ABSTRACT: Various aspects of real estate practice need to keep pace with developments in information and communication technology. One of such aspects is property valuation. One way of doing this is by developing a database that will ensure quick access to property market data. This will in turn bring about efficiency and effectiveness in the process of carrying out property valuation. The aforementioned strategy is very necessary because of the perceived difficulty encountered by valuers in a bid to access relevant property market data for property valuation. The aim of this study is to tackle the problem by creating a computer database which can hold large volumes of property market data. Chapter one introduces the topic of the study and highlights the urgent need for an ICT solution. Chapter two explains the theory of database management system and its relevance to property valuation. Chapter three focuses on the method(s) of solving the problem of the study. In chapter four, detailed presentation and analysis of data was done. The chapter captures the pages of the web site/database developed. Finally, chapter fives summarizes the research findings, drawing important conclusions and making relevant recommendations.
Table of Contents
Chapter one
1.1 Background of the Study - - - - - 1
1.2 Statement of the Study Problem - - - - 2
1.3 Aim and Objective of the Study - - - - 2
1.4 Statement of Research Questions - - - - 3
1.5 Significance of the Study - - - - - 3
1.6 Scope of the Study - - - - - - 4
1.7 Theoretical Framework/Definition of Terms - - 4
1.8 The Study Area - - - - - - - 6
1.9 Limitations - - - - - - - - 7
Chapter Two
Review of Related Literature
2.1 Database Management System (DBMS) - - - 8
2.2 Types of Database - - - - 9
2.3 Relevance of the Internet to DBMS - - - 15
2.4 Website Development - - - - - - 16
2.5 How to develop a database/website - - - 18
2.6 Relevance of Database Management System
(DBMS) to Valuation Practice - - - - 21
2.7 Challenges of Managing DBMS - - - - 23
2.8 Data Gathering in Property Valuation - - - 24
2.9 Causes of Inaccessibility of Property Market
Data in Valuation - - - - - - - 26
Chapter Three
Research Methodology
3.1 Sources of Data - - - - - - - 27
3.2 The Population Size - - - - - - 28
3.3 The Sample Size - - - - - - 28
3.4 Instruments for Data Collection - - - - 29
3.5 Method of Data Analysis - - - - - 30
Chapter Four
Data Presentation and Analysis
4.1 Introduction - - - - - - - 31
4.2 Distribution and Collection of Questionnaire- - - 31
4.3 Merging of Scoring Scales - - - - - 32
4.4 Presentation and Analysis of Questionnaire - - 32
Web Pages - - - - - - - 39Chapter Five
Summary of Findings, Conclusion and Recommendations
5.1 Summary of Findings - - - - - - 54
5.2 Conclusion - - - - - - - - 54
5.3 Recommendations - - - - - - 55
References - - - - - - - - - 56
Appendix - - - - - - - - - 58
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
We are in the era of a digitized globe and the relevance of information and communication technology (ICT) to virtually all areas of human endeavour cannot be overemphasized. But there is gross digital divide between developed economies and developing economies. One area we shall focus on is property valuation.
It has been observed that it takes quite a lot of time to carry out professional real estate valuation in practice due to difficulty in obtaining relevant property market data or the dearth of it. This causes undue delay in executing especially time-bound jobs, more so now that information and communication technology has made things faster and easier. The aforementioned difficulty has also made many valuers carry out property valuation using unreliable methods with the belief that nobody will wake u someday to question the standard of work done.
However, it is believed that, through the use of database technology (e.g. Microsoft Access, MySQL, etc), property valuation can be speedily or effectively carried out without compromising professional standards and best practices. One may not appreciate the use and relevance of this technology until one sees the difficulty involved in executing a valuation especially at locations which one is not familiar with. The database, which is online in nature, will contain property market data on values, location characteristics, property type, use (or Zoning), neighbourhood
characteristics, age, structural details, rental evidence, etc., without necessarily mentioning the name of the client who owns the property or disclosing the identity of parties in a contract or deal. Because the database is online, it can be accessed by authorized users from any location in the world.
1.2 Statement of the Study Problem
Accessibility to property market data in valuation practice is a typical problem and there is, therefore, an urgent need to develop a database for easy access to such data. This will ensure speed, correctness, and accuracy. On the other hand, it will eliminate time wastage. 1.3 Aim and Objectives of the Study
The aim of this study is to develop an online database/website to ensure efficiency and easy access to relevant property market data for property valuation.
The objectives of the study include the following:
i. To determine the problems/challenges encountered by practicing valuers with respect to accessing property market data.
ii. To provide a framework for carrying out valuation with ease and speed.
iii. To develop a property market databank for practicing valuers in Anambra
State.
iv. To demonstrate the functioning of access to the property market database
developed.
1.4. Statement of Research Questions
1. Is inaccessibility to property market data a problem in property valuation?
2. What are the causes of inaccessibility to property market data?
3. What methods do practicing valuers adopt where there is inaccessibility to
property market data?
4. Are you knowledgeable about database technology?
5. Do practicing valuers need an online database technology (website) in which to gather and store property market data?
1.5 Significance of the Study
When this study is completed, the aforementioned property database will be the first of its kind in Anambra State. It will enable practicing valuers easily access property market data by just a click of the mouse. Again, the database will reduce the time they would have spent accessing the data.
Furthermore, if it is developed and commercialized, it will create employment for young estate surveyors to be field officers. Finally, the database will enhance objectivity and reduce subjectivity or guesswork.
1.6 Scope of the Study
This study attempts to develop a database for efficient property valuation in
Nigeria with Anambra as a case study. Property valuation includes residential, commercial, industrial, agricultural and specialized properties.
However, because of financial limitations the study covers only residential and commercial properties in three major cities of Anambra State namely, Awka, Onitsha and Nnewi.
1.7 Theoretical Framework/Definition of Terms
1.7.1 Theoretical Framework
This research is based on the theory of Database Management System
(DBMS) and the internet.
1.7.2 Definition of terms
i) Database Model
A database model is the structure or format of a database described in a formal language supported by the database management system. However, it is not just a way of structuring data but also defines a set of operations that can be performed on the data (www.answers.com, 2010).
ii. Query language
The computer Desktop Encyclopedia defines a query language as a language that allows a user to select records from a database. It may be in the form of typed commands such as the widely used SQL language.
Wikipedia.org puts it as a computer language used to make queries into databases. A typical database query language used for relational databases is SQL (www.answers.com 2010).
iii. PHP
The computer Desktop Encyclopedia defines PHP (PHP Hypertext
Processor) as a scripting language used to create dynamic web pages. It is commonly used to extract data out of a database and present it on a web page. NT/2000 and UNIX web servers support the language and it is widely used with MySQL database. PHP was originally known as “Personal Home Page”. (www.answers.com 2010)
iv. Modem (Modulator/Demodulator)
A modem is a device/internal card that allows one connect to the internet through a service provider (answers.com 2010) v. IP Address (Internet Protocol Address)
An IP Address is a number that uniquely defines each computer on the internet. A computer’s IP address may be permanently assigned or supplied each time that it connects to the internet by an internet service provider (ISP). (answers.com, 2010).
vi. Search Engine
A search engine could imply:
a. A system program that searches a database and gathers and reports
information related to specified terms.
b. A website whose primary function is providing another search engine for
gathering and reporting information available on the internet or a portion of
the internet. Examples of popular search engines are yahoo, Google,
wikipedia, etc. (answers.com, 2010).
vii. Template
In computer science, a template is defined as a document or file having a
preset format and used as a starting point for a particular application so that
the format does not have to be recreated each time it is used. Millions of
web templates are found on the internet. (answers.com, 2010)
1.8 The study Area
This study focuses on the major urban cities of Anambra State namely,
Awka, Onitsha and Nnewi. The rationale for selecting them is that the statesurveying and valuation profession is predominantly practiced in them than in other areas. Awka is the capital city of the state, Onitsha—the commercial nerve centre of the state, while Nnewi is an industrial city.
1.9 Limitations
1) Due to financial constraints, the website created covers only property market data at Awka and Onitsha.
2) Also due to the same reason and time constraints, only 40 data input forms were filled and returned as against 61.
3) Again, the reason for some unreturned questionnaire is unavailability of some respondents.
4) In addition to the volumes of literature and websites used, there are other websites and literature that would have been explored but for want of time and financial availability, the study includes only materials at the researcher’s disposal.
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