The Nigerian Institution of Estate Surveyors and Valuers has advocated for affordable land access paired with sustainable government revenue through ground rent collection.
Chairman of the Lagos State chapter of the body, Gbenga Ismail, stated this while speaking with journalists at the yearly Estate Surveyors’ Week in Lagos recently.
He said, “Government should allow land to be accessed cheaply at marginal cost and amortise it over years, allowing the builder to build quietly while the government earns their money through ground rent fees and other fees related to housing income.
“It is unfortunate that over 70 per cent of finishing housing products are imported. If a three-bedroom flat goes for N15m, where is the affordability for an average Nigerian?”
Meanwhile, as conversations are underway towards implementing the monthly rent scheme in Lagos State, Ismail advised the state government to ensure that the proposal was backed with legal clarity, incentives for compliance and infrastructure to support its enforcement.
He advised, “While the intention of the state government on rent regulation and monthly rent payment is commendable, implementation must be handled with great care.”
It would be recalled that the state government recently disclosed that it is finalising plans to introduce monthly and quarterly rent payment options as part of efforts to reduce the financial pressure on residents, especially low-income earners.
However, Ismail stressed that any rent law must be balanced with tenants’ protection and the sustainability of the landlords’ investments.
He suggested that the government should test-run the scheme in government estates before extending it to privately owned estates.
He, therefore, urged the government to adopt a consultative data-driven approach, adding that as a body of real estate professionals, the institution was prepared to collaborate with the government in shaping a rent law that is fair, practical and responsive to market realities.
He added, “The forum is a reaffirmation of the institution’s values and relevance to the built environment; hence, the estate week remains a key feature of the branch’s professional calendar and a time for reflection on commitment to service.
“The branch had in the past two years strengthened its institutional visibility, improved professional ethics, and launched and executed a number of impactful programmes. These include the Lagos State real estate summit for dialogue, peer review through the head of the practice assembly, and starting a resource centre capacity-building programme that ensures continuous learning, among others.
“In addition, I set out to ensure more qualified estate surveyors & valuers were brought into the fold. Others are the numerous Mandatory Professional Continuous Development programmes to hone the skills of members. This singular achievement has distinguished Lagos Estate Surveyors & Valuers from others from other states in terms of skill set and confidence in their jobs.”
