An Evaluation of the factors affecting land market development in Asaba, Nigeria

Abstract

Bearing in mind that the land market is crucial to urban housing development and that several factors influence urban land market operations, this study examined and prioritised the factors affecting effective land market development in Asaba, Nigeria. Using a purposive sampling technique, the study gathered relevant data through the administration of a structured questionnaire to 277 respondents comprising 101 practising estate surveyors and valuers, and 176 registered estate agents/private property developers. Data were analysed using descriptive statistics, while the Relative Importance Index ranking and factor analysis were employed in the analysis. Findings revealed that location/accessibility, availability of land for development, and security of land title were the three most important factors driving the Asaba land market. Further analysis after factorisation revealed that nine (9) factors (administrative, technical, negative market, financial, legal, positive market, accessibility, and urban) were responsible for 60.597% influence on the market effectiveness. Estate surveyors and landowners were found to be indispensable participants in the market. The study therefore recommends an improved city hub and road network, use of professionals in market transactions, regulation of the activities of land racketeering, application of the rental and fair market value of properties, training and regulation of quarks activities, and improved consultancy for effective land market development.