• Tuesday, March 05, 2024
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NIESV: Despite $900bn dead capital, Nigeria yet to unluck potential in real estate

Estate surveyors want Land Use Act removed from Nigeria Legal System

The Nigerian Institution of Estate Surveyors and Valuers, NIESV, laments that despite $900bn dead capital, the country is yet to unlock its potentials in the Real Estate sector

The First Vice President, NIESV, Adekunle Alonge, stated this at the 2024 J.W. Ekpenyong Memorial Lecture, ‪2021-2023‬ Real Estate reports and fellows induction held in Abuja.

Read also: NIESV president solicits support for improved industry standards

While quoting PricewaterhouseCoopers, he said,” the future of the real estate sector in Nigeria is very bright as the country has over $900 Dead Capital.

“Dead Capital means property assets that we are not able to introduce to the economy for them to actually be useful. So, bringing those assets into the economy means growth for the country. Government need to start paying attention to the sector,” he lamented.

While highlighting the role of the real estate sector in economic development, the President, NSIEV, Johnbull Amayaevbo, stressed on the need for government to involve professionals when taking decisions on Real Estate

“The government need to understand the importance of professionals in the sector, hence they shouldn’t make decisions without involving or consulting professionals in the sector. The land use decree also need to be revisited, there ought to be reformation on it,” he said.

In his remarks, Amayaevbo said the ‪2021-2023‬ Real Estate Report will help Nigerians understand the values of properties, thereby curbing exploitation in the sector

“The real estate market report from ‪2021-2023‬ shows the values of properties across the country, including all state government project. It will be used by government and stakeholders for decision making and help Nigerians know the real price of real estates,” he said.

He said, “ the documents will curb exploitation in the real estate and show the true values of real estates down to local government level.”

The president also highlighted the need for a vibrant mortgage system in the real estate sector.