Thursday, May 30, 2024

Property Evaluation: Surveying Role In Shaping Nigeria’s Urban Landscape

The Real Estate Industry In Nigeria is a driving force of economic growth, contributing significantly to employment generation, infrastructure development, and wealth creation.

Environment Correspondent Gimalo-Angel Olowogoke uncovers the intricacies of property evaluation and its role in shaping the country’s urban landscape.

Property valuation is the process which determines the economic value of real estate.

Property evaluation is at the heart of real estate transactions, providing essential insights into the value, potential, and risks associated with properties across Nigeria.

Also Read: Documents You Must Know In Property Business

As demand for real estate continues to rise in Nigeria’s rapidly growing cities, the need for accurate property evaluation becomes paramount. But how do experts determine the true value of a property in this dynamic market?

Are there key factors influencing the real estate market in Nigeria, and how do they impact property valuation and investment decisions? Estate Surveyor & Valuer Niyi Olagoke is a Fellow and Council Member of Nigerian Institution of Estate Surveyors & Valuers.

He is also Head of Practice, Niyi Olagoke Consulting, a firm of Estate Surveyors & Valuers.

His Response

As demand for real estate continues to rise in Nigeria’s rapidly growing cities, the need for accurate property evaluation becomes paramount.

What is the process of property valuation in Nigeria, including the methods used and the factors considered?

His Response

From luxury condominiums in Lagos to commercial hubs in Abuja and emerging markets in regional centers, Nigeria’s real estate landscape offers a wealth of opportunities for investors, developers, and homeowners alike.

How do you assess the potential risks and opportunities associated with real estate investment in Nigeria, including regulatory, economic, and market factors?

His Response

Access to financing is a key challenge for many Nigerians seeking to purchase or invest in real estate.

There are potentials for expanding access to affordable housing finance through innovative mortgage products, housing cooperatives, and government-backed initiatives to facilitate homeownership and stimulate demand for housing.

Looking ahead, what opportunities are in store for the real estate sector in Nigeria, and how do you plan to adapt to them?

His Response

By tapping into potential areas for growth and development, Nigeria’s real estate industry can play a significant role in driving economic growth, creating employment opportunities, and improving the quality of life for its citizens.

Gimalo-Angel Olowogoke, LN247 LAGOS.

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