Individual Level Characteristics That Drive Awareness of Sustainability Features in Property Valuation: The Nigerian Experience

Abstract

Persistent mispricing by property valuers has contributed to global economic instability. With increasing emphasis on sustainability in property markets, valuers face growing pressure to account for sustainability premiums in their assessments. However, valuers, particularly in developing markets like Nigeria, lack adequate knowledge to incorporate sustainability considerations into valuation practice. Focusing on valuers in Nigeria, called Estate Surveyors and Valuers(ESVs), this study investigates awareness of sustainability features and examines the influence of valuers’ individual professional characteristics on this awareness. The target population comprises estate surveyors and valuers working in established real estate firms listed by the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Respondents were drawn from professionals within 198 randomly selected firms, representing 50% of the national register, to ensure broad representation. Data on the respondents’ educational and professional qualifications, designations, and genders were collected through structured questionnaires. The data were analysed using percentages and means to summarise valuers’ professional characteristics and awareness levels, while a one-sample t-test and a Chi-square test were used to examine the relationships between professional characteristics and sustainability awareness. Findings revealed mean awareness scores above the benchmark of 3.0 on a 5-point Likert scale, with the highest for energy-efficient features (mean = 3.86) and the lowest for water-efficient features (mean = 3.40). Significant relationships (p = 0.004–0.029) were observed between awareness and variables such as education, gender, designation, and professional qualification. The study concludes that Nigerian ESVs demonstrate good awareness of sustainability features. However, awareness varies significantly among professionals, given their individual characteristics, highlighting the need for targeted capacity building to deepen the integration of sustainability in valuation practice.