Kio, M. C. & Akujuru, V. A.
Impact of Covid-19 Pandemic on Valuation Process and Practice in Port Harcourt Metropolis
Abstract
This research examined the Impact of the COVID-19 pandemic on Valuation Process and Practice in Port Harcourt, owing to the restrictions during the pandemic. Survey design and census sampling technique was used for the 338 registered Estate Surveyors & Valuers in Rivers State. The instrument for data collection was a structured questionnaire named “Impact of Covid-19 Pandemic on Valuation Process and Practice in Port Harcourt’’ (ICPVPPPH) with 25 questions. Cronbach Alpha reliability method was used for a measure of internal consistency. The survey questionnaire was validated by two lecturers and practitioners with a core specialty in valuation. Out of the 338 questionnaires, 300 were retrieved, reflecting about 89% of the response rate. The collected data was analyzed using frequency, percentage, and mean. The study reveals that the COVID-19 pandemic negatively impacted the valuation process and practice and the business performance of valuers in Port Harcourt, Rivers State. The study recommends that Estate surveyors & valuers wholly integrate technology in the valuation process such as virtual tours, digital documentation, and video conferencing during pandemics, which will help sustain the business performance of Estate Surveyors & Valuers.
Keywords: COVID-19 Pandemic, Estate Surveyors and Valuers, Valuation process, Valuation practice.
