Key Drivers of Residential Real Estate Investment Decisions in Port Harcourt Metropolis
Keywords:
Investment Decisions, Port Harcourt, Real Estates, ResidentialAbstract
Residential real estate investments are unique and require huge capital outlay. The investment process requires proper and informed analysis and decision-making. The study aims at identifying the key drivers of residential real estate investment process. Utilizing the responses from 125 Estate Surveying and Valuation firms and 507 real estate investors operating within the Port Harcourt metropolis, the study employed a survey research design with the investors being identified by a simple random sampling technique and the Estate Surveying and Valuation firms being purposively selected to ascertain why investors decide to invest in residential real estate. The data was analyzed using descriptive statistics and relative importance indexes. Findings revealed the key investment drivers to include location and zoning, availability of capital, income and capital growth. The study recommends that government, banks, and primary mortgage institutions provide innovative ways for land owners and real estate investors to access funds to undertake residential real estate investments to enhance the supply of residential estates in the metropolis.
References
Abiola, O. (2018). Factors influencing land ownership and real estate investment decisions in Ile-Ife (Ife Central as case study). Afribary. https://afribary.com/works/factors-influencing-land-ownership-and-real-estate-investment-decisions-in-ile-ife-ife-central-as-a-case-study
Ajayi, M., & Carlson, P. (1992). A review of MIS research and disciplinary development. Journal of Management Information Systems, 8(1), 45–62.
Ajibola, M., Awodiran, O., & Salu-Kosoko, O. (2013). Effects of infrastructure on property values in Unity Estate, Lagos, Nigeria. International Journal of Economy, Management and Social Sciences, 2(5), 195–201.
Bond, S. S., & Dent, P. (2013). Towers, turbines and transmission lines: Impacts on property value. John Wiley & Sons.
Chohan, A. H., & Afaq, J. (2022). Development of smart application for house condition survey. Ain Shams Engineering Journal, 13(3), 101628. https://doi.org/10.1016/j.asej.2021.10.023
Choguill, C. (2008). Developing sustainable neighbourhoods. Habitat International, 32(1), 41–48.
Cooray, A. (2003). Factors affecting investments and business confidence with special regard to political stability in Sri Lanka (Unpublished working paper). Available at: http://www.bizlk
Emoh, F. I., & Ndife, C. C. (2011). Critical Issues in Real Estate Finance as an Index in Building Contract Project Management Success in Nigeria. American Journal of Social & Management Sciences, 2(1), 76-90.
Fateye, T., Adetokunboh, O., Ibuoye, C., Ajayi, A., & Sodiya, K. A. (2020). Analysis of the Driving Factors of Property Investment in the Peri-Urban Property Market of Ogun State Nigeria. Journal of Property Research & Construction, 4(1), 52-67.
Finnih, A. (2017, August 26). Real estate needs proper regulation to develop sector. Vanguard Newspaper, p. 46.
Gallimore, P., & Gray, A. (2002). The role of investor sentiment in property investment decisions. Journal of Property Research, 19(2), 111–120.
Heiman, A., Gordon, B., & Zilberman, D. (2019). Food beliefs and food supply chains: The impact of religion and religiosity in Israel. Food Policy, 83, 363-369.
Hossain, M. F., & Nasrin, S. (2012). Factors Affecting Selection of Equity shares: A case of Retail investors in Bangladesh. European Journal of Business and Management, 4(20), 110-124.
Klimczak, K. (2010). Determinants of Real Estate Investment. Economics & Sociology, 3(2), 58-66.
Kohler, M. (2013, September 23). Why you should be investing your money in real estate. Entrepreneur.
Manganelli, B. (2015). Real estate investing. Springer International Publishing.
Mugenda, O., & Mugenda, A. G. (2003). Research methods: Quantitative and qualitative approaches. Acts Press.
Niveditasri, N., & Sanmitha, D. (2020). Religious Faith and Its Impact on Investment and Financial Decisions. IOSR Journal of Humanities and Social Sciences 25(2), 55-59.
Ogunba, O. A. (2013). The principles and practice of property valuation in Nigeria. Atlantis Books.
Oletubo, A. (2014). Analysis of residential property investments in Lagos, Nigeria. LAMBERT Academic Publishing.
Onwuanyi, N. (2021a). Information accessibility in property markets: A comparison of Nigeria and the UK. Journal of Management and Economic Studies 3(1), 1-15.
Onwuanyi, N., & Oyetunji, A. (2021b). The relevance of inter-market research to knowledge accessibility in property markets: Lessons for Nigeria from the U.K. Property Management 39, 702–725.
Otty, E., Egolum, C. C., & Oladejo, E. I. (2023). Evaluation of Factors Driving Real Estate Investment Decisions by Private Investors in South – East Nigeria. International Journal of Civil Engineering, Construction and Estate Management 11(4), 41-63.
Ratchatakulpat, T., Miller, P., & Marchant, T. (2009). Residential real estate purchase decisions in Australia: Is it more than location? International Real Estate Review, 12(3), 273–294.
Reed, R. G. (2007). Identifying the drivers behind housing preferences of first-time owners. Property Management, 25(3), 225–241.
Salleh, N. A., Zoher, S. A., Mahayuddin, S. A., & Abdul, Y. (2015). Influencing Factors of Property Buyer in Hillside Residential Development. Procedia - Social Behavioral Sciences, 170, 586-595.
Sean, S., & Hong, T. (2014). Factors Affecting the Purchase Decision of Investors in the Residential Property Market in Malaysia. Journal of Surveying, Construction and Property, 5(2), 1-13.
Tan, T. H. (2012). Meeting first-time buyers’ housing needs and preferences in greater Kuala Lumpur. Cities, 29(6) , 389-396.
Tse, R. Y. C., & Love, P. E. D. (2000). Measuring residential property values in Hong Kong. Property Management , 18(5), , 366-374.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Ekwuru, Elenwo, Victor Abaecheta, Akujuru
This work is licensed under a Creative Commons Attribution 4.0 International License.
