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A Comparative Study of Valuation Variance and Accuracy between Nigeria and UK
- Source :
- International Letters of Social and Humanistic Sciences
- Publication Year :
- 2015
- Publisher :
- AOA Academic Open Access Ltd., 2015.
-
Abstract
- The study compared the level of valuation variance and inaccuracy between Nigeria and UK. In order to achieve the aim for the study, a survey method was employed using questionnaire administered on respondent estate surveyors and valuers in Calabar and Uyo metropolises. The study surveyed valuers opinions on the existence of valuation variance and inaccuracy, the possible causes and the margin of valuation error and data collected through questionnaire was analyzed using descriptive statistics to find the mean score, standard deviation and percentages. The findings from the study show that valuation variance and inaccuracy is high in Nigeria as compared to UK. The possible causes include lack of standards, lack of market data/comparables, lack of regulatory framework, methods/bases of valuation adopted, client’s influence, inadequate training of valuers, imperfect knowledge of the property market, wrong assumptions on cost per square metre, lack of professional experience as well as failure to discipline valuers on cases of negligence with lack of standards ranked first with the highest frequency and mean score. The study concluded by recommending the creation of a central property database, adopting/enforcement of international valuation standards, enforcement of disciplinary measures for erring members on negligence and a defined acceptable margin of valuation error.
- Subjects :
- analysis of variance
Ursache
Economics
real estate
Nigeria
Großbritannien
Real estate
Sociology & anthropology
Standard deviation
cause
Erhebungsmethode
Survey methodology
Norm
Sociology of Settlements and Housing, Urban Sociology
ddc:330
Varianzanalyse
Enforcement
Social sciences, sociology, anthropology
Abweichung
Ungenauigkeit
Valuation (finance)
Erhebungstechniken und Analysetechniken der Sozialwissenschaften
Sozialwissenschaften, Soziologie
evaluation
Actuarial science
Descriptive statistics
Immobilien
Great Britain
Wirtschaft
Economic Sectors
standard
Wirtschaftssektoren
Siedlungssoziologie, Stadtsoziologie
data collection method
Methods and Techniques of Data Collection and Data Analysis, Statistical Methods, Computer Methods
Soziologie, Anthropologie
comparison
Respondent
Market data
ddc:300
Bewertung
Vergleich
Business
ddc:301
Subjects
Details
- ISSN :
- 23002697
- Volume :
- 57
- Database :
- OpenAIRE
- Journal :
- International Letters of Social and Humanistic Sciences
- Accession number :
- edsair.doi.dedup.....08f58dc267f0f5d3eebc6c615dc2ab9b