Valuation Variance in the Commercial Property Market in Lagos, Nigeria

摘要

The study investigates variance in valuation of commercial properties among Estate Surveyors and valuers in Lagos metropolis. A total number of 166 questionnaire were administered on the Principal Partners/Managers of estate surveying and valuation firms out of which 109 questionnaire were retrieved and found useful for analysis. Also 15 commercial properties were inspected by each of the Estate Surveyor and Valuer with a view to giving their opinion of value. Frequency Distribution and Coefficient of Variation were used for the description of population characteristics and analysis of variance in valuation opinion given by valuers. Analysis of Variance (ANOVA) was used to test the significance of the difference of opinion of values given by Valuers. The study revealed that the coefficient of variation of Valuers’ opinion of value lies within + 5% to 11% in Lagos Metropolis. The Analysis of Variance (ANOVA) shows that the p-value (0.129) is >.05. The study therefore recommends the establishment of a property data bank by the Nigerian Institution of Estate Surveyors and Valuers in Lagos with a view to replicating same in other towns and cities across Nigeria. This will improve the results of valuation opinion within the metropolis.