Academic Journal
An examination of the valuation process in a low transparent property market – perspectives of property valuers in Nigeria
| العنوان: | An examination of the valuation process in a low transparent property market – perspectives of property valuers in Nigeria |
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| المؤلفون: | Adilieme, Chibuikem Michael, Abidoye, Rotimi, Lee, Chyi Lin |
| المصدر: | urn:ISSN:0263-7472 ; Property Management, ahead-of-print, ahead-of-print |
| بيانات النشر: | Emerald |
| سنة النشر: | 2024 |
| المجموعة: | UNSW Sydney (The University of New South Wales): UNSWorks |
| مصطلحات موضوعية: | 3504 Commercial Services, 35 Commerce, Management, Tourism and Services, anzsrc-for: 3504 Commercial Services, anzsrc-for: 35 Commerce, anzsrc-for: 12 Built Environment and Design, anzsrc-for: 15 Commerce, anzsrc-for: 33 Built environment and design |
| الوصف: | Purpose: The finance sector and property market challenges in some global regions have been linked to inefficient property valuation practices. As a result, global valuation professional organisations have set up standards and norms to promote efficient and transparent operations in the property valuation industry. Despite these concerns, valuation industries in some countries still face challenges that threaten their smooth operations. One of such is Nigeria, which faces various problems attributable to its valuation process and regulatory system. Consequently, this paper aims to examine the valuation process in Nigeria with a bid to identify the weaknesses in its valuation process and how it contributes to problems identified in the literature. Design/methodology/approach: A qualitative research approach was adopted, and semi-structured interviews were conducted with 12 valuers across different segments of the valuation industry in Nigeria. The data were subjected to thematic analysis using Nvivo 12 software. Findings: Our findings indicate a fundamentally weak valuation system and regulatory system marked by an opaque engagement process, underpricing of valuation services, inefficient domestication of international valuation standards, poor implementation and monitoring system and concerns about the training and certifications to meet global norms. These identified weaknesses contribute to and fuel problems such as client influence and valuation inaccuracy, among others. Practical implications: The study has some implications for the valuation professional organisations in Nigeria. The valuation professional organisations should devise systems and enact standards that go beyond solely replicating the IVS and RICS Red Book to effective domestication to suit local norms. Given the inefficient implementation and monitoring system, the use of proptech that supplements legal instruments needs to be adopted. Furthermore, the regulations should be strengthened in line with the trends of sustainability, duty of care ... |
| نوع الوثيقة: | article in journal/newspaper |
| وصف الملف: | application/pdf |
| اللغة: | unknown |
| Relation: | http://hdl.handle.net/1959.4/103763 |
| DOI: | 10.1108/PM-04-2024-0031 |
| الاتاحة: | http://hdl.handle.net/1959.4/103763 https://unsworks.unsw.edu.au/bitstreams/83cd0eb2-0f6a-4f85-8019-58d0c2e73213/download https://doi.org/10.1108/PM-04-2024-0031 |
| Rights: | open access ; https://purl.org/coar/access_right/c_abf2 ; CC-BY-NC ; https://creativecommons.org/licenses/by-nc/4.0/ ; free_to_read ; New South Wales |
| رقم الانضمام: | edsbas.5A9A0FF4 |
| قاعدة البيانات: | BASE |
| DOI: | 10.1108/PM-04-2024-0031 |
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