The influence of contemporary models on valuation practice in Nigeria
Bello, Mustapha Oyewole & Victoria Amietsenwu Bello
Property valuation as a discipline is fast becoming a global issue. In recent past, this discipline has attracted a lot of attention especially in the areas of accuracy, variance and the development of new techniques. The issue here is: how has the Nigerian practitioner responding to this global development? In this wise, this paper based on empirical studies involving 250 estate valuers working in both public (97) and private (153) establishments; examine the practitionerrs awareness, understanding, usage and problems of using any of the contemporary methods. The study, using hypothesis testing concerning proportion in a Bernoulli experiment, reveals that majority of the Nigerian practitioners are not aware of, do not understand, and had not been using any of the contemporary methods. The study recommends that adequate attention should be focused on resolving the myriads of institutional and economic problems inhibiting the evolution of adequate property market infrastructure and valuation practice by the Nigerian Institution Of Estate Surveyors And Valuers; and Estate Surveyors And Valuers Registration Board Of Nigeria.
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