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Article Title:
An Evaluation of the Appropriateness of the Investment Method of Valuation for Residential Properties in Lagos
by O.B.A Idowu, G.K. Babawale and M.I. Anyakora

Abstract:
The purpose of the study is to determine the appropriateness of the investment method of valuation for residential properties in Lagos, Nigeria. The study is exploratory while the research design includes the use of questionnaire and personal interview designed to elicit information from practising Estate Surveyors and Valuers in Lagos. The study hypothesized that the investment method is not appropriate for the valuation of residential property in Lagos metropolis. Study revealed that the investment method was appropriate although not singly used by the Nigerian surveyors to determine final value. The hybrid method was generally used because of paucity of data, lack of total confidence on the investment method as well as ignorance of most Estate Surveyors on the various investment methods. The study recommends that the Nigerian Institution of Estate Surveyors and Valuers and the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) should organise a mandatory educational enlightenment programmes/annual conference on paradigm shifts on the investment method of valuation. The study also supports the call for establishment of data bank while it suggests the creation of a faculty by the Nigerian Institution of Estate Surveyors and Valuers for this purpose or alternatively a grant may be provided for research in the Nigerian universities on sustaining data bank in the estate profession.

Keywords: appropriateness, assessment, investment method, residential properties, Lagos

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