Real Estate

Caterpillar Could Cut 10,000 Jobs

Caterpillar, the US maker of construction and mining equipment, has said it could cut its workforce by more than 10,000 by 2018.

According to BBC, the company - which employs more than 126,000 worldwide - said it would cut up to 5,000 jobs by the end of 2016.

It is looking to reduce annual costs by $1.5bn by the end of 2016.

Caterpillar has been hit by the collapse of commodity prices which have affected its key customers in the mining and energy sectors.

Reduction in Demand of Properties in Northern Nigeria as Insurgency Escalates

The increasing rate of terrorist activities in the Northern Part of Nigeria has lead to the reduction in demand of properties as well as a reduced rate in property values by 30-40% resulting in a downturn in the property market in parts of the Northern States.

Most of the residents of the areas usually attacked by the insurgents have relocated to comparatively peaceful places in the region while those who are not from these states have completely relocated to workable states down south.

Joint Venture Real Estate Initiatives, Driven by Shrinking Bank Lending

Investigations revealed that the Real Estate Developers in the country are responding to the shrinking of bank credit to the sector by embracing joint venture initiatives. Industry experts say this shrinking of bank credit, which is undermining housing delivery and supply to the market, is part of the lasting impact of the 2008/2009 global economic meltdown on the real estate market in Nigeria. In some cases, banks have demanded that developers provide off-takers ahead of project completion as a pre-condition for accessing credit, which some developers find difficult.

Luxury Property: Price Growth Slows Across the World

Prices of luxury property in cities across the world slowed in the third quarter of 2013, with growth of just 1.2% compared with the 6.6% year-on-year growth, reported.

But the Chinese market is bucking the trend with a quarterly rise of 7.9%, according to the latest index from Knight Frank which tracks prime prices in 27 key cities.

On an annual basis, average prime property prices in Hong Kong remained unchanged while Jakarta and Dubai saw the strongest year-on-year growth at 27.2% and 21.8%, respectively.

Institute Calls for Establishment of Building Development Board

The Nigerian Institute of Building (NIOB) has called on the Federal Government to facilitate the establishment of a building development board, which will coordinate and promote the development of industry standards, productivity measures and strengthen the relationship among stakeholders in the construction industry.

Govt Residency Rule Boosts Abu Dhabi Rents

A government requirement for public sector workers to reside in Abu Dhabi has provided a boost to the capital’s real estate sector with a rise in demand, according to the latest analysis from Middle Eastern property experts Clutton.

Head of Cluttons Middle East, Steven Morgan said this requirement has contributed to the rising tenant demand that have been recorded.

He said, “We expect that the ruling, which came into force on 01 September for 20,000 public sector workers and their families, will continue to place downward pressure on vacancy levels

Real Estate Landscape and Investment Potential

Nigeria, with a population of over 160 million, is currently under housed. Its real estate potential is largely untapped. The housing deficit in Nigeria presently stands at 18 million, according to the National Bureau of Statistics. This means 11.25% of the population presently lacks basic living facility. However, major cities in Nigeria are currently experiencing massive economic growth. This comes at the back of an influx of residents from rural regions in search of work and better standards of living.

Financial Success Through Real Estate Investment

Financial success is largely dependent on financial maturity regardless of our age. The attainment of attributes like focus and delayed gratification are part of emotional intelligence. It is a major ingredient of financial success. It is difficult to steer our lives in this direction until we conquer self and exercises self control.

Selling Real Estate Online

Who would buy a house online? You would probably consider real estate ‘too big’ for cyberspace. But before you knock it take a moment or two to read this little article of ours. Then you would get to understand why many real estate dealers, agents, and marketers are flocking to the internet. What’s more, many have graduated from just running online real estate ‘directories’ to actual ‘web stores’.

Let’s begin with the buyer’s side of the fence. Why would a buyer go online? Here are a few of the advantages that are attracting real estate buyers to the internet:

Real Estate Options On The Islands Of Lagos

Real estate on the islands of Lagos is relatively more expensive that it is on the mainland but if you spend most of your day on the island then you should add the extra fuel you burn, the extra wear on your vehicles, the hassles and stress, the cost of doctor’s fee and medication.

If you have been seeking to buy a property you should have done it in the heat of the global meltdown. The real estate market crashed along with the Nigerian Capital Market and choice properties were going for peanuts.