BOOSTING CONFIDENCE IN NIGERIA’S REAL ESTATE MARKET: THE CRITICAL ROLE OF PROFESSIONAL ESTATE SURVEYORS AND VALUERS

ESV OTUONYE NGOZI BLESSING

As Nigeria continues to navigate rapid urbanization, fluctuating economic conditions, and increasing investment interest from both local and international players, the real estate sector remains a central pillar of the nation’s development. Yet, one persistent gap threatens the integrity and long-term growth of the market: accurate, transparent, and professionally executed valuation and property advisory services.

Estate Surveyors and Valuers, members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), have become indispensable in addressing this need. With rising concerns over property fraud, inflated valuations, distressed asset sales, improper land documentation, and inconsistent market pricing, the demand for professionally regulated valuation is at an all-time high.

Industry experts note that many market distortions occur because property owners, investors, and even government agencies often rely on untrained or uncertified individuals for valuation tasks that should be handled by professionals. This gap not only undermines investor confidence but also weakens the credibility of Nigeria’s real estate market at a global level.

“Proper valuation is the backbone of real estate investment decisions,” “Whether it is for securing a mortgage, buying a home, acquiring land, or making infrastructure decisions, professional input reduces risk and enhances transparency.”

In recent years, the need for credible valuation has become even more pronounced due to the emerging trends shaping the industry:

Property Technology (PropTech) Integration

Digital platforms for rent, sales, and property management are on the rise. Yet, without certified valuation input, online listings often reflect inconsistent or artificial pricing. Professional valuers help bridge this gap by providing accurate market data and guiding digital platforms toward responsible pricing systems.

Increased Mortgage Transactions

With more Nigerians exploring mortgage financing, banks are insisting on valuation reports from registered Estate Surveyors and Valuers to reduce credit risk. This trend further strengthens the relevance of certified professionals in the financial ecosystem.

Government Infrastructure and Urban Renewal Projects

Major road expansions, transportation upgrades, and redevelopment initiatives require compensation assessment, land acquisition studies, and feasibility analyses—all core areas of professional estate surveying and valuation.

Rising Demand for Advisory on Property Investment

The surge in private investors seeking to diversify into real estate has created demand for expert advisory on asset viability, rental projections, development appraisal, and investment risk assessments.

Despite these advancements, the profession still faces challenges such as quackery, poor regulation enforcement, and limited public awareness about who is qualified to practice valuation in Nigeria. NIESV continues to advocate strict compliance with professional standards to safeguard the public and promote orderly market development.

As the real estate industry expands and economic realities evolve, the role of regulated, competent Estate Surveyors and Valuers cannot be overstated. Their contributions remain vital to market stability, investor protection, and sustainable national development.