AN OVERVIEW OF THE QUALITY OF PROPERTY VALUATION REPORT IN KADUNA METROPOLIS, NIGERIA

Abstract

The study examines the quality of valuation reports in Kaduna metropolis with a view to examining their satisfaction level and thus improving on the quality of the valuers’ reports. The survey method employs the use of self-administered questionnaire coupled with interview to obtain the relevant data. A total of 15 Banks and 20 estate surveying and valuation firms were studied. Data collected were analyzed using tables and relative importance index. The result of the examination of 18 valuers’ reports in comparison with the standard expected shows that valuers’ reports were meeting the standard. The result also showed 53.3% of the banks are at least satisfied with overall contents of their valuation reports. However, the examination of clients’ needs revealed that they would prefer to see more details on the reports. The result shows that “clients demand more information on the larger property market and valuation calculation to convince them on how the valuers arrived at the value; a portion stating the complexity of the market and the position of the property in the market; more emphases on the analytical aspects of the valuation and the estate surveyors and valuers should state how certain they are about the valuation figures”. The study concluded that there should be greater understanding between the clients and estate surveyors with respect to the needs of the clients in the area of valuation reports as well as greater understanding of the limitation of the value figure.