Value and Price of Real Property: Valuers Perspective


Authors : ELENWO, Ekwuru; BROWN, Siya Kabaka

Volume/Issue : Volume 7 - 2022, Issue 3 - March

Google Scholar : https://bit.ly/3IIfn9N

Scribd : https://bit.ly/3rkf4fd

DOI : https://doi.org/10.5281/zenodo.6458277

The term value and price of real property has been used by most people including valuers interchangeably causing some confusion as to their actual meaning as regards real property appraisal. Valuers are always involved in the price and value of property as they are the major stake holders in the appraisal and sale of real property. This study intends to ascertain the relationship between value and price of real property. The study sort information from the records of estate firms to ascertain the prices and value of 1, 2 and 3 bedroom flats sold and valued by their firms in Ruuodomaya area of Port Harcourt metropolis. The study also sought to know from the valuers if there exist a relationship between value and price of real property. The methods used in the analysis of this study involved the use of tables, bar charts and the Spearman correlation analysis. The results reveals that valuers agreed that there is a strong relationship between value and price of real property, also results from the analysis using the Spearman correlation to ascertain if there exists a relationship between value and price of real property indicates that value and price of real property have strong positive relationship which means that price is a determinant of value. The study recommends research capability by the valuers to ascertain real property attributes required by buyers since value is mostly affected by what the buyer of real property requires which will increase the price of the property and that estate valuers should focus more on property features and characteristics for proper management of residential properties and efficient valuations.

Keywords : Value, Price, Real Property, Valuer, Perspective, Market value.

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Paper Submission Last Date
31 - July - 2022

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