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The Royal Institution of Chartered Surveyors (RICS) is a global professional body established in 1868, with a mission to uphold and promote the highest international standards in the Built Environment, Construction, Land, Property, and Real Estate sectors. Recognized with a royal charter in 1881, RICS operates at a cross-governmental level and serves a membership of 134,000 professionals spanning almost 150 countries. The institution provides valuable cost information and professional guidance on activities like valuation, making it a significant resource for real estate professionals worldwide. For Nigerian real estate professionals, RICS offers a reputable platform for accessing international standards, enhancing property valuation, and facilitating due diligence in the real estate industry.

Website: https://www.rics.org/

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) was founded in 1969 by UK-trained General Practice Chartered Surveyors. It gained government recognition in 1975 through the Estate Surveyors and Valuers Registration Act. It’s affiliated with various international bodies.

NIESV aims to:

1. Set high professional standards in land-related fields nationwide.
2. Enhance technical knowledge in land economics, valuation, land management, and more.
3. Serve the public interest by advising and collaborating with relevant organizations.
4. Educate the public about the role of estate surveyors and valuers in economic development.

Website: https://www.niesv.org.ng

Estate Surveying and Valuation in Nigeria became prominent in 1969 when a group of qualified Chartered Surveyors formed the Nigerian Institution of Estate Surveyors and Valuers (NIESV), a non-profit organization for the profession. In 1975, the government officially recognized this profession through the Estate Surveyors and Valuers (Registration) Decree No. 24 of 1975, establishing the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) as its regulator.

Vision: ESVARBON’s vision is to be the leading regulatory body for the Valuation and Property Profession.

Mission: ESVARBON’s mission is to establish and update standards of knowledge and skills for the profession while effectively regulating and controlling it in Nigeria.

Profession of Estate Surveying and Valuation: This profession involves:

1. Determining the value of various property assets, including land, buildings, machinery, and intellectual property.
2. Managing and developing estates, including facilities and business properties.
3. Facilitating land use for social and economic needs.
4. Assessing building conditions and advising on maintenance and improvements.
5. Evaluating property asset use through financial analysis.
6. Acting as agents in property transactions.

Duties of ESVARBON: The Registration Board is responsible for:

1. Identifying qualified Estate Surveyors and Valuers.
2. Establishing and revising knowledge and skill standards for registration.
3. Maintaining a register of authorized practitioners and publishing it.
4. Regulating all aspects of Estate Surveying and Valuation.
5. Fulfilling other functions assigned by the Act, including creating rules and regulations for the profession.

Website: https://www.esvarbon.gov.ng

The Real Estate Developers Association of Nigeria (REDAN) is the main agency overseeing the organized real estate sector in Nigeria, recognized by the government since 2002. Its primary role is to facilitate the construction of affordable housing for Nigerians.

The journey began in 2001 when a committee was formed in response to worker protests against the National Housing Fund Act. This committee, chaired by Sir Peter Odili, eventually led to government approval for the goal of ensuring all Nigerians have access to affordable housing.

As a result, the Federal Mortgage Bank of Nigeria established the Presidential Technical Board (PTB), which recognized the need for organizations like REDAN to drive housing sector development. REDAN, along with the Building Materials Producers Association of Nigeria (BUMPAN) and Mortgage Banking Association of Nigeria (MBAN), was formed.

REDAN’s involvement in housing development across Nigeria has encouraged many states to resume contributions to the National Housing Fund (NHF).

In the 2012 National Housing Policy, REDAN’s role as a key player in the housing sector was acknowledged. It described estate developers as entrepreneurs who invest in housing development for profitable returns.

Website: https://web.redanonline.org

The Association of Estate Agents in Nigeria (AEAN) is a part of The Nigerian Institution of Estate Surveyors and Valuers (NIESV). Estate Surveyors and Valuers have noticed that the estate agency profession has been negatively affected by non-professionals, leading to a bad public image. To address this, NIESV established AEAN to improve the standards of estate agency.

Website: https://aean.org.ng

The Corporate Affairs Commission (CAC) is Nigeria’s official body for business regulation. Their website provides information on business formation and management. It covers company registration, business types, and legal requirements.

The website offers online services like name searches and business registration. It’s a valuable resource for entrepreneurs. Visitors can also verify real estate businesses for legitimacy.

Website: https://www.cac.gov.ng

The Nigerian Bureau of Statistics (NBS) is a government agency responsible for collecting, analyzing, and disseminating statistical data and information related to various aspects of Nigeria’s economy and society. NBS plays a crucial role in providing accurate and up-to-date statistics that are essential for informed decision-making by the government, businesses, researchers, and the public.

For real estate market research, visitors to the NBS website can access a range of relevant data and information, including:

1. Housing Prices: Data on property prices.
2. Construction Stats: Information on building permits, materials, and completion rates.
3. Demographics: Population and urbanization trends.
4. Inflation and Income: Inflation rates and income data.
5. Economic Indicators: GDP, CPI, and interest rates.
6. Census Data: Comprehensive demographic and housing information.

These resources help real estate professionals, investors, and policymakers make informed decisions about property investments, market trends, and development strategies.

Website: https://nigerianstat.gov.ng