the real estate sector to take advantage of the creative opportunities in the sector with the understanding that it is still a growing sector
Sources: Standard Bank Group; World Bank
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Similar to other sectors, the overall performance of Nigerian real estate in 2015 was underpinned by the aforementioned economic fundamentals. Although in the last few years, Nigeria's real estate market did expand rapidly with a steady increase on the foreign direct investment (FDI), fast urbanization, a strong demand for Grade A office spaces and premium residences, yet the Nigerian property sector is widely regarded as “high-risk”, “high-return” marketplace because of a number of pressing challenges from the opaque and complex regulatory environment to the exorbitant and bureaucratic costs associated with building, transferring and registering across the federation.
While the real estate sector was said to be growing from the report by Nigerian Bureau of Statistics (NBS) in 2015, most Nigerians still live in informal structures. 70-80% Nigerians live in unplanned settlements and a large chunk live in slums according to a UN report. In our view, the stock of formal and premium property is small; with residential, office, retail and hospitality space located almost exclusively to the urban areas - Lagos, Abuja & PH.
Premium Property Outlook | Q1, 2016
For example, Lagos, one of Africa's largest cities with a population of over 17 million, is the main commercial hub of Africa's largest economy and the most favoured location for international corporations. The city comprises four main islands with seven prime residential, commercial and retail nodes: the Lagos CBD, Victoria Island (VI), Ikoyi, Lekki, the Lekki Free Zone, Apapa and Ikeja. Rental values for commercial and residential space show wide variances across neighborhoods. The region continues to attract institutional investors, and the key challenge for them remains identifying suitable high quality premium stock in the relevant real estate category.
NBS report revealed that the real growth recorded in the Real Estate sector in the Q3, 2015 stood at 2.06%, lower from growth recorded in the Q3, 2014, and also lower than growth reported for the Q2, 2015 by 3.85 % points and 0.92% points respectively. Quarter-on-quarter the sector picked up by 5.56% in the Third quarter of 2015. The sector contributed 7.57% in real terms to the total GDP in the Third Quarter of 2015.
“ ”High Risk, High Return
Too much Bureaucratic costs
Unstable Policy
70-80% Live in unplanned
settlements
Lagos, Abuja, Port-Harcourt:Choice location for investors
Lagos alone accounts for
Grade A&B 2426000m
office stock
Average asking rent in prime area
were at / annum 2$785/m
Projected to grow by 10%
Valued at N6.5 Trillion
Contributed 7.5%to GDP at Q3
2015 Premium Developments
- Civic Towers - Nestoil Towers- Rose of Sharon Towers- Kanty Towers- Landmark Towers- Nipost Towers
Over office space were added to Ikoyi & V.I Markets in 2015 60,000sqm
Our insight team gathered that 2015 luxury developments surpassed the previous years' developments by a 12% margin. For example in Victoria Island, NestOil Towers residences achieved highest percentage of 91%, with Centre Heights scoring 79% to emerge the nearest in matrix comparison. This shows that Nestoil Tower has a difference of 12% over the average premium rental per square metre in Victoria Island which is $290/m2/P.A
MACROECONOMIC OVERVIEW
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Premium Property Outlook | Q1, 2016
Sources: Federal Ministry of Land, Housing & Urban Development & 2015 Housing Finance Africa Publication, World Bank
Comparative Real Estate Indices
Ikoyi-Lekki Bridge, Lagos
Osborne Towers, Ikoyi Lagos - Call 08096000042
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23.30%
15.40%
19.10%
22.70%
19.60%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
1
Real Estate Alternative Investment Equity
Cash & Cash Equivalent Fixed Income Asset Allocation (%)
Source: MCO Real Estate Report
Premium Property Outlook | Q1, 2016
PREMIUM RESIDENTIAL REAL ESTATE
A recent report by worldwealthreport.com shows that Africa's high net worth individuals (HNWIs) invested most heavily in real estate (23.3%) more than other asset allocations. Cash being the next at 22.7%, while the balance of other portfolios was allocated to fixed income (19.6%), equities (19.1%), and alternative investments (15.4%).
In 2015, a report published by the Nigerian Bureau of Statistics NBS also showed that following the rebasing of the Nigerian economy, the real estate sector's contribution to GDP became larger (by 30-40%) than was previously estimated. The sector became the 6th largest sector in the economy and was growing faster than average GDP growth. The nominal contribution for the first Quarter stood at 7.79 percent, marginally higher relative to the 7.36 percent reported for corresponding quarter of 2014
In 2015, PwC forecasted that the Nigerian real estate sector is expected to be valued at $13.65 billion in 2016, compared to the value of $9.16billion in 2014.
Fine and Country's insight also revealed that the high-end luxury residential developments for 2015 were clustered in a handful neighborhood; with Banana Island, Ikoyi, Victoria Island, Eko Atlantic and Lekki Phase1 being the choice location for developers and investors in Lagos; Maitama, Asokoro and Jabi for developers in Abuja and GRA Phase2
for developers in Port Harcourt.
These areas command housing prices that rank among the highest in Africa and somewhat higher than in many western markets. On the average, in Lagos the annual cost of renting a 3-bedroom luxury apartment in 2015 was $60,000 - $70,000, while average sales prices starts at $600,000 - $1.5M depending on the finishing and location; while in Abuja the rates for rents in choicest locations range from N4million-N25million and from N70million-N1Billion for sales in choice Locations according to Fine and Country Insight.
Due to the high costs of owning, leasing and managing a building – not to mention the inclination of Nigeria's legal system to favour tenants over landlords – most leases require two year's worth of rent to be paid up-front.
Source: Capgemini and RBC Wealth Managment Global HNW Insight Survey 2015.
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Premium Property Outlook | Q1, 2016
In 2015, some premium new projects (residential and mixed developments) such as the 13-storey Rose of Sharon Towers (1800 sqm), Kanti Towers (6,662 sqm), Civic Towers (11,350 sqm), Nest Oil's new HQ (9,900 sqm), Nipost Towers (13,860 sqm); all of which are located on Victoria Island were completed.
In 2015, a comparative analysis, showed that the average rental premium rate for the residences in prime locations was $290 per square meter. As such we designed a global standard for assessing the premium developments using our in-house matrix formula below:
a) Location - 35% b) Quality of Construction/Finish - 15%c) Configuration - 10%d) Size of Units - 10%e) Infrastructure/facilities - 15%f) Extra Features - 15% Total: 100%
2015 ASSESSMENT MATRIX FOR PREMIUM RESIDENCES
Property Name Location Quality of
Construction/Finish
Configuration Size of Units
Infrastructure /facilities
Extra Features
Total Grade
Centre Heights 27% 12% 9% 7% 10% 14% 79%
Sapetro Tower 33% 10% 5% 9% 11% 5% 72%
Vita Tower 32% 10% 7% 8% 10% 12% 79%
Nestoil Tower Residences
33% 14% 7% 8% 14% 15% 91%
Table 1: © Fine and Country West Africa Assessment Matrix Table
Eden Heights Towers, Victoria Island Lagos - Call: 08096000042 for inquiries.
Asokoro Gardens, Sunrise Hills, Abuja-Call 08096000046
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GRADE ‘A’ COMMERCIAL DEVELOPMENTS
There has never been a time when the Nigerian property space witnessed a colossal wave of premium office developments and investments as we now witness in major cities. Lagos, like New York, London, Paris, Johannesburg, Singapore and Hong Kong, has joined global cities with strong demand for Grade A office space amid vibrant corporate activity and expansion of middle-class households. The Interna tiona l standards being achieved in current developments arguably match these global cities. It is interesting to note that in 2015 alone, Civic Centre Towers, Nipost Tower, Temple Tower, NestOil Tower, Kanti Towers, Lakepoint Towers and the World Trade Centre collectively added about 80,000 square metres (sqm) of office space into the Ikoyi and Victoria Island and Abuja markets.
A recent in-house study developed by Fine and Country research team in 2015 revealed the assessment matrix for attaining a Grade A office status.
A S S E S S M E N T M AT R I X F O R G R A D E A COMMERCIAL/OFFICE DEVELOPMENT
Premium Property Outlook | Q1, 2016
In 2015, the occupants for major premium residential and prime commercia l spaces were dynamic businesses, multinational industries and financial institutions that require top brand positioning and desire to be at the very heart of the target market are the major occupants/lessees of the Premium commercial developments.
More Grade A stocks like the Heritage Place, a 14-floor, N19bn project; Africa Towers in Abuja and The Wings Office Towers, comprising two towers and approximately 25,500sqm, Bloombury Waterfront Towers are expected to be completed in 2016.
While in 2017, the Kingsway Tower, a high-rise building comprising offices, ground floor retail, restaurants and basement parking is billed for completion.
Civic Centre, Victoria ISland Lagos - Fully Leased
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Premium Property Outlook | Q1, 2016
GRADE ‘A’ COMMERCIAL DEVELOPMENTS
Comparative assessment of 6 sample commercial developments
Work, Live & Play - Call: 08096000042 for Inquires
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In 2015 the asking rental prices of most premium commercial leases were not met; so investors and developers had to strategically reduce the prices in order to achieve rent.
Factors influencing downward
pricing $700-$900/m2/P.A
Factors influencing upward pricing
$900 - $1000/m2/P.A
High Volume Lease Tenant risk
Tenant Compatibility Build quality and project contractor
Tenant to lease both commercial
and residential spaces
Long Lease Tenor
Anchor Tenants
5 KEY FACTORSS COMMERCIAL TENANTS LOOK OUT FOR IN
“GRADE A” BUILDINGS
Location How accessible is it key clients, key employees , the Proximity to compe��on and the Traffic count: cars or pedestrians
Build Quality The quality and green-savvy standards put into the design &
construction and the age factor (i.e less than 10yrs.)
Security & Parking How secured is it for high net worth individuals/clients and the
generous parking space available (including off-street parking)
Transportation Transportation accessibility and Proximity to Land, Water and Air
also Supplier proximity factor
Views Visibility access, the natural views (eg. The Atlantic ocean, and the
Ariel view of the environment)
Premium Property Outlook | Q1, 2016
FACTORS THAT INFLUENCED PRIME OFFICE LEASING PRICES IN 2015
In 2015, Lagos shouldered up to 65% of the country’s business activities, contributing up to 15% to national GDP. The commercial property market in Abuja was driven by governmental activities while Port Harcourt’s CRE was driven by it’s rice crude oil base
At the moment over 15 Grade A office complexes are under construction in prime locations across the country and are expected to be delivered in the next 2years
“Intelligent Real Estate practice is not complete without a robust Data and information management system for planning, implementation, monitoring and
evaluation of programs and projects.”
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GRADE A OFFICES, LUXURY APARTMENTS, RETAIL & HOSPITALITYWORLD TRADE CENTER ABUJA Call: 08096000042 for Inquiries
Average
Policy & Regulation Ÿ The Land Use Act (1978) continues to dictate and hinder
the land market in Nigeria. To date the objectives of the Act have not been achieved and further to this, the law has led to further distortion and abuse of citizens' rights to access and own land.
Ÿ The long period it takes to obtain development permit and to access funds for buildings
Others are:Ÿ Lack of easy access to land and high cost of land for building Ÿ Lack of effective inter-governmental collaboration (e.g.
Federal, State and local government) for investors building projects
Ÿ Prevalence of slums in all urban centres that require upgrading
Challenges Premium Real Estate Developers and Investors faced in 2015
Premium Real Estate Investors also faced some challenges in 2015; some of the issues were…
Access to financeŸ Mortgage finance in Nigeria is still in its infancy and
inadequate credit facilities for investors and where available, there is a very high interest rate.
Ÿ Imperfect mortgage system due to absence of a strong secondary mortgage market, lack of uniform mortgage underwriting standards and dearth/paucity of conforming Mortgage Assets
Ÿ Absence of the mechanism for effecting mobilization and channeling construction finance
Premium Property Outlook | Q1, 2016
“The establishment and development of title and mortgage insurance systems and institutions will ease the burden of
building premium residences by an individual alone.”
GENERAL HOUSING MARKET TRENDS 2015
In 2015, Real Estate market in Nigeria was valued at approximately N6.5 trillion and estimated to grow at an average of 10% over the next few years
Ÿ The sector contributed 7.57% to the GDP in the third quarter of 2015
Ÿ The country requires 17 to 20 million housing units to address housing deficit
Ÿ 80 percent of the adult population in Nigeria are living in rented apartments, compared to 20 and 25 percent in Ghana and South Africa.
Ÿ Nigeria has a low home ownership rate of 25 percent, lower than that of Indonesia (84 percent), Kenya (73 percent), and South Africa (56 percent).
Ÿ The major issues that continue to affect housing in Nigeria include inadequate access to finance, slow administrative procedures, high cost of construction and the high cost of land registration.
Challanges Premium Real Estates Developers and Investors faced in 2015
Reasons for growth trend in Luxury/Premium Developments in 2015
The Miatama Heights, Maitama Abuja - Call 08096000042 for inquires
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2016 AND BEYOUND
Premium Property Outlook | Q1, 2016
Ÿ The major growth drivers in the sector will continue to be accredited to: an increased inflow of foreign investment; increased institutional investment from local companies including PFAs and Mutual Funds; access to funding and credit; the growing population of High Net worth Individuals; and the targeted intervention of the Federal Government in the housing finance sector.
Ÿ Nigeria needs to provide the legal and regulatory framework that will attract private sector investors to develop affordable housing products particularly for the No- income, Low-income and Middle-income groups.
Ÿ Development of an effective land administration system to make land ownership available, secure, accessible and easily transferrable at affordable rates is non-negotiable.
Ÿ It is high time we as a country established and enforced building standards based on the National Building Code to ensure quality, functionality, aesthetics and safety.
Ÿ The time is ripe to develop and build adequate capacity, including the provision of infrastructure to support the housing sector, on a sustainable basis.
Ÿ An administrative, legal and regulatory framework for a more efficient and effective premium housing delivery system will springboard the sector.
Ÿ Promotion of the use of alternative building materials, green certifications and new technologies in premium housing delivery will boost the access to premium home ownership.
“Apart from the current economic conditions, the devaluation of the Naira and the continuous fall in International crude oil prices, etc were
factors that also affected the Nigerian premium property market” space in 2015”
The Orange Island Development, Lekki, Lagos Call 08096000042 for inquires
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Name of Property NESTOIL TOWERS
Location Akin Adesola Street, Victoria Island
Number of floor 15 Floors Mixed-use high-rise
Total Leasable Space Offering
29,904m
Facilities 9,904m2 of Lettable Office Space, 23 units of 1 and 2 bedroom apartments, 3,900 square meters of land, Multi-level parking, 4 commercial passenger lifts (13 persons/1000kg), 2 residential passenger lifts (13 persons/1000kg), centralized air-conditioning system, gymnasium, rooftop lounge/bar, café, reception and concierge services.
Rental $1,000/m2/P.A (Asking).
Year Constructed 2015
Contractor Julius Berger Plc
Name of Property CIVIC TOWERS
Location Ozumba Mbadiwe, VI Lagos
Number of floor 15 floors
Total Leasable Space Offering 21,368m
Facilities 8 Restrooms/floor, 4 Passenger Lifts,
Sewage treatment plant, Water treatment
plant, 2 No. Power generating sets
(500KVA each). Surface and suspended
parking on 3 levels for 180 cars, at 15
cars/Floor. Raised floor and suspended
ceiling.
Communication tower, plug n play internet
facility, Digital PABX. Motion sensor lights.
Automated Access Control.
CCTV System.
Rental $900-$1000/m2/P.A (Asking). $700-
$800/m2/P.A (Achieved).
Year Constructed 2015
Contractor Cappa D’alberto
Premium Property Outlook | Q1, 2016
2015 NOTABLE DEVELOPMENTS
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Premium Property Outlook | Q1, 2016
Name of Property NIPOST TOWERS
Location Adeola Odeku Street, Victoria Island.
Number of floor 14 floors
Total Leasable Space 213, 860m
Facilities 8 Restrooms/Floor, 4 Lifts, Sewage
treatment plant, Water treatment plant,
4 Power generating sets of 810KVA
each. Parking for 99 cars. Plug n play
internet facility, Digital PABX. Motion
sensor lights. Automated Access Control.
CCTV System. Fire fighting pumps with
water sprinklers.
Rental2$800/m /P.A (Asking).
Property Currently Not Leased due to
Price quoted by Landlord. Market 2Demand insist on $600/m
Year Constructed 2015
Contractor YF Construction
Name of Property KANTI TOWERS
Location Adetokunbo Ademola Street, Victoria Island.
Number of floor 15 floors
Total Leasable Space Offering 26,662m
Facilities 9 Restrooms/Floor, 4 Lifts, Sewage
treatment plant, Water treatment plant, 2
Power generating sets of 725KVA each,
and 1 power generating set of 365KVA.
Parking on 1st to 5th Floor for 100 cars.
CCTV System. Fire fighting pumps with
water sprinklers.
Rental2$800/M /P.A (Asking)
Year Constructed 2015
Contractor Cappa D’alberto
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Premium Property Outlook | Q1, 2016
Name of Property THE WINGS
Location Walter Carrington crescent, Victoria Island. (Waterfront Property).
Number of floor 12 floors
Total Leasable Space 213, 500m
Facilities 8 Restrooms/Floor, 4 Lifts, Sewage
treatment plant, Water treatment plant,
2 Power generating sets of 1000KVA
each. Parking for 700 cars. Plug n play
internet facility, Digital PABX. Motion
sensor lights. Automated Access Control.
CCTV System. Fire fighting pumps with
water sprinklers.
Rental2$900/M /P.A (Asking).
Year Constructed Under Construction. To be completed by Q4 2016
Contractor Cappa & D’alberto Plc
Name of Property LANDMARK TOWERS
Location Water corporation drive, Victoria Island. (Waterfront)
Number of floor 9 floors
Total Leasable Space Offering 21,200m
Facilities 8 Restrooms/Floor, 4 Lifts, Sewage
treatment plant, Water treatment plant, 2
units of 1.1 MVA generator, 1 unit of 700
KVA generator, and 1 unit of 350 KVA
generator. Parking for 145 cars. Plug n play
internet facility, Digital PABX. Motion
sensor lights. Automated Access Control.
CCTV System. Fire fighting pumps with
water sprinklers.
Rental $900-$1000/m2/P.A (Asking). $700-
$800/m2/P.A (Achieved).
Year Constructed 2015
Contractor Nahman Construction
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In 2016 irrespective of the downturn in the economy, we anticipate and forecast that though the premium real estate sector will respond to both negative and positive economic sentiments this year, there will still be some measured activities with sustained developments and investments
Globally, Grade 'A' buildings command premium rentals, reflective of the costs associated with meeting these international standards. In a business environment like ours where there is pressure on costs and where corporate leadership is focused on reducing overhead, one could well ask how an individual or company can justify the move to a premier and apparently high cost facility? The efficiency, sustainability and competitive advantage premium residences and Grade A facility delivers overtime, makes the difference.
In our quarter 1 report for 2016, we will be expounding more on the impact of the current economic and political climate on real estate in 2016, the drivers for change in the premium space; shed more light on the opportunities that abound for investors and look at the critical factors that will transform the Nigerian Real Estate space and finally deep dive into what top notch experts in the industry feel will be the winning strategies that will shape the sector and sustain the momentum in premium real estate developments.
To get a copy of the report, kindly send a mail to [email protected],
Disclaimer This report is published by FINE & COUNTRY West Africa and it is meant for general information only. While we have deployed high standards in its preparation, we do not accept any legal responsibility for any loss or damage resulting from the contents of this report. As an all-purpose report, this material does not represent the total advisory of FINE & COUNTRY for premium developments. For full advisory and reproduction of this report in whole or in part please contact our Head office @ 13 Adetokunbo Ademola Street, Victoria Island, Lagos. TEL: 01-2710723, 08096000042; [email protected] www.fineandcountryng.com
REAL ESTATE OUTLOOK 2016
Premium Property Outlook | Q1, 2016
The Proposed Eko Atlantic Development, Victoria Island, Lagos.
08096000042
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Call: 08096000042 for inquiries
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2014
Gold Category for Quality Leadership, Technology & Innovation
2014
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2015
Cfi.co Real Est. Awards
The Residences, Asokoro Abuja - Call 08096000042 for inquires.