Issues in Business Management and Economics
Vol.2 (4), pp. 074-079, April 2014
Article ID BM/014/017.06 pages
Copyright © 2014 Author(s) retain the copyright of this article. Author(s) agree that this article remain permanently open access under the terms of the Creative Commons Attribution License 3.0 International License
Original Research Article
Challenges of mortgage valuation in Port Harcourt, Nigeria
Accepted, 8 April, 2014
Ekenta*1, Chukwuemeka and Iroham2, Chukwuemeka Osmond
1Department of Estate Management, Rivers State University of Science & Technology, Port Harcourt,Nigeria.
2Department of Estate Management, Covenant University,Ota, Ogun State,Nigeria.
*Corresponding Author Email: emekaekenta(at)yahoo.com
This paper examined the continuing challenges confronting Mortgage Valuation in Port Harcourt, Nigeria. Accordingly, this paper critically analyzed the nature, causes and types of challenges faced while carrying out Mortgage Valuation. It also tries to draw out solutions from theory and practice for implementation by three major stakeholders; the academia, practitioners and the regulatory institutions.Questionnaire was administered to (30) estate surveying firms randomly selected in the study area, while 27(90%) was retrieved and used for the study. Presentation and analysis of data was done using frequency tables and percentages.The findings of the study revealed that there is total neglect of valuation guidelines by valuers’ is major challenge that confronts mortgage valuation. Furthermore, the study revealed that most estate surveyors assigned for valuation inspections are not properly supervised. On the strength of the findings, the study recommends that estate surveyors and valuers’ should have updated property vending desks in their offices.
Key words: challenge, mortgage, valuation, property