International Real Estate Research Papers (original) (raw)
Nigeria is steadily emerging giving opportunities to a lot of businesses and real estate sub-markets, especially in Lagos, Abuja and Port Harcourt metropolis. This research aimed to analyse the Nigerian real estate market and the business... more
Nigeria is steadily emerging giving opportunities to a lot of businesses and real estate sub-markets, especially in Lagos, Abuja and Port Harcourt metropolis. This research aimed to analyse the Nigerian real estate market and the business environment of real estate portfolio management and assessing its effectiveness with the use of PESTLE analysis.
The research analysed the Nigerian real estate market with the use of PESTLE analysis and also analysed the Sub Saharan African region for the purpose of benchmarking. The primary research was a mixture of both qualitative and quantitative methodologies using a phenomenological paradigm. A total of two interviews and a number of survey questionnaires were distributed to top property professionals in real estate companies those that specifically handle/manage real estate portfolios.
A definition of PESTLE analysis will help understand its frame work; in quote, the “PESTLE analysis is a macro environmental framework used to understand the impact of the external factors on the organization or industry and is used as a strategic analytical technique. PESTLE is an acronym for Political, Economic, Social, Technological, Legal and Environmental (Pandey, 2011).
The use of PESTLE analysis in the study was helpful to critically analyse the potentials of the business environment of the real estate industry. One of the reasons the PESTLE analysis is important to this research is because the real estate market is hugely affected by the country’s economy and demographics which is part of its macro environment (Odusote, 2008). The conclusion from this project suggests that there are a lot of potentials for investors, and for a state they can be investment managers for themselves by first analysing the business environment of the Nigerian real estate industry
The result of the study is expected to be a guide to real estate professionals, practitioners and policy makers in Nigeria and other African countries towards the development of an appropriate framework for real estate portfolio management practice.
ABSTRACT Nigeria- a developing West-African nation with a population of approximately 188 million people has a wide residential real estate supply-demand gap which is revealed in... more
ABSTRACT
Nigeria- a developing West-African nation with a population of approximately 188 million people has a wide residential real estate supply-demand gap which is revealed in the shortage of approximately 17 million residential units. Additionally, the homeownership rate is approximately 25% which makes it one of the lowest in Africa. Furthermore, the residential real estate finance system is characterised by informal finance sources mainly because of the poor performing mortgage finance system.
This research thus attempts to describe the residential real estate finance system in Nigeria and explore factors that may be influencing the mortgage market. A model is developed to test the life-cycle theory which examines the influence age, interest rate and household disposable income on the mortgage market.
The research adopts a quantitative approach making use of mainly time series panel data. The study is based on secondary data sourced from various reliable national and international databases. Descriptive techniques are used to show the national economic trends, while analytical techniques are used to test and predict the influence of the various factors in the mortgage market based on the model developed.
The results of the non-linear regression reveal that mortgage demand is negatively influenced by age group, interest rate and household disposable income. The researcher thus concludes that that the potential of the residential real estate market in Nigeria will only be fully explored if the mortgage market is improved upon. The researcher further suggests that the reduction of interest rates is a key strategy which has the potential to improve affordability and thus develop the mortgage market with further potential to improve homeownership rate, attract investment in the financial sector and improve the Nigerian national economy, thus consolidating Nigeria’s position as the fastest growing economy in Africa.
The ownership and control of real estate is very much a fundamental part of our lives. We depend on real property to feed and clothe us and to provide us with shelter. The real estate market over the years has been impacted by various... more
The ownership and control of real estate is very much a fundamental part of our lives. We depend on real property to feed and clothe us and to provide us with shelter. The real estate market over the years has been impacted by various factors in different ways. The Covid-19 pandemic is causing many radical changes in the free movement and interactions of people around the world and it represents an unprecedented emergency with a grave societal threat. The protection of public health has become a priority making governments, policy and decision makers, and the global community to introduce such actions as travel restrictions, social distancing, self-isolation, quarantine, furlough, palliatives as an attempt to mitigate the current and potential negative impacts of the pandemic on major sectors that contribute to shelter, food security and livelihoods The study concentrated on the challenges of international real estate investment in the emerging economy as results of the restriction of movement due to omicron variants. Relevant challenges surveyed from related literatures were subjected to review. Relative Importance Index (RII) was used to determine the significance of each challenges based on the respondents' rating. From the study, property market transparency, political risk, land registration process, financing risk were ranked as the most significant challenges with RII of 4.54, 4.46, 4.42 and 4.15 respectively and they are most significant challenges facing international real estate investment due to restriction of movement from Omicron Variant in Nigeria. These challenges would be surmounted with political will being showed by the government and be transparent to all in the conduct of business activities. The paper recommends that government should ensure the stability of the political climate and the economy through the stabilization of exchange rate, interest rate and review the process and cost of land registration.
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