This study was aimed at examining volatility level of development variables. Data were sourced from Building and Engineering Price Books, Central Bank of Nigeria annual reports and estate surveyors and valuers in Uyo. Price index and linear regression analysis was adopted to analyse the gathered data. The indices constructed for the four variables showed that the variables were constantly changing. Construction costs and rent were constantly changing, though in a consistent upward manner. Lending rates and yields were also constantly changing but in a very inconsistent manner. The study found that construction cost and rent are functions of year and the estimated trend equation can be used to project the desired value and that interest rate and yield are not functions of the year. Therefore, appraisers in modelling interest rate and yield in risk model should be more cautious on their application and analysis.