A professor of Estate Management in University of Uyo, (UNIUYO) in Akwa Ibom State, Godfrey Okon Udo has advised property Investors in the country against patronising people who defraud innocent people in the real estate business.
Udo who gave the advice while delivering the 71st Inaugural Lecture of the University of Uyo on the theme “The Dialect of Valuation” said there is a huge difference between real estate professionals and estate agents on the street. He expressed sadness that despite the existence of the law guiding the practice of real estate, many people still boldly break the law.
He explained that everyone needs the services of trained real estate valuer because of imperfections inherent in the property market since they are those who understand how it works.
According to him “There are numerous legal factors, government interventions, and controls in the property market which has implications that are usually outside the awareness of the lay investor.’’
“These and other factors contribute to the heterogeneous nature of landed property when compared with another type of investments.
Professor Udo said that there is need for government to re-examine the current Land Use Act which according to him has over the years discouraged the proper use of land in productive way that can improve the fortunes of business and consequently the economy.
In his remarks the vice-chancellor of University of Uyo, Professor Enefiok Essien said so many people do not know the difference between real estate valuers and the local agents on the street ‘’but with the in-depth education as explained by the inaugural lecturer I think we now know better.’’
He noted that despite law that specifies who should practice the profession; “We still have many people going against the law. Eradicating quacks in real estate is a big fight that the government must address to protect the industry and help economic development.”
While commending the inaugural lecturer for the brilliant and educative lecture, the vice-chancellor said that inaugural lectures were an opportunity to give intensive education to members of the academic community and members of the public.