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The emerging trend in the global real estate valuation practice has led to the development of advanced valuation approaches to replace the traditional methods. The purpose of this paper is to investigate the extent to which real estate valuers practicing in Nigeria are aware and use these advanced approaches in real estate valuation practice.

Both traditional and advanced approaches were identified from the literature. An online-based questionnaire survey was administered on estate surveyors and valuers to measure their level of awareness and frequency of use of the identified valuation approaches. The feedback was collated and analyzed using descriptive statistical analysis.

The professionals are mostly aware of the traditional methods and always use the “sales comparison method” in practice. In contrast, they are not very aware of the advanced approaches and hence, only use the hedonic pricing model occasionally in practice.

The study only focuses on the Lagos metropolis, a nationwide survey will produce more comfortable generalizable findings.

This is a wake-up call for the real estate regulatory bodies and indeed all the real estate professionals in Nigeria to embrace the use of the advanced valuation approaches in practice, in order to remain relevant in the international real estate practice.

Implementation of the recommendations of this study could help position the Nigerian real estate professionals and the industry for a global exposition.

This paper examines participants' opinions on whether valuation education and training in Kenya is adequate while comparing it to actual material conditions.

This research is based on a survey of registered and practicing valuers in Kenya, interviews of key informants from professional bodies and the five universities offering real estate degree courses in Kenya, and a review of Kenya's real estate curricula and Institution of Surveyors of Kenya (ISK) training.

It was perceived that while valuer education and training in Kenya is satisfactory, it differs from actual material conditions as it fails to cover practical issues in valuation practice.

The study makes a critical contribution to the empirical literature by introducing new insights in valuation education and training in Kenya.

The purpose of this paper is to synthesise the plethora of research that has been conducted into the relationship between sustainability and market value in real estate, by critically analysing the research and the applicability of sustainability and value research in valuation practice.

The research on the relationship between sustainability and market value in real estate is examined from the perspective of its usefulness to the valuation profession in providing guidance, information and evidence to be used in valuation practice.

Existing research conducted into the relationship between sustainability and market value has not provided the valuation profession with evidence which would allow the incorporation of normative theories on the value of sustainability in valuation practice. This review highlights the lack of evidence, and the applicability of current research into sustainability and value to the valuation profession in providing guidance and information in valuing real estate incorporating sustainability.

This paper highlights the limited applicability of research to date in regard to the relationship between sustainability and market value for the valuation profession. The lack of historical evidence, data or information on the quantifiable effects on market value of this new trend (sustainability), leaves the valuation profession uncertain as to the relationship between sustainability and market value. There is a probable risk of valuers interpreting strategic research incorrectly, and making inappropriate adjustments or comparisons because of their lack of knowledge and limited sustainability assessment skills. Although there is an evolving body of knowledge, there is a need for extensive analysis of unbiased, evidence‐based research in individual and broader markets to provide guidance, evidence and knowledge of the implications of sustainability in the valuation of real estate.

The examination of research investigating the relationship between sustainability and value from a valuation perspective provides an alternative insight into the applicability of current research in valuation practice. The increasing profile and role of sustainability in the real estate sector needs to be addressed in valuation practice; however, the variety of research to date needs to be interpreted by valuers in the correct context. This paper brings to light the applicability of sustainability and value research for the broader valuation profession, and the potential implications of misuse or misunderstanding of that research.

The aim of this paper is to identify the competency expectations for property professionals in Australia. It further discusses differences in competency expectations between property professionals who have different professional backgrounds, such as valuers or non-valuers, and property professionals who work in different sectors or different-sized companies and who have differing amounts of experience. The competencies identified in this paper include knowledge areas, skills and attributes.

This paper presents the research findings of a questionnaire survey sent to Australian Property Institute members, which aimed to gather Australian property professionals' views on the knowledge, skills and attributes required to perform their roles effectively. The percentage of the respondents who provided different choices of given answers for each of the 31 knowledge areas, 20 skills and 21 attributes was identified and discussed. The professional backgrounds of the respondents were also identified to see whether these impact on competency expectations for property professionals. Content analysis was used to analyse written comments collected in the questionnaire.

The most important categories of knowledge, skill and attribute for Australian property professionals are valuation, effective written communication and practical experience, respectively. The least important are international real estate, second language and creativity. Knowledge of rural valuation is very important in Australia, although this has not been mentioned in previous studies. Professional backgrounds have a large influence on Australian property professionals' views on knowledge requirements, but less so on skills and attributes.

The findings of this paper can be used as guidance for property professionals in their professional development plan. In addition, property course providers can use the research findings of this paper to inform their curriculum development and redesign.

This project is the first to identify the comprehensive competency expectations of property professionals as a whole in Australia. At the same time, it identifies differences in the competency expectations of property professionals who have different professional backgrounds. Similar types of study have been conducted in the UK, the USA, Hong Kong and New Zealand but not yet in Australia. An understanding of the knowledge, skills and attributes required for property professionals is important for continuing professional development, curriculum development and the redesign of relevant property courses in order to maintain performance and competitiveness in the property sector.

Real estate property has been established as a composite good, and its value is determined by many variables. The heterogeneous nature of real estate property has made different stakeholders value these variables differently. Therefore, this study aims to identify and evaluate these sets of variables which influence residential property value in the Lagos metropolis property market, Nigeria, based on professional valuers’ perception.

A list of variables that influences property value was generated through literature review, and the list was used to design an online questionnaire that was administered to valuers practicing in the metropolis. The valuers were asked to rank these variables in order of significance. Their response was analysed to establish the mean score of each variable that depicts their level of significance.

In order of importance, property location, neighbourhood characteristics, property state of repair, size of property, availability of neighbourhood security and age of property are the most highly significant variables that are influential on the property value in the Lagos metropolis.

The findings of this study will inform all existing and prospective real estate stakeholders, including facility managers of the major determinants of the value of their investments and, at the same time, will be a tool for valuers and researchers in property value modelling.

This study is the first attempt to develop a framework of property value determinants in this research area in Nigeria.

Professionals’ market knowledge and business experience can facilitate transactions of residential property potentially impacted by stigmatised installations, such as large-scale public infrastructure. The purpose of this paper is to explore perceptions and assessments among homeowners, valuers (appraisers) and real estate agents (realtors) regarding infrastructure in general and high voltage overhead transmission lines (HVOTLs) in particular.

Informed by a literature review, separate surveys in Queensland, Australia, analyse via non-parametric and parametric means informational and perceptual variables concerning HVOTLs among 600 homeowners, 90 valuers and 90 real estate agents.

The findings reveal statistically significant differences in risk and valuation perceptions of homeowners, valuers and real estate agents relating to the placement of major linear forms of infrastructure.

This study adds to a now-solid body of literature pertaining to property effects of HVOTLs. It extends the analysis among classes of real estate professionals and provides new comparisons for further analysis and commentary.

The results speak to property professionals, land use planning and electricity authorities. Prior research can be triangulated with that obtained here from valuers and real estate agents who act as informants, gatekeepers and confidants in the market place. Various hypotheses address specific points of professional practice.

This study shows that property professionals’ disposition to HVOTLs and other large-scale infrastructure is likely to be a good deal more measured than that of homeowners, so that valuers and real estate agents might exercise a mediating influence in placement and installations decisions.

This research raises understanding of differences in market knowledge and perception of essential infrastructure among clients and property agents. As a point of difference, it concentrates on examining empirically what texts refer to as “information asymmetry” in residential real estate markets.

This paper aims to investigate and compare both real estate agents and their service consumers' perception on ethics of real estate agents in Nigeria; an emerging economy with less organized and transparent property market.

The study adopts a survey approach to research. Using Bartlett et al.'s model of determining sample size, a total of 125 firms were randomly selected from the list of registered real estate consultancy firms in Lagos metropolis. For each firm contacted (through business addresses), three service consumers were randomly selected from their archives of consumers. Questionnaires were personally administered and retrieved with useful response rates of 70 per cent and 75 per cent for real estate agents and service consumers respectively. Data emanating from the survey were analysed using frequency distribution and ANOVA analyses.

Among other findings, the results indicate that both real estate agents' and consumers' ratings of ethics of real estate agents is average on a five‐point Likert scale. Furthermore, real estate agents' self perception of the five year trend in their ethics was positive, albeit with a strong belief that commercial consideration should take precedence over an ethical stance in a real estate transaction.

In spite of the uniformly high self‐perception of agent ethics, most practitioners in real estate agency consultancy believe that commercial or economic considerations are more important than an ethical stance in a real estate transaction. This raises a serious fundamental issue about the essence and practical understanding of ethics by practitioners and what ethics entails in the discharge of their professional duty.

The paper complements the existing body of literature on real estate ethics by providing an empirical assessment of real estate agents in an emerging economy.

Digital divide is lack of access to and effective use of information and communication technology (ICT). It represents the difference between people with access to ICT and who use it effectively and those who do not. The aim of this study is to determine the level of digital divides amongst estate surveyors and valuers (recognized real estate practitioners in Nigeria). This is with a view to turning the identified digital divides into digital dividends for sustainable real estate practice in Nigeria and elsewhere.

In attaining the aim, primary data were collected on 3,627 corporate members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) with questionnaires administered through the internet using SurveyMonkey, an internet‐based software complemented with bulk sms to alert them about posting of the questionnaires into their e‐mail addresses. The Culbertson's constructs for evaluating digital awareness in the USA were adapted for inclusion in the survey instrument. The finding on the estate surveyors and valuers was also compared with those on comparable professionals in the building industry to determine if the respondents are lagging behind in adopting ICT.

Based on the Culbertson's constructs, there is great digital divide between practising estate surveyors and valuers and their counterparts in advanced countries. The analysis indicated that 33.75 percent of the respondents were not committed to ICT, 26.25 percent were slightly committed, and at least 38.75 percent were somewhat committed; and the respondents were classified as “low‐tech high‐touch” professionals; and their level of ICT deployment found to be appropriate within the framework of the Nigerian National Bureau of Statistics. This implies that digital divide is not a challenge to real estate practice in Nigeria.

The study serves as good starting block for further analysis of the setting, challenges, and practice of real estate profession in Nigeria and elsewhere with regards to ICT applications. The research posited the implication for the NIESV to organize mandatory continued professional development workshops on ICT to remain relevant in the fast moving digital society. The IT requirements, current skill base, and curricula in the higher institutions were however not examined. It is therefore necessary to carry out further research on students and faculty in the higher institutions to identify the gaps in skill and technological capabilities.

The findings help in specifying development activities that will enhance improvements in professional standards, build local capacity and improve transparency expected by international investors. Also, the findings provide professional bodies and policy‐makers with indications to improve and ensure sustainable real estate professional practice through continuous and life‐long training of members in ICT. It recommended capacity building, reviving of interests of practitioners, direct investment of software companies, and research as approaches to reducing the level of digital divide between practitioners in advanced countries and Nigeria in order to remain relevant in the technologically‐driven and competitive world.

The aspects of sustainability are often not considered explicitly in property valuation. The purpose of this paper is to investigate the structural relationships between valuers’ support for integration of industrial sustainability into property valuation process in Nigeria and their knowledge perceptions about the potential sustainability benefits.

The paper compares the results of the respondents’ evaluation of the models and indicators for modelling the study population. Data were obtained from 267 real estate firms from three core Nigerian cities. The conceptual framework was developed and pattern matrices for factor indicators were extracted for the predictions and hypothesis testing using the partial least squares–structural equation modelling.

Perceived lowering of risks and cost savings are the significant predictors of the valuers’ support system (BLR→SUP (t=12.181); BCS→SUP (t=2.078)>1.196). The findings challenge the conceptual expectations as prospects of high building value, improved productivity gains and quality of life have no significant factor loadings. Moreover, potential improvement to the quality of life is not a significant mediator.

Testing the knowledge-support systems in sustainability and property valuation could help bridge the knowledge gap in property sustainability studies.

This study presents evidence that can aid in decision making regarding public and private efforts to define sustainability knowledge requirements for the valuers and other stakeholders.

The current investigation finds that there is insufficient sustainability knowledge among the valuers. Thus, these analytical procedures can be used to predict sustainability scenarios at a global level.

Although several factors influence property value determination depending on the market, relevant studies in sub-Saharan Africa (SSA) often fail to analyse the impact of factors, such as unexpired term of leasehold interest and ground rent, which are also germane to market transactions and value determination. This study aims to examine the effect of unexpired term of leasehold interests and ground rent on the valuation of residential properties in Ghana.

A questionnaire instrument was used to collect the views of a sample of professional real estate valuers on the relevance of these and other factors that affect value. In addition, the valuers were tasked to value a residential property located in Accra, Ghana. Ordinary least squares and quantile regression models were thereafter used to analyse the data to determine the effect of the subject variables on value.

The study finds a significant relationship between valuers’ views on the relevance of unexpired term of leasehold interest and the value placed on residential properties. Further, the respondents who viewed ground rent as an important factor in estimating values placed significantly lower values than those who viewed it as less important.

The findings suggest that the respondents may have split opinion on the existing anecdotal evidence that market participants ignore the unexpired term of leasehold interest, an issue that should be settled in theory. The findings also highlight the diversity of opinion on some of the fundamental factors that affect value and the need to build consensus to prevent excessive variation in value estimates among valuers.

The study makes a significant contribution in terms of extending the existing literature by analysing the impact of unexpired term of leasehold interests and ground rent on residential property values based on empirical data, issue(s) which have often been ignored by existing studies. Findings from the study also provide insights into additional possible causes of valuation errors in Ghana and SSA, which are useful for policy formulation and practice.