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Introduction
Property data are the driving force that fuel valuation and property investment analysis and are therefore regarded as the “holy grail” of valuation profession. This is because property data in form of comparable evidence are the valuer’s main source of valuation data. It is through the timely availability of property data that valuers will have at their disposal necessary market referencing for preparation of objective valuation report. The accuracy and reliability of valuation report, therefore, depends on the availability of property data (Aluko, 2004; Berloco and Spremulli, 2013; Deveikis et al., 2013). Where the supply of objectives comparable data is poor or the evidence is incomplete, the valuer is forced to apply subjectivity which increases the scope of error and could lead to negligence valuation (Rowley, 1998). Property data are therefore indispensable for good property advice (Smith and Wyatt, 1996). Apart from the valuation, property data are also germane to the operation of the property market. This is because the availability of information enhances market efficiency and reduces uncertainty in the market (Adair et al., 1998). Similarly, the availability of property data is a key factor in the maturity level classification of property market which, on the other hand, is one of the influential factors affecting the competitiveness of a country in the global arena (Cohen and Galinienė, 2014).
Regardless of the usefulness of property data, they are not easily accessible. For instance, property data such as sales price, lease terms, and any other agreements that are part of a transaction are usually not available to those who are not parties to the transaction (Fisher and Martin, 2007), except such are made available to the public. Even in markets where publicised price indices are available, the index may represent only a subset of the total market (Adair et al., 1998). Similarly, property data in the local land registry may not be a total representation of all property data transacted especially in countries where property registration is not compulsory or where only titled property could be registered. There is also a concern for the validity of data in the land registry with weak institutions where data on the consideration in a transaction could be reduced for tax advantage (Agboola et al.,...