Estate surveyors urged to provide cost-effective housing solution

The Minister of Housing and Urban Development, Ahmed Dangiwa, has called on the estate surveyors and valuers to provide cost-effective housing solutions that will prevent building collapse across the country.

Dangiwa, who spoke at the 2024 Valuers Assembly themed, “Valuation as a Tool for Revamping the Economy – The Role of Estate Surveyors and Valuers,” organised by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) in Abuja, highlighted the importance of property inspections and assessments in ensuring safety and sustainability of buildings.

According to him, estate surveyors and valuers are indispensable in the successful delivery of affordable housing. He called on professionals to ensure that land and property values are accurate and reflect fair market values.

The minister underscored the role of the professionals in preventing building collapses, a persistent issue in Nigeria, which have claimed numerous lives and destroyed properties.

Dangiwa also recounted his recent directive to a committee to investigate building collapses, and added that the estate surveyors and valuers are integral parts of efforts and work towards bringing sanity into the construction industry.

Earlier, ESVARBON Chairman, Dosu Fatokun, said that they would embrace Artificial Intelligence and similar emerging cutting-edge technologies to enhance professional practice in the country.

Dosu urged the government to think outside the oil sector and adopt strategic tools such as valuation reports to ensure the country’s growth and development.

He said: “Valuation is not just a technical skill but a vital tool for economic revitalisation, especially in these challenging times of high inflation and economic uncertainty. This platform enables us to reaffirm our commitment to professional ethics and integrity.”

ESVARBON Chairman stressed that their role has become even more crucial, as they determine the values of both tangible and intangible assets. “We have the opportunity and power to contribute to the renewed hope agenda of the Federal Government in housing and economic development at large,” he said.

Fatokun, however, said Nigeria is currently in dire need of investment funds, which it can obtain for various infrastructural developments including housing, and valuation for mobilising these investments is currently on the front burner.

Earlier, the Chairman, Professional Practice Committee, Stephen Jagun, called on members to explore the profession’s critical role in driving economic growth and development as they navigate the complexities of the industry, and the importance of integrity, ethics, and personal growth.

Also, experts expressed dismay over the general impact of the inflation rate, particularly in the real estate sector. They said the general increase in prices of goods and services has caused a decline in the purchasing power of Nigerians.

Dr Justina Anaetoh of Linking Insurance Brokers Limited noted that inflation is a critical economic factor that directly impacts insurance, saying, as prices rise, the cost of claims, operational expenses, cost of construction materials and labour increase and the value of houses/ properties change.

She said the housing market has faced several challenges that hindered its full potential, adding that economic volatility, driven by fluctuations in oil prices and foreign exchange instability, poses a significant risk to the market globally.

The Managing Partner, Ubosi Eleh and Company, Chudi Ubosi, who spoke on “Valuation Impact on Seized Properties Before Sales by Independent Corrupt Practices Commission, said corruption has an impact on poorer households and businesses.

Ubosi emphasised the need to involve professionals in real estate valuation, which is one of the areas for money laundering and investment of crime proceeds in the country.

He, however, maintained that facility and property management services offered by the estate surveyors and valuers will stem depreciation, and help assets retain their values.

The Director Land Services, Bureau for Land and Physical Planning, Jalingo, Taraba State, Muhammad Buba, noted that the growing demand for land and the urgent need to deliver public services have put the various governments under increasing pressure for public infrastructure development.