Examination of REIT Structures & Property Valuation Methods in Nigeria
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Traditional real estate finance sources are no more adequate hence the need for a new finance method, Real Estate Investment Trust(REIT). But Nigerian REITs have not perfomed well since inception and would need to improve in areas of internal controls, structures and valuation of their real estate assets. Valuers engaged to appraise REITs' property often adopt traditional valuation methods like Investment Method, Cost Approach and Comparison Method. This gives rise to marked discrepancies in values obtained by retained valuers acting on the same brief. These descrepancies cause delays or termi...
Traditional real estate finance sources are no more adequate hence the need for a new finance method, Real Estate Investment Trust(REIT). But Nigerian REITs have not perfomed well since inception and would need to improve in areas of internal controls, structures and valuation of their real estate assets. Valuers engaged to appraise REITs' property often adopt traditional valuation methods like Investment Method, Cost Approach and Comparison Method. This gives rise to marked discrepancies in values obtained by retained valuers acting on the same brief. These descrepancies cause delays or terminate transactions initiated by these REITs and these adversely affect their performance. Contemporary valuation methods like DCF and Regression Analysis were found to be more efficient as they eliminate or reduce the descepancies in values obtained. It is also important that positive changes be brought into management, operational and regulatory structures of Nigerian REITs. Among other suggestions, Nigerian REITs should be popularised through public enlightenment, improvement in corporate performance, modification of relevant REITs laws and controls.
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