preview

The Factors Responsible For Valuation

Better Essays
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
…show more content…
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
Get Access