Development of property databank in Nigeria property market: issues, challenges, and way forward

Authors

  • D.T. Olapade Department of Estate Management, Obafemi Awolowo University, Ile-Ife, Nigeria

Keywords:

Property database, Nigeria property market, valuation practice, investment analysis, real estate

Abstract

Property valuation and investment analysis depend on access to property data which are scarce in practice but can be improved through the creation of a property databank. It is in this regard that the paper examines issues relating to the development of property databank in the Nigeria property market. These are with a view to provide information that will improve valuation practice in Nigeria.The paper adopts a desktop analysis of results from previous studies carried out on the subject and a synthesis of personal experience of the author in private practice at the firm of Messers Biodun Olapade & Co (Estate Surveyors & Valuers). The paper explores the option of creating a databank of concluded transactions by examining major considerations in designing such databank. A practical experience of the development of centralised databank is also presented. The paper concludes that there is a need for close collaboration among stakeholders if the development of the databank will be effected.

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Published

2024-07-28