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Blockchain is an emerging digital technology proposed and trialled among different built environment professions. The technology has been proposed to introduce transparency, security and trust in property transactions. Despite this proposition, few studies have analysed the barriers and prospects in property valuation, especially in markets plagued by low transparency and a lack of stakeholder trust. Using Nigeria as a case study, this study assesses the barriers and prospects for adopting blockchain technology in property valuation.

Data was collected from 180 valuers practising in Nigeria through an online survey, and the data was analysed using mean score ranking and the chi-square (χ²) test of independence.

Firstly, there was a low awareness of the application of blockchain technology and an association between the number of valuation jobs executed annually and awareness of the application of blockchain technology. The most important barriers revolved around the knowledge, technical know-how of blockchain and the cost of implementing such technology. The prospects for blockchain are very high as all identified prospects were considered important, with transparency being the most crucial factor for its adoption, followed by the monitoring activities in real time and the permanence in storing records.

This study's implications lie in the potential benefit of transparency identified for blockchain, which could act as a tool to introduce transparency into valuation industries that battle key issues surrounding transparency and trust. Furthermore, this study can be utilised by policymakers and property industry players in mapping strategies to adopt the beneficial use of blockchain as one among the suite of proptech tools disrupting the property valuation scene, in their practice. This also presents an opportunity to draw upon insights from this study to better prepare for using blockchain in property valuation.

This study appears to be the first to empirically assess barriers and prospects for blockchain in property valuation practice. It contributes to the literature by identifying key factors that will deter and/or promote the application of blockchain, an emerging and disruptive digital technology.

Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing markets is largely lacking as in-depth studies into the actual nature of data challenge in such markets are scarce in literature. Specifically, the available literature lacks clarity about the actual nature of data challenges that developing markets pose to valuers and how this affects valuation practice. This study provides this understanding with focus on the Lagos property market.

This study utilises a qualitative research approach. A total of 24 valuers were selected using snowballing sampling technique, and in-depth semi-structured interviews were conducted. Data collected were analysed using thematic analysis with the aid of NVivo 12 software.

The study finds that the main data-related challenge in the Lagos property market is the lack of database of market property transactions and not the lack or absence of transaction data as it has been emphasised in previous studies. Other data-related challenges identified include weak property rights institution with attendant transaction costs, underhand dealings among professionals, undocumented charges, undisclosed information, scarcity of data relating to specialised assets and limited access to the subject property and required documents during valuation. Also, the study unbundles the factors responsible for these challenges and how they affect valuation practice.

The study has implication for practice in the sense that the deeper knowledge of data challenges could provide insight into strategy to tackle the challenges.

This study contributes to the body of knowledge by offering a fresh and in-depth perspective to the issue of data challenges in developing markets and how the peculiar nature of the real estate market affects the nature of data challenges. The qualitative approach adopted in this study allowed for a deep enquiry into the phenomenon and resulted into an extended insight into the peculiar nature of data challenges in a typical developing property market.

Given the significant role played by valuers and the evidence of a lack of independence in some property valuation industries, particularly in emerging markets, this study analyses the issue of client influence in property valuation by providing a valuer-client perspective and measuring the interrelationships between the clients' influence factors to identify causal factors of prominence, which can assist in developing solutions to address the clients' influence issue.

The study used a mixed-method approach. Firstly, interviews were conducted with ten property valuers and five financial institution staff in Nigeria, and the data were subject to thematic analysis using Nvivo 12 software. A matrix questionnaire survey was administered to the valuers, and the responses were analysed using the fuzzy Decision-Making Trial and Evaluation Laboratory (DEMATEL) method.

The results indicate that institutional clients, loan-seeking customers, property valuers and the perception of corruption within the Nigerian environment fuelled the issue of clients' influence. Based on the measurement of the interrelationship between the 14 identified client influence factors, the type of company, perception the public has of the industry, size of the firm, relationship with the client, type of client and regulatory framework were the factors of prominence.

The findings of this study bear huge implications for Nigeria and other similar structured property markets facing the issue of clients' influence in property valuation. With the prominent factors bearing root in a mix of client, valuer and environmental factors such as the valuation structure, process and public perception, there is a need for solutions that level the playing field between institutional clients and valuers, reinforce transparency and establish excellent regulatory standards to address the issue of clients' influence.

This study is the first to measure the interrelationships between the clients' influence factors to identify the prominent causal factors. Accordingly, considering the multi-factors, the research is novel as it focusses on those factors that would likely lead to other factors, thereby providing opportunities to develop solutions that focus on those factors of prominence. Secondly, the study deviates from the narrative on clients' influence in property valuation, which pits it as solely a client or valuer factor, by showing how the interplay of the stakeholders' interests and the environment promotes the issue in a non-transparent property market.

The property valuation process involves the property valuer expressing expertise in reaction to a client' instruction. However, there are instances where clients, driven by self-interest, impose their will to influence valuers into returning property valuation figures that are not the true reflection of the valuer's assessment. This paper set out to revisit the issue of client influence in property valuation by conducting a scoping review to establish key findings, gaps, implications and solutions.

In total, 21 articles on client influence published from 1997 till date were systematically obtained from Scopus, Web of Science, Google Scholar and through citation searching and reviewed through a “Patterns, Advances, Gaps, Evidence for practice and Research recommendations (PAGER)” framework. Further analysis and visualisation were performed using VOSviewer software.

This study found that based on the number of studies, the issue of client influence has received empirical attention, which is few and far between, with financial institutions identified as the major culprits in most of those studies. One core reason for this is the stakes involved in the finance sector, which relies on property valuation for loan disbursement and performance measurement. Furthermore, previous studies have focused on identifying the issue through the lens of the property valuer without giving recourse to the client's perspective on what may drive the issue.

This study provides evidence that the issue of client influence persists, with some elements of bias in the methodology. Furthermore, the solutions proffered have focused on the valuer and have not been tested to ascertain their effectiveness. Future studies can consider examining the issue from the perspective of financial institutions.

This study is one of the first review studies on client influence on property valuation. It is also the first to identify a pattern in client influence studies that points to the issue being perpetuated by financial institutions. Furthermore, it is the first in recent time to reveal how limited study has been conducted in the area as well as the solutions which have neither been tested nor implemented.

Ordinary direct capitalization is normally considered procyclical in its present form (De Lisle Grissom, 2011); for this reason, an alternative approach to direct capitalization may be useful in the determination of a robust opinion of value. The valuation standards propose an alternative determination of terminal value in the discounted cash flow analysis, recommending that for cyclical assets, the terminal value should consider … “the cyclical nature of the asset and should not be performed in a way that assumes “peak” or “trough” levels of cash flows in perpetuity” (IVS 105 Valuation Approaches and Methods para 50.21 lett e).

The introduction in International Valuation Standards (IVS) of Cyclical Assets raises several questions for the community of real estate professionals and academicians (IVS, 2022, 105 Valuation Approaches and Methods para 50.09 lett d). Cyclical assets can be defined as property whose value is “influenced by upturn and downturn of the market in a significant way” (d’Amato et al., 2019).

The paper proposes different solutions to the problem. The determination of the exit value using cyclical capitalization allows for a prudent assessment of the value and may be used either as a valuation procedure or a risk analysis method.

The valuation comparison with the traditional valuation techniques will be based on an iteration of exit value in order to determine the effects of the valuation procedure on the opinion of value.

The implication of the valuation procedure is the introduction of a countercyclical valuation method to determine the exit value in order to reach stable and reliable valuations for income-producing properties.

These models may have a social implication, providing valuation for income-producing properties that may deal with the property market cycle in a more efficient way, providing efficient valuation for banks and institutions.

The paper is the first application of such a valuation procedure to the determination of exit value.

The rising concern for the accuracy of residential valuations in Nigeria has created the need for key stakeholders in the residential property markets in the study areas to know the level of accuracy of valuations in order to make rational residential property transactions, amongst other purposes.

A blend of descriptive and causal designs was adopted for the study. Data were collected via structured questionnaire administered to 179 estate surveying and valuation (ESV) firms in the study areas using census sampling technique. Analytical techniques such as median percentage error (PE), mean and relative importance index (RII) analysis were employed in the analysis of data collected for the study.

The study found that valuation accuracy is greater in the residential property market in Abuja than in Minna, with inappropriate valuation methodology as the most significant cause of valuation inaccuracy.

The practical implication of this study is that a reliable databank should be established for the property market to provide credible transaction data for valuers to conduct accurate valuations in these cities. Strict enforcement of national and international valuation standards by the regulatory authorities as well as retraining of valuers on appropriate application of valuation approaches and methods are the recommended corrective measures.

No study has comparatively examined the accuracy of valuations in two extremely different residential property markets in the country using actual valuation and transaction prices.

This viewpoint article explores the transformative capabilities of large language models (LLMs) like the Chat Generative Pre-training Transformer (ChatGPT) within the property valuation industry. It particularly accentuates the pivotal role of prompt engineering in facilitating valuation reporting and advocates for adopting the “Red Book” compliance Chain-of-thought (COT) prompt engineering as a gold standard for generating AI-facilitated valuation reports.

The article offers a high-level examination of the application of LLMs in real estate research, highlighting the essential role of prompt engineering for future advancements in generative AI. It explores the collaborative dynamic between valuers and AI advancements, emphasising the importance of precise instructions and contextual cues in directing LLMs to generate accurate and reproducible valuation outcomes.

Integrating LLMs into property valuation processes paves the way for efficiency improvements and task automation, such as generating reports and drafting contracts. AI-facilitated reports offer unprecedented transparency and elevate client experiences. The fusion of valuer expertise with prompt engineering ensures the reliability and interpretability of valuation reports.

Delineating the types and versions of LLMs used in AI-generated valuation reports encourage the adoption of transparency best practices within the industry. Valuers, as expert prompt engineers, can harness the potential of AI to enhance efficiency, accuracy and transparency in the valuation process, delivering significant benefits to a broad array of stakeholders.

The article elucidates the substantial impact of prompt engineering in leveraging LLMs within the property industry. It underscores the importance of valuers training their unique GPT models, enabling customisation and reproducibility of valuation outputs. The symbiotic relationship between valuers and LLMs is identified as a key driver shaping the future of property valuations.

This real estate insight scrutinises the emerging role of Artificial Intelligence (AI), particularly Large Language Models (LLMs) like ChatGPT, in property valuation, advocating for establishing standardised reporting guidelines in AI-enabled property valuation.

Through a conceptual exploration, this piece examines the shift towards AI integration in property valuation and the critical role of Explainable Artificial Intelligence (XAI) in this transition. It discusses the CANGARU framework for developing inclusive and universally applicable reporting guidelines and the importance of human oversight in validating AI-enabled valuations.

Integrating LLMs into property valuation signifies potential efficiency gains and task automation but also introduces risks related to accuracy, bias, and ethical dilemmas. Standardised reporting guidelines are identified as essential for responsibly harnessing AI’s benefits.

The article underscores the need for the real estate industry to adopt transparent reporting practices, with valuers acting as expert interpreters of AI outputs. Emphasising error reporting in XAI not only aids in understanding AI-generated insights but also builds trust among stakeholders, ensuring AI’s ethical and effective application in property valuation.

This commentary contributes to the discourse on AI’s role in property valuation by focusing on the need for standard reporting guidelines that align with professional standards and legal frameworks. It advocates for a balanced approach to AI integration, where technological advancements complement traditional valuation expertise, ensuring accurate, fair, and transparent property valuations.

This paper examines the effects and root causes of client influence within the valuation profession in Kenya.

This study adopted a mixed research design incorporating a survey and experiment of registered and practising valuers in Kenya and interviews of key informants from registered and practising valuers, valuers' clients (commercial banks) and professional bodies.

The study found that client influence negatively impacts the valuation profession, contributing to inaccurate valuation outcomes, and it exists because of the valuation environment, represented by limited and unreliable information in Kenya and many other developing countries.

This study makes a critical contribution to the empirical literature as it introduces new insights into the impacts and causes of client influence by demonstrating how the valuation environment, characterised by poor information, contributes to client influence in Kenya, which is typical of many other developing countries.

This study aims to investigate key aspects of public ownership of land, expropriation and compensation laws and practices in Ethiopia with special reference to Burayu Town.

A mixed research technique of descriptive and analytic approach is applied in the research. This study used a purposive sampling technique to select case study counties and a systematic method for sampling households. Questionnaire surveys, focus group discussions, interviews and observations were used to collect empirical data. Average, percentage and paired-sample t-test analyses are used for quantitative data analysis.

Significant discrepancies exist between the expropriation laws and how property valuation and compensation are practiced in Ethiopia. The findings include the arbitrariness in designating public interest status to projects; unfair property valuation practice that neglects location factor to determine market value due to a skewed understanding of public ownership of land; and the assignment of property valuators who have no valuation expertise and proper knowledge of expropriation related laws. Findings revealed the socio-economic status of expropriated households has deteriorated due to the expropriation of their landholding.

It was difficult to locate the relocated persons as they were resettled in different localities. Furthermore, the town officers were not forthcoming to provide complete information on the expropriation and compensation procedures they followed. However, this study overcame the limitations through persistent requests and availing time for the data gathering.

The findings indicated the need to redefine relationships between public ownership of land, public interest and expropriation of landholding. A proper understanding of the triad will pave the way for better expropriation practice in Ethiopia and in countries where land is under public ownership.

The social implication of the study revealed that the socio-economic situation of relocated persons was adversely affected due to the poor implementation of laws.

The disparity between public ownership of land and the rights of citizens on landholding is misunderstood by policymakers. Research has shown for the first time the root cause for the discontent of expropriated persons in Ethiopia.