By: Tijani Salako
The rapid urbanization of population and shortage of certified real estate professionals in Nigeria are fueling the rise of fraudulent property transactions and fake listings across the country.
Speaking on the ethics and regulation of the industry, the real estate valuer noted that Nigeria’s population of over 200 million people is being served by less than 10,000 registered estate surveyors and valuers, a growing concern that continues to strain the housing sector.
Mr Olusanjo Fawole who represents Mr Emeka Eleh stressed that a nation of over 200 million people, and with real estate practitioners that are less than 10,000 registered estate professionals, you can imagine this small number of people serving the entire country, adding that it is a big menace.
He said the shortage of professionals has allowed unqualified agents and self-proclaimed property dealers to dominate the market, often misleading buyers and tenants with false or inaccessibility data “People just call themselves agents. They are not bound by ethics or regulation; this unregulated influx of agents has created widespread inconsistencies in property data and made it harder for the public to identify genuine offers.
He stated that the ease of entry into the real estate business has compounded the issue. “People think all it takes is a phone and a small office to become an agent, but real estate practice requires proper training, valuation skills, and understanding of regulations.”
He called on the government and regulatory bodies to strengthen oversight and expand the number of qualified professionals in the industry as the Lagos State Government has started insisting that only registered agents can operate, “That’s a good start, but we need to do more nationwide to protect citizens and investors.”
Further emphasising the need for public sensitisation and awareness to help Nigerians identify legitimate practitioners “If people know where to go and who to trust, they will stop falling prey to fake agents, we must build trust through professionalism and regulation.”
He concluded by stressing that until the gap between Nigeria’s population and its number of certified professionals is addressed, the real estate sector will continue to struggle with fraud, data inconsistency, and loss of investor confidence.