NIESV Unveils Comprehensive 2021-2023 Real Estate Market Report, Aiding Stakeholders and Investors Nationwide

Folalumi Alaran in Abuja

Nigeria Institution of Estate Surveyors and Valuers (NIESV) has launched it’s 2021-2023 Real Estate Market (REM) Report which covers land prices across all 30 states and local governments, offering a valuable resource for stakeholders, governments, and potential investors.

The President/Chairman of the Council, ESV Johnbull Osarumen Amayaevbo, made this known yesterday at the 30th John Wood Ekpenyong Memorial Lecture and the 2024 Induction of Fellows of the Nigerian Institution of Estate Surveyors and Valuers.

He noted that the National Bureau of Statistics (NBS) is anticipated to leverage on this comprehensive report for in-depth analysis of the real estate sector’s role in the economy.

The theme of this year’s lecture was “The Role of the Real Estate Sector in National Economic Development.”

“ Slated for today is the public presentation of NIESV REM 2021 – 2023 Report. Governments at all levels and her agencies, professionals and all stakeholders in the real estate industry will find the document useful in decision making, be it real estate investments, valuation reports, acquisition and others.

“The National Bureau of Statistics and others will find this well researched work handy in their analysis of the real estate sector of the economy.”

President ESV Johnbull Osarumen Amayaevbo also charged the newly inducted Fellows to remain committed to continuous acquisition of knowledge and to exhibit at all times the qualities of good conduct, while he emphasized the importance of upholding professional ethics and standards, fostering continuous learning, and contributing to the growth of the institution and the nation.

“ Training and retraining are the hallmarks of true professionalism. The Estate Surveying and Valuation profession is evolving and so are developments within the real estate practice space. It is in recognition of this that the Council of the Institution prioritized skills acquisition for best practices in line with current global trends.

“ Knowledge, skills, trustworthiness and altruism would continue to be expanded and deepened with our commitment to constant training via the Mandatory Continuous Professional Development Program (MCPD). I enjoin you to develop an insatiable appetite for learning and personal professional development. Only by doing so can you hold out yourselves as models to generations yet unborn and project NIESV as truly the premium brand of choice in the professions.”

Additionally, the President highlighted the need for a review of outdated land laws, particularly the Land Use Decree established 46 years ago.

Amayaevbo advocated for government involvement and a proactive approach, urging for the removal of land laws from the constitution to facilitate necessary updates.

This was when he hinted that NIESV had set plans on the way for a groundbreaking event in March, centered around land administration and management.

He noted that this initiative aims to engage stakeholders in discussions about the merits and demerits of current land laws.

The President also urged the media to keep pressing for the much-needed review of land laws, stressing the dynamic nature of the world and the necessity to adapt legislation accordingly.

He said, “ These efforts, combined with the insights from professionals, would guide the government towards achieving the dream of a $1 trillion GDP by properly harnessing the wealth of the land. The upcoming April conference aligns with this vision, focusing on the crucial role professionals play in national development and urging authorities to heed their advice.” He added.