Professionals in the real estate sector have called on the Federal Government to repeal the Land Use Act of 1976.
The Guardian reports that the experts made the demand at a mandatory continuing professional development seminar for Estate Surveyors and Valuers, at the Polytechnic Ibadan, Oyo State.
According to The Guardian, those who made the call were Prof. Abel Olaleye of the Department of Estate Management, Obafemi Awolowo University, Bode Ajisafe of the Department of Urban and Regional Planning, University of Ibadan and an estate surveyor and valuer, Makanjuola Ojewumi.
According to them, the Act was one of the major challenges facing the real estate practitioners.They explained that government policies and environmental laws were the major hindrances facing the sector.
The seminar was organised by the Oyo State branch of the Nigerian Institution of Estate Surveyors, with the theme: “Real Estate Investment Potentials for Wealth Creation in a Stringent Economy.”
The Guardian reports that Olaleye said: “The country’s land owning legal system, as stipulated in the land use act was an impediment to real estate investment in the country. This is why stakeholders have repeatedly called for its repeal.
“If the land registration and tilling system could be made favourable and less stressful, home owners would be able to create wealth from their investments. Such funds that are currently dormant in the capital base of the real estate in the name of home ownership would be put to effective use.”
The Guardian reports that Ajisafe in his paper ‘Strategies for Financing Real Estate Investment Potentials in Nigeria’ said the high interest rates in the country have had negative implications in the sector’s development.
He explained that the mortgage interest rate in the country was one of the highest in the world.Ojewumi urged government to put measures in place to meet the housing deficits in the country.
The experts appealed to the people to use locally made building materials to attract investors and encourage professionals in the sector.
Source: The Guardian