Real Estate Valuation Practice in Nigeria: Implications in a Globalizing World. A chapter in The Built Environment, Innovation Policy and Sustainable Development
This paper is based on empirical studies involving 179 real estate valuers working in 179 estate surveying firms in Lagos. The study examines the current state of valuation profession in Nigeria in the light of emerging global trends. It particularly examines aspects of the Nigerian practice such as property market structure and infrastructure; qualification, experience and skill of valuers; size, structure, and sophistication of practicing firms; valuation standards and practice: scope and effectiveness of regulatory framework, among other. Current practice and perceptions in Nigeria are compared with what is obtained in more developed economies especially Britain after which the Nigeria valuation practice is patterned. The paper concludes that though there may presently be myriads of institutional and economic factors inhibiting the development of adequate property market infrastructure and valuation practice of international standard great potentials abound. Solutions that promote best practice are suggested.