A Review of the Application of Hedonic Pricing Model in the Nigerian Real Estate Market

Rotimi B. Abidoye () and Albert P. C. Chan
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Rotimi B. Abidoye: The Hong Kong Polytechnic University
Albert P. C. Chan: The Hong Kong Polytechnic University

A chapter in Proceedings of the 23rd International Symposium on Advancement of Construction Management and Real Estate, 2021, pp 560-569 from Springer

Abstract: Abstract The application of the hedonic pricing model (HPM) to real estate property appraisal was demonstrated in a seminal and widely referenced study of [1]. In subsequent years, this technique has gained popularity amongst real estate researchers in different countries around the world. In order to gain an insight and understand the application of HPM in the Nigerian real estate domain, which is the largest economy in Africa, a systematic review of the literature was conducted. Articles published that adopted HPM in Nigeria were retrieved from online databases. The content of these articles was analysed to establish the origin and trend of the application of HPM from perspectives of authors’ contributions, affiliations of the authors, annual trend of research output and the case study areas used for the researches. It was found that the HPM technique was first introduced into the country’s real estate research domain in 1986. Since then, there was scanty turnout of publications, until 2010 when considerable articles were published annually. The highest number of articles were published in 2011. The Lagos metropolis property market and indeed south-western states have been widely used as a case study by the researchers. In addition, real estate practitioners have not been involved in real estate research, whereas academics affiliated to universities have been the highest contributors to real estate research literature in Nigeria. This gap between theory and practice in the Nigerian real estate domain may be responsible for the immature state of the real estate market, and this must be filled in order to achieve a sustainable real estate practice.

Keywords: Hedonic pricing model; Real estate research; Real estate; Property price; Lagos metropolis; Nigeria (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-15-3977-0_42

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DOI: 10.1007/978-981-15-3977-0_42

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