The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged property professionals to improve their understanding of fiscal and economic policies.

The institution warned that taxes, inflation, interest rates and regulations are having a growing impact on real estate values and investment decisions across Nigeria.

The Chairman of the National Mandatory Continuing Professional Development (MCPD) Committee of NIESV, ESV (Sir) Charles Oghenero Ebiai, FNIVS, RWA, gave the warning at the 2026 MCPD Seminar of the Kaduna State Branch.

The seminar focused on “Fiscal Intelligence and Risk Integration: The Essential Frontier in Valuation Practice for Nigeria’s Institutional Real Estate.”

It examined the growing demands on valuation professionals amid economic and fiscal uncertainty.

Fiscal policy affects property values

Ebiai said traditional valuation methods were no longer enough to assess real estate properly.

He said property values were now affected by several factors outside the physical features of an asset. These include taxes, government spending, infrastructure investment, land policies and development charges.

Property-related levies can also affect the cost of developing and owning real estate.

These factors matter to Nigeria’s housing market. Higher development costs can raise the price of new homes. Higher interest rates can also make property finance more expensive for developers and buyers.

Ebiai said taxation could affect the property market in several ways. It can influence development costs, rental values, investor behaviour, demand and expected returns.

He therefore urged estate surveyors and valuers to study economic indicators and government policies more closely.

Valuers urged to assess risk

According to Ebiai, the role of a modern valuer should go beyond putting a price on a property.

Professionals should also explain what drives a property’s value. They should identify risks that could reduce its performance.

They should also consider how an asset could perform under different economic conditions.

Ebiai said fiscal and regulatory changes should form part of this assessment.

He added that institutional investors were increasingly focused on risk-adjusted returns. This means investors are looking at both potential profits and the risks attached to those returns.

The risks facing property assets can come from several sources. They include economic shocks, regulatory changes, climate events, technology, tenant concentration, limited liquidity and market volatility.

Ebiai said risk should therefore be part of every serious valuation discussion.

Technology changing valuation practice

The NIESV official also called on professionals to embrace new technology.

He identified artificial intelligence, big data, geographic information systems and automated valuation models as useful tools for modern practice.

Digital property platforms, remote sensing and blockchain applications could also support valuation work.

Ebiai, however, said technology would not remove the need for professional judgement.

READ ALSO :Nigeria Sitting On Over $300bn In Dead Capital, NIESV Warns

He said machines could process large amounts of data. Professionals would still need to understand the market, test assumptions and assess risks.

He identified professional judgement, ethics, local market knowledge and sound valuation methods as key strengths for practitioners.

Better data needed for investment

Ebiai also called for stronger professional education and research in the valuation sector.

He urged practitioners to improve access to reliable property data. He also called for wider use of technology and stronger ethical standards.

According to him, these measures would help improve investor confidence in Nigeria’s property market.

He said professional valuation advice could play an important role in attracting more domestic and international investment.

Ebiai also urged estate surveyors and valuers to view continuous professional development as more than a regulatory requirement.

He said ongoing training should help professionals gain new skills and improve the quality of advice they provide.

Kaduna NIESV seeks stronger professional standards

The Chairman of the NIESV Kaduna State Branch, Ishaq Ayodele Bello, said economic uncertainty was changing the role of estate surveyors and valuers.

He said practitioners must now combine technical valuation skills with fiscal analysis, market intelligence and economic forecasting.

Bello said institutional investors needed professionals who could understand both opportunities and risks.

He also stressed the importance of professional standards in attracting investment into Nigeria’s real estate sector.

According to him, investors need confidence and transparency. Institutions also need consistent and reliable information.

Bello urged Nigerian practitioners to measure their work against international best practices. He also stressed the need to remain familiar with local market conditions.

Implications for Nigeria’s housing market

The discussions at the seminar highlight the growing link between fiscal policy and real estate performance.

Taxes, interest rates, development charges and infrastructure decisions can affect the cost of housing and property investment.

For developers, better understanding of these risks can support stronger investment decisions. For lenders and investors, reliable valuation advice can provide a clearer view of potential returns and risks.

The 2026 MCPD seminar brought together NIESV officials, estate surveyors and valuers, resource persons, business stakeholders and other professionals.

The event provided a platform to examine taxation, fiscal policy, technology, investment risk and other issues affecting institutional real estate in Nigeria.

As the property market faces changing economic conditions, NIESV’s message is clear: valuation practice must increasingly combine accurate property assessment with economic analysis, risk management and professional judgement.

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Property valuation professionals have warned that persistent insecurity, inflation, exchange rate volatility, and other economic shocks are making it increasingly difficult to determine accurate property values across Nigeria. They say the growing uncertainty is affecting investment decisions, mortgage financing, insurance assessments, and overall confidence in the real estate market.

According to experts, property valuation depends heavily on stable market conditions and reliable transaction data. However, security challenges in several parts of the country, coupled with rising construction costs and fluctuating economic indicators, have significantly altered market behaviour, making traditional valuation methods more difficult to apply.

Estate surveyors and valuers explained that insecurity has forced many investors and residents to relocate from affected communities, reducing demand in some areas while increasing pressure on safer urban centres. These migration patterns have created uneven property price movements, making it harder to establish fair market values for residential, commercial, and industrial properties.

The professionals also pointed to inflation and the depreciation of the naira as major factors driving up the cost of land acquisition, building materials, labour, and infrastructure development. As construction costs continue to rise, replacement values for existing buildings have increased, requiring valuers to regularly adjust their assessments to reflect prevailing market realities.

Industry stakeholders noted that banks, insurance companies, developers, and investors rely on accurate property valuations when making lending, investment, taxation, and compensation decisions. They warned that inaccurate valuations could expose financial institutions and investors to unnecessary risks while affecting the credibility of Nigeria’s real estate market.

To address these challenges, valuation experts called for improved access to reliable market data, stronger collaboration among industry professionals, and wider adoption of technology-driven valuation systems. They argued that better data collection and standardised valuation practices would improve transparency and help the industry respond more effectively to changing economic conditions.

The stakeholders further urged government authorities to strengthen security, stabilise the macroeconomic environment, and support policies that encourage investment in the housing and real estate sectors. They maintained that restoring investor confidence is essential to improving market stability and ensuring more accurate property valuations.

Experts believe that while economic uncertainty may continue to influence the property market in the short term, stronger institutions, better market information, and sustained economic reforms will enhance valuation accuracy and support long-term growth in Nigeria’s housing and real estate sector.

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The Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos Chapter, has warned that Nigeria may be sitting on more than $300 billion in “dead capital” tied up in undocumented real estate, abandoned public projects and underutilised government assets.

Chairman of NIESV Lagos Chapter, Tosin Kadiri, raised the concern during the institution’s 2026 Valuation Day celebration held in Lagos with the theme, “Unlocking Nigeria’s Wealth: How Valuation Builds Our Prosperity.”

Kadiri said despite Nigeria being richly endowed with assets, the country remains financially constrained because a large proportion of properties and agricultural lands are outside formal valuation and documentation systems.

According to him, more than 70 per cent of properties in Nigeria remain untitled and lack professional valuation, making it difficult for property owners and governments to unlock their true economic value.

He explained that trillions of naira remain trapped in informal markets where assets cannot be effectively taxed, insured, mortgaged or used as collateral due to the absence of verified valuation records.

“Nigeria is asset-rich but unfortunately cash-constrained despite over $300 billion in dead capital stocked in undocumented real estate, abandoned government projects and state-owned enterprises that cannot be leveraged for the country’s economic growth,” he said.

Kadiri noted that while Nigeria’s real estate sector continues to expand, much of the wealth generated within the sector remains invisible to the formal economy because transactions are often driven by speculation instead of professionally verified market data.

“We are sitting on trillions of naira in real estate, yet much of the wealth is locked in untitled land, undervalued properties and informal markets, where price is based on rumour, not evidence because professionals are not engaged in the exercise,” he stated.

He described valuation as a critical tool for unlocking economic prosperity, stressing that sustainable economic growth cannot be achieved on undocumented assets.

“Valuation is the key to unlocking this wealth. You cannot tax it, mortgage it, insure it, compensate for it or invest in it if you do not know what it is worth,” Kadiri said.

According to him, Nigeria’s economic future should not depend solely on oil revenues but also on unlocking the value embedded in land and buildings across the country.

He urged federal and state governments to strengthen asset valuation systems as part of wider economic reforms aimed at boosting internally generated revenue and attracting investment into the property sector.

Kadiri also called on estate surveyors and valuers to uphold professional ethics, embrace technology and strengthen research and capacity development to improve public confidence in the profession.

“I also call on government agencies, financial institutions, developers, corporate organisations and the general public to engage only qualified and registered Estate Surveyors and Valuers for valuation assignments,” he added.

He explained that proper valuation could transform dormant property assets into economic capital capable of supporting entrepreneurship, job creation and business growth.

According to him, properly valued properties in areas such as Surulere, Lagos, or parcels of land in Epe could serve as bankable collateral for small businesses and entrepreneurs seeking access to financing.

Kadiri, however, warned that weak market data, poor public awareness, unregulated practices and limited technology adoption continue to undermine the growth of the valuation profession and Nigeria’s broader real estate market.

“Every thriving economy depends on reliable valuation systems. Valuation remains a key driver of economic confidence and market stability,” he said.

Also speaking at the event, immediate past Chairman of NIESV Lagos Chapter, Gbenga Ismail, described valuation as a vital decision-making tool for both governments and investors.

“Valuation helps government know the true worth of assets and supports informed decision-making. It also reduces disputes because all facts are professionally established,” he said.

Senior Partner at AkinAbraham & Associates, Akinropo Abraham, said proper valuation has become increasingly important amid rising inflation and exchange rate volatility.

He warned that the absence of professional valuation continues to encourage under-reporting of assets and revenue losses for government.

According to him, over 95 per cent of residential and agricultural lands across Nigeria still lack formal valuation records.

A Fellow of the institution, Oladele Olanrewaju, also cited disputes surrounding the Lagos-Calabar Coastal Highway project as an example of the consequences of poor valuation planning.

He argued that involving professional valuers at the early stages of major infrastructure projects would help reduce compensation disputes and legal conflicts between affected communities and government agencies.

“With our professional training as Estate Surveyors and Valuers, we would have inspected and worked out values agreeable to all parties,” he said.

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