Authors :
ELENWO, Ekwuru; BROWN, Siya Kabaka
Volume/Issue :
Volume 7 - 2022, Issue 3 - March
Google Scholar :
https://bit.ly/3IIfn9N
Scribd :
https://bit.ly/3rkf4fd
DOI :
https://doi.org/10.5281/zenodo.6458277
Abstract :
The term value and price of real property has
been used by most people including valuers
interchangeably causing some confusion as to their
actual meaning as regards real property appraisal.
Valuers are always involved in the price and value of
property as they are the major stake holders in the
appraisal and sale of real property. This study intends to
ascertain the relationship between value and price of real
property. The study sort information from the records of
estate firms to ascertain the prices and value of 1, 2 and
3 bedroom flats sold and valued by their firms in
Ruuodomaya area of Port Harcourt metropolis. The
study also sought to know from the valuers if there exist
a relationship between value and price of real property.
The methods used in the analysis of this study involved
the use of tables, bar charts and the Spearman
correlation analysis. The results reveals that valuers
agreed that there is a strong relationship between value
and price of real property, also results from the analysis
using the Spearman correlation to ascertain if there
exists a relationship between value and price of real
property indicates that value and price of real property
have strong positive relationship which means that price
is a determinant of value. The study recommends
research capability by the valuers to ascertain real
property attributes required by buyers since value is
mostly affected by what the buyer of real property
requires which will increase the price of the property
and that estate valuers should focus more on property
features and characteristics for proper management of
residential properties and efficient valuations.
Keywords :
Value, Price, Real Property, Valuer, Perspective, Market value.
The term value and price of real property has
been used by most people including valuers
interchangeably causing some confusion as to their
actual meaning as regards real property appraisal.
Valuers are always involved in the price and value of
property as they are the major stake holders in the
appraisal and sale of real property. This study intends to
ascertain the relationship between value and price of real
property. The study sort information from the records of
estate firms to ascertain the prices and value of 1, 2 and
3 bedroom flats sold and valued by their firms in
Ruuodomaya area of Port Harcourt metropolis. The
study also sought to know from the valuers if there exist
a relationship between value and price of real property.
The methods used in the analysis of this study involved
the use of tables, bar charts and the Spearman
correlation analysis. The results reveals that valuers
agreed that there is a strong relationship between value
and price of real property, also results from the analysis
using the Spearman correlation to ascertain if there
exists a relationship between value and price of real
property indicates that value and price of real property
have strong positive relationship which means that price
is a determinant of value. The study recommends
research capability by the valuers to ascertain real
property attributes required by buyers since value is
mostly affected by what the buyer of real property
requires which will increase the price of the property
and that estate valuers should focus more on property
features and characteristics for proper management of
residential properties and efficient valuations.
Keywords :
Value, Price, Real Property, Valuer, Perspective, Market value.
