Estate surveying and valuation firm Messrs Ubosi Eleh and Company has called for urgent structural reforms in Nigeria’s real estate sector, warning that poor land documentation, weak regulation and limited access to property data continue to slow market development.
The call was made during a press briefing in Lagos ahead of the firm’s 35th anniversary scheduled for June, where co-founders Chudi Ubosi and Emeka Eleh reflected on decades of industry experience and highlighted persistent challenges in the property market.
Poor Land Documentation Limits Economic Value of Property
According to the firm, one of the biggest challenges in Nigeria’s property sector is the inability of property owners to convert landed assets into financial capital due to lack of proper documentation and land titles.
Principal Partner, Emeka Eleh, said land remains one of Nigeria’s most under-utilised assets because many owners cannot use their properties as collateral for credit facilities.
He stressed that proper titling would unlock access to financing for businesses while also improving government revenue through property taxation.
Call for Simplified Land Registration System
Eleh urged government authorities to simplify land registration and reduce bureaucratic delays in obtaining property titles and approvals.
He noted that Nigeria’s lengthy approval processes, including governor’s consent procedures, create unnecessary barriers to property transactions and mortgage financing.
According to him, processes that take weeks in developed economies often take several months in Nigeria, negatively affecting business efficiency and economic growth.
Weak Regulation in Property Agency Market
The firm also raised concerns over weak regulation in Nigeria’s estate agency and brokerage sector.
While valuation practice remains professionally regulated, Eleh noted that property agency services are often open to unqualified individuals, leading to quackery and unethical practices.
He called for stronger enforcement of professional standards to improve credibility and protect consumers in the real estate market.
Lack of Reliable Property Data Hampers Investment Decisions
Another key challenge identified by the firm is the absence of a centralised and reliable national property data system.
Eleh explained that investors and valuers often rely on informal inquiries due to the lack of structured databases on property prices and transactions.
He noted that such data gaps make valuation and investment decisions more difficult compared to developed markets where real estate information is publicly accessible.
To address this gap, the firm said it has been publishing an annual Nigeria Real Estate Report to provide market insights and rental trends across the country.
From Small Practice to National Real Estate Firm
Reflecting on the company’s journey since its establishment in 1991, the founders said Ubosi Eleh & Co began with just two estate surveyors and a secretary in Ikeja, Lagos.
They credited their growth to professionalism, consistency, relationship-building and early adoption of real estate marketing through media platforms.
Today, the firm operates in multiple Nigerian cities including Lagos, Abuja, Port Harcourt, Enugu, Onitsha and Awka, with over 200 employees and a growing professional network.
Building Sustainable Real Estate Institutions
The founders emphasised the importance of institutional growth, staff development and mentorship in sustaining long-term business success.
They warned that many firms in the industry fail due to poor investment in training, culture and client retention.
According to them, strong relationships and trust remain central to success in the estate surveying profession.
Ubosi Eleh & Co said its long-term vision is to strengthen professional standards, improve market data systems and prepare the next generation of real estate professionals in Nigeria.
