Considerations for the design and management of property database in opaque markets

Purpose - Earlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that the purpose of this paper is to examine the perception of potential users of centralised property database on the consideration for the design and management of such database. Design/methodology/approach - Questionnaires were administered on 190 property practitioners (referred as estate surveying and valuation firms) in Lagos property market. Frequency index, frequency distribution and percentage were employed for data analysis. Findings - The result showed that respondents preferred a web-based databank and free access to the information in the databank by those who recorded their market data in it. They also preferred uniform recording standard in the databank, an interface that must be user friendly and secure to prevent unauthorised user from gaining access, amongst others. The practitioners also preferred that their professional body manage the databank when it is created. Practical implications - The paper provides useful insights into creating a property database that will improve accessibility to property data in opaque markets. Originality/value - There is still little or no empirical research on framework/end-users’ requirements for the creation of property transaction database in emerging property markets.