Beyond Price Tags: Pioneering a Paradigm Shift in Affordable Land Allocation by Prioritising Non-Economic Criteria

Samson Agbato, Bioye Aluko, Tunde Oladokun, Ayodele Adegoke and Olalekan Aboderin

AfRES from African Real Estate Society (AfRES)

Abstract: This study is aimed at investigating the non-economic factors that affect land affordability, particularly in developing countries. To examine these factors, data was collected from 333 and 95 individuals who own residential plots at Redemption City and Ikosi Residential Scheme respectively. The findings of the study showed that different non- economic factors played a significant role in each of the two areas. In Redemption City, the important non-economic criteria included safety, comfort, quality management, proximity to markets, public transportation, and healthcare. On the other hand, the non-economic factors that were found to be significant in Ikosi Residential Scheme were proximity to public transportation, safety and comfort, a lack of environmental problems, and income levels. Overall, this study sheds light on the importance of considering non-economic factors when it comes to land affordability, particularly in developing countries. By doing so, private and public partnerships can be encouraged to work together to reduce the housing deficit in these areas. Additionally, the findings of the study can inform the formulation and revision of land policies that would benefit not only specific groups but all members of the community.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2023-01-01
New Economics Papers: this item is included in nep-ure
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