The question about accuracy and consistency in valuation practice has been subject of interest to the academicians, professionals and users of valuations not only in Nigeria or developing countries alone but also in the developed countries of the world such as UK, US
A, Canada and Australia. Property valuation is the core of Estate Surveying and Valuation profession. Thus its accuracy and/or reliability is critical to the valuers, their clients and the stakeholders of valuation in general. Earlier studies have confirmed the existence of inaccuracy and inconsistency of valuations in these countries including Nigeria. Howe ver, there has not been much study into the…show more content… Introduction
Valuers and the valuation process have recently been the focus of debate and controversy in many areas of the world including Nigeria. This study concentrates on one part of the debate, investigation of the causes of valuation variance and inaccuracy.
Much of the country’s wealth lies in real estate property. Thus the Estate Surveyors and Valuers who are saddled with the responsibility of contributing their professional expertise to effective and e fficiently utilizing this scarce www.ccsenet.org/ibr International Busine ss Research Vol. 5, No. 3; March 2012
ISSN 1913-9004 E-ISSN 1913-9012
and vital resources (Udoetuk, 2009). Property valuation is the core of Estate Surveying and Valuation profession.
Property valuation performs an essential role in property transactions. It provides advice on prospective purchases and sales in addition to supplying material information to underpin property lending decisions. Moreover, since early 1960s, property valuations have been used to proxy the exchange price of property investments for performance measurement purposes.
Valuation has been described as the “estimate or predictio n of the most likely selling price” according to Baum and
Crosby (1988). Implicit in the definition is