BENEFITS OF PROPERTY VALUATION TO ECONOMIC DEVELOPMENT

By ESV Folorunso Olanrewaju Isaac,

All over the world, the economy is made of different professionals to achieve a common goal of economic growth and development. And for an economy to experience even, sustainable growth and development, all professionals must work together in addressing the social, economic, and political need of the country.

In Nigeria for example, the built environment is characterized with a number of professionals who are rendering different services to achieve a common goal of making the real estate sector to work and play pivotal roles in the overall economic growth and development of the country.  Among many other professionals that are driving the built environment are: the Estate Surveyors and Valuers, Quantity Surveyors, Architects, Engineers, Lawyers, and Marketing professionals.  These set of professionals have a role to play for the common good of their respective professions and the economy at large.

Professionally speaking, when it comes to the Nigerian built environment, Estate Surveyors and Valuers are the only professionals that are constitutionally saddled with the responsible of valuation of all types, through their operational licenses as obtained from the Estate Surveyors and Valuers Registration Board of Nigeria (ESVABON), and the Nigerian Institution of Estate Surveyors and Valuers (NIESV).

The benefits of property valuation, an exclusive territory to Registered Estate Surveyors and Valuers in any economy cannot be overemphasized. The financial market place of the economy- Banks and Non-Bank Financial Institutions (BNBFI) depend on valuation reports for informed decisions that cut across all their lines of business transactions.

The Valuation Standards, otherwise known as the Green Book, the guiding operational for valuers practicing in Nigeria is now being used by professionals in both the private and public sectors  as a guide for decision making.

 Besides the services being rendered to the government agencies, and the operators in the organized private sector by estate surveying and valuation firms, estate surveyors and valuers are now being massively engage by employers of labour in all sectors of the economy.

In asset management and valuation, now economic actor can truly ascertain the valuer of an asset without the professional input of an estate surveyor and valuer.  To arrive at an informed economic judgment of a given asset, the decision makers must rely on valuation report as prepared by a professional estate surveyor and valuer.

For  estate surveyors and valuers to remain relevant in their professional services towards the growth and development of the Nigerian economy, the ongoing advocacy about their professional services should be deepened and protected by the government at all levels. The relevant professional bodies in the Nigerian built environment should strictly remain on their professional lane for our common good.

ESV Folorunso Olanrewaju Isaac is an Abuja based Registered Estate Surveyor and Valuer.