EFFECTS OF RESIDENTIAL PROPERTY MARKET STRUCTURE ON PLAYERS’ OBJECTIVES IN LAGOS, NIGERIA

Abstract

Property Market structure describes the composition of property markets in an economy such as the Legal structure, Financial structure and Institutional structure. Institutional Market structure incorporates how market structures have evolved, facilitated or constrained players’ objectives. This study employed seven (7) institutional structures parameters such as well planned urban structure, proper coordination of market activities by professionals, information dissemination, development and updated public infrastructure, regular display of information publicly, stable economic and political environment and transparency in market operation to investigate the effects of residential property market structure on players’ objectives in Ikeja Lagos with a view to improving their attractiveness to investors. The target populations for the study were Estate Surveying and valuation firm, Landlords and Tenants. Estate Surveying and Valuation firm sampling frame as contained in the Nigeria Institution of Estate Surveyors and valuers (NIESV) directory of 2020 edition were 84 while Landlords and Tenants were 168 each. Data were collected through the use of questionnaire administered to 420 respondents under three categories, the Estate surveyors, tenants and Landlords, 361 were retrieved and used for this analysis. Descriptive statistics (frequency and weighted mean) were used to identify the state of property market structure and the players’ objective within the market while inferential statistics (factor analysis and ordinal regression) were used to analyze the factor influencing the current property market structure and the effects of market structure on players objectives. The finding shows that current state of the market structure did not have any framework upon which transaction can be done transparently, part of the factors responsible for the current market structure were poorly defined rules and enforcement. The study concluded that, for property market to be placed side by side among it equals, it must be able to serve and protect the interest of all actors and not favor one at the expense of another. The study also recommended among others, that Policy Makers and (NIESV) should review policy that will be strict to the activities of quacks engaging in agency, it also advised the service providers’ to formulate a policy that will bring about transparency in information flow. This will enable all actors to participate rationally and increase rate of involvement in the market.