Students' perceptions about training on property valuation techniques in selected tertiary institutions in Nigeria

Daniel, I. D. ORCID: https://orcid.org/0000-0003-0749-3111, Chiwuzie, A., Prince, M. E., Aiyepada, G. E. and Olawuyi, S. T. (2021) Students' perceptions about training on property valuation techniques in selected tertiary institutions in Nigeria. In: West Africa Built Environment Research (WABER) Conference, 2021, 9-11th Aug 2021, Accra, Ghana, pp. 909-924.

Abstract/Summary

Techniques employed in property investment valuation have continued to serve as an endless discussion topic among academics and professionals in the real estate. Throughout the discussion, a common thread is a need for property valuers to be adequately trained on critical valuation techniques, which is necessary for ensuring that property investment valuations are reliable and compare with other investment mediums in the investment market. Over the years, real estate students' training on valuation methodologies has followed two distinct techniques, namely, conventional and contemporary valuation techniques. This study assesses students' perception of property valuation techniques in selected tertiary institutions in Nigeria to identify gaps in knowledge. The study's data was collected through a survey of all graduating real estate students from two universities and two polytechnics in South-west, Nigeria. A total of 114 students across the identified institutions was selected using purposive sampling. Descriptive statistics were utilised in analysing the data obtained. Analyses are presented for the students ’ level of awareness and understanding of conventional and contemporary property valuation techniques. The results show that awareness and understanding levels are higher for conventional valuation techniques with group mean scores of 3.96 and 3.80, respectively. Further analysis on students ’views on the teaching and learning of property valuation techniques was conducted. The respondents strongly agreed that practical-based training would promote a better understanding of property valuation techniques. The study concludes that a practical-based property valuation curriculum in the Nigerian tertiary institutions is necessary to equip graduates with the requisite knowledge that aligns with the needs of the property investment market.