Coming up
Land Valuation Conference opens in Takoradi
A real estate expert in the nigeria express worry over activities of money launderers
Distress is spreading in the US commercial real estate industry
Land Valuation Conference opens in Takoradi
A two-day Property Valuation Conference of the Land Valuation Division (LVD) of Lands
Commission has opened in Takoradi in the Western Region.
The Conference is on the theme: “Standardization of Property Valuation Practice and Lands Act
2020 (Act 1036) to facilitate work delivery”.
The Participants discussed compensation valuations under the Lands Act 2020(Act 1036),
revision of compensation valuation process, compensation and resettlement, policies of the
World Bank and other development partners, the use of software in property valuation and stamp
duty.
The Director, Land Valuation Division (LVD), Dr. Mrs. Theodora Mends explained that, as part
of its mandate, the Division was to hold an annual valuation conference to review outputs to
ensure efficient and effective services for the public.
This, she added, was to ensure the government derived the best from benefits from LVDs
services in terms of revenue generation, including stamp duties, rentals and estate among
others.
Still staying on this
The Acting Executive Secretary, Lands Commission, Mr. James E. K Dadson has indicated that
all four divisions, Survey and Mapping Division, Land Valuation Division, Lands Registration
Division and Public and Vested Lands Division, need to work as a team.
He called on the participants to contribute significantly and make recommendations to enrich the
redevelopment of the Act 2020.
The National Chairman, Lands Commission, Lawyer Alex Quainoo, described the conference as
timely and critical to brainstorm on current practices in the sector, noting that professionals
across the world were holding training sessions, including seminars for continuous improvement,
hence the need for the Commission to emulate the gesture.
He stressed the need for future conferences for valuers and other divisions to be compulsory.
Adding the Land Commission needed to be serious with work delivery to improve efficiency.
The Chairman of Western Regional Commission, Dr. Isaac Kofi Sagoe, underscored the need for
the importance of land valuation in governance and the economy especially on rent and
providing solutions to land issues and compensations.
In News elsewhere
An expert in the real estate industry, Mallam Bature Ali Muhammad has lamented the activities
of money launderers exploiting the several loopholes in the industry.
He raised the concern while delivering a paper titled “Asset Valuation As Anti-Corruption Tool:
The Nigerian Experience” during the 53rd Annual conference of the Nigerian institution of
Estate Surveyors and Valuers (NIESV) in North Central Nigeria.
Muhammad, a Lecturer in the Department of Estate Management and Valuation, Nuhu Bamalli
Polytechnic Zaria, Kaduna State, north west Nigeria, disclosed that lack of market transparency
in the Nigerian real estate market is one of the loopholes which money launderers exploit.
We head to the US
Distress is spreading in the US commercial real estate industry, with the amount of troubled
assets climbing to nearly $64 billion in the first quarter of this year.
The amount of distressed assets rose 10% in the first three months of the year, according to a
new report from MSCI Real Assets. Risks loom on the horizon too, with nearly $155 billion of
commercial property assets that are potentially troubled, according to the report.
This is attributed to the economic downturn: which negatively impacts the commercial real estate
industry.Shifts in market demand, overleveraging and debt burden,Increasing interest rates and
changes in regulations or policies