Appreciation of the property market maturity framework to a developing country: The case of Nigeria

Solomon Akinbogun

ERES from European Real Estate Society (ERES)

Abstract: This paper explores the application of the maturity concept to the residential property market in Nigeria as a developing country. It reviews and appraises the application of the established market maturity framework primarily designed for comparing markets in European countries to such a developing country. The paper adapts the relativity of market maturity measures to develop a checklist of characteristics for assessing the maturity of residential property sub-market in Nigeria property market. While the paper recognizes the place of information in property markets in maturity determination it suggests that in the current situation of the Nigeria residential property market the level of compliance with and implementation of urban planning is the most important criterion for determining the state of market maturity. The paper argues for the enforcement of market regulatory frameworks such as; development control, adequate land spatial infrastructure, land registration to enhance market maturity.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2012-01-01
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