Members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) have called for a reassessment of ethical standards in light of technological advancements and the changing demands of public institutions in their business operations.
At a recent Mandatory Continuing Professional Development (MCPD) event hosted by the Abuja branch, estate surveyors and valuers emphasized the necessity of identifying, analyzing, avoiding, reducing, and managing risks in feasibility and viability appraisals for real estate development.
One of the key recommendations put forth by the NIESV is the need for comprehensive land titling, including the issuance of Certificates of Occupancy for real estate development. This recommendation aims to provide a firm legal foundation for real estate projects.
Furthermore, the NIESV is advocating for increased advocacy efforts directed towards the government and the general public. They believe that the involvement of NIESV members throughout the real estate development value chain is crucial for success. Additionally, they are pushing for the strengthening of the mortgage foreclosure law to ensure a more secure framework for real estate financing.
Financial constraints in the real estate development sector were highlighted as a major obstacle. The disparity between the official reported lending rate of approximately 18% and the actual lending rate of over 30% poses significant challenges for developers. Long-term funding with low-interest rates is necessary for sustainable real estate development.
Addressing these challenges requires the exploration of effective business strategies and innovative solutions. Estate surveyors and valuers are encouraged to enhance their knowledge and improve their practice through programs and training opportunities.
As the real estate industry faces economic downturns and volatility, embracing these recommended business strategies is vital for survival and resilience. Overall, the NIESV hopes that these proposed changes and initiatives will contribute to the growth and development of Nigeria’s real estate sector.