The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has advocated the review of land use act by making lands more accessible to Nigerians and introduction of punitive taxes on owners of empty houses.
The President and Chairman of Council, Nigerian Institution of Estate Surveyors and Valuers ESV. Victor Alonge stated this during a pre-conference briefing on the 55th Annual Conference and AGM of the Institution in Abuja.
He however, said the proposed tax reforms would address some tax issues around the housing sector.
He said “In terms of people, developers, acquiring land and building estates, there is nothing anybody can do about that. The only thing is that we have always said that government should look at the land administration system, make land more accessible to Nigerians, irrespective of their status. Because most of the developers that acquire large expanse of land, they are big men.But the people that need those facilities, you and I, for instance, we struggle. So I think the land administration system needs to be looked at. The Land Use Act that we have, we’ve always said it’s due for review”.
He stated further that empty homes in advance countries are taxed more to discourage people from leaving them unoccupied
” So if you leave your home empty and you are paying punitive taxation, you would think twice. And most of the homes that you see that are empty, it’s either that the landlords are asking for outrageous rents,”.
Speaking on affordable housing, he said the government does not understand the difference between “affordable and social housing”.
” There is a mix-up. And when you talk about affordable housing that they say they are building, the people that can actually afford those houses that are buying it are not the people that need affordable housing.So there is poor understanding and poor policy crafting regarding affordable housing. We don’t even have social housing at all,”
He said despite brilliant policy formulations on affordable housing, their implementation has remained a challenge.
” So as far as I’m concerned, affordable housing requires multi-industry approach. In developed countries, especially in United Kingdom, it is actually taken as a serious policy.You have affordable housing, you have social.
According to Alonge, the NIESV Annual National Conference provides a platform for members across the globe, stakeholders in the real estate industry, government functionaries and policy makers, operators and regulators of the real estate practice and members of the academia to brainstorm on strategic issues of national importance, share notes and ideas on the roles, relevance and power of the real estate in driving the national economy on a sustainable growth and development path.
He said the conference with the theme ‘’Transform, Invest, Thrive: Optimizing Real Estate Finance and Taxation’’ would itemise bold ideas and initiate pragmatic strategies tailored towards redefining real estate practice and business for value delivery.
“The theme reflects a strategic push to position real estate as a driver of economic growth and social transformation. The theme shall be addressing pressing and critical issues affecting the real estate sector in Nigeria, including fragmented taxation, limited access to real estate financing, and the urgent need for institutional reform.
“This conference has been strategically designed to transcend our accustomed trajectory, in that it shall identify and explore grounds for the real estate industry’s transformation, opportunities to thrive maximally, and ultimately enhance government revenue through taxation.
More emphasis is on innovation, with a vibrant and sustainable development in view, even as we highlight and articulate options that enhance a thriving real estate business, while adapting to the ever-changing global business landscape, with its strong and pervasive inter-connectivity of businesses, markets and people,” he said.
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