The relevance of inter-market research to knowledge accessibility in property markets: lessons for Nigeria from the UK

Onwuanyi, Ndubisi; Oyetunji, Abiodun Kolawole

doi:10.1108/pm-01-2021-0001

Cited by 4 publications

(4 citation statements)

References 20 publications

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“…A more recent study by Onwuanyi and Oyetunji (2021) revealed that inter-market research is abysmally low in Nigeria, therefore many property market issues are yet to be researched in many Nigerian markets. This, according to the authors, has led to low market information in Nigeria compared to countries like the UK .…”

Section: Introductionmentioning

confidence: 99%

Location-induced client influence in valuation for loan security: the new terra incognita for emerging property sub-markets

Gbadegesin

Oladokun

Amidu

et al. 2023

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PurposeConsidering the changing dimensions of client influence in the emerging sub-market in Nigeria, different from previous general insinuations, this article examines the new strategies adopted by clients to influence estate surveyors and valuers (ESVs), factors that predispose ESVs to client influence and the effects of clients' influence on valuation outcomes and real estate markets in emerging sub-market, using Ibadan market as the study area.Design/methodology/approachThe paper is situated within a client influence assessment framework, modified to reflect contextual incidents. Contextualization was made possible with the involvement of both practitioners and academic researchers. Validated copies of the questionnaire were administered to the registered practicing ESVs in an intact group during their monthly state (provincial) meeting and through direct delivery at their firms. Data collected were analyzed using descriptive and inferential statistics.FindingsContrary to the previous studies, the authors found no significant relationship between ESV professional qualifications, the firm's staff strength and the frequency of clients' influence in valuation assignments. Hiding important information and clauses, begging, lobbying, and seeking undue favor and promises for future jobs or appointments are the influencing strategies clients employ to pressure valuer. The topmost factors are emerging sub-market and economic-induced factors, lack of due process, and adequate transparency on the parts of firms and Valuers. It was established that the new dimension of client influence leads to the mortgage valuation accuracy dilemma, discredit of professional confidence, default and financial distress, and generating mistrust in the property market.Practical implicationsThe implication is the new dimension of client influence, different from the previous studies, thus calling for professional and policy attention. As real estate investment and transactions transcend globally, understanding the local sub-market condition is imperative.Originality/valueThe novelty of the paper is the exposition on the dimensions of client influence within the economy and the implication for the professional body regulatory policy.

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Section: Introductionmentioning

confidence: 99%

Location-induced client influence in valuation for loan security: the new terra incognita for emerging property sub-markets

Gbadegesin

Oladokun

Amidu

et al. 2023

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“…The research was limited to the three foremost areas of Nigeria's real estate markets, Abuja (Maitama and Central Business District), Lagos (Lekki and Victoria Island), and Port Harcourt (Rumu Ibekwe and Aba Road), in terms of commercial property markets. This was justified using findings from earlier studies that identified Lagos, Abuja, and Port Harcourt in the top hierarchy of the Nigerian property market [44,84]. The locations were selected based on the recent government investment in these sites in order to make the areas more attractive to foreign investments due to the features they offer.…”

Section: The Study Areasmentioning

confidence: 99%

Dynamics of the Inflation-Hedging Capabilities of Real Estate Investment Portfolios in the Nigerian Property Market

Nwosu,

Bello,

Oyetunji

et al. 2023

Buildings

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There has been a wide belief that real estate is a source of good investment portfolios because it has a hedge against inflation. Considering this notion, the present research examined the dynamics of the inflation-hedging capabilities of real estate investment in Nigeria’s three foremost property markets, Abuja (Maitama and Central Business District), Lagos (Lekki and Victoria Island), and Port Harcourt (Rumu Ibekwe and Aba Road). To achieve this aim, this study was carried out by exploring the returns on different types of commercial properties in the chosen location and investigating the effect of inflation on such returns in order to come up with the hedging capabilities of the assets. Out of the four property prime locations in Nigeria’s market, these selected study sites were purposely selected for investigation because they comprise the most desirable and preferred properties regarding location, standards, aesthetics, and value. From the data collected, a mean return, coefficient of variation, and ordinary least square regression analysis were completed. In terms of the coefficient of variation (CV), the findings reveal that the duplex in Port Harcourt exhibits the most performed investment, with a value of 0.33, compared to other locations. However, in terms of the expected return (ER), the duplex outperformed other property types in the different locations, with a return of 39.56%. Results also show that inflation has an adverse effect on the returns of the office space for the three locations considered, with the expected returns below 1%. The block of flats in Abuja has a complete defence against the three components of inflation, with a coefficient beta of 0.5633, 0.6586, and 0.8440, respectively. Thus, investors should consider inflation and other investment attributes when making decisions among arrays of investments. This will help guard against the widespread perception that real estate has a hedge against inflation. This paper adds to the existing literature on inflation hedging by investigating the effect of inflation on the real estate investment returns of commercial properties.

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“…Like its real estate market, Nigeria's economy is in its early stages. Due to the lack of a trustworthy and standard real estate market database, the Nigerian commercial real estate market, in particular, has stayed relatively under-researched during the last five decades [14]. During this period, most property market research in Nigeria has been focused on the resi-dential property market, with a bit of comparative investigation of the region's commercial real estate market.…”

Section: Literature Reviewmentioning

confidence: 99%

Effect of Accessibility on Commercial Property Rental Values Performance in Oja Oba Market, Ilorin Metropolis

Yusuf

Muhammad

Otunola

et al. 2021

PoS

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The value of a commercial property is mainly determined by its interaccessibility to other land uses; accessibility is a critical component in determining the costs and rewards of any investment. The study is being conducted to investigate the impact of accessibility on the rental values of retail premises. The purpose of this study was to determine the extent to which accessibility affects the rental value of retail premises. The following goals were established: to assess the rent in various locations inside the market from the primary major route. The stratified random sample approach was employed to acquire the data to evaluate if there is a variance in rent and the link between rental value and distance. Data were examined using descriptive statistics and linear regression using SPSS. The data indicated that rent varies within the market as distance increases. It was found that as distance increases to the market, the rental prices of store premises fall, and there is a strong positive linear relationship between distance and rental value. The paper also advised that the government establish market parking space. The government should also give private shop property investors appropriate loans at cheap interest rates to boost investment in this sector.

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The relevance of inter-market research to knowledge accessibility in property markets: lessons for Nigeria from the UK

Cited by 4 publications

References 20 publications

Location-induced client influence in valuation for loan security: the new terra incognita for emerging property sub-markets

Location-induced client influence in valuation for loan security: the new terra incognita for emerging property sub-markets

Dynamics of the Inflation-Hedging Capabilities of Real Estate Investment Portfolios in the Nigerian Property Market

Effect of Accessibility on Commercial Property Rental Values Performance in Oja Oba Market, Ilorin Metropolis

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