direct foreign investments and significant growth in the real estate market.
Nigeria has been facing huge challenges in the sector due to the inefficiency of the system and lack of a central governance structure to interface with the professional regulatory organs to manage developments and estate agencies. However, experts have variant views of the regulation of the sector. While some agree that the sector is largely unregulated, leaving consumers with little recourse to fall back on in case a developer defaults on promises, others believe that professional regulatory bodies have powers to oversee various and emerging issues in the sector.
Ajene-Sagna said the rise of regulations is expected to benefit the Nigerian real estate sector once the state-level RERAs are in place and the necessary processes have been laid out. “Eventually, by integrating the necessary information via an online medium, regulations help further develop not only the real estate sector, but also support related segments of the market such as banks, insurance companies, and law firms in their dealings with the sector.
“The growth of urban slums is on the increase. You will observe that those estates that were thought to be the dream of many have begun to decline in value. Government must take leadership and interest in how human settlements are built. When settlements are functional, there is interconnectivity and harmony between the various sectors. This increases the efficiency of the system and boosts productivity, which results in greater wealth.
“This will ensure that all registered members have the requisite knowledge, skill and professional expertise to carry out their practice. The professional body should set standards, while practitioners should offer exemplary services, and possess good conduct. It is a necessity in the regulation of estate agency,” Otegbulu said.
Professionals who are team players at each stage of development at public and private levels need to distinguish themselves as team leaders with a positive mind to make an impact aimed at paradigm shift and quality job delivery. The professional bodies and regulatory levels have roles to play,” he said.
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