Align land evaluation system with current realities, Fashola urges estate valuers

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Align land evaluation system with current realities, Fashola urges estate valuers

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Minister of Power, Works and Housing, Mr Babatunde Fashola has made a call to estate valuers to align Nigeria’s Land Evaluation System with current economic situation.The existing Estate Surveyors and Valuers Registration Board of Nigeria has been reformed and commissioned with the responsibility to check the differences in land evaluation system and prevailing economic situations.Mr Fashola charged the professionals to work out a transparent evaluation for different parts of the country while making estate valuation benefit every citizen, especially the commoners.The minister pointed out that in view of the economic meltdown, property owners in other climes are giving their properties with discounts to facilitate quick and maximum occupancy.Mr Babatunde remarked on property owners in the UK, who are offering discounts because of Brexit and in such case, he said market need to respond to policies.“Many years ago our Stock Market was immune to policies. But you see today that we have a stock exchange that ranks with some of the best in the world because it reflects the realities of our economy in many respects.”“In a very challenging economy where cash is clearly tight, is the market value really responding appropriately? Are these values consistent with reality? Why are we not seeing rates and rents and values drop? Why are we having many houses unoccupied where people are looking for accommodation?”Â Fashola said.He cited that the real estate valuation as one vital area where Nigeria’s ease of doing business ranking could be improved upon, majorly in developing a unified code of charges.Olayinka Sonaike, Chairman of the Board showed gratitude to government for the benefit offered them and at same time promised to contribute to the economic growth of the country.Mr Sonaike therefore asked that the board’s budgetary allocation be made available in the execution of the 2017 Appropriation Bill. He however pledged to work in partnership with the Ministry of Power, Works and Housing to bring about the desired results.

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