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Problems and Prospects of Forward Sale in the Nigerian Housing Market: A Critique of Policy and Modus Operandi

Oloke, O. C. and Oni, A.S and Oletubo, A. A. and Oluwatobi, A. O. and Olukolajo, Kayode (2017) Problems and Prospects of Forward Sale in the Nigerian Housing Market: A Critique of Policy and Modus Operandi. International Journal of Academic Research in Business and Social Sciences, 7 (2). pp. 898-913. ISSN 2222-6990

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Abstract

One way of dealing with the challenge of demand uncertainty in property market is the use of forward sale. However, despite the huge demand for housing in Nigerian urban centre, it appears that the strategy is not popular with the demand base as expected. This study therefore examined the challenges of forward sale in the Nigerian housing market. This was achieved by reviewing the institutional policy provisions and operational guidelines within which forward sale transaction is conducted in Nigeria. Existing studies in this regards were reviewed while the opinion of three categories of respondents, the developers, buyers and estate surveyors and valuers in the Metropolitan Lagos State were obtained with the use of structured questionnaire. The percentages of options of responses were ranked. The study found that while developers prefer to harness the benefits of forward sale optimally, buyers are reluctant to use the method. Different challenges were responsible for this situation amongst which is the lack of policy protection for the buyer’s thereby exposing them to developer’s default, poor construction quality or delayed implementation. It was suggested that government regulate forward sale market to improve buyer’s confidence thereby providing developers with unhindered access to development fund at no cost.

Item Type: Article
Uncontrolled Keywords: Forward Sale, Housing Market, Policy, Modus Operandi, Prospect
Subjects: T Technology > TH Building construction
Divisions: Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment
Depositing User: Mr Adewole Adewumi
Date Deposited: 07 Jun 2017 06:52
Last Modified: 08 Sep 2017 09:14
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/8167

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