• Tasked on waterfront real estate investment
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has enjoined its new associates to be committed to the virtues of integrity and professionalism.
NIESV President, Johnbull Amayaevbo, who gave the charge at 2023 Associates’ induction ceremony in Lagos, explained that the quality of membership in any professional body naturally defines its influence and relevance in society.
Amayaevbo, who cautioned that their admission is only a call to service, urged the inductees to avail themselves for service by supporting the institution and leadership where and when it is required.
The NIESV president further described their admission as bold steps, where they will be exposed to the profession and what it offers with a view to preparing them for professional practice. “Your induction as an associate member of the institution is a product of determination, resolve, and hard work in the last two or more years,” he said.
President, Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole, who was the chairman of the day, urged the associates to be professional and observe a high level of integrity in all their undertakings.
He noted that integrity is important to give honour to the profession and for respect for their services to the country.
Olawale-Cole said: “We have seen that in many areas in Nigeria, there are a lot of unethical practices but l appeal to you to give your best and not to be caught in any unethical practice in the area of valuation either overvaluing or under valuing of assets. ”
Speaking on the theme: “Navigating Modern Real Estate Professional Practice: Expectations, Challenges and Opportunities”, the guest speaker, Adenrele Olowokure, urged new associates to live right as there are various expectations from them. These, she said, include expectations within the profession from junior colleagues, learning from supervisors, maintaining ethical conduct by not engaging in any form of undercutting.
Olowokure who doubles as the Managing Partner, A.F.Olowokure & Associates charged them to explore various opportunities in the real estate industry, from valuation services to dispute resolution.
Meanwhile, the Lagos State Branch of the institution has been asked to consider investment opportunities in waterfront real estate described as an untapped market.
The Director, Lagos State Acquisition, Revocation and Compensation, Land Services Directorate, Mrs. Yetunde Olusegun, gave the charge at a lecture organised by Outdoor Subcommittee at Crown City Park Resort, Agbara, Ogun State.
She said professionals must be willing to advise the government on what to do in waterfront locations instead of keeping busy with their private practices as this investment niche potentially promises handsome rewards for all stakeholders.
Olusegun said Lagos is a coastal city, with waterfront areas, which are quite vibrant, and a plot of land selling for as high as N1.2 billion at some locations. These waterfront areas, she said, are of such an economic importance that a whole ministry has been dedicated to its oversight through the Lagos State Ministry of Waterfront Infrastructure Development.
She stated that investment opportunities in waterfront areas include recreation, hospitality and tourism, water transportation, luxury residential accommodations and aquaculture.
“The unique features of waterfront property have attracted huge investments in locations such as Eko Atlantic, Banana Island, Osborne Foreshore Estate in Ikoyi, Lagoon Front Estate in Epe, Avalon Foreshore, Westwood Lakes in Sangotedo, Jewels Gardens in Eleko, Vopnu City Oceanview in Abijo, Atlantic View Garden, Ilashe Private Beach Resort among others,” Olusegun said.
According to her, advantages of owning property in waterfront areas include high demand, variety of sporting activities, serene environment, like-minded neighbours, improved health, high resale value, waterfront properties sell faster and waterfront properties hold their value in times of economic downturn.
“Waterfront properties are major revenue earners in many parts of the world. Apart from the high property values they command for their owners, they provide extra revenue for the government through taxation and other levies,” she said.
She advised estate surveyors to collaborate with landowning families in Ejirin township for land acquisition on behalf of clients and for their own in-house projects, working with other stakeholders in the built environment to produce real estate projects that are worthy of the location, introducing innovative projects like luxury smart buildings and apartments that would appeal to the luxury niche.
However, Olusegun advised practitioners to be aware of risks involved in waterfront properties such flooding, severe weather, difficulty in selling and expensive nature of maintaining the facility.
Chairman, Outdoor Subcommittee of the branch, Mrs. Olaide Faji, said before now the professionals were not exposed to opportunities in waterfront real estate, adding that the lecture was an eye opener for practitioners.
The Chairman, Lagos Branch of NIESV, Gbenga Ismail, said practitioners must explore the advantages waterfront locations have to offer and ensure that it benefits the local communities.
Ismail said: “Practitioners must understand what lies ahead of them and what they can do instead of being observers; they should take advantage of opportunities in waterfront locations and transform the areas for the benefit of mankind.
“All land investments are capital intensive but our members can be involved through advisory roles, translating opportunities into investment and value for self, client or group and the host communities.”
