Real estate professionals have called for stronger ethical standards, innovation, and collaboration to rebuild public trust and align Nigeria’s property market with global best practices.

Speaking at the 7th Summit of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Branch, industry leaders stressed that professionalism must go hand in hand with integrity and innovation to drive growth in the sector.

The two-day event, themed “Building Trust and Driving Excellence in Real Estate Practice: Global Standards, Local Realities,” brought together key stakeholders to discuss challenges and opportunities in Nigeria’s evolving real estate landscape.

Former NIESV president and chairman of the occasion, Emeka Eleh, noted that while bureaucratic bottlenecks and weak regulatory enforcement remain challenges, practitioners must uphold ethical values. “Clients expect us to honour our promises and commitments regardless of delays or red tape,” he said.

Lagos Branch Chairman, Tosin Kadiri, urged professionals to balance international best practices with Nigeria’s unique economic and institutional realities.

Delivering the keynote, Odunayo Ojo, CEO of UPDC, said the industry must evolve beyond traditional roles like valuation and property management. “Technology, private equity, sustainability, and data are reshaping global real estate. We either innovate or become obsolete,” he warned.

Ojo also called for continuous education, stronger ethics, and collaboration among professionals. “No one can do everything. Collaboration helps balance strengths and achieve better outcomes,” he added.

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Speaking during a media briefing in Lagos, Ojo emphasized that bridging Nigeria’s housing gap—estimated at over 20 million units—is crucial for the country’s growth. “Housing is more than shelter. It’s a powerful driver of economic transformation,” he said.

UPDC, long known for luxury properties in Ikoyi and Victoria Island, is now targeting the underserved middle-income segment. Recent developments like The Hampshire in Sangotedo and Brompton City near Ogombo Road are part of this pivot.

“We’ve completed The Hampshire. Brompton City’s phase one is sold out, and the next phases are underway,” said Olatunde Jagun, UPDC’s Head of Development. These estates feature solar infrastructure, recreational spaces, and commercial zones aimed at modern, sustainable living.

Ojo also revealed the firm’s impressive financial turnaround—doubling revenue from ₦5.3 billion in 2023 to ₦11.78 billion in 2024—driven by real estate, hospitality, and facility management. After years of losses, UPDC has resumed dividend payments for the first time in nearly a decade.

He acknowledged the company’s challenges, including high inflation, interest rates, and legal bottlenecks in rent-to-own schemes. Yet, UPDC is adapting with smarter designs, local sourcing, and Real Estate Investment Trusts (REITs) to build a resilient business.

Looking ahead, Ojo said UPDC aims to deepen partnerships across sectors to sustain momentum. “We’re not just building homes. We’re helping rebuild the economy,” he concluded.

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