Assessing the Methods of Valuing Contaminated Land in Rivers State, Nigeria
| Autor: | M. O. Ajibola, D. R. Owolabi, Adedamola O Oluwunmi, A. I. Kabiamaowei |
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| Rok vydání: | 2020 |
| Předmět: |
Economics
Econometrics and Finance (miscellaneous) 0211 other engineering and technologies General Social Sciences Cost approach 021107 urban & regional planning 02 engineering and technology 010501 environmental sciences Environmental Science (miscellaneous) 01 natural sciences Contaminated land Arts and Humanities (miscellaneous) Oil spill Market price Business Management and Accounting (miscellaneous) Business Estate Environmental planning Capitalization 0105 earth and related environmental sciences Valuation (finance) |
| Zdroj: | Academic Journal of Interdisciplinary Studies. 9:173 |
| ISSN: | 2281-4612 2281-3993 |
| DOI: | 10.36941/ajis-2020-0035 |
| Popis: | The practice of environmental valuation for compensation has raised serious concerns among estate surveyors and valuers (ESVs) practicing in Nigeria due to the challenges posed by the enabling laws and other factors. This study examined the methods adopted by ESVs in carrying out the valuation of land contaminated by oil spill in Rivers State. The study focused on ESVs practicing with registered firms in Rivers State. Primary data was obtained by administration of questionnaires on 120 ESVs out of which 80 questionnaires were retrieved and used for the analysis. Also, semi-structured interviews were conducted with estate surveyors and valuers identified to be experienced in the subject of study in order to obtain data on their practice and experience. The primary data was analysed using, percentages, relative importance index (RII) and principal component analysis as well as coding and narrating for the interviews. The findings indicated that the methods adopted for valuation are the income capitalization, predetermined compensation rate, sales comparison, market prices and depreciated replacement cost approach. The study therefore recommends that professional bodies should continuously train and develop ESVs in this aspect of valuation. |
| Databáze: | OpenAIRE |
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