Market News

The Chairman of the Nigerian Institution of Estate Surveyors and Valuers, Adebanjo Adeleke, has attributed rent increases to the rising cost of land and building materials.

This is as he vowed to initiate strategic actions aimed at improving the standard of professional estate surveying and valuation practice with his seven-point agenda.

Speaking at his inauguration ceremony as chairman of the Abuja branch, he stated that certain factors could not be neglected as they were key to providing affordable housing.

He said, “The reason why the cost of rent will not drop is because most of the construction materials are not produced in Nigeria. Items like cement that are produced in Nigeria are still imported. The exchange rent is also affecting. A dollar is around N600 to N700 and it has impacted negatively on our economy. With these factors, you can’t expect the rent to reduce.”

Unveiling his seven-point agenda, Adeleke said, “The cardinal vision of this administration is to make the Abuja branch a model for members’ welfare, capacity development and advocacy.

“I will establish a cooperative society that will help members realise their dream of homeownership while also creating a financial support system.

“I will organise world-class training, workshops, and seminars for members in collaboration with relevant organs of the institution, engage with Federal Capital Territory Administration to foster mutual partnership for the benefit of members and development of the FCT, and build on the existing cordial relationship of the branch with the National body as partners in the progress and development of the profession.”