THE ESTATE SURVEYORS AND VALUERS AND THE MAGIC NUMBER: A POINT ESTIMATE OR A RANGE OF VALUE?

Property value is imprecise because of the imperfection of the property market. But, estate surveyors and valuers in Nigeria traditionally have continued to express this value as a single amount. This paper, therefore, attempts to examine the rationale behind this approach and the attendant problems...

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Bibliographic Details
Published in:International journal of strategic property management 2004-09, Vol.8 (3), p.149-162
Main Authors: Aluko, Bioye Tajudeen, Ajayl, C. A., Amidu, Abdul-Rasheed
Format: Article
Language:English
Subjects:
Access to information
Accuracy
Estimates
Imprecision
Investments
Market Imperfections
Point Estimates
Prices
Professional responsibilities
Property values
Range of Value
Sales
Statistical methods
Statistical Techniques
Stock prices
Valuation
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Summary:Property value is imprecise because of the imperfection of the property market. But, estate surveyors and valuers in Nigeria traditionally have continued to express this value as a single amount. This paper, therefore, attempts to examine the rationale behind this approach and the attendant problems associated with it. Besides, the paper, amongst other things, recommended that estate surveyors and valuers should expand the scope of their services beyond the confines of point estimates so that clients be informed as to the amount of possible deviation and the magnitude of risk in the value estimate through the adoption of statistical techniques.
ISSN:1648-715X
1648-9179
DOI:10.3846/1648715X.2004.9637514