Broll Staff Attend Conference on Urban Migration and Renewal in Nigeria by Mail and Guardian Africa

Urban Migration and Renewal in Nigeria:  Future Drivers of Economic Growth. How African cities will be the biggest drivers of the Rising Africa Story?

On Wednesday August 15^th, Broll Staff attended an event which was hosted by Mail and Guardian Africa at Four Points Hotel.

The recently launched pan-African news and information portal noted that Nigeria was chosen to lead the debate because Lagos is expected to be the 11th biggest city on the planet by 2015 with 16 million inhabitants.

'As we struggle to find the means to house and feed the people undertaking rural-urban migration, Africans will look to Nigeria as the first to face the mammoth task of ensuring that human settlement, infrastructure development and job creation are well managed in the growing city-society.' - Mail & Guardian Africa.

During the event Governor Fashola, who was the Speaker noted 3 key things that needed to be done:

• Invest in education - He explained that this was a key route to national development especially within the science and technology sectors. 
• Embrace Information Technology - Governor Fashola also called on Nigerians to utilise the internet and also social media to aid in bridging the development gap.
• Reduce Poverty - By means of reducing the large infrastructure deficit. 

Broll Q2 Office Report in Businessday Article

Broll's Q2 Office Report was recently quoted in a Businessday Article that noted Prime office space rents up 17% as investors raise demand. The article explained that an increased demand for prime office space from international investors comprising mostly insurance companies and property fund managers seeking entry into Nigeria’s commercial real estate market has increased rents in exclusive locations such as Ikoyi by about 17% in the past six months.

Broll has a different view on this. Although growing institutional interest in the Nigerian real estate market has grown recently, that was not the reason rents increased. Increased interest from institutional investors in real estate assets would typically increase the price of the asset, not rental rates.

To read our Q2 Office and Retail reports see the downloads tab on the Broll website.

 Read the Businessday article here.

Nigerian Real Estate Market Valued at N6.4tr ($41b)

Following rising demand for commercial space and housing for middle-income and young professionals in Nigeria, the nation’s real estate market has continued to grow with the sector now valued at N6.4 trillion ($41.2 billion). According to a report by Agusto & Co., the Lagos sub-segment of the market accounts for at least 40 per cent of the Nigerian market.

The report revealed that growth continues to be driven largely by new to market residential and commercial properties in Lagos, Abuja and Port Harcourt. The market is estimated to grow by an  average of 10 per cent in 2014 and 2015 respectively.

Read more on Thisday.

Q2 Office and Retail Quarterly Reports Now Available!

We are now in Q3 and Broll Nigeria has released its Office and Retail Quarterly reports for Q2. Each report includes an Economic Overview, Real Estate Overview, Major Shifts and Transactions section as well as an Outlook, where we discuss all relevant matters that occurred during the quarter.

In the office sector, we saw that investments into the sector are not limited to international interests. The Nigerian Sovereign Investment Authority (NSIA) recently released their flagship annual report with a strong focus on real estate investments. Furthermore, looking forward to the next quarter and beyond development completions will begin to rise sharply. In Q3/Q4 a few properties including Rose of Sharon Tower, Civic Center Tower, NIPOST Towers, Kanti Tower and Landmark Tower (90% leased) in Victoria Island will be nearing completion or coming on the market.

In the retail sector, Q2 saw a lot of activity recorded in Lagos, with Ikeja City Mall seeing the most transactions as 3 new retailers signed leases for space in the mall. The retail development pipeline is also very strong across the country and there is currently over 200,000m² of space under construction, mainly concentrated in the Southern regions of the country. In one of the new malls under development we are expecting luxury global brands like Versace, Armani Jeans, Swarovski and more.

Have a look at the report for more information! To get a copy please see the Downloads tab on the Broll website. 

The research team is committed to fostering transparency in local real estate markets. We hope you enjoy the reports. For more information contact Nnenna Alintah on research@broll.com.ng.

BROLL IS 10! #10YearsOfBroll

It has now been 10 years since Broll was established in Nigeria!

For over 10 years we have been maximising property potential for our clients and we don't intend to stop! In the process, we have earned a formidable reputation for delivering quality, effectiveness and value.

We hope to continue to serve the property market for many more decades to come. Looking forward to the next 10 years.

#10YearsOfBroll

Towers at the World Trade Center in Abuja Nearing Completion

World Trade Center, Abuja

The 1st phase of World Trade Center mixed use development in the busy CBD of Abuja is nearing completion. The development which currently holds 1 office tower and another residential tower is expected to be complete by year end 2014 or the 1st quarter of 2015. The Tower One Residences will feature elegant and spacious 1 to 6 bedroom layouts in single floor and duplex floor plans, as well as underground secured parking, concierge services and VIP access to Capital Mall. 

Likewise the office tower includes modern and flexible A grade commercial space spread out over a floor plate of 1200sqm with a host of other amenities, including tightly controlled access and erudite business services. The development is set to raise the standard for office space quality and high end residential apartments in the capital city of Nigeria. 

In coming years, as Nigeria's economic prospects continue to lure international investors in, demand for office space in this region which is typically driven by governmental organisations and political forces should rise. The other phases of the development will include more office space, residences an upmarket hotel as well as a modern mall. 

If you are interested in an apartment/office  space or would like to find out more about the World Trade Center please contact our Head of Commercial Broking - Olufemi Oyinsan - ooyinsan@broll.com.ng.

Residential Tower on Eko Atlantic Already Sold Out

Eko Pearl, Eko Atlantic

The Eko Pearl Towers development is an up market residential project in the heart of the $6b land reclamation Eko Atlantic scheme. 
During an event focused around this new development, which held at Eko Hotel on the 7th of June, it was revealed that the first tower which is already under construction is completely sold out! Fortunately, purchases and commitments to purchase were being accepted for the second. Demonstrating for many that this project is not a white elephant.
It will consist of 5 towers, each with its own identity and colour highlighting the slight difference in their design and outer structure. 
The towers sit in a self contained area on the island with secure parking and a garden terrace which is almost 23,000sqm. The development will also include a swimming pool, 2 tennis courts, squash court, children's playground, landscaped paths, sitting areas and an open air bar. Furthermore, each tower will come with its own private health club, meeting room and lounge.  Apartments and penthouses sizes range from 144sqm to 248sqm. There has also been alot of activity on a commercial front on the Island, with many banks making commitments to develop impressive high rises and possibly relocate their corporate headquarters to the region. 

If you are interested in buying an apartment or would like to find out more about Eko Atlantic please contact our Head of Commercial Broking - Olufemi Oyinsan - ooyinsan@broll.com.ng.