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Uniquely among the built-environment professions in the country, professional valuers in South Africa until recently did not require to have a university degree. The vast majority of professional valuers therefore, especially at senior levels, hold the national diploma as the highest academic qualification. There is evidence to suggest that many regard this state of affairs as unsatisfactory. Given the foregoing, the purpose of this paper is to answer two interrelated questions, first, whether South African trained and educated valuers were “competent” and met industry standards, and, second, whether the South African valuation curriculum met international norms.

Empirical data for the study were obtained by way of a survey of valuers registered on the South African Council of the Property Valuers Profession (SACPVP) database and a case study of the University of Cape Town’s valuation curriculum. The survey involved the mailing of an online questionnaire, using the “Survey Monkey platform”, to 2,062 individuals, representing the total population of valuers registered with the SACPVP, across all registration categories. A total of 324 individuals, or 15.7 per cent of the target population, responded to the survey.

Results from the study on the first question showed that it was professional status and length of experience, rather than academic qualifications, which correlated with competence. In addition, the results suggest that there are grounds for concern regarding proficiency in at least some of the valuation methods across the board. Further, the study revealed significant levels of dissatisfaction amongst employers with the general competence of valuers under their supervision. On the second question, the study concludes that the South African valuation curriculum did not meet international norms in terms of certain criteria.

The paper recommends a review of the South African valuation curriculum; to allow for a differentiation between the different academic levels, to facilitate a more conceptual approach at the higher levels, and to close the identified gaps in knowledge and skill-sets arising from both a deficient curriculum and a changing industry landscape.

At a time when attempts are being made to improve standards in the South African valuation profession, the study makes a critical contribution, by identifying areas where the national curriculum is deficient, both in terms of industry requirements and relative to international norms.

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 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.

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 paper aims to review property and valuation education within the university context, using the experience of program re‐development at RMIT University, Melbourne, Australia, as a case study.

The paper utilises a literature review, comparing and contrasting the program renewal process within the university to experiences elsewhere and their inherent values. In critically examining some of the difficulties found within the program renewal process, issues symptomatic of the wider valuation profession and tertiary education system have been revealed. It provides the genesis of a wider study linking tertiary education and the valuation profession's needs in the mid‐term.

Valuation education is often subsumed within a generalist property curriculum. As part of their resource allocation models universities are now paying close attention to teaching quality, research output, and graduate outcomes, often favouring generalist curricula rather than discipline‐specific. There needs to be a careful analysis of the university experience of property and valuation students to ensure that graduate capabilities meet industry expectations, and that graduates themselves are able to adapt to future change. There also needs to be greater attention paid to the quality of teaching within universities and more evidence that mainstream tertiary teaching pedagogy is properly applied within the programs offered.

As a case study this paper chronicles the experiences at one university. It indicates a need for a wider, systematic study of how greater engagement by property and valuation academic and teaching staff can be more actively engaged in mainstream university teaching pedagogy.

The value of this paper lies in its chronicling of a detailed and structured renewal process. It highlights real difficulties faced by tertiary academics in a narrow discipline such as valuation during a renewal process, aimed at continuing high‐quality professional education.

The purpose of this paper is to discuss the development of students’ commercial awareness within the curriculum of professional accredited courses. The targeted area of study is the Royal Institution of Chartered Surveyors (RICS) accredited property courses. This paper also discusses how the curriculum of RICS-accredited courses can be designed to successfully incorporate commercial awareness within them and suitable delivery methods for developing this within the curriculum. Commercial awareness is one of the most important employability skills, however, employers have expressed dissatisfaction with graduates’ performance in this area.

This paper presents the research findings of two sets of questionnaire surveys, as well as interviews and e-mail discussions with the course directors and current students of the RICS-accredited property courses in the UK. Descriptive analysis was used to analyse the questionnaire data. Fisher’s exact test was used to identify the statistical significance between academics’ and students’ views on the development of students’ commercial awareness as part of the RICS-accredited property courses’ curriculum. Content analysis was used to analyse the texts in the questionnaire survey, interviews and e-mail discussions.

Academics and students involved with the UK RICS-accredited property courses agreed that commercial awareness is an important employability skill in the property sector and they mostly agreed on the definitions of commercial awareness, except in their “understanding of the wider business environment”. They also agreed that commercial awareness has three components: strategic, financial and process. Academics and students agreed that the commercial awareness components and process sub-components are largely incorporated into the curriculum of RICS-accredited property courses but they have divergent opinions on the level of incorporation of strategic and financial sub-components. A suitable way to deliver commercial awareness in RICS-accredited property courses is to incorporate it into the overall curriculum, ensuring that the components of commercial awareness are closely linked to the RICS APC and match relevant competency levels. They also commented that including practical experience in the curriculum is the most useful way to develop a student’s commercial awareness.

This paper is the first to discuss the development of commercial awareness in professional accredited courses such as RICS-accredited property courses and also identifies suitable methods to enhance students’ commercial awareness as part of the curriculum. The research findings can also be applied to other professional accredited courses that have a strong vocational focus, such as nursing, engineering and accountancy. These courses are usually accredited by relevant professional organisations and students studying these courses usually plan to embark on a career in a relevant profession. The design of the course curriculum has a strong focus on equipping students with the essential competencies to develop their careers within the relevant field.

The paper aims to contribute to the understanding of the current valuation practices and services offered across Asia, in particular the valuation techniques and methodology used by practising valuers in Hong Kong.

In order to gain professional opinions and an in‐depth understanding of Hong Kong valuation service providers, the methods and concepts used, and the extent of involvement with Chinese clients and businesses, the paper reports the findings of interviews with major real estate valuation firms and a survey of individual valuers involved in the appraisal of properties in Hong Kong and China.

The results show that there are significant differences between the strategic management and the operational level across several facets of the valuation process in Hong Kong and China. The paper contributes to an understanding of behavioural influences within valuation.

The main limitation is the restriction of the survey on Hong Kong‐based valuers. Further research will widen evidence to valuers based in mainland China.

This paper presents the results of original empirical research utilising data drawn from interviews and survey questionnaires. The value of the work lies in the analysis of the strategic overview of the organisation, management and operation of appraisal practice in Hong Kong.

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.

Outlines the nature of the valuation profession in Australia. Notes that the profession has recently undertaken important developments in order to enhance its professional status and standards. Comments on the role of the Australian Institute of Valuers and Land Economists which has been crucial to these developments.

Does target firm shareholders excessively paid or adequately rewarded or stumpy compensated? To address this query, the study aims to remix valuation parameters for better combination of mixture so that it represents fair deal value in merger and acquisition (M&A) negotiation process. The purpose of the study is to redesign the existing valuation methods, craft new models and compare them to suggest perceptive guidelines for “valuation governance”.

This research reconstructs discounted cash flows (DCF) and net asset valuations (NAV), originate NRR‐APB approach, MCF‐RS and MCF‐ES and finally compare all seven methods for each select company in the respective industry/sector. Exclusively, estimating the forecasting hurdle rate (FHR) is a core competence of valuation process.

Among the valuation models, all seven methods for select companies have been reported diverse values, however NRR‐APB approach describe factual enterprise value for bargaining the value of target firm in structuring M&A deals.

Due to petite sample, study has limited scope to validate the proposed conceptual models for valuation governance. Particularly, models have developed under the Indian accounting regulations, standards and reporting mechanism. Though, it can be practiced in other accounting standards on trail and error basis.

Valuation practitioners, governments, consultants, M&A advisory, market research and academia may implement these business valuation techniques, guidelines and implications in particular sector/industry to protect the interest of target firm shareholders and justify the consistent value for acquirer/bidding firm. Accordingly, stakeholders' interest could also be sheltered.

The paper intends to introduce NRR‐APB approach, MCF‐RS and MCF‐ES, reengineering DCF and NAV and compare these valuation methods on three companies each in select two industries, auto ancillary and hotels and resorts. Further, it would be adding a token of contribution to the notable area corporate finance. Hence, this article is the first study to argue on valuation governance and recommend state to enact immediately in India.