An Estate Surveyor and Valuer ESV Esther Tuase ANIVS, said federal government, stakeholders need to cushion the effect of economy on real estate sector .
She said the time has come for stakeholders to stop treading water and begin charting a bold, long-term course for sustainable growth.
ESV. Tuase made this known yesterday in Abuja .
She explained that Nigerian real estate sector is standing at a crossroads.
“Once considered a reliable engine of growth and employment, the industry now grapples with compounding challenges economic “.
She further disclosed that uncertainty, inconsistency policy
are fast-changing the global landscape.
She explained that the heart of the matter is
the simple truth that real estate cannot thrive in a vacuum.
“It is deeply intertwined with macroeconomic conditions, access to financing, regulatory clarity, and perhaps most importantly, investor confidence. Yet, in recent years, all of these have come under strain”, she said.
She highlighted that high inflation, currency devaluation, and lingering effects of multiple recessions have undermined the purchasing power of potential homeowners and tenants alike.
She emphasized that developers now face skyrocketing construction costs, while landlords struggle to retain tenants in commercial hubs.
“Even more worrying is the retreat of both foreign and domestic investors who now view the sector as risky terrain”.
The Estate Surveyor lamented that policy has not done the sector many favors.
She said frequent regulatory shifts often without adequate stakeholder consultation have left developers in limbo and complicated long-term planning.
“From inconsistent tax enforcement to cumbersome land titling processes, the business environment remains more hostile than hospitable.
“And yet, despite these challenges, real estate still holds immense potential”, she added.
She stressed that
“Nigeria’s urban population continues to grow, housing demand remains unmet, and infrastructure needs abound. But we will not unlock these opportunities unless we change how we think, plan and act”.
She also called for a new mindset in both the public and private sectors.
“ Government and the Nigerian Institution of Estate Surveyors and valuers must take the lead in creating an enabling environment one that prioritizes clarity, transparency, and efficiency. “Reforms in land administration, mortgage accessibility, and construction financing are not optional; they are urgent”.
She said “traditional investment approaches are no longer sufficient. It is time to embrace diversification, data analytics, and innovation. Technology must play a central role from PropTech solutions to blockchain in land registration”.
She emphasized the need for private sector actors to evolve.
“Developers must design with flexibility in mind, knowing that tomorrow’s tenant may demand very different spaces than today’s”.
Similarly , speaking on collaborations, she stated that this key . “Banks, regulators, developers, urban planners, Estate Surveyors and Valuers and community leaders must come to the table not just to solve problems, but to design a resilient future. Real estate is too important to be left to fragmented efforts”, she insisted.
Meanwhile, ESV Tuase noted that “This is not just about navigating a downturn; it’s about setting a new direction. If we get it right, Nigerian real estate can become a driver of inclusive growth, sustainable cities, and investor confidence. If we fail to act, the consequences will ripple far beyond the industry”.
She said “ the choice is ours. Let us not waste this opportunity to rebuilt stronger, smarter, and more sustainably”.
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