Real estate professionals have been urged to deepen ethical standards, adopt modern technologies, and strengthen strategic collaborations to enhance credibility and unlock the sector’s vast investment opportunities.
This call was made during a webinar titled “Upholding Professionalism as Real Estate Agents and Re-strategising to Sell for the New Year”, organised by Prindex Properties Limited in Lagos.
Speaking at the event, former Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos branch, Dotun Bamigbola, said professionalism remains the strongest pillar for restoring public trust in Nigeria’s real estate market.
The Senior Partner at Bamigbola Consulting (BC) described real estate as a high-value sector built on trust, noting that adherence to global best practices helps to minimise fraud, enhance client confidence, especially among diaspora investors and promote market acceptance.
According to him, the African real estate market is projected to hit $17.64 trillion by 2025, with the residential segment valued at $14.87 trillion, driven by rapid urbanisation, middle-class growth, and infrastructure investment. Nigeria’s real estate sector, he added, is valued at N41.3 trillion as of 2024, contributing 5.45 per cent to the nation’s Gross Domestic Product (GDP), while the Real Estate Investment Trusts (REITs) market stands at N600 million.
Despite this potential, Bamigbola highlighted the country’s 28 million housing deficit, describing it as both a challenge and an opportunity for investors and professionals.
He listed key elements of professionalism as ethics and regulatory compliance, robust market knowledge, technology adoption, including PropTech tools such as drone imagery, clear communication, and transparency.
He referenced the Royal Institution of Chartered Surveyors (RICS) ethical framework based on integrity, competence, respect, service, and responsibility.
To excel in the coming year, he urged practitioners to reposition by exploring high-demand market niches such as affordable housing and short-let apartments, ramping up client education, and engaging more diaspora investors.
He also encouraged the use of key performance indicators (KPIs) such as lead response time, conversion rates, average days on market, and referral strength.
Bamigbola, who also founded One Squaremetre Real Estate Limited, advised industry players to adopt structured action plans, including short-term listing audits and professional branding; medium-term digital marketing and partnerships; and long-term niche positioning and referral systems.
“Nigeria and Africa hold massive opportunities, but professionalism and strategic execution are required to achieve competitive advantage,” he said.
In his keynote address, Managing Director of Prindex Properties, Tolu Bawa-Allah, echoed the call for professionalism and specialisation, stressing that real estate practitioners must embrace continuous learning to remain relevant.
He described practitioners as essential guides for local and global investors, noting that their expertise helps clients navigate complex markets and make sound investment decisions.
Bawa-Allah emphasised the value of niche specialisation, whether in commercial leasing, luxury residential, or investment advisory, asserting that it enables real estate professionals to deliver high-value service.
He also encouraged active participation in professional bodies such as NIESV, International Real Estate Federation (FIABCI), Association of Estate Agents in Nigeria (AEAN), National Association of Realtors (NAR), and Nigerian Institute of Architects (NIA), saying such affiliations ensure credibility and alignment with global standards.
The forum stressed the importance of collaboration, noting that referring clients to trusted partners should be seen not as a weakness but as a strategy for building stronger networks and offering superior client service.
Participants concluded with a renewed commitment to fostering a more ethical, professional and collaborative real estate market as the New Year approaches.
