AN EXAMINATION OF THE MATURITY OF PROPERTY MARKET IN BENIN CITY

ABSTRACT

With the increasing rate of investments in real estate in recent years, it is becoming imperative for investors to have a better understanding of the property market. The growing need for accountability and improved performance of investment requires more than the assessment of the returns of the property, it also requires the movements in the property market. Hence, the aim of this research is to examine the maturity of property market in Benin City, with the view of providing information about its current status. The objectives of the study are to: ascertain the property market players, identify the features of the market, determine the market maturity and investigate the factors influencing the market maturity. Data were sourced from both primary and secondary sources. Questionnaire was the sole means of primary source, whilst secondary sources include the use of journals, articles from the internet, textbooks, amongst others. The respondents are registered firms of Estate Surveyors and Valuers in the study area. The study sampled all population in the study area due to paucity of the population. The study found out that there is a significant difference between the responses of respondents on the maturity indicators. It further revealed that the market is immature, having examined it with the six maturity indicators of Keogh and D’Arcy (1994). In addition, of the factors influencing the property market, the state of the economy of the State ranked first, whilst poor building quality is the least. It was recommended amongst others that the Benin City should diversify into the areas of industrialization and agriculture to curb the effect of the economy problem on the market maturity. Also, the academia in real estate should adopt globalized property market curricula, and proactively promote and sustain property market research.