DATA SHARING : A CRITICAL FACTOR FOR ESTATE SURVEYING AND VALUATION PRACTICE IN NIGERIA

The study examines the barriers to data accessibility on the operation of the property market, in the field of estate surveying and valuation. The study was conducted using questionnaires, administered on practic- ing Estate Surveyors and Valuers, within Lagos Metropolis. The study revealed that lack of data sharing is a major barrier to valuation consistency, particularly with transactions on residential 'properties where evidence of past transactions are very important. The study further revealed that members of the Nigerian Institution of Estate Surveyors and Valuers need, just like RICS, UK, join hands together and create a strong databank just like the Investment Property Databank (IPD),that can be used by anyone that require such information, even at a token. Introduction The importance of reliable data generally cannot be overemphasized especially for decision making purposes. Absence or inadequate reliable data will result in inappropriate decision or even no decision at all. The paucity of data to support property decision making has become increasingly recognized over recent years. Transactions (sales, letting and valuation) in relation to property investment require the availability of an up-to-date data and the lack of data would greatly impair the performance of surveyors in turning out reports that could stand the test of time. In these days of information technology, with the whole world becoming a global village the surveyor cannot operate in isolation of other colleagues in the field. There must be a cross fertilization of ideas with relation to the happenings within the profession and allied profes- sions. There is no gain-saying that property data sources are perceived to be fragmented and incomplete, sometimes the by-product of administrative processes and assembled with minimal co-operation from the originators of the data. It is not impossible to see evidence of inadequate data provision within the property market coupled with the reluctance to release transaction evidence by valuers (most transactions are carried out secretly). The import of this is that valuers frequently have to rely on secondary and, inadequate information. Confidentiality clauses and the inaccessibility of government records represent barriers to data exchange within the property market, which already is naturally complex and diverse (Wyatt. 1995). It also need be mentioned that data on project start, project completion and project size and tenure mix are all important for efficient performance of the surveyor. The collection and compilation of data for changes in residential property prices, for example, will provide insights into changes in trans- action prices which will be of immense help to the surveyor, on similar properties. Properly systems do more than just record and organize land and real estate assets, a detailed and trans- parent property system cart enhance a nation's productivity (de Soto 2000). Besides that, statis-