ASSESSMENT OF RESIDENTIAL PROPERTY MARKET EFFICIENCY IN AKURE, NIGERIA

Abstract

This research work assessed the residential property market efficiency in Akure, Nigeria. It identified the residential property characteristics, relevant data for residential property market efficiency, trend on residential property prices, forms of residential property market efficiency and factors inhibiting residential property market efficiency. Closed –ended questionnaires were administered to (2,668) property owners/tenants selected out of 12,325 (twelve thousand, three hundred and twenty five) target population. Twenty-Six (26) Estate Surveying and Valuation Practicing firm in Akure as contained in the 2020 register of the head of firm of the Nigerian Institution of Estate Surveyors and Valuers (NIEVS) Ondo State Branch were also administered. Data collected on residential property characteristics, trend on residential property prices, forms of residential property market and factors inhibiting residential property market efficiency in low, medium and high density residential areas in Akure. and were analyzed using descriptive statistics, Kruskawalis Test, Factor Analysis and Trend analysis respectively. The study revealed that out of the three (3) housing densities, the residents of low density area has quality residential properties characteristics than others. The study also revealed that all relevant data needed for residential market efficiency showed that there are no statistically significant differences in the opinion of the respondents with a p value lesser than 0.05 except for Cost of Construction (0.799) which showed a significant value greater than 0.05. It was further revealed that there are no statistical significant differences in the opinion of the respondents in the three selected residential neighbourhoods and the practicing Estate Surveying and Valuation firms on the various forms of residential property market efficiency in the study area. Other findings showed that there are no statistical significant differences in the opinion of the respondents in the three selected residential neighbourhoods and the practicing Estate Surveying and Valuation firms on the factors inhibiting residential property market efficiency in Akure. The study recommended that the Government and relevant stakeholders in the property market should develop a workable framework and environment to improve on the condition of the market and ensure a strong efficient property market and also the Nigeria Institution of Estate Surveyors and Valuers should help in the provision of adequate market information so as to ensure transparency and efficiency of the property market.