•Body begins annual national conference in Abuja
Emmanuel Addeh in Abuja
The Nigerian Institution of Estate Surveyors and Valuers (NIESV), yesterday called on the federal government to urgently develop and implement a comprehensive National Housing Policy, rather than the ad hoc approaches adopted by successive governments.
Speaking at a press conference in Abuja to mark the 2025 International Valuation Day, NIESV President and Chairman of Council, Dr Victor Alonge, cited rising property prices, urban housing deficits, and the proliferation of unoccupied buildings in prime areas as critical issues in the sector.
However, he acknowledged the government’s growing attention to the issue of vacant buildings in urban centres, especially in Abuja, but warned that certain proposals such as confiscating unoccupied properties would infringe on human rights and would be counter-productive.
“If I use my money to buy properties, there is little the government can do without infringing on my rights. You can’t take it forcefully. In the UK, there is higher tax on unoccupied properties compared to occupied ones.
“That system encourages usage and discourages property hoarding. In most of our cities, the telemetry system for assessing property values has been abandoned. What we need is a restructured tax regime that incentivises occupation and penalises waste.
“What we’ve seen over the years are political pronouncements rather than strategic frameworks. But we need a proper national housing policy that will actually address short, medium and long term housing challenges. And if we have that, then we will be able to use the instrumentality of that policy to address inequality in housing and locational distribution,” Alonge argued.
Drawing comparisons with the UK’s Section 106 Agreement which mandates developers to reserve a percentage of new houses for essential workers, he urged Nigerian authorities to adopt inclusive planning models.
“In England, there is what you call Section 106 agreement. Every developer, whether you are developing in a high brow area or in a less brow area, so to speak, you are to sign off on that agreement. In which case, if you are developing 500 units of houses, there is a percentage of it reserved for critical sectors of the economy, like teachers, journalists, hospital workers, and so on.
“So if you are building, before you are actually given planning permission, you sign off, and then a percentage of it is reserved. It is not for the developer, it is actually for the authorities. And that is why, for instance, if you go to George Wood in London, if you go to Chelsea in London, if you go to Knightsbridge in London, you will find teachers living there, you will find nurses, police officers,” he added.
On the recently proposed tax reform bill, the NIESV president expressed optimism on the benefit it would have on the economy and the low income earners. He warned about the proliferation of unlicensed agents or quacks in the real estate sector, urging Nigerians to consult only certified professionals.
He said: “The tax reform bill is structured to shift the tax burden from the poor to the wealthy, encourage transparency, and boost compliance. Rent incomes, for instance, may soon be exempt from certain duties. This will encourage real estate investment.”
On the theme for the 2025 International Valuation Day: “Tax Reform for National Economic Prosperity: Why Valuation Matters”, he pointed out that before imputing tax on an asset, its true worth and value, which must be firm and reliable, must be determined .
According to Alonge, the significance of the theme is that it offers a roadmap to financial stability as much as it is crucial to enhancement of government revenue, since accurate and precise tax cannot be obtained without credible asset valuation.
“That makes estate surveyors and valuers critical partners to the government in the proposed tax reform regime, and this tells me that without the role and influence of estate surveyors and valuers within the Nigerian context, it would be very difficult for the nation to advance in economic development,” he emphasised.
Stating that estate surveyors and valuers are the only professionals trained and equipped with the analytical skills of determining the current or projected worth of an asset, he noted that it is wrong and illegal to give valuation jobs to non-estate surveying and valuation firms.
Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.
You can email us at: hello@thisdaylive.com or visit our contact us page.
