Nigeria yet to tap hidden wealth in the real estate sector- NIESV

Nigeria Institution of Estate Surveyors & Valuers (NIESV), President, Dr. Bolarinde Patunola-Ajayi has lamented the failure of the country in unlocking the hidden wealth in the real estate sector, which according to him is the only robust solution to growing the economy.

“Real estate business is about management of all land resources which give the support for all activities of man. Every business is done on land, human life and basic needs are dependent on land; hence Nigeria must pay attention to real estate, except we are not prepared to come out of our economic woes.

Real Estate investment is the pedestal for economic development and growth, and many developing nations that understand this, like Singapore, Dubai, and others have tapped into this and we are all witnesses to the positive impact on their economies,” he said.

He wondered why government thinks the economy can only be diversified through agriculture and other sectors film rather than the real estate sector.

According to him, even government’s focus on agriculture has not been well handled to ensure stable development because government has failed to do sufficient work in surveying every parcel of land in the country.

While calling on government to make and enforce laws on land administration, Patunola-Ajayi was emphatic that infrastructural development like roads, rails, water-ways, and even airways, goes along with real estate development because they are avenues through which products, services and people move easily to make the economy vibrant.

Patunola-Ajayi said real estate investment resonates as an edge against inflation with its value increasing with time. He appealed to government to put more attention into the real estate sector, especially housing projects, noting that government housing programmes must have a touch of socialism to touch the lives of people.

To this end, government, he advocated, should provide land, infrastructure, building plans and approval at subsidised rates to encourage developers, and investors. Besides he advised the federal government to have an effective management of land information, which will generate revenue to its coffers, while states as presently obtains, will continue to generate revenue from the subsequent transaction, with local government’s generating revenue from rating assessment and administration.