Sustainable Property Management and Its Implication for Housing Investment in Nigeria

ESV Abiodun Bewaji

Human desire to own or take up housing accommodation as one of the basic need and fundamental right of man have made residential property development to be the largest consumption of urban land in the 21^st century. The explosion in the world population as accompanied by the rising trend in urbanization fostered by rapid globalization have exerted much pressure on the global housing markets due to the growing appeal to live and work in urban centers. As the private residential sector keep experiencing a stronger demand for housing, there is also a corresponding growing emphasis on eco-friendly and smart housing solutions in urban areas.

Property managers in the conventional approach to housing management often execute specialized property management function which involves overseeing and handling the day-to-day operations of residential properties such that economic value is prioritized while preserving the physical life of buildings with less attention given to environmental sustainability. In recent time, sustainability concerns in the management of residential properties have grown and become broader in scope as it encompasses environmental, social and economic aspects of housing delivery. The evolving demand of consumers for housing sustainability have made the need for the global housing market to adapt to new economic and technological realities.

Innovative housing solutions which seek to incorporate clean and eco-friendly technology into effective property management especially in the areas of efficiency, affordability and sustainability have led to a shift in focus to aspects of inclusive growth geared aimed at increasing user’s satisfaction and addressing environmental concerns simultaneously. Achieving long-term environmental and social objective as it relates to enhanced energy and resource efficiency, proper water and waste management as well as improved life quality through increased health and safety in the built environment is the goal of sustainable property management.

In developing countries where uncontrolled urban development and industrialization have created environmental degradation such as pollution and climate change, integrating cutting-edge technology that are environmentally friendly in property management will ensure durability, resilience and profitability of investments. Using building materials that are natural and capable of being recycled when carrying out property maintenance and repairs will lower the curve of carbon emission. Adopting clean energy such as solar and biogas as alternative to fossil-based energies for heating, cooling and cooking will reduce the release of greenhouse gases (GHGs) which contributes to climate change and global warming.

Promoting sustainable practices in the management of housing investment in Nigeria will attract foreign investors who carefully considers the need of occupying spaces that offers maximum satisfaction in terms of psychological wellbeing, comfort, access to natural amenities (parks) and safety from health and environmental hazards. Adopting the use of green and nature-based construction materials such as bamboo will encourage the development of rural economy by boosting the growth of infant industries which will in turn create jobs and discourage urban migration. Investment in clean energies like biogas for household use will not only reduce carbon footprint but will also diversify the economy and expand the non-oil sector.

There is an utmost need for the government to collaborate with stakeholders in the real estate sectors like qualified Estate Surveyors and Valuers and experts in renewable energy whose opinion on homegrown sustainable technology for housing development will help sustain environmental and social growth by reducing adverse impact of climate change while increasing economic development without compromising the benefits to be enjoyed by future generation. Citizens should be sensitized on environmental health through continued education and awareness campaign and also the importance of having experienced and registered real estate managers undertake property management of their hard earned investment in urban centres.