Trends in Residential Property in Nigeria - Capstone Project Example

The paper "Trends in Residential Property in Nigeria" is an outstanding example of a marketing capstone project. Residential property, apart from being purchased for occupation and use, can be held by the owners as a good form of investment. It is in this aspect that many investors would rush to put their money into residential property development so as to receive monthly returns in form of rent. As are the case in Nigeria and other places in the world, estate valuers and surveyors are more often than not called upon by residential owners as well as potential property owners to make a valuation on various interests such as leasehold or freehold in properties for the purpose of acquisition or sale. The study, therefore, compares the trends in residential property values in Lagos and Kano cities of Nigeria bearing in mind that they are homes to millions of Nigerians. Real estate market dynamics in NigeriaReal estate business is very vital to basically all economies in the world. Truly, all activities being undertaken in the modern world has a need for real estate in one way or the other. Real estate is therefore a principal employer of labor when considered both at its development and management or marketing phases. In countries such as Hong Kong, for example, about 50% of the listed companies are related to real estate and over 30% of government revenue is sourced from real estate-related ventures. In the federal state of Nigeria, the real estate industry is a very vital economic activity considered in the aspect of federal as well as state and major commercial towns. Private rental tenure dominates all activities in Nigeria’s real property sector. A typical case in Abuja, the capital city of Nigeria. The rapid transformation and growth the city has been experiencing for close to two decades have resulted in a growing appetite for both commercial and residential accommodation. The vibrant growth of real estate in most Nigerian cities is marked by exorbitant prices, a privately owned rental tenure system and a lack of access to development land.