Chinedu Okafor
A Professor of Applied Valuation at the Federal University Oye-Ekiti (FUOYE), Professor Isaac Ayodele Olatunji, has stressed that housing choices remain one of the most critical real estate decisions every family must make at least once in a lifetime, urging Nigerians to embrace informed and optimal housing decisions to guarantee family well-being.
Professor Olatunji made the assertion while delivering the 24th Inaugural Lecture of the university titled, “Housing Care and Support for Nigerians: Exploring the Optimality Dimension to a Critical Real Estate Decision,” held at the institution as part of activities marking his retirement at the age of 70.
The inaugural lecturer explained that housing should not merely be viewed as shelter, but as an economic and social decision capable of shaping the long-term welfare, productivity and stability of families.
According to him, housing and land resources occupy a strategic place in the wealth of nations, noting that real estate accounts for a significant portion of global wealth and national development across the world.
Drawing references from global economic realities, Professor Olatunji noted that the 2007/2008 global financial crisis, which originated from mortgage financing failures in the United States, demonstrated the central role housing plays in economic stability, adding that the crisis also negatively affected Nigeria’s banking and housing sectors.
He lamented that despite various government interventions and housing policies over the years, many Nigerians still struggle with poor housing conditions, lengthy accommodation searches and unsuitable housing choices arising from inadequate guidance and information.
The don stated that his research over three decades of professional practice revealed that many families unknowingly settle for houses that are unsuitable for their income level, commuting patterns and overall lifestyle, thereby exposing households to prolonged discomfort and economic strain.
Professor Olatunji therefore introduced what he described as “Housing Care and Support,” a decision-support system designed to guide families towards making optimal housing choices based on factors such as workplace distance, transport costs, family activity patterns and housing utility.
He further explained that the concept seeks to transform the traditional role of estate agents into professional housing procurement counsellors capable of assisting families to make scientifically guided housing decisions.
The inaugural lecturer also advocated the adoption of the “Optimality Index (OPTi),” which he described as a technological framework for evaluating the suitability of housing choices, likening it to a Global Positioning System (GPS) that helps families identify the most beneficial homes in relation to their economic realities.
Speaking on the challenges confronting urban housing in Nigeria, Professor Olatunji observed that many middle-income earners spend between 15 and 18 months searching for accommodation, a situation he described as emotionally draining and economically unproductive.
He warned that poor and uninformed housing choices could push families into long-term housing poverty, stressing that housing decisions must align with family needs, income and utility in order to guarantee sustainable well-being.
As part of his recommendations, the professor called for the institutionalisation of Residential Accommodation Procurement counselling under professional regulatory guidelines, while also advocating long-term leasehold systems capable of giving tenants greater security and motivation to improve their living environments.
He added that collaboration among government, private developers and housing professionals would help create a more affordable, efficient and self-sustaining housing market capable of reducing urban poverty and improving the living conditions of Nigerians.
Professor Olatunji maintained that the era of treating estate surveyors as ordinary house agents should give way to a new professional orientation where estate professionals serve as real estate advisors and counsellors equipped with modern decision-support technologies to improve housing outcomes for families.
Photo Credit: Nifesimi Ogungbe
