In recent years, the issue of professional valuation standards and the quality of valuation reports has garnered significant attention both within Nigeria and on an international scale. This study focuses on examining the degree to which Estate Surveying and Valuation firms in Lagos, Nigeria adhere to valuation standards and property value certification. The objective is to establish a framework for enhancing compliance with valuation standards and property value certification in the Nigerian context. The research employs a mixed-methods survey, combining descriptive and inferential statistics. Additionally, a content analysis of valuation reports from the study area contributes to assessing conformity to property value certification in line with prescribed valuation standards. Data is collected through structured questionnaires and the analysis of 100 valuation reports. The findings reveal a high awareness level of valuation standards at 97%. Adherence to these standards is observed at 95%, with 26% of respondents not utilizing any valuation standard manual. Furthermore, 45% of participants fail to incorporate property value certification statements in their reports, a requirement for minimum reporting standards. The study also identifies a robust positive correlation between adherence to valuation standards and property value certification, implying a consistent relationship between the two variables. The recommendation suggests that regulatory bodies should ensure compliance with the Green book’s established standards through enforcement measures and penalties for non-compliant members. Prior to this, comprehensive awareness and utilization of the Green book should be cultivated among members.
ANALYSIS ON ESTATE FIRMS’ ADHERENCE TO VALUATION STANDARDS IN LAGOS, NIGERIA. GET MORE, ACTUARIAL SCIENCE PROJECT TOPICS AND MATERIALS
