11/07/2025
🔍 Three Different Appraisals. Three Different Values. So, What’s the Real Worth of the Property?
This happened with a client recently while assessing a commercial asset.
One valuation came in at over ₦1.2 billion.
Another was just under ₦900 million.
And the third landed somewhere in the middle.
Naturally, the client asked me, “Which one is correct?”
Here’s what I’ve learned from years of experience in the real estate and valuation space:
✅ Purpose matters – Was it for a bank loan, sale, or internal records? The valuation goal often influences the outcome.
✅ Assumptions can shift everything – Vacancy rate, rental projections, cap rate… even a slight tweak can swing the final figure.
✅ Local market knowledge is key – The valuer who truly understands the neighbourhood, demand drivers, and comparable sales often gets it right.
✅ Methodologies differ – Income, cost, and sales comparison approaches can produce very different results, especially in volatile markets.
✅ Don’t just average the numbers – Take time to review the reports, ask questions, and reconcile the data—not just the figures.
My advice?
The “true value” isn’t always the highest or lowest—it’s the one backed by strong assumptions, sound judgment, and deep local insight.
🎯 If you're navigating conflicting valuations or need clarity on commercial property values in Nigeria, feel free to reach out. Let's talk real numbers.
