Nigeria Requires Regulation to Stem Overpricing of Housing Units, Says AEAN

Fadekemi Ajakaiye

The Association of Estate Agents in Nigeria, (AEAN), an arm of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has said the lack of regulation of Real Estate Brokerage in the country has fostered haphazard practices such as overpricing of housing units, letting of substandard structures and houses amongst others by unqualified agents. 

The National Publicity Secretary of the Association, Adeniyi Tinubu, a Global Real Estate Advisor, stated this at a press conference, adding that NIESV, in a bid to reverse this trend, has “set up the Association of Estate Agents in Nigeria. There is a need for some Legislative Activism in this regard because we require a level of uniformity in Real Estate Brokerage in Nigeria. 

“As a matter of fact, the poor public perception and image of Real Estate Brokerage and in effect the profession of Estate Surveying and Valuation, is as a result of the activities and incursion of non professionals into the practice of Real Estate Brokerage. 

“Many of these do not just affect the professionals who have painstakingly gathered industry knowledge and expertise on Real Estate Brokerage but most importantly it affects the common man who is at the receiving end of these substandard practices. Shelter or Housing is one of the foremost needs of any man, thus matters regarding it should be treated with utmost meticulousness. We acknowledge the efforts of the constituted Authority in this regard but we urge the Legislature and also the Federal Ministry for Works and Housing to take this into cognisance. We as an association are ready to work with the Government to achieve positive results regarding the policies on Real Estate Brokerage. We realize that all hands must be on deck to solve the problem and that has reflected in our activities so far. With National development in mind we have been able to create an enduring partnership via a bilateral agreement with the National Association of Realtors in the United States of America (NAR).

This partnership is geared at putting Nigeria on the global map as well as creating an enabling environment for Real Estate Investment in Nigeria. Together with the NAR , we at the AEAN have worked ceaselessly to lay the foundation for sustainable development in the Real Estate Sector. This partnership has necessitated the AEAN conference 2024 scheduled to be held from the 9th of April – 12th of April 2024 at the prestigious Eko Hotel. The theme for this year’s conference will be “ Building enduring partnerships for a better future”. Over the years, the AEAN conference has proven to be a high level , interactive and problem solving conference , we have however taken it several notches higher this year with the partnership with the NAR. We will be hosting our international partners from the NAR of America on a Trade Mission which promises to be a glass ceiling shattering event , we will also be taking them on facility tours to show them the tremendous investment potential here in Nigeria.This year the conference is going to have a highly specialized training in the Certified International Property Specialist (CIPS) designation facilitated by the NAR.

This designation allows Nigerians to become certified international property specialists and gives them access to an international market, international buyers and an opportunity to assist clients overseas to make smart Real Estate Investments all over the world. This training will equip people who partake in it with the right tools , knowledge, research and network to achieve the aforementioned at an affordable pricing for all professionals. With the payment also comes automatic membership of the NAR. In this same conference we have also partnered with foreign facilitators and speakers to further educate Nigerian Real Estate brokers on Industry trends and international best practices to become licensed Realtors. One of the AEAN’s aims is to train and retrain Real Estate Brokers and this will be showcased heavily during the duration of this conference, for example there will be a Proptech session delineating and exposing the intricacies of how technology should be applied in Real Estate in a manner that encourages Sustainability practices as well as growth and development in the sector. This session will also comprise opportunities to make pitches to foreign venture capitalists to encourage home grown innovation and bolster Nigeria’s Local content numbers in the Real Estate sector. We intend to expose our international delegates to the beauty that is the Nigerian culture and heritage evinced by us scheduling an event called the ‘Afrobeats Gala Night’. Overall, the AEAN Conference 2024 promises to be a conference of all conferences. We seek the support of concerned government ministries , departments and Agencies as well as all stakeholders in the Real Estate Ecosystem. 

“Together, more can be achieved to create strategic change and policies for the betterment of Real Estate Brokerage in Nigeria.”