In Nigeria’s real estate market, one truth stands out: the asking price is not market value. Many buyers, especially first-time and diaspora investors, assume the seller’s or agent’s quoted price reflects a property’s actual value. In reality, prices are often shaped by emotion, speculation, urgency, or commission-driven tactics.
Without a professional property valuation, buyers often overpay, sometimes by tens of millions of naira, without realising it. This article outlines why valuation is essential, how overpricing occurs, and how certified real estate valuers help protect your investment.
Why Asking Price Can Be Misleading
In Nigeria, property pricing is rarely standardised. Sellers may base prices on:
- Personal expectations
- Cost recovery goals
- Neighbourhood rumours
- Anticipated future developments
- Pressure from agents
These factors do not guarantee fair market value.
Common Scenarios Where Buyers Overpay
- Emotional Pricing: Sellers may assign sentimental value to properties, which can influence pricing.
- “Fast-Rising Area” Assumptions: Properties in developing areas are often overpriced due to speculation.
- Agent-Driven Inflation: Some agents may inflate prices to increase their commission.
What a Professional Property Valuation Really Does
A certified valuation assesses:
- Location and neighbourhood trends
- Comparable property sales
- Property condition and age
- Infrastructure and accessibility
- Demand and supply dynamics
This process results in a defensible, market-supported value.
When Property Valuation Is Non-Negotiable
- Buying or selling property
- Negotiating price
- Investment analysis
- Financing or refinancing
- Dispute resolution
Skipping valuation increases your risk of financial loss.
Why HIDD Valuation Is Different
HIDD employs licensed, independent valuers, ensuring:
- No sales bias
- Transparent methodology
- Clear reporting
Our reports are trusted by individuals, institutions, and property developers.
Valuation Is Not an Expense; It Is Protection
Paying for a valuation upfront helps you avoid costly mistakes in the future.
