Estate surveyors plan property census, data bank in Lagos

To restart the nation’s economy in the post-Covid-19 era, the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Branch has announced plans to develop a reliable data bank for the property market.

The Chairman of the branch, Adedotun Bamigbola disclosed this to newsmen during the institution’s yearly briefing in Lagos.

He stated that the state have already been classified into seven zones, with the goal of compiling data from members and giving out adequate information about the market. The recently created research and development committee of the institution, he said is handling the initiative.

Bamigbola said the effort would help to roll out adequate information on leasing and sales in the real estate industry, adding that two sets of market data are to be made available to the public before the end of the year.

According to him, a large sample size was required from the exercise, which involves the up-scale and low-scale segments of the market as well as gathering of data from professionals, who have been handling one contract or the other. This, he stressed would help to give accurate prediction on happenings in certain area or the other.

He noted that the key challenge for the Apapa real estate market was accessibility. However, Bamigbola stated that the market although may not be booming, yet, it enjoys a fair share of the total transaction as people still work, live and pay rent. Properties are also available for buyers in the area.

The Chairman urged the Federal Government to reduce the burden of accessing real estate finance, as the sector is facing a critical time. He advised that a rent break policy should be developed to assist Nigerians that have been badly affected by the CoVID-19 pandemic.

He further said the chapter is setting up initiatives for members’ capacity building through webinars, mentoring for young estate surveyors and valuers, strategic partnership with government and membership growth.