Abstract
The paper identified and evaluated the techniques used by Nigerian Estate Surveyors and Valuers in valuing properties close to waste dump sites. A random sample of 107 Estate Surveyors and Valuers were taken from a sampling frame of 228 for the administration of questionnaire out of which 99 were returned. The data was analysed using the percentile, mean score and One Sample t‐test. The results show that majority of the Estate Surveyors and Valuers were not aware of the existence of methodologies used for the valuation of environmentally contaminated properties. The result further showed that the Estate Surveyors and Valuers over value properties in close proximity to the waste dump sites using inappropriate methods. In view of these findings, the undergraduate and post‐graduate curricula in Estate Management in the tertiary institutions should be reviewed to incorporate the appropriate methods of valuation in use for environmentally contaminated properties and the Continuous Professional Development (CPD) programme for the practitioners should be tailored to addresses this area of deficiency. Santruka Šiame darbe nustatyti ir ivertinti metodai, kuriuos taiko Nigerijos matininkai ir turto vertintojai, vertindami netoli savartynu esanti turta. Iš emimo sarašo su 228 galimais respondentais atsitiktine tvarka atrinkta 107 matininku ir turto vertintoju imtis, jiems iteiktos anketos, iš kuriu gražintos 99. Duomenys nagrineti taikant procentili, vidutini bala ir vienos imties t testa (angl. One Sample t‐test). Rezultatai rodo, kad daugelis matininku ir nekilnojamojo turto vertintoju nežino apie metodikas, taikomas vertinant nuosavybe užterštoje aplinkoje. Be to, rezultatai rodo, kad matininkai ir turto vertintojai pervertina netoli savartynu esanti turta, taikydami netinkamus metodus. Atsižvelgiant i šias išvadas, reiketu pakoreguoti nekilnojamojo turto valdymo studiju programas, skirtas pirmojo ir antrojo ciklo studentams aukštesniosiose ir aukštosiose mokyklose, itraukiant atitinkamus vertinimo metodus, taikomus vertinant nuosavybe užterštoje aplinkoje, o praktikams reiketu paruošti Nuolatinio profesinio ugdymo (CPD) programa, kuri padetu užpildyti šia spraga.
Highlights
The assessment of a property usually depends on the property’s unique characteristics, each of which provides utilities or disutility to individuals
Well known to property appraisers are the Paired Sales Analysis used by Jackson (2001), Contingent Valuation Analysis (CVA) used by Carson, (2000); Clinch and Murphy, (2001), Option Pricing Model by Lentz and Tse (1995) and the Hedonic Model developed by Rosen (1974)
This procedure tests whether the mean of the valuation figures estimated by the Estate Surveyors and Valuers for each of the property differs from the Sales Price of the property (i.e. Valuation Accuracy)
Summary
The assessment of a property usually depends on the property’s unique characteristics, each of which provides utilities or disutility to individuals. External influences relate to the general state of the economy, population, employment, immigration, finance, location, transportation and environmental attributes, while the internal influences essentially constitute the specific details of the property such as size, accommodation, condition, design, layout, age, type and plot size (Adair et al, 1996; Bello, 2000). These value determining factors can be attributable to the nature of property as a package of goods and services (Bello and Bello, 2008). The concluding remarks and policy implication are contained in section (5) five
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