Align land evaluation system with current realities fashola urges estate valuers

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Headline: Fashola Urges Estate Valuers to Align Land Evaluation System with Current Realities

Summary: The Minister of Works and Housing, Babatunde Fashola, has called on estate valuers to update their land evaluation system to reflect current realities in the real estate industry. Fashola made this statement during the 2022 Annual Conference of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja.

Key Points:

  1. Current realities: Fashola emphasized the need for estate valuers to adapt to current realities, including changes in land use, urbanization, and the impact of climate change on property values.
  2. Land evaluation system: The Minister urged estate valuers to review and update their land evaluation system to ensure that it is more accurate, reliable, and relevant to the current market.
  3. Data-driven approach: Fashola stressed the importance of a data-driven approach in land evaluation, emphasizing the need for estate valuers to collect and analyze relevant data to inform their valuations.
  4. Stakeholder engagement: The Minister encouraged estate valuers to engage with stakeholders, including developers, investors, and government agencies, to better understand their needs and expectations.
  5. Professional development: Fashola emphasized the need for continuous professional development among estate valuers, urging them to stay updated on the latest trends, technologies, and best practices in the industry.

Quote: "The land evaluation system must be updated to reflect current realities. We must adopt a data-driven approach and engage with stakeholders to ensure that our valuations are accurate, reliable, and relevant to the market."

Conclusion: The Minister's call for estate valuers to align their land evaluation system with current realities is a timely reminder of the need for professionals in the industry to stay adaptable and responsive to changing market conditions. By adopting a data-driven approach and engaging with stakeholders, estate valuers can provide more accurate and reliable valuations that meet the needs of clients and stakeholders.