Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/76552
Title: | Valuers' receptiveness to the application of artificial intelligence in property valuation | Authors: | Abidoye, RB Chan, APC |
Issue Date: | 2017 | Source: | Pacific Rim property research journal, 2017, v. 23, no. 2, p. 175-193 | Abstract: | Studies have shown that the level of valuation inaccuracy in Nigeria is higher than the acceptable international standard. This may be linked to the preference for traditional valuation approaches. This study investigates the readiness of Nigerian valuers to adopt the artificial intelligence (AI) property valuation techniques that have proven to be reliable and accurate in property valuation. A cross-sectional study was conducted via a web-based questionnaire survey to registered estate surveyors and valuers practicing in Nigeria. The collected data were analyzed and presented with descriptive statistics in percentiles and mean score, in addition to the chi-square analysis. The results show that more than half of the respondents are aware of the AI valuation techniques. However, the techniques are not used in practice. The low adoption of the AI techniques is attributed to professional bodies responsible for regulation of real estate practice and tertiary educational institutions in Nigeria, who were not proactive enough to promote their know-how and application. It was found that active collaboration between local professional bodies and similar international organizations on member training and development may improve the usage of the AI techniques. The study highlights the need for a paradigm shift in the Nigerian property valuation practice. | Keywords: | Artificial intelligence Property valuation Valuers Valuation techniques Nigeria |
Publisher: | Routledge, Taylor & Francis Group | Journal: | Pacific Rim property research journal | ISSN: | 1444-5921 | EISSN: | 2201-6716 | DOI: | 10.1080/14445921.2017.1299453 | Rights: | © 2017 Pacific Rim Real Estate Society This is an Accepted Manuscript of an article published by Taylor & Francis in Pacific Rim Property Research Journal on 09 Mar 2017 (published online), available at: http://www.tandfonline.com/10.1080/14445921.2017.1299453. |
Appears in Collections: | Journal/Magazine Article |
Files in This Item:
File | Description | Size | Format | |
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Abidoye_Values_Receptiveness_Application.pdf | Pre-Published version | 631.09 kB | Adobe PDF | View/Open |
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