Human Resources Development for the Valuation of Property Investments in Nigeria: A Case for Practical-Based Training

Abstract

This paper examines the development of human resources for the valuation of property investments in Nigeria. The paper argues that valuation of property investments is a highly practical exercise and should be taught as such to facilitate its understanding. Data for the study were obtained using structured questionnaires administered to graduating real estate students in a Federal University in Nigeria who have been taught property investment valuation courses for a period of four academic sessions, based on the minimum benchmark academic standards of the National Universities Commission. The study found that the students’ overall level of understanding of the basic topics in property investment valuation was highest in the definition of property investments and lowest in hedonic modelling of property investment values. Analysis of Variance (ANOVA) in the level of understanding of the basic topics in property investment valuation between the male and female respondents produced an F-ratio of 0.53 at p-value greater than 0.05. This implies that although there are differences in the level of understanding of the basic topics in property investment valuation between the male and female respondents, such differences are not significant statistically. The respondents strongly agreed that practical exercises in the field will facilitate understanding of property investment valuation. Similarly, they also agreed that lecturers with practical experience teach property investment valuation better. The paper recommends the introduction of more field exercises into the current property investment valuation curriculum of tertiary institutions in Nigeria as such initiative will facilitate the development of creative, innovative and practically-competent human resources for the accurate valuation of property investments in the country.