The Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Adebanjo Adeleke, has blamed soaring rents in the country on rising land and construction material prices.

With his seven-point agenda, he promised to start strategic actions aimed at raising the bar of professional estate surveying and valuation practice.

At his inauguration as chairman of the Abuja branch, he said that a number of factors must be taken into consideration because they are essential to the provision of affordable housing.

He said, “The reason why the cost of rent will not drop is because most of the construction materials are not produced in Nigeria. Items like cement that are produced in Nigeria are still imported. The exchange rent is also affecting. A dollar is around N600 to N700 and it has impacted negatively on our economy. With these factors, you can’t expect the rent to reduce.”

The Chairman of the Nigerian Institution of Estate Surveyors and Valuers, Adebanjo Adeleke, has blamed soaring rents in the country on rising land and construction material prices.

With his seven-point agenda, he promised to start strategic actions aimed at raising the bar of professional estate surveying and valuation practice.

At his inauguration as chairman of the Abuja branch, he said that a number of factors must be taken into consideration because they are essential to the provision of affordable housing.

He said, “The reason why the cost of rent will not drop is because most of the construction materials are not produced in Nigeria. Items like cement that are produced in Nigeria are still imported. The exchange rent is also affecting. A dollar is around N600 to N700 and it has impacted negatively on our economy. With these factors, you can’t expect the rent to reduce.”