Shaping Nigeria’s Real Estate Sector: The Vital Role of NIESV

ESV Bello Olaitan Memunat,

The real estate sector in Nigeria is a critical driver of economic development, providing housing, commercial spaces, and investment opportunities. However, the sector faces numerous challenges, including high property costs, regulatory inefficiencies, and a lack of transparency in property transactions. Professional bodies like the Nigerian Institution of Estate Surveyors and Valuers (NIESV) play a crucial role in addressing these challenges, ensuring that the sector operates efficiently, ethically, and in a manner that benefits all stakeholders.

One of the key functions of NIESV is promoting professionalism and ethical standards within the real estate industry. By setting guidelines for estate surveyors and valuers, the institution ensures that practitioners adhere to best practices in property valuation, real estate management, and consultancy. This professional oversight helps to curb fraudulent practices such as property misrepresentation, inflated valuations, and illegal land sales, which are prevalent in the sector. Through its disciplinary measures, NIESV ensures that erring members are held accountable, thereby enhancing public trust in real estate transactions.

Another significant role played by NIESV is in property valuation and market analysis. Accurate property valuation is essential for informed decision-making by investors, homeowners, and financial institutions. NIESV-certified valuers provide reliable assessments of property values, which are crucial for mortgage lending, taxation, insurance, and investment purposes. By maintaining consistency in valuation practices, the institution contributes to a more transparent and predictable real estate market, reducing speculative pricing and market distortions.

The institution also plays a pivotal role in housing policy advocacy. Given the persistent housing deficit in Nigeria, which exceeds 20 million units, NIESV actively engages with government agencies, policymakers, and private sector stakeholders to push for policies that promote affordable housing and sustainable urban development. The institution provides expert recommendations on land reforms, mortgage financing, and housing development strategies, ensuring that policies are grounded in industry realities and best practices. Through its advocacy efforts, NIESV has influenced policies aimed at improving access to housing and streamlining the process of land acquisition and property development.

In addition to policy advocacy, NIESV contributes to capacity building and professional development within the real estate sector. The institution organizes training programs, workshops, and conferences that equip members with up-to-date knowledge on real estate trends, emerging technologies, and regulatory changes. These initiatives help estate professionals stay competitive and well-informed, ultimately raising the overall standard of real estate practice in Nigeria. Furthermore, NIESV collaborates with universities and research institutions to advance knowledge in real estate and property management, fostering innovation and efficiency in the industry.

Infrastructure development is another area where NIESV plays an influential role. The institution provides technical expertise in urban planning, property development, and land use management, ensuring that real estate projects align with national development goals. By offering consultancy services to both public and private sector players, NIESV helps in the formulation of master plans that promote organized urban growth, efficient land use, and environmental sustainability.

Additionally, NIESV is instrumental in dispute resolution within the real estate sector. Property transactions often lead to disputes related to land ownership, lease agreements, and valuation discrepancies. The institution, through its alternative dispute resolution mechanisms, provides mediation and arbitration services that help resolve conflicts amicably, reducing the burden on the judicial system and fostering investor confidence in the sector.

The real estate sector in Nigeria is poised for growth, but this can only be achieved with the active involvement of professional bodies like NIESV. Through its commitment to professionalism, policy advocacy, capacity building, and market regulation, the institution plays a vital role in shaping a transparent, efficient, and investor-friendly real estate environment. Going forward, increased collaboration between NIESV, the government, and private sector stakeholders will be essential in addressing existing challenges and unlocking the full potential of Nigeria’s real estate industry. With sustained efforts, NIESV will continue to be a driving force in ensuring that the sector contributes significantly to economic growth and national development.

ESV Bello Olaitan Memunat a member of the Nigerian Institution of Estate Surveyor and Valuer (NIESV) , writes from Abuja, Nigeria.