Estate Surveyor Seeks Objective Assessment Of Property

An Estate surveyor and valuer, in Kogi State, Zainab Obadaki has stressed the importance of providing an objective assessment of a property’s worth based on a range of factors, saying that it will assist in decision making over property acquisition.

According to Obadaki, the Kogi State Property valuation is a cornerstone of the real estate industry, providing an objective assessment of a property’s worth based on a range of factors.

Obadaki, who is also the permanent secretary, Ministry of Housing and Urban Development, Lokoja, noted that in Nigeria, where land and property ownership are critical to both personal wealth and institutional investment, accurate valuation is essential to informed decision-making, economic planning, and legal compliance.

While explaining further, she said property valuation refers to the professional process of determining the economic value of a property, land, building, or both, at a given point in time.

According to her It is typically conducted by trained professionals known as estate surveyors and valuers, who are registered under the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON).

She added that the need for property valuation arises in various contexts, including buying and selling, mortgage financing, insurance, taxation, compulsory acquisition, rental assessment, and property development feasibility studies.

She listed the key valuation methods in Nigeria, to include: Comparative Method, Income Capitalization Method which according to her is primarily used for investment properties, saying this approach estimates the value based on the income the property generates, capitalized at an appropriate rate of return.

“This method of valuation is used to determine the value of income-producing properties by focusing on the property’s expected income stream. It involves calculating the capital value based on the net income and a required rate of return, often through capitalization or discounted cash flow (DCF) methods.

“This approach is suitable for investments like shops, offices, and rental properties and is based on the principle that market behavior is driven by income and risk,” she said.