ANALYSIS OF CONTRAINTS TO VALUATION ACCURACY FOR DIFFERENT PURPOSES IN LAGOS AND ABUJA, NIGERIA

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dc.contributor.authorWAHAB, Muktar Babatunde
dc.contributor.authorIbuoye, Adegboyega Ayodele
dc.contributor.authorAdeogun, Adekunle Sunday
dc.contributor.authorDurosinmi, Wasiu Ayobami
dc.date.accessioned2021-10-13T12:23:05Z
dc.date.available2021-10-13T12:23:05Z
dc.date.issued2020-10
dc.descriptionGreaten_US
dc.description.abstractAccuracy 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 accuracyen_US
dc.description.sponsorshipAuthoren_US
dc.identifier.issn2734-2751
dc.identifier.urihttps://uilspace.unilorin.edu.ng/handle/20.500.12484/6636
dc.language.isoenen_US
dc.publisherKaduna State University Environmental Science Journalen_US
dc.relation.ispartofseriesVol. 2;
dc.subjectvaluation accuracyen_US
dc.subjectvarianceen_US
dc.subjectinaccuracyen_US
dc.subjectvaluation constraintsen_US
dc.subjectfactor analysisen_US
dc.titleANALYSIS OF CONTRAINTS TO VALUATION ACCURACY FOR DIFFERENT PURPOSES IN LAGOS AND ABUJA, NIGERIAen_US
dc.typeArticleen_US

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