New property investment guide coming as estate surveyors launch market Report

A new report aimed to guide investment in the Lagos property market is set for launch to the public by the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Branch.

The new report, known as ‘Lagos Property Market Consensus Report’ and compiled for the first half of 2020 by the Research and Development Sub-committee of the institution, is billed for launch on Friday, August 28,2020.

The chairman of the branch, Adedotun Bamigbola, explained in a statement at the weekend that the Report which has contributions from 172 estate surveyors and valuers from 101 real estate firms and other property companies across the state, is aimed to guide investors, residents and the public sector on real estate investment and housing need decisions.

“The body of estate surveyors and valuers in Lagos would continue to deliver the report that provides reliable real estate data quarterly, going forward, but bi-annually (H1 and H2) only in 2020, because of the effect of Covid-19 on various fronts of the economy.

“Over the years, there has been a dearth, if not a complete non-existence, of property market data in Nigeria, despite the importance of housing and real estate investments in every economy,” he said.

He explained further that, as a body of real estate surveyors and valuers and the leading professional body of real estate experts in Nigeria, they believe that it is at the core of their services to carry out properties research, obtain and customize real estate data, in the state where they operate, that can be accessible to relevant public sector regulators, private sector operators and individuals for useful purpose of public planning and private sector investment decision-making.

“A lot of efforts and resources were deployed into “The Lagos Property Market Consensus Report” with the dedication of members of the Research and Development Sub-committee the institution led by Kevin Ofili. There were also other colleagues drawn from the private and public sectors as well as the academia. We are grateful to God that these efforts have yielded valid and reliable results,” he said.