Property Valuation in Nigeria: What It Is, When You Need One and Who Is Allowed to Do Property Valuation in Nigeria

Property Valuation in Nigeria often starts with someone handling you a number and saying, ‘That’s what the house is worth.’

Where did the number come from? Who prepared it? What was it for? Those three questions decide whether it means anything. This guide explains what a property valuation actually is, when you need one, who is allowed to do it in Nigeria, and how to tell a proper report from a piece of paper with a figure on it.

The short version

• A valuation is a professional opinion of value, on a stated basis, at a stated date, for a stated purpose. Change any one and the figure can change.
• Under the Estate Surveying and Valuation Regulations, 2014, valuing property in Nigeria is work for a registered Estate Surveyor and Valuer.
• A proper report follows the Board’s prescribed standard and carries the valuer’s registration number, stamp and seal.
• A valuation is not the same as an asking price, an agent’s opinion or an online estimate.
• A valuer values. A lawyer checks title. You usually need both.

What a valuation actually is

A valuation is a reasoned opinion of what a property is worth. The reasoning is what you are paying for. Anyone can quote a number. A valuer has to inspect the property, study the market, explain the method and stand behind the result.

It helps to see the difference between the figures people throw around.

Figure	Who produces it	What it is good for
Asking price	The seller	Showing what the seller hopes to get
Agent’s price opinion	An agent	Helping set a realistic price to market at
Online estimate	Software	A rough starting point for curiosity
Valuation report	A registered Estate Surveyor and Valuer	A signed, reasoned opinion of value for a stated purpose

Asking prices are a good example of the gap. The Ownkey index for the quarter ended 30 June 2026 reported that asking prices in Ikoyi and Victoria Island rose, while homes in those zones sat on the market for about 158 to 165 days. Mainland mid-market homes sold in about 62 to 68 days. The asking price told you what sellers wanted. Time on the market told you what buyers were prepared to do. (This is asking-price data from one platform, so treat it as illustration, not a verdict.)

When you need a valuation

The Regulations themselves list the main occasions. A valuation may be needed for capital gains tax, estate duty, compensation, rental, acquisition, probate, mortgage, company takeovers and mergers, insurance and other relevant matters. In everyday terms:

Situation	What the valuer is asked to measure	Why it can differ from the price
Buying or selling	Market value	It tests whether the price is fair
Mortgage or loan	Value for the lender’s purpose, often with the lender’s own instructions	The lender wants its own independent figure
Insurance	The cost of rebuilding the property	Rebuilding cost is not the same as what it would sell for
Probate or sharing an estate	Value at a stated date	The date can matter as much as the number
Compensation when land is acquired	Value under the law that applies	The legal basis drives the method
Setting or reviewing rent	Market rent	It looks at what the property would let for, not sell for
Tax matters	Value as the authority requires	Rules vary by tax and situation

If you’re not sure which one applies to you, tell the valuer the purpose before anything else. It shapes everything that follows.

Who is allowed to do it in Nigeria

The rule is clear. The Estate Surveying and Valuation Regulations, 2014 say that only a registered Estate Surveyor and Valuer shall value and determine the value of property, chattels, plant and equipment, any other fixed asset and motor vehicles in Nigeria.

Two bodies are easy to confuse.

• ESVARBON, the Estate Surveyors and Valuers Registration Board of Nigeria, is the statutory regulator. It registers valuers and can discipline them.
• NIESV, the Nigerian Institution of Estate Surveyors and Valuers, is the professional institution members belong to.

The standards have moved forward as well. In December 2018, ESVARBON publicly presented the Nigeria Valuation Standards, known as the Green Book, which incorporate the International Valuation Standards. The Board has since published a Valuation Reporting Template, a Code of Professional Conduct and a Competency Framework, and it has joined the International Valuation Standards Council as an institutional member. In its own words, the aim is to keep Nigerian valuation aligned with global practice.

For you as a client, this comes down to something practical. The Regulations say a valuer shall not issue a valuation report under their registration number unless it follows the standard prescribed by the Board and bears the stamp and seal issued by the Board. That stamp and seal cannot be replicated. So look for three things on any report: the valuer’s name, registration number, and the Board’s stamp and seal.

What a valuer actually does

There are six stages, and a proper valuation includes all of them.

1. Written instruction. Who is the client, what is the purpose, what is the basis of value, what is the date, who may rely on the report, what is the fee and when will it be ready? Get these in writing.
2. Inspection. The valuer visits the property, measures it and records its condition, its surroundings and anything that affects value. A figure given without a visit is a guess.
3. Research. The valuer gathers evidence: recent sales, lettings, asking prices, costs and local conditions.
4. Analysis. The valuer chooses a method, or a mix, that suits the property.
5. Report. The result is written up in the Board’s prescribed format, signed, stamped and sealed.
6. Questions. A good valuer will explain the report and answer your questions about it.

Methods are less mysterious than they sound.

• Comparison: Look at what similar properties sold or let for, then adjust for differences. This is common for homes and land.
• Investment (income): Look at the rent a property earns and what an investor would pay for that income. Common for commercial and rented property.
• Cost: Estimate what it would cost to rebuild the property, then adjust for age and condition. Useful for insurance and special buildings.
• Residual: For land with development potential, work backwards from what the finished scheme would be worth, less the cost of building it.

What a sound report contains

A good report is easy to follow and doesn’t hide its assumptions. Expect to find:

• the valuer’s name, registration number, stamp and seal;
• the client, the purpose and who may rely on the report;
• the basis of value and the date of valuation;
• the date of inspection and what was inspected;
• a description of the property, its location, size, condition and tenure as supplied;
• the assumptions and limits of the valuation, such as assuming that the title is good;
• the market evidence used and the method followed;
• the opinion of value, clearly stated;
• a signature.

Note the line about title. A valuer normally assumes the title is as described to them. A valuation doesn’t confirm that the seller owns the land. For that, you need a lawyer and a registry search. Our guide to verifying land documents explains how, and the Regulations themselves require a valuer to point out the desirability of seeking legal advice on contracts for land and buildings.

Why a valuation can differ from your price

People are often surprised when a valuation lands lower, or higher, than the price they agreed. It isn’t always a mistake. Common reasons:

• The price you agreed reflected urgency, negotiation or emotion. The valuation reflects evidence.
• The basis is different. A rebuilding figure for insurance will rarely match a sale price.
• The date is different. Markets move.
• The property has issues the price did not take into account, such as condition, access, a short lease or a planning problem.
• Time on the market. A property that is hard to sell may be worth less than the number on the advert.

If a bank’s valuation comes in below your price, ask for the reasons. You are entitled to understand them.

What a valuer must not do

The Code of Professional Conduct is direct about this. A registered valuer must not knowingly be associated with a valuation or report that contains materially false or misleading information, or that leaves out information in a way that would mislead. A valuer must not let a conflict of interest or pressure override professional judgement, and should disclose any interest in the property or the parties.

In plain terms, you can’t buy a number. If someone says ‘tell me what figure you need’, walk away. Any lender, court or tax authority that relies on that report is relying on something that can’t be trusted, and so are you.

The Code also flags situations that should prompt a valuer to decline or put safeguards in place, for example being asked to value the same asset for both buyer and seller, or valuing for a lender while also advising the borrower.

Red flags

• The person offering the valuation can’t give you a registration number.
• The report has no stamp and seal.
• A figure is given before anyone has visited the property.
• The report doesn’t state its purpose, basis or date.
• It is a one-line letter with a number and a signature.
• The valuer is connected to the seller, the buyer or the transaction and doesn’t say so.
• You’re being asked what you would like the number to be.

How to get the most from a valuation

Before you instruct

• Confirm the valuer is registered. Ask for the registration number and confirm it with the Board.
• Ask for written terms: purpose, basis, date, what you will receive, fee and timing.
• Ask about any interest or connection the valuer has in the matter.

For the inspection

• Have title documents, the survey plan and any building plans ready.
• For let property, have tenancy agreements, rent receipts and service charge accounts ready.
• Arrange access. Tell the valuer about defects and repairs honestly. They find them anyway.
• Share any earlier valuations. A good valuer will want to know.

When you get the report

• Read the purpose, basis and date first.
• Check the assumptions. If the report assumes something that isn’t true, say so.
• Ask about anything you don’t understand before you rely on it.

On fees

Under the Regulations and the Code, a registered valuer’s fees follow the scale of professional charges approved by the Board. Ask for the fee in writing before you instruct, and be cautious of anyone offering a very different arrangement.

A valuation does not replace a lawyer

This point is worth repeating. A valuer tells you what a property is worth, on certain assumptions. A lawyer tells you whether the seller has the right to sell it and whether the documents are valid. A surveyor confirms the plan and the boundaries. If you are buying, you usually need all three.

Frequently asked questions

Who can legally value a property in Nigeria? Under the Estate Surveying and Valuation Regulations, 2014, only a registered Estate Surveyor and Valuer may value and determine the value of property in Nigeria. Ask for the registration number and the Board’s stamp and seal on any report.

How much does a valuation cost? A registered valuer’s fees follow the scale of professional charges approved by the Board. We can’t quote a figure in an article, because it depends on the property and the purpose. Ask for the fee in writing before you instruct.

How long does a valuation take? It depends on the property type, how easy it is to inspect and how quickly documents arrive. Ask for a timeline in writing when you instruct.

Is an online property estimate the same as a valuation? No. An estimate is software producing a rough range. A valuation is a signed professional opinion following the Board’s standard, based on an inspection.

Why is the bank’s valuation different from the price I agreed? The lender wants an independent figure, based on evidence and its own purpose. It can differ from a negotiated price. You can ask for the reasons.

Do I need a valuation to sell my house? Not always. It is most useful when the price is uncertain, when the property is inherited or shared, or when a lender, court or tax matter needs an independent figure.

Can a valuer check my title? No. A valuer normally assumes the title is as described. Title is checked by your lawyer through a registry search and related checks.

If you need a valuation, or aren’t sure whether you do, our team can talk through your situation first. Tell us the purpose and the property, and we’ll tell you what is involved.

This article is general information and is not a valuation, or legal or tax advice. Standards and procedures change. Confirm current requirements with the Board or your professional adviser. Last updated: October 12, 2026.