Valuation standards are important as they help to encourage transprancy and reliability. There has been much focus on valuation accuracy in recent times. It is argued that the procedures and methods employed by Nigerian valuers are marked by flaws and hence not reliable. This study examines the compliance level of Nigerian Estate Surveyors and valuers to the valuation Standards as part of the solution to valuation in inaccuracy and variation.
The absence of standard connotes lack of professionalism and constitutes a potential source of abuse, mediocrity, complacency and conflicts. This study is concerned with the credibility of proper valuation practice in Nigeria. Valuation standards provide quality control measure on how to undertake and report on valuations. The aim of this study is to examine the compliance level of property valuation practice in Nigeria with the International Valuation Standards which is the highest valuation standard setting body. The data collection instrument used was the survey questionnaire and statistical analysis was done to ascertain the validity of the hypothesis. Using data gathered through structured questionnaire and from valuation reports, this study appraises the position of the International Valuation Standards and the current practice of property valuation. The study revealed that the valuation practice in Nigeria is yet to fully comply with International Valuation Standards and best practices for valuation and reporting.