Impediments to foreign real estate investment in an emerging market: A tripartite characterisation of the Lagos, Nigeria property market

Daramola Thompson Olapade, Timothy Oluwafemi Ayodele, Abel Olaleye

Research output: Contribution to journalArticlepeer-review

5 Citations (Scopus)


Purpose: The purpose of this paper is to examine the of characteristics of Lagos, Nigeria property market and its submarkets on the prism of the market practitioners’ characteristics, market transaction structure and market maturity. This is done with a view to provide information capable of improving the flow of foreign real estate investment to the Lagos property market. Design/methodology/approach: Primary data were sourced through questionnaire administered on firms of property practitioners in the market. A total of 190 firms were selected using the stratified random sampling technique based on their geographical location. Descriptive statistics and Mann−Whitney U Test were employed for data analysis. Findings: The results showed that the Lagos property market was characterised by practitioners whose highest level of education was majorly first degree, and with a mean computer literacy ranking of 3.38 on a five-point Likert scale. Also, major transactions in the market included letting and sales. The market maturity index of the market was 2.95 and therefore adjudged as an emerging market. The analysis also revealed that there was no significant difference in the characteristics of the submarkets. Practical implications: The results of the study are capable of enhancing investment decision in the market. Originality/value: The study differentiates itself from and adds to the previous studies on market characteristics through an examination of the property market on the prism of the market transaction structure, market practitioners’ characteristics and maturity of the market holistically in the context of an African emerging market.

Original languageEnglish
Pages (from-to)479-494
Number of pages16
JournalJournal of Property Investment and Finance
Issue number5
Publication statusPublished - 18 Sept 2018
Externally publishedYes


  • Emerging market
  • Foreign real estate investment
  • Investor
  • Lagos
  • Market maturity
  • Property market

ASJC Scopus subject areas

  • General Business,Management and Accounting
  • Finance
  • Economics, Econometrics and Finance (all)


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