Evaluation of Challenges of Valuation of Specialized Properties in Enugu state, Nigeria

The valuation of specialized properties poses a lot of challenges to Valuers because of their uniqueness in design and for the fact that they rarely change hand in the real estate market. They also lack evidence on recent sales or rent of comparable property. The research focused on evaluating the challenges associated with valuation of specialized properties in Enugu state, Nigeria with a view to proffering solutions. Questionnaire was used to collect data from 45 registered Estate Surveying and Valuation firms in Enugu state. The data collected was presented and analysed using frequency tables, percentages, mean score and Relative Important Index. Respondents were required to scale the methods and challenges base on five points likert scale. The results revealed that replacement cost method is mostly used by Estate Surveyors and Valuers to determine Capital Value (CV) or Opinion of Value of specialized properties. The study also revealed that the challenges facing valuers in valuation of specialized properties are lack of evidence on recent sales or let of similar/comparable property which ranked 1st followed by lack of data base on specialized property which ranked 2nd and others. The study recommended that Valuers should develop a data base for information on specialized properties. The study also recommended that Valuers should undergo adequate training especially on valuation of specialized properties.