A past president of the Nigerian Institute of Estate Surveyors and Valuers (NIESV), Emeka Eleh, has expressed concern over what he called the growing menace of quackery in real estate practice, saying it has eroded public confidence in the profession.
Eleh was the keynote speaker at the Association of Real Estate Agents in Nigeria Summit, themed “Building Enduring Partnership For a Future“ which was held in Lagos.
“Arising from poor regulation is the issue of quackery. The fact that we have many untrained practitioners, unfortunately, the real estate agency business is an all-comers game because it is easy come easy go and that needs to change and I am glad that AEAN is changing that because the goal is to have a central body where agents in Nigeria are registered,” he said.
The past NIESV boss, who spoke on the topic “From Competition to Cooperation”, harped on the need for partnership among realtors, stressing that it would help build a force in the dynamics of the real estate business.
“The Nigerian real estate market is one with a sustained demand. It is a very huge informal market. The Nigeria size of the informal market is so humongous, so large,” he added.
The Lagos State governor, Babajide Sanwo-Olu, represented by the Special Adviser (Housing), Barakat Odunuga-Bakare said, “As governments worldwide safeguard investor interests, it is imperative that we provide a conducive environment and adhere to international best standards.
“As a professional body, investors’ confidence must be restored, especially for those in the diaspora; the issues of fake/dubious practitioners must be addressed by relevant professional bodies in the industry,” he said.
The governor stressed that individuals or organizations that engage in real estate business in the state without being registered with the Lagos State Real Estate Regulatory Authority, established in 2022, will be penalized.
“I urge investors/residents to always request for LASRERA permit for transacting any real estate business. In conclusion, I urge all real estate practitioners present here to comply with the provisions of the State Real Estate Law,” he said.
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