Browsing by Author "WAHAB, Muktar Babatunde"
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Item ANALYSIS OF CONTRAINTS TO VALUATION ACCURACY FOR DIFFERENT PURPOSES IN LAGOS AND ABUJA, NIGERIA(Kaduna State University Environmental Science Journal, 2020-10) WAHAB, Muktar Babatunde; Ibuoye, Adegboyega Ayodele; Adeogun, Adekunle Sunday; Durosinmi, Wasiu AyobamiAccuracy of valuation exercise for various purposes has been universally emphasized in this current dispensation and as a matter of fact, it has been given a world-wide recognition by the World Bank, which encouraged the preparation of valuation list. The need to close the wider gap between the market value and valuation figure necessitated this study. The study firstly investigates inaccuracy and variance and further analyzed the factors and the extent to which these factors have contributed to valuation inaccuracy and variance. The study utilized reports of valuations on properties submitted to some selected banks to establish valuation variance by comparing the actual market sales (AMS) and valuation figures of the valuation firms to establish valuation inaccuracy. The study selected 100 and 150 estate surveying and valuation firms with more than 10years experience in property valuation, through simple random sampling from Abuja and Lagos. The study further selected 15 banks that constantly requesting the valuation opinions of the selected firms in Abuja and Lagos. The result of analysis of variance (ANOVA) confirmed that there was significant valuation variance among the estate surveyors and valuers (F-ratio at 4.73, p-value at 0.42) and result of t-test showed that the mean difference between AMS and valuations (at p-values less 0.05) was significant. The result of factor analysis(FA) employed further revealed ten (10) the most emphasized groups of factors that contributed about 92.43% variance in determining accuracy of valuation. The study therefore recommends that all the stakeholders in property assessment and valuation exercises should address the most emphasized factors by adhering strictly to lay-down provisions of the profession and principles without compromise in order to achieve accuracyItem Hedonic Pricing of Housing Quality Attributes in Ilorin(Parvenu Technologies, 2020-08) DUROSINMI, Wasiu Ayobami; WAHAB, Muktar Babatunde; Ola, Olumide Samson; Zakari, Dodo UsmanThe overall assumption of the hedonic price model (HPM) with respect to real estate is that house prices are affected by various variables and the price of the real estate is determined by certain characteristics. The hedonic pricing allows inferring on the value of environmental good by observing actual behaviour of individual on related market. The study of hedonic property pricing has not received the needed attention in Nigeria property market. This has led to the problem of prioritization the property attributes. This study therefore analysed the rental price of 800 properties in Ilorin metropolis with a view to identifying the property attributes with higher price. The study employed hedonic price model to decompose the properties and determine their individual prices. The first generalized hedonic regression model showed a dual role of more than two attributes with poor variance inflation factor characterized in the multi-collinearity test and the second model termed stepwise hedonic regression provided a correct estimate with total absence of multi-collinearity and was used to determine the price of the variable attributes. The finding revealed that building size, age, garage, swimming pool, access road and in-house water have about 73.5% explanatory power in rental price variation. The implicit prices of the significant attributes such as building size, age, garage, swimming pool, access road and in-house water were N89,908, 28,561, N19,097, N29, 913, N71,318 and N61,178 respectively. The study therefore concludes that every stakeholder in property market in Ilorin metropolis should consider building size, age, garage, swimming pool, access road and water supply as indispensable attributes in the property markets as they command a significant price of the properties in the area.