Accurate property valuation is crucial for the real estate sector, as it influences investment decisions, mortgage approvals, and financial stability. read more Factors influencing inaccuracy in residential property valuation in Lagos
In Lagos, inaccurate residential property valuations are driven by factors like market information gaps, valuer experience and client influence, lack of standardized guidelines, economic and political instability, and property characteristics. This leads to investor mistrust, financial losses, distorted market trends, and legal disputes. Solutions include establishing a centralized property database, implementing strict regulatory standards, and enhancing transparency in the valuation process.
