LAND PRICING INFLUENCING FACTORS: PERCEPTION OF ESTATE SURVEYORS & PROPERTY DEVELOPERS

Olaseni O. Adetokunboh, Samson E. Agbato and Abiodun K. Sodiya

AfRES from African Real Estate Society (AfRES)

Abstract: In the present day real estate market, price, in money, is seen as the commonly assented expressionto indicate and compare land values – upon putting into consideration certain underlying variables that havebeen characterised as land pricing influencing factors. From the point of view of two notable real estate marketplayers; estate surveyors and property developers, the study assessed the relative importance of the individual landpricing influencing factors in Nigeria. Adopting structured questionnaire and semi-structured interview to samplethe opinion of selected Lagos-based estate surveyors and property developers, distinctive 43 influencing factorsfurther classified into eleven typical groups were identified and assessed, and the overall analysis indicated thatgood (motorable) road, purchaser ability to pay, and prime location are the top-ranked influencing factors amongstother determinants influencing land price in Nigeria, while size, buyer’s preference and accessibility are the firstthree highest ranked group factors in the eleven categorised group factors.

Keywords: land price; Land Value; Nigeria (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017-09-01
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