An Assessment of the Relative Importance of Land Titling In Land Pricing in Lagos Metropolis

Aibinuomo Iyi, Adetokunboh O, Agbato S and A Adekunle

AfRES from African Real Estate Society (AfRES)

Abstract: Several studies have identified land titling as a major cause of poor and unsustainable development. Yet, researchers often leave out land titling in their analysis of land price determination. This study investigated the relative importance of land titling in land price determination in Lagos metropolis. The data used in the study was collected from the centre and periphery of Lagos Metropolitan area. The data was gathered over a period of six months. The effect of forty-two variables grouped under eleven different factors on price of land was assessed. Estate surveyors and developers were asked to rate the level to which they consider each of the 42 variables as a determinant of land price (Relative Consideration Index) through a questionnaire survey supported by semi-structured interviews. The respondents were also asked to rate the level of importance (Relative Importance Index) of each of the variables. These derivations were subjected to further analysis to obtain the Relative Weight of each variable based on a combination of their relative consideration and relative importance indices. However, output from an exploratory factor analysis extracted 14 factors. The factors were difficult to rename, perhaps, this is due to the complex nature of the variables under study. The overall result of the analyses ranked land title as third among other factors affecting land pricing while buyer’s preference and lot size ranked first and second respectively, thus suggesting declining importance of conventional variables. Statutory Certificate of Occupancy ranked first as the most important among the identified types of title.

Keywords: Land pricing and Land value; land titling (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2012-10-01
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