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Value gap in Nigerian property compensation practice: Measurement and economic effects

The compulsory acquisition of some properties by Ogun State Government, Nigeria, along urban roads for road expansion required compensation for the affected owners. Statutorily, Estate Surveyors and Valuers (ESVs) are the recognized professionals who determine property value in Nigeria. This paper s...

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Main Authors: Bello, N.A., Olanrele, O.O.
Format: Article
Published: Taylor & Francis 2016
Subjects:
TH Building construction
Online Access:http://eprints.um.edu.my/18577/
https://doi.org/10.1080/14445921.2016.1203235
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spelling my.um.eprints.185772018-04-03T00:55:18Z http://eprints.um.edu.my/18577/ Value gap in Nigerian property compensation practice: Measurement and economic effects Bello, N.A. Olanrele, O.O. TH Building construction The compulsory acquisition of some properties by Ogun State Government, Nigeria, along urban roads for road expansion required compensation for the affected owners. Statutorily, Estate Surveyors and Valuers (ESVs) are the recognized professionals who determine property value in Nigeria. This paper seeks to measure the gap in values between those submitted by ESVs representing the government and those ESVs representing claimants for the same property to investigate the economic implication of the variation on the claimants and the ESVs representing claimants, through the administration of 409 questionnaires to the claimants and the claimants’ ESVs. The findings indicate a gap in value of above 41% between claimant’s ESV’s and government’s ESV’s, leading to an 83.29% (NGN8.88 m) loss of fee to claimant’s ESV’s. It is suggested that the Nigerian Institution of Estate Surveyors and Valuers should recommend standardized building cost per square metre data and provide guidance on an acceptable value gap to minimize the observed wide value gap in the future. Taylor & Francis 2016 Article PeerReviewed Bello, N.A. and Olanrele, O.O. (2016) Value gap in Nigerian property compensation practice: Measurement and economic effects. Pacific Rim Property Research Journal, 22 (2). pp. 101-113. ISSN 1444-5921 https://doi.org/10.1080/14445921.2016.1203235 doi:10.1080/14445921.2016.1203235
institution Universiti Malaya
building UM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaya
content_source UM Research Repository
url_provider http://eprints.um.edu.my/
topic TH Building construction
spellingShingle TH Building construction
Bello, N.A.
Olanrele, O.O.
Value gap in Nigerian property compensation practice: Measurement and economic effects
description The compulsory acquisition of some properties by Ogun State Government, Nigeria, along urban roads for road expansion required compensation for the affected owners. Statutorily, Estate Surveyors and Valuers (ESVs) are the recognized professionals who determine property value in Nigeria. This paper seeks to measure the gap in values between those submitted by ESVs representing the government and those ESVs representing claimants for the same property to investigate the economic implication of the variation on the claimants and the ESVs representing claimants, through the administration of 409 questionnaires to the claimants and the claimants’ ESVs. The findings indicate a gap in value of above 41% between claimant’s ESV’s and government’s ESV’s, leading to an 83.29% (NGN8.88 m) loss of fee to claimant’s ESV’s. It is suggested that the Nigerian Institution of Estate Surveyors and Valuers should recommend standardized building cost per square metre data and provide guidance on an acceptable value gap to minimize the observed wide value gap in the future.
format Article
author Bello, N.A.
Olanrele, O.O.
author_facet Bello, N.A.
Olanrele, O.O.
author_sort Bello, N.A.
title Value gap in Nigerian property compensation practice: Measurement and economic effects
title_short Value gap in Nigerian property compensation practice: Measurement and economic effects
title_full Value gap in Nigerian property compensation practice: Measurement and economic effects
title_fullStr Value gap in Nigerian property compensation practice: Measurement and economic effects
title_full_unstemmed Value gap in Nigerian property compensation practice: Measurement and economic effects
title_sort value gap in nigerian property compensation practice: measurement and economic effects
publisher Taylor & Francis
publishDate 2016
url http://eprints.um.edu.my/18577/
https://doi.org/10.1080/14445921.2016.1203235
_version_ 1643690738120130560
score 13.211869

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