EVOLVING COMPETENCE AND SPECIALIZATION IN REAL ESTATE PROFESSIONAL PRACTICE IN LAGOS, NIGERIA

Abstract

This study investigated the imperative for evolving competencies and specialization in real estate practice in Lagos, Nigeria, underscoring the importance of skill updates and specialization among professionals, regulatory enforcement and standard promotion by policymakers, and curriculum reviews, practical training and research collaboration by educational institutions. The study focused on Estate Surveyors and Valuers actively practicing in Lagos as its target group while data were collected via questionnaires and analyzed using Weighted Mean Score, Relative Importance Index and Factor Analysis.  The result identified areas of high competency, in Valuation, Estate Agency and Marketing including Real Estate Consultancy Services. However, certain areas of practice, such as Rural Property Management and Agricultural Property Management showed lower competency levels, indicating a need for further professional development. In addition, the research revealed Business Assets and Intellectual Property; Plant and Machinery Valuation; Agricultural Property Management; Valuation and Environmental Valuation as stand out priority areas requiring adequate specialization and competency. Furthermore, the results of the Factor analysis revealed three primary drivers influencing competency and specialization: regulatory changes, changes in client expectations and demand, and globalization and technological advancements, which collectively account for 70.099% of the variance which was significant at p≤0.000. These findings underscore the need for Estate Surveyors and Valuers in Lagos to focus on ongoing professional development, competency and specialization particularly in underdeveloped areas of expertise and to stay aligned with global trends and regulatory changes. The study recommends targeted training, enhanced networking, and continued education to address these gaps and strengthen overall competency in the profession.