•ESV TOSIN KADIRI, Chairman LAGOS NIESV
At the just concluded City People Real Estate Awards held in
Lagos, industry stakeholders, professionals, and investors converged to
celebrate excellence in the fast-growing property sector. One of the high
points of the evening was the keynote speech delivered by ESV. Tosin Kadiri,
Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV),
Lagos State Branch.
Kadiri’s address, which drew the attention of investors and
practitioners alike, explored the future of real estate in Nigeria—from the infusion
of technology to sustainability, policy reforms, and the rise of suburban
developments. After his thought-provoking presentation, he spoke with City
People JAMIU ABUBAKAR (08085185886), sharing deeper insights on the
opportunities and challenges shaping the property market. Below are excerpts:
You were the keynote speaker at today’s award ceremony, and you
delivered a very engaging paper. Can you briefly share what your presentation
focused on?
My keynote speech centred on the future of real estate in
Nigeria—the trends to watch out for and the forces shaping the sector. At the
heart of it is Technology. Whoever fails to embrace technology today will be
left behind.
Take property inspections for instance: traditionally, you had to
be physically present to assess a building. But now, with Virtual Reality (VR),
Augmented Reality (AR), and Artificial Intelligence (AI), prospective buyers
can tour a property, examine its finishing, and make decisions right from the
comfort of their homes or offices. This saves time, reduces cost, and speeds up
transactions.
Another key issue is sustainable building practices. Developers
are now encouraged to use eco-friendly, recycled, and locally sourced
materials. Designs are shifting towards energy efficiency and renewable energy
systems that reduce carbon emissions. This aligns with global calls for greener
environments.
Government policies are also reshaping the market. For example,
contributors to the Retirement Savings Account (RSA) can now access 25% of
their pension savings as equity for home ownership. Likewise, the Central
Bank’s decision to reduce the Monetary Policy Rate from 27.5% to 27% will make
borrowing cheaper, opening doors for more people to own homes.
We also discussed the reality of suburban development. With city
centres like Lagos and Abuja becoming congested and expensive, people are
moving into surrounding suburbs where transformative development is taking
place. Government-led infrastructure projects such as the Lekki Deep Seaport
are further increasing the value of these suburban areas. All of
these—technology, sustainability, policy shifts, and suburban expansion—are
shaping the future of real estate in Nigeria.
That’s quite insightful. Now, from the perspective of your
institute, NIESV, what steps are you taking to prepare your members for this
future?
At NIESV, our mandate is to educate, retrain, and equip our
members to meet the demands of the future. We regularly hold training and
sensitisation programmes. In fact, in the coming weeks, we will focus on the
federal government’s new tax reforms set to take effect in January.
Our members will be trained on how these reforms impact real
estate, how to advise clients properly, and how to adapt to new policies. We
are also exploring ways to harness technology and data analytics to help
members stay relevant and add value in this evolving market.
Looking at the bigger picture, what role should government play in
creating an enabling environment for the real estate industry?
Government has a very crucial role to play. First, by creating
investment-friendly policies and ensuring collaboration with professionals
before decisions are made. Estate surveyors and valuers must be consulted so
that policies are not only practical but also beneficial to both investors and
the populace.
Government should also improve infrastructure, promote mortgage
accessibility, and encourage public-private partnerships. This will attract
investment, expand housing opportunities, and reduce the pressure on urban
centres.
Now to investors, many of whom see real estate as a booming
industry. What advice would you give them?
My advice is simple: always engage professionals. What may look
good on the surface might not be so in reality. A trained professional can
interpret market data, assess risks, and guide investors properly.
Data is especially key in real estate. Professionals can analyse
historical records—say, the last 10–20 years of trends in a location—and
project what the future holds. This ensures investors don’t make costly mistakes.
So, before investing, consult the right professionals with the
right expertise and track record. That is the only way to make informed
decisions in Nigeria’s real estate market.
Post a Comment