Oloke , O. C. and Olawale, Y. A. and Oni, A.S (2017) Price Determination for Residential Properties in Lagos State, Nigeria: The Principal-Agent Dilemma. International Journal of Economy, Management and Social Sciences, 6 (3). pp. 28-32.
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Abstract
Arbitrary house pricing by property owners based on existing or expected economic situation partly explain the glut and proliferation of vacant properties in the housing market awash with demand for same. This study takes a look at the process and strategy of house pricing, the factors considered in determining housing price and the factors that prolong listing period in the residential property market. Primary and secondary data were gathered for the study. Primary data was collected with structured close-ended questionnaires administered to three groups of respondents, property owners, professional property managers and real estate developers in Lagos State. A total of 240 questionnaires were administered to senior management staff of these organizations and another 113 to property owners accessed through the estate agents involved in this survey. Secondary data was also obtained from existing journal articles, online resources, dailies and books. Data from the questionnaire survey was collated and analysed with the aides of descriptive tools such as percentages, 5-point likert scales and ranking. Findings showed amongst others that house prices in the residential property market are largely fixed and reserved by the sellers. It was also found that these sellers do not consider many of the determinants of housing price. Moreover, the doldrums in the housing market is caused by the speculative investors, resale, overpricing, lack of adequate knowledge of the housing market and lack of trust in the competence of the professional agents to fix price acceptable to the seller. It was therefore recommended that sellers undertake the valuation of their property before putting it in the market and that they should trust in the competence of the agent to advise on price deemed optimal for the property.
| Item Type: | Article |
|---|---|
| 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 07:06 |
| Last Modified: | 08 Sep 2017 09:13 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/8170 |
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