Stakeholders have called for an improvement in land administration and governance, as well as the use of technology to enhance transparency in the real estate market in the country.

The President, Real Estate Developers Association of Nigeria (REDAN), Akintoye Adeoye, led the call at the Digital Land Summit themed: “Revolutionising the Land Market with Technology” held virtually. Key highlights of the summit include the launching of the first land marketplace in Africa and the presentation of this year’s Nigerian Land Market Report.

Adeoye said the biggest challenge in the sector is the absence of the rule of law and good governance in land administration. He said there is a need for transparency in the perfection of titles to restore investors’ confidence in the market.

On alleged unethical practices by some developers, he said the association has been encouraging its members to embrace transparency and sincerity in project developments and marketing of products.

“We have been advocating that before a developer puts property on the market, all legal requirements must have been done to ensure legal rights over the property. Cooperate with authority to ensure transactions are reported,” he said.

Adeoye said the industry must embrace the use of technology as it remains the shortest way to drive transparency and take information to the public space, adding that REDAN has established a Proptech hub at its secretariat to promote the use of technology in the industry.

Chief Executive Officer, Octo5 Holdings, Jide Odusolu, said despite the good intention of the Land Use Act, it has been turned into a monster in the industry, lamenting that getting title, about 3.5 per cent or 10 per cent of the cost of property development goes into documentation.

Odusolu expressed concerns about the lack of precision in data, especially on land size, adding that inconsistency in government policies affects developers and property owners.

He suggested tokenisation of land, digital registration and adoption of geo-mapped lands using the Geographic lnformation System (GIS). Odusolu said: “We need a paradigm shift; the government should not see land administration as revenue generation but as an enabler to make people have access to land.”

The Managing Director, Nigerian Mortgage Refinance Company Plc (NMRC), Kehinde Ogundimu, reaffirmed that the nation needs a good land administration process to improve real estate and make it an investment option. He expressed concern about the cost and time it takes to perfect titles in the property market, saying that time wasted is money to investors.

The Senior Special Adviser to Anambra State Governor on Estate and Housing, Dr Nkiru Aso, said the state government has signed a bill into law that penalises/awards prison terms for those who engage in land grabbing and touting to give a boost to land administration.

She said the government plans to establish boundaries in communities to reduce tussle over land and educate the people on the need to register their land with the government.

Aso further said stakeholders need to come together to ensure that compensations are paid for land acquired by the government. The Chief Executive Officer, Systemap, Mr Nnamdi Uba, said technology can resolve problems in the real estate industry, particularly land data management. He observed that there is a need to have a digital marketplace where everyone can sit in the comfort of their homes and make searches on available land.