‘New standard will enhance transparency, consistency in property market’
Desirous to ensure that property assets are measured in a consistent way, members of the Nigerian Institution of Estate surveyors and Valuers (NIESV), Lagos Branch, have moved to adopt the recently introduced International Property Measurement Standard (IPMS), which will create a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability.
International Property Measurement Standards Coalition (IPMSC), an international group of professionals and not-for-profit organisations working together to develop and embed a single property measurement standard, introduced the document.
Speaking at a programme tagged. “Head of Practice Forum 2016: International Property Measurement Standard and its Impacts to the Nigeria Property Market”, held at Agidingbi, Ikeja, Chairman of the chapter, Mr. Offiong Samuel Ukpong, emphasized the importance of proper valuation in the real estate sector in the country.
According to Ukpong, the event came as a follow-up to last years’ forum, where they examined the subject of international valuation reporting standard (IVRS).
“Here today, we are meeting to examine and take home what should be our guiding principles on measurement of commercial properties. For example, if we got a certain result here, say in Agege in Lagos Nigeria and if that report is sent to France, it would be accepted.
“Recently, I had the privilege to represent our great branch at interaction with some government agencies. It was revealing that so much is expected from us and our contributions were considered very material to their policy formulation and adjustment.
“We need to think very seriously about the laws to guide valuation like it is done in other climes and in this wise I think our National Research Committee should be able to look at these laws and see how they can be domesticated in Nigeria”, said Ukpong.
“If 73 countries, including Nigeria are doing the right measurement, we the custodian of real estate interest ought to know and that is why we are here. Estate surveyors and valuers are known to be articulate and serious minded and we should ensure that Nigeria is in need of our contribution, even, at this time of socio-economic renaissance”.
The Guest Lecturer, for the event, Messrs Jimmy Olayinka Omotosho, an estate surveyor practitioner, noted that IPMS is one of the modern instruments in real estate that Nigerian practitioners should be conversant with and make use of for effective performance.
According to Omotosho, IPMS, apart from it being an effective tool for the eradication of quackery in the profession, it ensure a accuracy of measurement and that it should not be left in the hands of the incompetent staff in the course of engaging in valuation businesses.
The Chairman, Estate Surveyors and Valuers Registration Board of Nigeria (ESVRBON), Elder William Odudu, while extolling the practitioners’ quest to be at par with their foreign counterparts in their operations noted with satisfaction “the giant strides’ that estate surveyors have made in the recent years.
Odudu however, informed the gathering that a book has been written by one of the members that would put more lights into international property measurement standard.
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