Professionals and sundry stakeholders in Nigeria’s real estate sector have underscored the urgent need to rebuild public trust, strengthen professionalism, and align local practices with global standards to unlock the sector’s full potential.
This call was made at the 7th Real Estate Summit organised by the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Branch, held in Lagos on Tuesday with the theme: ‘Building Trust and Driving Excellence in Real Estate Practice: Global Standards, Local Realities.’
In his welcome address, Tosin Kadiri, chairman of the Branch, said the theme was both “timely, urgent, and essential” as the sector navigates the complexities of Nigeria’s real estate market.
Read also: Firm positions Lagos as Africa’s next real estate investment frontier
“Real estate is more than concrete, bricks, and land tied to deeds,” he said, adding, “it is about people’s homes, their businesses, their wealth, their legacy. Trust is the bedrock of any thriving real estate sector. Without trust, buyers hesitate, investors run, and communities suffer.”
Kadiri emphasised the need for professionals to uphold transparency, integrity, and due diligence, while staying innovative and aligned with global standards. He outlined key policy and industry reforms that could reposition the sector, including “strengthening land title frameworks, enhancing consumer protection, ensuring regulatory oversight, and promoting public-private partnerships and infrastructural integration.”
In his opening speech, Emeka Eleh, a past president of NIESV, said the Nigerian real estate industry must confront issues of transparency, weak regulatory enforcement, and lack of standardised practices if it hopes to compete globally.
“Our problem has never been the absence of standards,” Eleh said, “but the gap between what we prescribe and what we practice. We must bridge this gap if we truly want to build trust and achieve excellence.”
He urged the institution to leverage technology, improve data management, and collaborate more closely with the government on housing reforms and land administration. According to him, “sustainable growth will depend on our ability to align local realities with global benchmarks without losing sight of our unique socioeconomic context.”
Delivering his keynote speech, Yemi Ejidiran, former MD/CEO Wemabod Limited, highlighted the need for credible property valuation as a foundation for trust in the sector.
“Valuation is not just about figures, it’s about credibility and accountability,” he said. “We must ensure our valuations meet international standards because trust in valuation translates directly to trust in the entire real estate ecosystem.”
According to him, while the industry continues to grow in scale and influence, “the credibility of practitioners and the transparency of processes have not kept pace with the demands of a modern economy.”
He urged estate surveyors and valuers to lead the transformation by embracing data transparency, ethical compliance, and consistent engagement with regulators and government agencies.
Ejidiran also called for standardisation in valuation and property transactions, arguing that credible valuations are essential for financial stability, mortgage development, and foreign investment.
In his goodwill message, Kamar Olowoshago, permanent secretary, Lagos State Land Bureau, commended the NIESV for its consistency in driving conversations around professionalism and ethical reform in real estate practice.
“The symposium is significant,” he said. “It provides an opportunity for us to share insights, best practices, and innovative solutions that will shape the future of this sector. As we navigate a rapidly changing global landscape, we must prioritise trust, excellence, and adaptability.”
The two-day summit also featured panel discussions and networking sessions aimed at strengthening partnerships, exploring innovative financing options, and promoting sustainable housing delivery in Nigeria.
