Nigeria reconciles land evaluation system with economic realities

By Golfa Francis, Abuja

Reconcile Nigeria's Land Evaluation System With Economic Realities, Mr Fashola tells Estate Valuers.

A reconstituted Estate Surveyors and Valuers Registration Board of Nigeria have been inaugurated with a task to reconcile the disparity between land evaluation system and current economic realities.

The Minister of Power Works and Housing, Babatunde Fashola urged the professionals to develop an open evaluation for different parts of the country and evolve means of making the practice of estate valuation responsive to the man on the street.

Global economic slowdown
Due to global economic slowdown, Mr Fashola stated that property owners in some other jurisdictions were offering discounts on their properties to ensure optimum occupancy.

Recalling recent news that property sellers in the United Kingdom were offering discounts to citizens because of BREXIT, he cited as proof that markets react to policies.

“Many years ago our Stock Market was immune to policies. But you see today that we have a stock exchange that ranks with some of the best in the world because it reflects the realities of our economy in many respects,” Fashola stated.

“In a very challenging economy where cash is clearly tight, is the market value really responding appropriately? Are these values consistent with reality? Why are we not seeing rates and rents and values drop? Why are we having many houses unoccupied where people are looking for accommodation?”, the minister asked.

Mr Fashola said one of the areas where Nigeria’s Ease of Doing Business ranking could improve was in the area of real estate valuation, especially how to develop a harmonised code of charges.

Economic growth
The Chairman of the Board, Olayinka Sonaike thanked the Government for the privilege given to them, pledging their professionalism to contribute to the economic growth of Nigeria.

Mr Sonaike requested that the budgetary allocation to the Board be released to it expeditiously after the signing of the 2017 Appropriation Bill, promising that with the collaboration of the Ministry of Power, Works and Housing, the Board would carry out its job effectively.

The Chairman added that the Institute of Estate Surveyors and Valuers of Nigeria had already completed a database of properties in Lagos State with the intention to work in other states.

Mercy Chukwudiebere