Valuing Green Buildings in Nigeria: Issues and Challenges

Valuation of green buildings is fast becoming a reality in real estate market hence the need for its awareness, knowledge and expertise by Estate Surveyors and Valuers. The need to be savvy in this area is due to sensitivity which green buildings may impact on value in the market place. Estate Surveyors and Valuers are professionally equipped to assess the worth of real estate investments, however, they require special knowledge of green buildings to be able to ascribe value as appropriate. This study identified the challenges involved in the valuation of green buildings as absence of buildings with green features culminates to lack of data to help in the valuation of such buildings. In the same vein, absence of rating organisations in the country and non-inclusion of green building valuation in curriculum of estate management progammes may also pose serious problem. The study, which was quantitatively conducted, concluded that urgent attention is required in the value enhancement of green features in the valuation assignments in Nigeria.Keywords: Estate Surveyors and Valuers, Green Building, Nigeria, Sustainable Building, Valuation Method