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| Source: www.agunbiadeolumide.blogspot.com |
By Olumide T. Agunbiade
ABSTRACT
This study
investigated, by means of primary and secondary sources, the influence of
residential real estate property characteristics on property values, using
Ikeja area of Lagos State as a case study.
It revealed a positive
correlation between property market values and location; an indication that
this uniqueness reasonably predicts property market values.
The study demonstrated that although several property
features can be identified with residential real estate properties, only a few
important ones have significant impact on the market values of such properties.
This study identified various property characteristics that
have relatively strong impact on market values (prices) and to an extent
influence the sales and purchase decisions of sellers and buyers in Nigeria.
The recommendations of
this study should enable Real Estate Professionals and investors to make fair
estimates of the market values of residential real estate properties given the
features of such housing units. This would aid rapid valuation, help to improve
housing quality and make possible mass evaluation of properties.
The study recommends to real estate investors, practitioners
and professionals to use the knowledge of significant property characteristics
for efficient valuation, investment decisions and proper management of
residential housing units.
