Willingness to Pay for Sustainable Features in Prime Residential Submarkets of Lagos

In this study, I examine the market potential for various sustainable features by residents in Lagos prime residential submarket in the context of their willingness to pay (stated and revealed preferences) for green features. The study is of great significance as Nigeria is likely to produce a green building policy and certification standard in the near future through the Green Buildings Council of Nigeria. Data were obtained through the distribution of 150 questionnaires to households and evidence of lettings in Ikoyi and Victoria Island, the two prime residential neighborhoods in Lagos. The findings show that occupiers are willing to pay for sustainable features. The findings also indicate that poor electricity provision, dark staircases, and poor indoor air quality have a negative effect on rental price

Standardization of Plant and Equipment in a Developing Country; Techno-Economic Considerations

Standardization is critical in the promotion of “uniformity, consistency, reliability, public trust and international acceptability in valuation reports. Globalization has linked the world economy more closely than ever before as financial crisis in one country may likely have a ripple effect on other countries. In this regard each country must align its valuation standards with global expectations particularly in the valuation of plant and equipment. This paper is aimed at evaluating the extent of compliance to valuation process amongst Nigerian Estate Valuers with respect to plant and equipment valuation with a view to enhancing uniformity and reliability. A content analysis of valuation reports from randomly selected 26 firms in Lagos was carried out. The reports were evaluated to verify if they are in sync with acceptable valuation process and standards. Findings from the study showed that most of the reports are scanty in content with respect to machine capacity, serial and model number, make of machine, type of defect, basis and method of valuation among others. The paper recommended a more intensive training of valuers and an urgent need for specialization and production of a comprehensive valuation standard and manual to address these shortcomings