Tuesday, 6th December 2022
<To guardian.ng
Search
Breaking News:

Let demand, supply determine house rent, says NIESV

By Inemesit Akpan-Nsoh, Uyo
04 April 2022   |   4:00 am
President of Nigerian Institution of Estate Surveyors and Valuers, Sir Emmanuel Wike, has warned against monthly rental payment proposal by Federal Government, adding that the framework to regulate the sector was not yet in place in Nigeria.

NIESV president, Sir Emmanuel Wike

…warns govt against regulation
President of Nigerian Institution of Estate Surveyors and Valuers, Sir Emmanuel Wike, has warned against monthly rental payment proposal by Federal Government, adding that the framework to regulate the sector was not yet in place in Nigeria.

He gave the warning while fielding questions from newsmen during Nigerian Institution of Estate Surveyors and Valuers 28th John Wood Ekpenyong Memorial Lecture and 2022 Fellows’ Induction ceremony, held at Ibom Icon Hotel and Golf Resort, Uyo at the weekend.

Wike, who spoke in reaction to the Minister of Works and Housing, Mr. Babatunde Fashola’s proposal, said government could not control rent. He advised government to allow demand and supply determine the rental value in the country, saying that anything contrary could lead to black market, which may further worsen the economy.

Recall that Fashola had, at the 10th meeting of the National Council on Lands, Housing and Urban development held in Lagos, directed state governments to enact laws to make mandatory monthly rent payment to make housing more available to Nigerian masses

Wike said: “I am sure our country will be much better when three years rent in advance, two years rent in advance or one year rent in advance for middle class working family residential homes become monthly rent, payable at the end of the month.

“We discussed this matter in our National Mandatory and Continuing Professional Development meeting and our members spoke well. First of all, you cannot control what you do not have. Over 60 to 70 per cent of the real estate development or housing are owned by corporate organisations and private individuals. If you compare that with what government has, you will find out that there will be a very big gap.

“If the supply side of the government is more than the private side, that is the time you can talk about monthly rent but for now government wants to regulate what it does not have. Agreed, that one of the duties of government is to bring in regulations, but in the real estate sector, I will advise that they should allow demand and supply to determine it,” he said.

In this article