publication . Article . 2013

Relative level of occurrence of the principal heuristics in Nigeria property valuation

Iroham C.O.,; Ogunba, O.A.; Oloyede, S.A.;
Open Access English
  • Published: 01 Jun 2013 Journal: International Journal of Development and Sustainability, volume 2, issue 2, pages 493-504 (issn: 2186-8662, eissn: 2186-8662, Copyright policy)
  • Publisher: International Society for Development and Sustainability (ISDS)
Abstract
The neglect of the other principal heuristics namely avaialability, representative and positivity in real estate behaviourial property research as against the exclusive focus on anchoring and adjustment heuristics invariably results to a lopsided research. This work studied the four principal heuristics in property behaviourial property valutaion in a bid to discovering its relative level of occurrence. The study adopted a cross-sectional questionnaire survey approach of 159 of the 270 Head Offices of Estate Surveying and Valuation firms in Lagos Metropolis, while 29 and 30 questionnaire were distributed to the Head Offices of the entire Estate Surveying and Val...
Subjects
free text keywords: Principal heuristics, Behaviourial research, Property, Valuation, Nigeria, lcsh:Economic growth, development, planning, lcsh:HD72-88
Related Organizations

Adair, A., Berry, J. and McGreal, S. (1996), “Valuation of Residential Property: Analysis of Participant Behaviour”, Journal of Property Valuation and Investment, Vol. 14 No. 1, pp. 20-35.

Hansz, J.A. (2004b), “Prior Transaction Price Induced Smoothing: Testing and Calibrating the Quan-Quigley Model at the Disaggregate level”, Journal of Property Research, Vol. 21 No. (4), pp. 321-336.

Hansz, J.A. and Diaz J. III (2001), “Valuation Bias in Commercial Appraisal: A Transaction Price Feedback Experiment”. Real Estate Economics Vol.29 No. 4, pp. 553-565.

Havard, T. (1999), “Do Valuers Have a Greater Tendency to Adjust a Previous Valuation Upwards or Downwards”? Journal of Property Investment and Finance, Vol. 17 No. 4, pp. 365-373.

Havard, T. (2001), Valuation Reliability and Valuers Behaviour, RICS Foundation Research Paper 4(1).

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