Market Research Applicability Among Nigerian Estate Surveyors and Valuers in Project Appraisal

Abstract

An investigation into market research applicability among Estate surveyors and Valuers examined the competence with which
professionals carry out market research while on project appraisal. Structured questionnaires were analyzed using appropriate inferential
and descriptive statistical tools. The study revealed Estate Surveyors and Valuers carry out market research in feasibility studies
shabbily and without the required competence. The study also revealed that Estate Surveyors and Valuers spend little or no time in
carrying out market research compared to the onerous task required in market research. This by implication obviously affects even the
most viable investment decision. It recommended the need for the Nigerian Institution of Estate Surveyors and Valuers to provide
standardized methodological framework within the context of project appraisal for market research and to actively play a supervisory role
to ensure Estate Surveyors and Valuers adhere to minimum practice standards.