The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has expressed concern over the growing insecurity in the country, saying the trend portends danger for the real estate sector.
Speaking to journalists during the 4th Council meeting of the institution in Abuja at the weekend, the President of NIESV, Sir Rowland Abonta, said 2019 was not totally bad for the real sector, but that heightening insecurity in recent months is now scaring every available investor.
Sir Abonta said, “There were endorsements that were supposed to be made in the sector, but those foreign partners and others are now waiting to know when next an attack will take place and who will be involved. So, they are watching; they want to see how stable this economy will be, how stable the security in our nation will be before anybody can really come in with some funding.”
He said although estate surveyors and valuers were not exempted from the economic crisis facing the nation, the real estate sector had always had an edge over inflation because investments in the sector were hardly eroded by inflation and economic downturn.
He further said, “We are affected because the services we provide or the products of the sector are used by Nigerians and because they are capital intensive products we deliver to the public, when the public does not have the funding, of course the market will be affected, and of course our professional practices are affected. Whatever you are observing in other aspects of the economy also have impact in the real estate.”
He said despite the challenges, NIESV has contributed immensely in the physical development that led to a drastic reduction in the housing crisis facing the nation.
“We have our member who is a developer and well known in the city of Abuja, CITEC Estate. I am proud to say that estate is a good example of what housing development should be,” Abonta said.
He added that the country was not in lack of very sound policies, but implementation.
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