Professionals under the aegis of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos branch, have advised the government to initiate reforms and policies that could lower building development costs and reduce high rents in Nigeria’s cities.
Call for Enabling Environment
Chairman of the branch, Tosin Kadiri, speaking with journalists ahead of the chapter’s estate week in Lagos, said that a major way to address the rent hike is not through control laws, but by creating an enabling environment for developers. He noted that part of the activities by the practitioners aimed at impacting society include charity donations to an orphanage home, mentorship and training for students of Lagos State University of Science and Technology, sports competitions, and others.
Reducing Housing Financing Costs
Kadiri also stated that the government should ensure that the cost of housing financing is drastically reduced for developers, construction industry participants, and end-users seeking mortgage loans to buy property. He emphasized that the chapter had started training and mentoring younger professionals to channel their interests into the profession, noting that by training new members, it would be possible to have enough professionals to serve the public and meet the demand for professional expertise in society.
Upholding Professional Integrity
The chairman, who reiterated the importance of engaging only qualified valuers for all property transactions, pledged to continue upholding the integrity of the real estate and valuation profession. He stressed that only through qualified practitioners can the industry maintain high standards and public trust.
Collaboration with Estate Agents
Also, Vice Chairman of the Lagos branch, Ayodeji Odeleye, said the chapter had established a working relationship with the Association of Estate Agents in Nigeria (AEAN), a sister body, in ensuring that practitioners are well educated and trained by exposing them to industry standards and enhancing collaboration to end the activities of quacks and have a safer environment.
These initiatives are expected to contribute significantly to solving the housing crisis in Lagos and other Nigerian cities, providing affordable housing options for citizens and boosting the real estate sector's credibility.
