Integrating Sustainability Metrics into Property Valuation Models: Evidence from Emerging Real Estate Markets (Published)
The increasing global emphasis on sustainability has significant implications for the real estate sector, particularly in the context of property valuation. However, the integration of sustainability metrics into valuation practice remains limited in emerging markets such as Nigeria, where traditional methods dominate and data constraints persist. This study aims to develop and empirically test a framework for incorporating sustainability metrics into property valuation models. The study adopts a quantitative research design based on the hedonic pricing model, extended to include a composite Sustainability Index (SUS) constructed from observable property-level indicators such as energy efficiency, environmental quality, and climate resilience. Data were collected from residential property markets in Lagos, Abuja, and Port Harcourt, alongside survey responses from 160 professional valuers. Empirical analysis using Ordinary Least Squares (OLS) regression reveals that sustainability has a positive and statistically significant effect on property values. The results indicate the presence of a measurable green premium, with sustainability contributing meaningfully to price variation. Furthermore, the inclusion of sustainability variables improves the explanatory power of the valuation model, suggesting that traditional approaches may underestimate property value by excluding sustainability considerations. Despite relatively high awareness of sustainability among valuers, the study finds limited practical integration into valuation processes, primarily due to data limitations, lack of standardized guidelines, and insufficient professional training. These findings highlight a critical gap between market dynamics and valuation practice. The study contributes to knowledge by developing a sustainability-integrated valuation model suitable for data-constrained environments. It provides practical implications for valuers, policymakers, and real estate stakeholders, emphasizing the need for improved data infrastructure, professional guidelines, and capacity building to support sustainable property valuation.
Keywords: Nigeria, Real Estate, Sustainability, green premium, hedonic pricing model, property valuation
Using smart phones-based apps, computer applications and Geographic Information System (GIS) in real estate practice (Published)
The world has advanced technologically to the extent that information can be assessed anywhere around the globe in the comfort of ones living room. Moreso, with the coming of pandemic which also help advanced the course of online transaction, it becomes imperative to explore technological advancements that were made in order to navigate through those challenges. It is based on the above that this study explored the application of GIS vis-à-vis the use of GCP/GPS, phone-based apps, google earth interface, and others on real estate practice. The study illustrated practical steps taken via the use of GCP/GPS as well as google earth interface. The findings indicated that GCP/GPS can be used to gather location information of properties/location whereas the google earth interface can be used to do a variety of things, including getting directions and distance of places as well as measurement of length/areas of land and landed properties. It is expected that the illustrations provided will further help professionals especially who are yet to embrace the new way of carrying out certain task in relation to real estate will aid them in their service delivery.
Citation: Christian Osita Ifediora and Dumebi Jessica Efobi (2022 ) Using Smart Phones-Based Apps, Computer Applications and Geographic Information System (GIS) In Real Estate Practice, British Journal of Environmental Sciences, Vol.10, No.1, pp. 32-45
Keywords: : GIS, GCP, GPS, Real Estate, professional practice