Supply and demand approaches to the urban residential property prices determination; transactions evidence from Nigeria

Abstract

ABSTRACT This study provided an empirical framework that isolates the supply and demand perspectives in urban residential property transactions towards removing the information shield and asymmetry nature of property transaction information in Nigeria. A three-stage classical panel longitudinal design was adopted through feedback from completed transaction data on residential properties from the licensed estate agents. The study provided balanced and complete transaction information desired by the parties to any type of residential property transaction and bridged the wide gap between transaction expectation and actualization to prevent improper signalling in property transaction prescriptions. The study outcome generated vital indices and metrics for creating a complete property transaction database for the attraction of international professionals to participate in Nigeria’s urban property market transactions. This study is the first one in Nigeria to link the asking prices on sales and rental transactions in residential property transactions from the start to the conclusion.