Issues in the Definition and Valuation of sustainable Buildings in Lagos, Nigeria

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dc.contributor.authorOyalowo, B.A
dc.contributor.authorBabawale, G.K
dc.date.accessioned2019-03-08T08:01:06Z
dc.date.available2019-03-08T08:01:06Z
dc.date.issued2017
dc.descriptionJournal Articlesen_US
dc.description.abstractThe purpose of this paper is to contribacademic discourse on the incorporation of sustainability into property valuation practice. ute to the The study assesses the criteria guiding the conceptualisation of sustainable buildings as found in academic literature and proposes a holistic, lifecycle based conceptualisation of sustainable buildings; which can then be localised as necessary. The elemZZnts from the conceptualisation are then developed into sustainability features of a hypothetical property, which is then used as the basis for the quantitative aspect of the study. The study is based on a survey of practising estate surveyors and valuers in forty two estate firms in Lagos; selected with the use of cluster sampling and surveyed with a semi-structured questionnaire. Data was analysed using descriptive statistics. Analysis revealed that although the investment approach was acknowledged to be the most appropriate method of sustainable building valuation, the most readily available data inputs were for the cost method of valuation. Given the state of market maturity, this implies that the cost method presently remains the most expedient method of valuation of such properties. It was also found that respondent valuers possess limited experience in the valuation of buildings with core environmental features. While there are perceptions of capital and rental value increases attributable to sustainable buildings, there is limited expertise on how to account for sustainability features, and these could affect value judgments. It is recommended that as the sustainable property sub-market grows, specific training for valuers on sustainability, continuous professional development, systematic information gathering and sharing within the market must be strategically carried out to ensure the appropriate capture of the impact of sustainability on property value.en_US
dc.description.sponsorshipTertiary Education Trust Funden_US
dc.identifier.citationOyalowo, B.A and Babawale, G.K (2017). Issues in the Definition and Valuation of sustainable Buildings in Lagos, Nigeria. Unilag Journal of Humanities, Vol.5(1), 66-95p.en_US
dc.identifier.issn2408-5030
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/3908
dc.language.isoenen_US
dc.publisherUniversity of Lagos Press, Akokaen_US
dc.relation.ispartofseriesUniversity of lagos Journal;Vol.5(1)
dc.subjectSustainable buildingsen_US
dc.subjectSustainable developmenten_US
dc.subjectValuation methodsen_US
dc.subjectProfessional developmenten_US
dc.subjectResearch Subject Categories::SOCIAL SCIENCES::Business and economicsen_US
dc.titleIssues in the Definition and Valuation of sustainable Buildings in Lagos, Nigeriaen_US
dc.typeArticleen_US
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Volume 5, Issue 1 , 2017