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
Benefits and Drivers of Green Building Projects Implementation in Nigeria (Published)
This study examined the benefits and drivers of implementing green building projects in Nigerian. Data was obtained through the distribution of questionnaire to professionals among the selected construction companies. Descriptive statistics and RII were utilized for the data analysis. Findings from the study revealed a high awareness of GB benefits and drivers among various construction participants in the industry. Among the environmental, economic, and social benefits revealed in this study include: reduced greenhouse gas emission, reduced energy consumption, low operating cost, high property value, knowledge transfers and community improvement, etc. Therefore, the study concluded that the most effect approach to holistic adoption of this panacea of global imbalance and degradation is the involvement of government in promoting the campaign on GB while considering promulgating policies and financial motivations.
Keywords: Construction industry, Green Building, Sustainability, Sustainable Development
Assessment of Fuelwood Exploitation and Marketing within Rural-Urban Fringes of Makurdi Town in Central Nigeria (Published)
This study set out to examine the sustainability of fuelwood exploitation and marketing in the rural-urban fringes of Makurdi town in Benue State, Nigeria. A sample of 230 fuelwood dealers was used to obtain data for the study. Findings from the study showed high informality which robbed the activity of definite and regular organisation of activities, and management of the supply base. It was also found that, fuelwood harvesting has led to the decline of species diversity in the area, involving especially Crossopteryx febrifuga and Sysygium guineense. Similarly, income realised from the fuelwood trade was not remunerative to encourage its sustainability. In addition, the study indicated that more villagers were entering fuelwood harvesting and trading activity; 66.0% of respondents joined it only between 2014 and 2016. The study noted that as more people join the trade, greater loss of species will be experienced to ruin the industry. The study recommends restoration of subsidy on kerosene and operation of woodlots by harvesters to sustain the activity.
Keywords: Fuelwood, Harvesting, Livelihood, Marketing, Sustainability
Assessment of Fuelwood Exploitation and Marketing within Rural-Urban Fringes of Makurdi Town in Central Nigeria (Published)
This study set out to examine the sustainability of fuelwood exploitation and marketing in the rural-urban fringes of Makurdi town in Benue State, Nigeria. A sample of 230 fuelwood dealers was used to obtain data for the study. Findings from the study showed high informality which robbed the activity of definite and regular organisation of activities, and management of the supply base. It was also found that, fuelwood harvesting has led to the decline of species diversity in the area, involving especially Crossopteryx febrifuga and Sysygium guineense. Similarly, income realised from the fuelwood trade was not remunerative to encourage its sustainability. In addition, the study indicated that more villagers were entering fuelwood harvesting and trading activity; 66.0% of respondents joined it only between 2014 and 2016. The study noted that as more people join the trade, greater loss of species will be experienced to ruin the industry. The study recommends restoration of subsidy on kerosene and operation of woodlots by harvesters to sustain the activity.
Keywords: Fuelwood, Harvesting, Livelihood, Marketing, Sustainability