Empirical Verification of the Accuracy of Valuation Estimates Emanating From Nigerian Valuers: A Case Study of Lagos Metropolis

C. A. Ayedun, O. A. Ogunba, S. A. Oloyede


There have been increasing criticisms of the ability of Nigerian valuers to undertake investment valuations in a reliable and accurate manner. This study sought to examine with a view to validating or dispensing the criticisms as to whether Nigerian valuers are capable of undertaking investment valuations in a reliable and accurate manner or not. To achieve this aim, the paper employed quasi-experimental survey methods. Forty five (45) estate surveying and valuation firms were sampled in Lagos Metropolis, the study area. The study used both descriptive and inferential statistics. The study revealed a wide variance of valuation estimates from the sale prices of the twelve properties sampled which indicated that the valuation estimates are not accurate and reliable. The study concluded that the Nigerian Institution of Estate Surveyors and Valuers and Estate Surveyors and Valuation Registration Board of Nigeria (the two bodies responsible for the regulation of the valuation profession in the country) should take up the responsibility of ensuring that variance in valuation is minimised by way of providing databank in order to provide more meaningful valuation advice.

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DOI: https://doi.org/10.5539/ijms.v3n4p117

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