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A comparative study of valuation variance and accuracy between Nigeria and UK
[journal article]
Abstract The study compared the level of valuation variance and inaccuracy between Nigeria and UK. In order to achieve the aim for the study, a survey method was employed using questionnaire administered on respondent estate surveyors and valuers in Calabar and Uyo metropolises. The study surveyed valuers op... view more
The study compared the level of valuation variance and inaccuracy between Nigeria and UK. In order to achieve the aim for the study, a survey method was employed using questionnaire administered on respondent estate surveyors and valuers in Calabar and Uyo metropolises. The study surveyed valuers opinions on the existence of valuation variance and inaccuracy, the possible causes and the margin of valuation error and data collected through questionnaire was analyzed using descriptive statistics to find the mean score, standard deviation and percentages. The findings from the study show that valuation variance and inaccuracy is high in Nigeria as compared to UK. The possible causes include lack of standards, lack of market data/comparables, lack of regulatory framework, methods/bases of valuation adopted, client’s influence, inadequate training of valuers, imperfect knowledge of the property market, wrong assumptions on cost per square metre, lack of professional experience as well as failure to discipline valuers on cases of negligence with lack of standards ranked first with the highest frequency and mean score. The study concluded by recommending the creation of a central property database, adopting/enforcement of international valuation standards, enforcement of disciplinary measures for erring members on negligence and a defined acceptable margin of valuation error.... view less
Keywords
evaluation; analysis of variance; data collection method; standard; comparison; Nigeria; cause; Great Britain; real estate
Classification
Methods and Techniques of Data Collection and Data Analysis, Statistical Methods, Computer Methods
Economic Sectors
Sociology of Settlements and Housing, Urban Sociology
Free Keywords
Abweichung; Ungenauigkeit
Document language
English
Publication Year
2015
Page/Pages
p. 94-105
Journal
International Letters of Social and Humanistic Sciences (2015) 57
ISSN
2300-2697
Status
Published Version; peer reviewed