Expert suggests alternative approach to property evaluation for estate surveyors, valuers

An expert in real estate, Bankole Adeoye, has tasked estate surveyors and valuers on alternative approach to property evaluation.

Adeoye, in a paper titled: “Conventional and Hedonic Valuation in Nigerian Property Appraisal Practice: A Professional Perspective for Estate Surveyors and Valuers,” said property valuation in Nigeria has traditionally depended on conventional approaches, principally the comparative, investment and cost methods.

He stated that these approaches remain indispensable because they are familiar, practical and adaptable to markets where reliable transaction evidence may be limited, adding that the increasing complexity of urban property markets requires analytical techniques capable of explaining how individual property characteristics influence price.

Adeoye, posited that hedonic valuation. It regards a property as a bundle of attributes including size, accommodation, location, accessibility, infrastructure, neighbourhood quality and environmental conditions and estimates the contribution of each attribute to market price.

“For Nigerian estate surveyors and valuers, hedonic valuation’s  greatest professional value lies in complementing, rather than replacing, informed appraisal judgment,” he stated.

He said the most appropriate pathway to hedonic valuation  is gradual hybrid adoption. “Conventional valuation should remain central to routine professional practice, while hedonic analysis can support, test and calibrate conventional adjustments. In data-rich markets such as Lagos, it can strengthen consistency and defensibility; where evidence is limited, simpler models with fewer reliable variables are preferable.

“Hedonic valuation does not eliminate professional judgment; it disciplines and supports it. Properly adapted to Nigerian conditions, the method can make property adjustments more transparent, measurable and market-responsive.  The strongest professional approach is therefore a hybrid framework combining empirical attribute-based analysis with inspection, local knowledge and established Nigerian valuation practice.”