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Residential Property Market Regulation and Property Values: case study of Lagos Staet, Nigeria

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  • Ayotunde Olawande Oni

Abstract

Increasing demand for commercial and residential properties has caused increase in rental values while the Government has intervened through the enactment of the Rent Control and Recovery of Residential Premises (RCRRP) Edict (1997) and Tenancy Law (2011). This paper examined the effects of the two laws on residential property values in the study area. In doing so, a process of inference to evaluate the law was adopted in addition to the multiple sample comparisons of the independent means and analysis of variance (ANOVA) to determine the relationship between the regulated and open market rents. Furthermore, design of hypothetical three-bedroom flats was used to illustrate the valuation process under the RCRRP Edict. The study found that the laws have no statistically significant effects on rental values, P-values ranged between 0.0003 and 0.0409 with alpha level set at 0.05. It recommended that Government should not regulate the real estate market but provide enabling environment for investors to provide low-cost housing units that would, in the long run, reduce rental values.

Suggested Citation

  • Ayotunde Olawande Oni, 2012. "Residential Property Market Regulation and Property Values: case study of Lagos Staet, Nigeria," AfRES afres2012_125, African Real Estate Society (AfRES).
    • Handle: RePEc:afr:wpaper:afres2012_125
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    Keywords

    Intervention; Property Market; property tax; Rent Control;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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