Authors : M.O. Bello , Ojo Babajide and Ojo Babajide
Abstract: This study is structured to evaluate the accuracy of commercial property development appraisal prediction in Lagos metropolis. The study area was first classified into strata. Each stratum consists of economic nuclei where surveying activities aggregate. Within each of the economic nuclei, questionnaires were randomly administered. For the data analysis, Chi-square and test on differences between two means were employed. The study revealed that there exists a statistically significant difference between the actual and the predicted values of variable inputs such as Rental Income, Capital Cost, Development Period, Lending Rates and Investment Payback Periods. The implication is that the quality of appraisal services rendered by the Estate Surveyors and Valuers in this aspect is inadequate. To abate this, the Nigerian Institution of Estate Surveyors and Valuers and the Estate Surveyors And Valuers Registration Board of Nigeria are urged to evolve a policy that would lead to the enhancement of both the theoretical and practical knowledge in commercial property development appraisal.
M.O. Bello , Ojo Babajide and Ojo Babajide , 2005. The Accuracy of Prediction in Commercial Property Development Appraisal in Lagos, Nigeria. Pakistan Journal of Social Sciences, 3: 1103-1107.