Estate Surveyors Discuss Executive Order on Monthly Rent in A’Ibom

Okon Bassey in Uyo

The recent executive order issued by the Minister of Works and Housing, Mr. Babatunde Fashola, to the effect that payment of rent across the country should now be monthly instead of yearly would dominate discussions during a two-day meeting of members of The Nigerian Institution of Estate Suveyors and Valuers (NIESV) assembly in Uyo, Akwa Ibom State capital today. 

The Akwa Ibom State Chairman of NIESV, Mr. John Isangedighi, disclosed this yesterday while briefing journalists on activities to mark the two-day meeting of the national body of NIESV in the state.

The meeting, which will feature  the 28th Johnwood Ekpenyong memorial lecturer, 2022 Fellows’ Induction ceremony, and National Mandatory and Continuing Professional Development, has as its theme: “Property Investment and Rental Alternatives: Understanding the Implication to The Real Estate Market.”

“What is the implication for property owners and professionals estate surveyors and valuers? To what extent does it affect them and property owners?

“We want to have holistic discussion and examine implication of the minister’s new order that rent should by paid monthly instead of annually.

“The lecture is not limited to professional colleagues but other members of the public in the real estate development and management agency such as architect, town planning, quality surveyors are at liberty to participate in the training.

“From there we will know whether the decision of the minister is in favour of the populace or only the government that is benefiting or to what extend it will affect investment in the real estate economy,” he said.

He regretted that the country lacked statistics on housing development, disclosing that at least one million houses need to be built every year to meet the demand in the sector.

“As a country, we don’t have good statistics on housing development. We have about 15 million housing gap. We need to build one million houses every year to close the gap in 15 years. We need to make real estate investment appealing to the investors,” he stressed.

He said that the 28th Johnwood Ekpenyong Memorial Lecture would be observed as well as induction of 56 members into the institution.

He explained that Ekpenyong, who was from Itu Local Government Area of Akwa Ibom State, was the first registered estate surveyor in Nigeria and the first President of NIESV.