ESV TOSIN KADIRI, Chairman LAGOS NIESV
At the just concluded City People Real Estate Awards held in Lagos, industry stakeholders, professionals, and investors converged to celebrate excellence in the fast-growing property sector. One of the high points of the evening was the keynote speech delivered by ESV. Tosin Kadiri, Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Branch.
Kadiri’s address, which drew the attention of investors and practitioners alike, explored the future of real estate in Nigeria—from the infusion of technology to sustainability, policy reforms, and the rise of suburban developments. After his thought-provoking presentation, he spoke with City People JAMIU ABUBAKAR (08085185886), sharing deeper insights on the opportunities and challenges shaping the property market. Below are excerpts:
You were the keynote speaker at today’s award ceremony, and you delivered a very engaging paper. Can you briefly share what your presentation focused on?
My keynote speech centred on the future of real estate in Nigeria—the trends to watch out for and the forces shaping the sector. At the heart of it is Technology. Whoever fails to embrace technology today will be left behind.
Take property inspections for instance: traditionally, you had to be physically present to assess a building. But now, with Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI), prospective buyers can tour a property, examine its finishing, and make decisions right from the comfort of their homes or offices. This saves time, reduces cost, and speeds up transactions.
Another key issue is sustainable building practices. Developers are now encouraged to use eco-friendly, recycled, and locally sourced materials. Designs are shifting towards energy efficiency and renewable energy systems that reduce carbon emissions. This aligns with global calls for greener environments.
Government policies are also reshaping the market. For example, contributors to the Retirement Savings Account (RSA) can now access 25% of their pension savings as equity for home ownership. Likewise, the Central Bank’s decision to reduce the Monetary Policy Rate from 27.5% to 27% will make borrowing cheaper, opening doors for more people to own homes.
We also discussed the reality of suburban development. With city centres like Lagos and Abuja becoming congested and expensive, people are moving into surrounding suburbs where transformative development is taking place. Government-led infrastructure projects such as the Lekki Deep Seaport are further increasing the value of these suburban areas. All of these—technology, sustainability, policy shifts, and suburban expansion—are shaping the future of real estate in Nigeria.
That’s quite insightful. Now, from the perspective of your institute, NIESV, what steps are you taking to prepare your members for this future?
At NIESV, our mandate is to educate, retrain, and equip our members to meet the demands of the future. We regularly hold training and sensitisation programmes. In fact, in the coming weeks, we will focus on the federal government’s new tax reforms set to take effect in January.
Our members will be trained on how these reforms impact real estate, how to advise clients properly, and how to adapt to new policies. We are also exploring ways to harness technology and data analytics to help members stay relevant and add value in this evolving market.
Looking at the bigger picture, what role should government play in creating an enabling environment for the real estate industry?
Government has a very crucial role to play. First, by creating investment-friendly policies and ensuring collaboration with professionals before decisions are made. Estate surveyors and valuers must be consulted so that policies are not only practical but also beneficial to both investors and the populace.
Government should also improve infrastructure, promote mortgage accessibility, and encourage public-private partnerships. This will attract investment, expand housing opportunities, and reduce the pressure on urban centres.
Now to investors, many of whom see real estate as a booming industry. What advice would you give them?
My advice is simple: always engage professionals. What may look good on the surface might not be so in reality. A trained professional can interpret market data, assess risks, and guide investors properly.
Data is especially key in real estate. Professionals can analyse historical records—say, the last 10–20 years of trends in a location—and project what the future holds. This ensures investors don’t make costly mistakes.
So, before investing, consult the right professionals with the right expertise and track record. That is the only way to make informed decisions in Nigeria’s real estate market.
