The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Ondo State branch, on Monday stressed that without a decisive move by the government to boost enough housing schemes in the country, Nigerians will continue to face a relentless surge and exorbitant hike in house rents.

While advising against any attempt by government to impose rent control measures, the professional body emphasised that such interventions would be counterproductive, which it said will further worsen the country’s housing deficit rather than resolve it.

Speaking during a press briefing to herald the NIESV Week, the state chairman of the body, Dr Joseph Akintomide, identified insufficient housing schemes, high interest rates, the high cost of building materials and the activities of quacks as primary drivers of the current housing crisis in the country.

According to Akintomide, who reeled out activities lined up for the week-long events, the law of supply and demand remains the most effective mechanism for regulating house rents, warning of the dangers inherent in artificially solving the issue.

He said, “You cannot control what does not belong to you. The government trying to regulate rates is not the appropriate way to approach it. Let government see housing as social services, and let government invest heavily in residential estates. Where there is sufficient supply to meet the demand, basic causes of demand and supply will naturally bring rents down.

“Let government approach it the right way. Let government make funds available for real estate development at single-digit interest rates so that property development becomes affordable. The third approach is the cost of building materials. It is garbage in, garbage out. If the cost of building materials is high, the output cost will also be high. We have to be realistic with ourselves.

“Demand will continue to be higher than supply. So let the government work on the area of supply. If sufficient supply is provided, rent will come down naturally.”

The NIESV chairman also raised concerns about the proliferation of unqualified practitioners in the property management sector, describing their activities as detrimental to both investors and tenants.

Akintomide, who urged the public to desist from patronising quacks, appealed to the government to demonstrate leadership through the use of local materials in public projects, thereby building public confidence in indigenous building products.

“The 2026 NIESV Week is more than a celebration. It is a declaration of professional maturity, accountability, and strategic vision. It reaffirms our commitment to ethical practice, technical excellence, and meaningful contribution to the economic development of Ondo State and Nigeria at large.

“We are proud to confirm that Ondo State will host the 2027 National Conference of the Nigerian Institution of Estate Surveyors and Valuers. This is a landmark achievement. Its economic impact on Ondo State will be significant, particularly within the hospitality, transportation, and commercial sectors.”