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FIABCI plans Nigeria property market scorecard, awards

The Nigerian chapter of the International Real Estate Federation (FIABCI-Nigeria) plans to showcase comprehensive snapshots of property market conditions, identifying key areas for reform as well as market risks.

Known as Nigeria Property Scorecard, it will act as global benchmark for real estate investment. The scorecard reflects the status of the six core elements necessary for transparent and efficient property market development, according to FIABCI Nigeria President, Mr. Adeniji Adele.

He stated that the scorecard project is the latest development in the continued cooperative work between the Center for International Private Enterprise (CIPE) and the International Real Property Foundation (IRPF).

Adele who spoke to journalists in Lagos on the formal presentation of the scorecard, annual awards and dinner explained that the scorecards highlight how important it is for a country to develop its professionals.

“As markets mature and these professionals are nurtured, they must be continuously developed as market risks become more complex and amplified by liberalization and expansion.”

On FIABCI role in the housing industry, Adeniji called on private sector to partner with the organization to proffer solutions to the problem of affordable housing.

According to him, the body is uniquely positioned to bring together all of the major stakeholders in the real estate industry to propose solutions and meet the increasing demand for affordable housing within the cities.

FIABCI, a global network of real estate professionals, including architects, builders, developers, urban planners, brokers and real estate lawyers.

The Vice President, Mr. Gbenga Ismail noted that the event holding earlier in the month has the theme: ‘Ease of Doing Business’. It will be chaired by the Chairman, Honeywell Group, Dr. Oba Otudeko while guest of honour is the Lagos Commissioner for Housing, Prince Gbolahan Lawal. Other special guests include World President, FIABCI International, Assen Makedonov and former FIABCI World Presidents – Farook Mahmood and Flavio Gonzaga Nunes.

Ismail said, the purpose of the awards is to set an international benchmark for Nigerian real estate industry, in order to promote the high standard to the world.

The award categories include affordable housing, hotel, sustainable development, mixed use, residental housing(mid use), residential (high rise), office and industrial. According to him, the awards is the highest honour for all industry players to pursue in Nigeria as it recognizes the project that best embodies excellence in all the real estate disciplines involved in its creation.

The winners will be qualified to participate in the “FIABCI World Prix d’Excellence Awards” organized by FIABCI International.  Awardees will also be scrutinised by an international panel comprising top real estate professionals and experts, for the FIABCI Prix d’Excellence awards. “It rewards overall merit and not just aesthetics, functionality or size. It therefore represents an outstanding achievement and bestows upon the winner the right to use the coveted exclusive award logo. Winners also gain access to unique international platforms for their projects and companies throughout the extensive FIABCI network of more than 60 members’ countries and over 120 professional organizations worldwide,” he said.

By Chinedum Uwaegbulam, The Guardian Nigeria.

Photo credits: The Guardian Nigeria.

Read the full article here.

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