This study examined the quality of valuation reports produced by estate surveying and valuation firms in Lagos Metropolis, Nigeria, aiming to identify key factors affecting professional standards. Using a survey design, 211 firms were randomly selected from 447 registered with ESVARBON, with 179 valid responses received, an 84.83% response rate. Descriptive statistics and exploratory factor analysis (EFA) revealed that valuation report quality is influenced by eight core components. Ethical practice ranked highest (mean = 4.20), followed by professional competence (4.14), objectivity and independence (4.13), and adherence to professional standards (4.13). These components explained 60.14% of the total variance. Clarity and transparency had the highest communality score (0.730), underscoring its importance in report credibility. The KMO value was 0.656, and Bartlett’s Test of Sphericity was significant (χ² = 453.793, df = 190, p < 0.001), validating the data’s suitability for factor analysis. The study concludes that ethical orientation, technical capacity, and regulatory standards are vital to valuation quality and calls for reforms through collaboration, training, and oversight.
Kayode et al. (Wed,) studied this question.