Client sophistic in mortage valuation practice in Lagos, Nigeria.
| dc.contributor.author | OGUNBIYI James Olayinka | |
| dc.date.accessioned | 2024-10-23T14:33:53Z | |
| dc.date.available | 2024-10-23T14:33:53Z | |
| dc.date.issued | 2024 | |
| dc.description | xv, 295p | |
| dc.description.abstract | The study examined the profiles of clients and the retained Estate Surveying and Valuation (ESV) firms in Lagos, Nigeria; evaluated the characteristics of mortgage valuations undertaken by the firms; appraised the components and level of client sophistication in mortgage valuation practice; analysed the factors influencing client sophistication in mortgage valuation practice; and examined the perceived influence of client sophistication on mortgage valuation practice in the study area. These were with a view to providing information for enhancing valuation practice. The study adopted primary and secondary data using a mixed-method data collection approach. The study population comprised Deposit Money Banks (DMBs), Asset Management Corporation of Nigeria (AMCON) and Estate Surveying and Valuation (ESV) firms in Lagos, Nigeria. According to the August 26th, 2022 edition of the Central Bank of Nigeria’s List of DMBs, 26 DMBs engage in real estate lending activities. They collectively had 650 ESV firms in their Retainership Lists. Using Frankfort-Nachmias's 1996 sample size formular, a sample size of 243 ESV firms was determined for the study. Thus, nine ESV firms were randomly selected for each of the 26 DMBs and AMCON. Total enumeration survey of the 26 DMBs and head of valuation unit of AMCON was also applied. While primary data was collected with the aid of key informant interviews of the heads of the valuation units of the DMBs and AMCON, questionnaire was administered on heads of the valuation units of the ESV firms. Secondary data such as guidelines and standards for mortgage valuation practice was sourced from relevant publications. Data analysis was undertaken using thematic analysis, importance assessment approach, exploratory factor analysis, Spearman’s correlation analysis, and Kruskal-Wallis ‘H’ test.The result, using the importance assessment approach showed that the characteristics of the mortgage valuation practice were: adherence to standard valuation process (RII=0.882), adherence to IVSC and Nigerian Valuation Standards when carrying out valuations (RII=0.855), adoption of International Financial Reporting Standards in valuation practice (RII=0.822), adoption of proper assumptions when carrying out valuations (RII=0.818), and making sound judgements when carrying out valuations (RII=0.818). The result, using the exploratory factor analysis and thematic analysis showed that the components and level of client sophistication in mortgage valuation practice comprised the clients’ knowledge of applicable standards (19.85%), experiential knowledge of valuation characteristics (18.68%); biographical details (13.48%); and the nature of their influence on valuations (11.75%). The factors influencing client sophistication in mortgage valuation practice with their corresponding variance proportion were: issues with valuers and valuation techniques (19.45%); influence of globalization (18.54%); client's knowledge of relevancies (12.76%); regulatory considerations and value for money (10.80%), and valuation uncertainties (8.34%). Moreover, the perceived influence of client sophistication on mortgage valuation practice with their corresponding variance proportion were: encouraged transparency, disclosure and partnership (17.15%); improved accuracy and reliability of valuations (17.04%); improved client satisfaction (16.51%); improved valuation reporting and fee payment (14.91%), and enhanced regulatory enforcements (10.92%). The study concluded that the components of client sophistication, including experiential knowledge of valuation characteristics, compelled ethical behaviour and conduct of practitioners for enhanced valuation practice. | |
| dc.identifier.citation | OGUNBIYI, J.O.(2024) Client sophistic in mortage valuation practice in Lagos, Nigeria. Department of Estate Management, Faculty of Enivronmental Design and Management, Obafemi Awolowo University | |
| dc.identifier.uri | https://ir.oauife.edu.ng/handle/123456789/6658 | |
| dc.language.iso | en | |
| dc.publisher | Department of Estate Management, Faculty of Enivronmental Design and Management, Obafemi Awolowo University. | |
| dc.title | Client sophistic in mortage valuation practice in Lagos, Nigeria. | |
| dc.type | Thesis |