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Demolition Of Landmark Beach Front Sparks Investor Exodus, Inflation Woes Hit Nigeria’s Real Estate Market

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Demolition Of Landmark Beach Front Sparks Investor Exodus, Inflation Woes Hit Nigeria's Real Estate Market

A recent report by Northcourt, titled “Nigeria Real Estate Market Review H1 2024,” has revealed that the demolition of the Landmark Beach front in Lagos is causing investors to reconsider their investment plans in Nigeria, with some even relocating to other jurisdictions.

The report states that the demolition, which was carried out due to the proposed Lagos-Calabar 700km coastal highway, has raised concerns among investors about Nigeria’s reputation for policy inconsistency and inadequate stakeholder consultation. The Landmark centre, estimated at $200 million, contributes significantly to tax revenue, with estimates suggesting $1.5 million.

The report also highlights the challenges posed by high inflation rates, which have increased construction costs and reduced the development of new real estate projects. Construction costs have spiked by over 78% YoY, while rents are rising across low-income areas, emphasizing the need for affordable housing.

Furthermore, the report notes that Nigeria’s real estate market has been impacted by unfavorable movements in foreign exchange rates and inflation, posing challenges for developers and investors. However, government intervention, such as tax rebates for construction companies and support for local production of building materials, could help lower construction costs.

Commenting on the report, Northcourt’s CEO, Ayo Ibaru, noted that the real estate sector contributed 5.20% to Nigeria’s GDP in Q1 2024, lower than the 5.31% it contributed in Q1 2023. He attributed this decline to poor economic performance, political gaffes, and limited Foreign Direct Investment (FDI).

Ibaru also stated that population growth continues to drive the demand for residential real estate, particularly in mid-market areas. However, he noted that the growing demand for affordable housing and sustainable building practices has led to a continual mismatch between supply and demand.

Read also : Controversial Demolitions, Banking Scandals, and Major Gas Deals: Latest News Highlights

The report projects that the real estate market in Nigeria could grow by 7.24% and reach a total estimated value of $2.14 trillion by the end of 2024. Residential real estate is expected to hold the largest share, with an estimated market volume of $1.77 trillion by the end of 2024.

Despite the challenges, the report notes that cooperative societies are making progress in raising funds for housing, albeit slowly. However, large-scale housing developments are largely between planning and early execution stages.

The report also highlights the challenges faced by the Nigerian real estate sector, including obtaining long-term financing on friendly terms, ownership complications stemming from the application of the Land Use Act of 1978, and limited mortgage availability due to high rates and lack of collateral.

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Two Dead, Nine Injured in Brown University Shooting

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Two Dead, Nine Injured in Brown University Shooting

 

Two students were killed and nine others injured after a gunman opened fire at Brown University in Providence, Rhode Island, on Saturday, police said.

 

Authorities have detained a person of interest in his 20s, who is now cooperating with investigators.

 

The attack occurred around 4:00 p.m. local time (21:00 GMT) at the Holley Engineering Building on the eastern end of the university campus.

 

Police said the identities of the victims have not yet been released.

 

Brown University President Christina Paxson confirmed that all those affected, including the deceased, were students.

 

In a statement on Sunday, Paxson said parts of the campus remained restricted as police continued investigations.

 

She added that around 2,000 students were relocated to safe locations overnight and expressed gratitude to local residents who opened their homes to students.

 

Providence Mayor Brett Smiley said seven of the injured students were in stable condition, one was critical, and another had been discharged.

 

The mayor, who visited victims and their families in hospital, described their courage as “overwhelming” and confirmed that the shelter-in-place order issued earlier had been lifted.

 

The Federal Bureau of Investigation (FBI) said the suspect was detained at a hotel in Coventry early Sunday morning based on a lead from Providence Police.

 

Police Chief Oscar Perez confirmed that officers were no longer searching for additional suspects and were working closely with prosecutors to collect evidence.

 

President Donald Trump, speaking at the White House, expressed sympathy for the families of the two deceased students and wished a speedy recovery for the nine injured.

 

The shooting brings the number of mass shootings in the United States in 2025 to 389, according to the Gun Violence Archive, which defines mass shootings as incidents with four or more victims killed or injured, not including the attacker.

 

Authorities are urging the public to remain vigilant as the investigation continues, while a vigil is scheduled for Sunday evening to support the Brown University community.

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Bondi Beach Attack: 15 Dead, Father-Son Gunmen Behind Shooting

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Bondi Beach Attack: 15 Dead, Father-Son Gunmen Behind Shooting

 

A mass shooting at Bondi Beach on Saturday left 15 people dead, including a child aged 10, during a Hanukkah celebration. Authorities are treating the incident as a terror attack.

 

Police confirmed the shooters were a 50-year-old father and his 24-year-old son.

 

The father died at the scene, while the son remains in critical condition.

 

The 50-year-old was a licensed firearms holder; six guns and two improvised devices were recovered from the site.

 

Prime Minister Anthony Albanese called the attack “an act of pure evil”, saying it deliberately targeted the Jewish community, and promised full resources to support the investigation and combat antisemitism.

 

NSW Police Commissioner Mal Lanyon said quick response, informed by last year’s Bondi stabbing, helped save lives.

 

328 officers have been deployed to protect Sydney’s Jewish community, while two properties in western Sydney were searched overnight.

 

Among the victims was British-born Rabbi Eli Schlanger. Eyewitnesses described the chaos, with some saying the gunfire felt like it lasted “an eternity.”

 

Authorities continue to investigate the attack as Australians reel from the tragedy.

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Trump Reacts as ISIS Kills Three Americans in Syria 

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Trump Congratulates UK’s Farage, Ignores Starmer

Trump Reacts as ISIS Kills Three Americans in Syria 

 

President Donald Trump has pledged a “very serious retaliation” after an ambush in central Syria on Saturday, killing two U.S. service members and one American civilian interpreter, an attack the United States blames on the Islamic State (ISIS) group.

 

In a statement and social‑media post, Trump described the assault near Palmyra—a region still volatile and not fully controlled by the Syrian government—as “an ISIS attack against the U.S. and Syria.”

 

He mourned the three victims as “great American patriots” and confirmed that three other U.S. soldiers wounded in the attack are recovering.

 

Speaking from the White House before departing for a public event, the president said he expected a firm U.S. response, noting that there will be “very serious retaliation” against ISIS and any group that targets American forces.

 

Trump noted that Syrian President Ahmed al‑Sharaa, whose government has been cooperating with U.S. forces in counter‑terrorism operations, was “extremely angry and disturbed” by the incident.

 

The ambush occurred as U.S. troops were engaged in a counter‑terrorism mission alongside Syrian partners; the suspected attacker was killed by coalition forces, U.S. Central Command said.

 

The identities and units of the deceased are being withheld pending family notification.

 

Defense officials, including Secretary of Defense Pete Hegseth, echoed Trump’s stance, issuing stark warnings that the U.S. will pursue individuals or groups that target Americans.

 

The U.S. maintains a force of around 900 troops in Syria as part of ongoing operations against ISIS remnants, despite the group’s loss of territorial control years earlier.

 

The attack is the first fatal incident involving U.S. personnel in Syria since the fall of the Assad regime, highlighting persistent security challenges and raising questions about the future scope of U.S. military engagement in the region.

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