Factors Influencing Residential Real Estate Investment in Ibadan, Nigeria

Tomisi Olusegun Adegunle and Olusegun Adebayo Ogunba

AfRES from African Real Estate Society (AfRES)

Abstract: The study addressed the need for holistic capturing of factors influencing residential property development in information provided to prospective investors in Africa and research papers generated on the continent. It investigated the influence exerted by an eclectic range of factors (returns on investment, macro-economic factors, market maturity, transparency ease of doing business, and socio-political factors) on the rate of addition to residential property stock in Africa, to provide information that could enhance property FDI and LDI on the continent. Nigeria (and particularly its city of Ibadan) was offered as an example of African countries in this regard. Questionnaires were administered to estate surveying and development firms in Ibadan, while secondary data were sourced from records of the Ibadan Town Planning Authority and websites of Nigeria’s Central Bank and the World Bank. The data obtained were regressed against the number of properties produced over the period 2013 to 2023. The regression results (and particularly their high coefficients of determination) highlighted that many factors influence the decision to invest in property. It was recommended that guidance manuals and databanks for prospective property investors should provide information on all relevant factors.

Keywords: foreign and local direct investment; Nigeria; Residential Real Estate (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2024-01-01
New Economics Papers: this item is included in nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:afr:wpaper:afres2024-051

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