Methods of Building Resilience Valuation: A Literature Review

Abstract

Resilience valuation appears to be gaining ground in the real estate and built environment profession globally, although its level of acceptance may not yet have been ascertained in Nigeria and other emerging economies. More than at any other time it has become imperative to examine investors' commitment to making buildings resilient in valuation practice. Today many countries are battling with the effects of extreme weather conditions, even as they confront the aftermath of the COVID-19 pandemic. Against this backdrop, this article reviews the literature on the valuation of building resilience with a view to deepening the understanding and knowledge of valuers and other stakeholders. In achieving this aim, we undertake a review of different perspectives on resilience valuation methodologies and initiatives as well as their applications and the challenges faced in the valuation process. We found varying approaches to valuing resilience that cut across disciplines. Moreover, issues of green buildings and sustainability were also found to be prominent in the literature. While some approaches e.g., RDVM model, etc. are seen to be at infancy, others have been applied to specific situations. We therefore suggest a multidisciplinary approach to valuation of resilience in buildings.