The Estate Management Profession in Nigeria

Estate Management in Nigeria

• The main activities involved in estate management include managing properties and providing services to clients.

History of Estate Management in Nigeria

• The estate management profession started in Nigeria in the 1960s.

Establishment of New Estate Management Firms

• The establishment of new estate management firms in Nigeria was led by the increasing demand for professional property management services.

Regulatory Body

• The Nigerian Institution of Estate Surveyors and Valuers (NIESV) oversees the practice of the estate management profession in Nigeria.

NIESV's Contributions

• The NIESV has contributed to the estate management profession in Nigeria by promoting professional development, setting standards, and regulating the practice.

Challenges

• One of the significant challenges facing estate management in Nigeria is the lack of an updated regulatory framework.

Estate Managers' Services

• As part of their services, estate managers in Nigeria provide property valuation, agency, and management services to clients.

Impact of COVID-19

• The COVID-19 pandemic has impacted the property industry in Nigeria by leading to a decline in property values and rents.

Role of Estate Managers

• Estate managers play a crucial role in Nigeria's real estate sector by providing professional services and ensuring the smooth operation of the sector.

Need for Updated Regulatory Framework

• There is a need for an updated regulatory framework in Nigeria's estate management industry to address the challenges facing the profession and ensure best practices.