2017, VALUERS ACCEPTABILITY AND APPLICABILITY OF CONTEMPORARY METHODS OF VALUATION IN SOUTH EAST NIGERIA.
ABSTRACT: The methods of valuation have come under stricter scrutiny in recent times because of the ever evolving vagaries in the economy of nations and the need to adapt to changing circ*mstances. Consequently, the hitherto known and preferred valuation methods otherwise known and referred to as Traditional or Conventional methods are gradually being overtaken by newer or contemporary methods. This study investigated the acceptability and applicability of contemporary methods of valuation by Estate Surveyors & Valuers in South East Nigeria. Questionnaires and interview schedules were used. Data collected were properly checked, edited, coded and analyzed using frequency distribution tables, cross tabulations, percentage and the Chi-square (X2) test of significance.This study concluded that though Estate Surveyors & Valuers in South East Nigeria are aware of the contemporary methods of valuation, very few are willing to apply the methods in their valuation assignments preferring instead the traditional/conventional methods. This has affected Estate Surveying and Valuation practice in South East Nigeria as real time clients especially banks and financial institutions insist on the application of contemporary methods of valuation in their business valuations as they require risks and uncertainty to be built into the final value components to protect their interests. The few who apply the contemporary methods submit that the traditional methods of valuation are tilted towards rule of thumb which may not give the true position of value but are inadvertently relied upon by many Estate Surveyors & Valuers owing to the technicalities involved in the application of contemporary methods of valuation. Key Words: Valuation, contemporary methods, Estate Surveying, Data, Yield.
