6. Conclusion and Recommendation
The findings from this study has rev ealed that the challenge fo r eliminating the factors responsible for valuation inaccuracy and variance in Nigeria falls across the academi a, practitioners and the regul atory bodies comprising of
Nigerian Institution of Estate Surveyors and Valuers and Estate Surveyors and Valuers Registration Board of
Nigeria since it has been established that valuation accuracy and consistency are at the heart of clients’ confidence and the profession needs to keep its house in order.
Accordingly, it is recommended that the academic steering committee of th e regulatory bodi es-the Nigerian
Institution of Estate Surveyors and
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There is the need for continuity. Updating rules and guidance notes would ginger estate surveyors and valuers to achiev e enhanced accuracy, rationality and standardization if the rules and regulations are strictly enforced by the Institution without bias or favourism.
Each State Chapter of NIESV should be encouraged to establish a property data bank and forward same on agreed periods to be reviewed periodically to make such data relevant. Such information so collated could serve as a reference point for comparison between states and among States for Nigerians who may which to invest in any State within the country. Such property databank would assist researchers in producing property market indices for performance measurement and accuracy test especially in the application of the investment method of valuation. The
Estate Surveyors and Valuers Registration Board of Nigeria in conjunction with the Nigerian Institution of Estate
Surveyors and Valuers should define and spell out the maxi mum acceptable margin of error in valuations as is done in developed countries.
References
Adegoke, O. J. (2008). Valuation variance in unfamilia r locations and the significance of caution in valuer behaviour. The estate surveyor and valuer, Jounal of th e Nigerian Estate Surveyors and Valuers, 31
(1), 7-13
Aluko, B. T. (1998). Property valuation: Are estate su rveyors and
According to the Imoh Antai (2003) in the country Sweden property value is affected different factors these are classified into four basic categories. These are social, economical, governmental and physical forces influencing property valuation. An understanding of these value influencing forces is fundamental to the valuation of property assets. Hence, professional valuers make an in depth study of all forces affecting property values, that they can formulate a reasonable and logical opinion on a value for a given property and situation. To develop an opinion of value, a property valuer investigates how the market views a particular property, and the scope of this investigation is not limited to current conditions. Rather, the valuer analyzes trends in the forces that influence value to determine the direction, speed, duration, strength, and limits of these trends of property valuation (Wyatt, 2007).
Nigeria is considered to be one of the most corrupt countries in the world. Many different forms of corruption are familiar to Nigeria including political corruption, bureaucratic corruption, electoral corruption, embezzlement, and bribery. Corruption has even been said to be a viable enterprise in Nigeria due to the involvement of citizens, government officials, and private corporations alike. Two main factors help explain why corruption and bribery are so high in Nigeria, these factors include Nigeria’s complete dependence on the petroleum industry and profit-focused companies taking advantage of a less developed,
Accordingly, the financial ratios and overall condition of companies performance appeared from the data will fluctuate with the valuation method. Meanwhile, investors always evaluate companies depending on the annual report, which bears the substantial figures of a company including investment properties. There are bound to be influence on the investor’s behaviors when using fair value model.
Real estate is defined by the Barron’s Dictionary of Real Estate Terms as the “land and everything more or less attached to it. Ownership below to the center of the earth and above to the heavens.” This definition clearly conveys the geographically fixed nature of real estate and the inherent risk associated with this characteristic that is not found in other financial assets such as stocks and bonds. It is the identification and quantification of these risks that dominates the real estate decision. Regardless of whether a large insurance company is determining if it will insure a “trophy” office property in New York City or Starbucks debating the
Some value relevance research studies are motivated by standard setting and seek to draw some standard setting inferences from these studies. Their studies are based on theories of accounting, standard setting and valuation.
The real estate business is a major business creating billions of dollars in income every year, and there are adequate opportunities for business people to turn a benefit. A year ago there were roughly 210,000 organizations working in the private business and administration field, which produced $200 billion in income; there were 35,000 organizations working in the commercial brokerage and administration field, creating $35 billion in income. Broker in real estate unite purchasers and merchants of property, help with value estimation. Illustrations of administrations services given include property examinations and analysis. For the most part, the dealer of a piece of property pays a commission taking into account a rate of the deal
The Real estate is that area of investment which has been used for the purpose of accumulating wealth in the form of assets for more than thousands of years. It has been observed that in the investor’s portfolio that real estate has taken a significant portion in the form of investment asset. Basically, there are two forms of real estate, one is
The online technology is expanding day by day. Real estate industry is that one where the information is required to make the deals. In the traditional times, the agents were the source of information and their role was very prominent. Now, people have started making transactions through online web portals which list and displays properties online. Even today, due to the lack of infrastructure, norms, government permissions and funds etc. only the half
The data used for the purpose of this research for the house price determinants comprising, the house price index, affordability index, unemployment rate, interest rates and consumer price index and lucky all are available from the same online source namely, The Organisation for Economic Co-operation and Development (OECD) database, and for the same periods of time covered, although the affordability measure was retrieved from Nationwide’s online database. All the data of the house price determinants are converted to their natural logarithms form.
doesn’t really impact you buying behavior. I think they view it as a bit of a novelty to see that information. You’re impressed by the information. You’re impressed by the companies willingness to provide it. There’s kind of a quid pro quo there. “You’re willing to show me that. Well, I’m willing to build some more even though, wow, I’m running high here this month. Thanks for that information. I’ll make your conscience decision.” I think that’s true of your hydro usage, your cable usage, your internet usage, and Itunes for me is the greatest example. Where I don’t know there billing model but I know it’s not 30 days. If you do a bit of a binge on a weekend and you watch 10 movies, you’re getting the billing coming at you pretty fast. I
Valuation is the price that a reasonable person would pay to own the future cash flows of a business less any debt owed plus all cash on hand.
Nigeria's economy is estimated to be worth about $262bn, making it one of the largest economies in Africa. The estimates and analysis of various indicators is discussed in the later sections. The country has
The study has a number of lessons learnt; first it helps firms to learn of new ways, which can be used to improve the real estate business. It provides correlation between the stakeholders in the real estate and improvement of total quality process of this service. It as well helps the real estate stakeholders to know where focus should be put by the various stakeholders to ensure that real estate terms and services are improved to enhance better quality of service. (WOLF,
A Thesis Submitted to the School of Graduate Studies of Addis Ababa University in Partial Fulfillment of the Requirements for the Degree of Master of Science in Accounting and Finance
MSc PROGRAMME DEPARTMENT OF BANKING AND FINANCE FACULTY OF MANAGEMENT SCIENCE SCHOOL OF POSTGRADUATE STUDIES ANAMBRA STATE UNIVERSITY