Valuers urge strong regulations to boost role in real estate

• As developer unveils condominiums in Lagos
Estate surveyors have called for strong regulation and training for practitioners to enhance their role in property development and boost confidence in the real estate sector value chain.

The President, International Real Estate Federation (FIABCI) Africa and Near East Region, Mr Adeniji Adele, made the call at the launch of the ultra-luxury ‘Ocean and Blossom Condominiums’ project organised by the Globalis Real Estate Advisors in Lagos. CEPSTAR7 developers in partnership with Globalis Real Estate Advisors, developed The One Ocean and Blossom condominiums.

Adele said there was a need to strengthen the lax regulatory framework in the sector, as the absence of proper regulations is preventing the real estate sector from achieving its potential.

He said: “Brokers must realise that there are sanctions, and need to be properly trained, as well as transparent. Whether you’re an estate surveyor, architect or a professional in the built industry, you must be accountable to your clients so that you don’t lose your license. So, most of the people you see outside are quacks because they are not registered brokers.”

Adele further encouraged investors to do their due diligence on whoever is representing them and harped on the need to engage registered estate surveyors and valuers, architects that are duly registered and licensed by the government.

He described the project as a unique one in terms of the structure, amenities and facilities that are being provided, and urged investors to commit funds to the project as it will give value for money.

The project is located in Lekki Peninsula Oceanfront Okunde in the Blue Water tourism zone, Lagos; consists of 43 apartments out of which 41 units are penthouses, two-bedrooms, three-bedrooms and four-bedrooms, all en-suite luxury condominiums.

The edifice, which is also within the Lagos-Calabar coastal road, will offer state-of-the-art amenities and sustainable features such as stable power supply, motion sensitivity, smart homes, and carbon emission sensors among others. The timeline for completion is 2026.

FIABCI-Nigeria Chapter President, Mr Akin Opatola, disclosed that all apartments in the building will have a view of the ocean, noting that it will be worth investing in the project.

“We are about 65 per cent complete now, in the next one month; we are going to be picking up the imported items from the ports. So gradually, we are going to start the finishing. By January, some flats will be ready, and we’ll showcase a finished unit,” he stated.

On her part, Certified International Property Specialist, Rei Obaigbo, added that a construction company, Cappa and D’Alberto, is handling the project, assuring that it will deliver the best in terms of quality.