Impediments to foreign real estate investment in an emerging market: A tripartite characterisation of the Lagos, Nigeria property market
Journal of Property Investment & Finance
ISSN: 1463-578X
Article publication date: 27 July 2018
Issue publication date: 18 September 2018
Abstract
Purpose
The purpose of this paper is to examine the of characteristics of Lagos, Nigeria property market and its submarkets on the prism of the market practitioners’ characteristics, market transaction structure and market maturity. This is done with a view to provide information capable of improving the flow of foreign real estate investment to the Lagos property market.
Design/methodology/approach
Primary data were sourced through questionnaire administered on firms of property practitioners in the market. A total of 190 firms were selected using the stratified random sampling technique based on their geographical location. Descriptive statistics and Mann−Whitney U Test were employed for data analysis.
Findings
The results showed that the Lagos property market was characterised by practitioners whose highest level of education was majorly first degree, and with a mean computer literacy ranking of 3.38 on a five-point Likert scale. Also, major transactions in the market included letting and sales. The market maturity index of the market was 2.95 and therefore adjudged as an emerging market. The analysis also revealed that there was no significant difference in the characteristics of the submarkets.
Practical implications
The results of the study are capable of enhancing investment decision in the market.
Originality/value
The study differentiates itself from and adds to the previous studies on market characteristics through an examination of the property market on the prism of the market transaction structure, market practitioners’ characteristics and maturity of the market holistically in the context of an African emerging market.
Keywords
Citation
Olapade, D.T., Ayodele, T.O. and Olaleye, A. (2018), "Impediments to foreign real estate investment in an emerging market: A tripartite characterisation of the Lagos, Nigeria property market", Journal of Property Investment & Finance, Vol. 36 No. 5, pp. 479-494. https://doi.org/10.1108/JPIF-12-2017-0084
Publisher
:Emerald Publishing Limited
Copyright © 2018, Emerald Publishing Limited