Analysis of the Driving Factors of Property Investment in the Peri-Urban Property Market of Ogun State, Nigeria
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Date
2020-03-24
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Estate Management, Obafemi Awolowo University, Ile-Ife, Nigeria.
Abstract
This study examined the driving factors of property investment in the periurban
property market with a major focus on Abeokuta suburbs. It was done
with a view to providing information on the types of real estate property
developed for investment purposes and the prominent market driving forces
in the suburb. The study used primary data and the relevant information was
collected through a structured questionnaire instrument. The study employed
convenience sampling techniques. A total of 150 questionnaires were
administered to members of Nigeria Institution of Estate Surveyors and
Valuers (NIESV) and Real Estate Developers Association of Nigeria
(REDAN). Eighty-two (82) and seventy-forty (74) questionnaire were
retrieved from NIESV and the REDAN respectively. The study deployed
descriptive statistics such as simple frequency distribution and meanstandard
deviation model to analyse the data. The study found that in the
suburb, the property types such as residential and commercial were identified
to be the most often developed investment property types and major
businesses occur in buying and selling of investment property among the
trading activities in the market. The prominent driving forces were land
availability and affordability, economic gain/market potential, proximity to
urban centres, population growth and strategic locational features. This result
signals the need for potential real estate investors to consider the driving
forces as underlying factors for informed decision when thinking of investing
in the peri-urban property market.
Description
Keywords
Drivers, Peri-urban, Property-market, Urbanisation