Evaluation of Real Estate Development Appraisal Practices Among Quantity Surveyors in Abuja

Real estate development appraisal is a critical service provided by quantity surveyors to guide investment decisions in the property market. This study evaluates the practices of quantity surveyors in conducting real estate development appraisals in Abuja, Nigeria's growing capital city. A descriptive survey design was employed, with 78 quantity surveyors drawn from registered consultancy firms in Abuja. Structured questionnaires and semi-structured interviews provided the data. Analysis involved mean scores, frequency distributions, and content analysis. Findings show that most quantity surveying firms in Abuja conduct development appraisals using simplified residual valuation methods, with fewer than 30% employing discounted cash flow (DCF) models despite their superior analytical capability. Key inputs such as construction cost indices, rental yields, and finance rates are frequently sourced from informal market enquiries rather than verified databases. The study finds that clients increasingly expect DCF-based appraisals due to growing sophistication in the Abuja investment market, creating a competency gap among practitioners. Recommendations include the incorporation of advanced development appraisal modules in PGD and masters-level programmes, provision of Abuja market data by the FCT Department of Development Control, and mandatory CPD on property valuation methods for quantity surveyors expanding into development advisory. Keywords: real estate appraisal, development appraisal, Abuja, quantity surveying, investment analysis