Real estate data critical to mortgage sector growth, say experts

real-estate-data-critical-to-mortgage-sector-growth,-say-experts

The Chairman,Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Branch’s 50th Anniversary Committee, Gbenga Ismail (left); guest speaker, Hakeem Ogunniran; state’s Chairman, Adedotun Bamigbola and Vice Chairman, Olabisi Demola-Alade during the unveiling of NIESV 50th anniversary logo of the branch. PHOTO: OSENI YUSUF

• NIESV to support FG’s gas expansion scheme


Real estate professionals have reinforced the need for reliable housing data to guide operators in making decisions.

Speaking on ‘The importance of real estate data to the mortgage industry’, during the unveiling of the Nigerian Institution of Estate Surveyors and Valuers, (NIESV) Lagos branch 50th anniversary logo in Lagos, the Chairman, Lagos Investment Building Company Plc (LIBC), Mr. Hakeem Ogunniran, stressed that along the value chain of assets creation in housing when mortgage is originated, it’s better to have data on the number of assets.

He noted that the absence of information on the number of assets created, and the locations would make it difficult to understand which of the asset class could be eligible for mortgage.

According to him, data helps to facilitate mortgage origination and type of consumers in the market. However, he said the inability to profile the off-takers has made it difficult for the operators to provide services.

“Data is critical in determining consumers’ behavior, for off-takers profiling and eligibility, perfection of mortgage and to know whether to take equitable mortgage or insist on legal mortgage. We always undertake opportunistic development because of absence to accurate data of off-takers, their age, group, income group and home’s preferences”

Ogunniran, who doubles as the founder/CEO of Eximia Realty Company Limited acknowledged efforts by bodies like, Real Estate Developers Association of Nigeria (REDAN), and the attempt by the state’s branch of NIESV to launch national housing data base, stating that initiatives in such direction would make the housing industry to have dependable data for decision making in line with the dynamics of the built sector.

Ogunniran lamented the high mortgage interest rate of between 17 to 22 per cent and the mismatch of demand and supply in the industry.

To him, real estate practitioners need to create platform for sharing information and data rather than working in silos and depending on the government to create database for the sector.

On his part, the Lagos branch Chairman, NIESV, Adedotun Bamigbola, said the chapter collaborated with over 178 members to tackle data apathy in the Lagos property market.

Bamigbola disclosed that with the initiative, the challenge for a reliable data will be reduced as prospective investors and managers will have information to guide their decision making process.


IN a related development, NIESV President, Sir Emmanuel Wike, has pledged the institution’ support to National Gas Expansion Programme (NGEP) in the areas of compensation and acquisition, facility management, assets valuation for mortgage, insurance and project management.

Wike, who spoke at the NGEP stakeholders meeting organized by the Ministry of Petroleum Resources held at Oriental Hotels, Lagos, commended the Federal Government for setting up the committee and emphasized the need to allow proximity to raw materials determine location of industry.

Wike enjoined members to invest and facilitate investments in this sector, adding that gas utilisation is going to become the new normal in the country.

Earlier, NGEP Chairman, Dr. Mohammed Ibrahim, stated that the committee will reinforce and expand gas supply as well as stimulate demand through effective and efficient mobilisation as well as ensure utilisation of all assets, resources and infrastructure in the country.

He said the positive multiplier effects of natural gas include being the catalyst for Nigeria’s economic renaissance.

Ibrahim urged stakeholders in housing, investors and financial as well as oil and gas sectors to support, partner and collaborate with NGEP to achieve its objective.

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