This study examined the drivers of office rents in selected districts of Abuja, Nigeria. These districts are Asokoro, Maitama and Utako. Primary and secondary data were utilized for the study. Primary data include office rental levels and office space data in the study areas for the period 2001-2012, and were obtained through structured questionnaires administered to real estate surveying and valuation firms which are active in the commercial property markets in the study areas. Secondary data for the study were obtained from the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN), and consist mainly of macroeconomic variables in Nigeria during the study period. Using single-equation regression analysis, the developed office rent model accounted for 76%, 72% and 75% of the variation in office property rents in the commercial property market of the Asokoro, Maitama and Utako districts respectively. The study also revealed that real GDP growth and vacancy rate are the major determinants of rental growth in the office property market in the districts of Asokoro and Maitama, while real GDP growth is the major driver of office rents in the Utako district. The socioeconomic implication of the findings is that the government can generate substantial revenue from property rate through sustained commercial property rental performance in the study areas. Such revenue can be deployed to provide and maintain public infrastructure, thereby improving the wellbeing of the citizenry.

This paper evaluates students' perspectives on the teaching and learning of property investment valuation through an empirical study of 84 graduating real estate students in a Nigerian university selected through purposive sampling technique. It was found that the students' overall level of understanding of the basic topics in property investment valuation was highest in the definition of property investments and lowest in hedonic modelling of property investment values. Analysis of Variance (ANOVA) in the level of understanding of the basic topics in property investment valuation between the male and female respondents produced an F-ratio of 0.53 at p-value greater than 0.05. The respondents strongly agreed that practical exercises in the field will facilitate understanding of property investment valuation. They also agreed that lecturers with practical experience teach property investment valuation better and that property investment valuation should be taught together with valuation of financial assets. The paper concludes that there is need for practical-based property investment valuation curriculum at the university level in Nigeria in which property investment valuation is taught within the context of comparative investment appraisal.

Valuation for secured lending is required when an interest in real property is used as security for a loan. The outcome of such valuation will help the lending institution to achieve commercial prudence in lending as well as avoid taking undue risk. This paper examines the issues and developments in the valuation of urban commercial properties in Nigeria for secured lending purposes. It argues that due to the volatile nature of the Nigerian economy, coupled with the linkage between the economy and commercial property markets, the maximum amount of loan to be granted by lenders in the country using interest in commercial property as collateral should be based on the Mortgage Lending Value (MLV) and not the Market Value (MV) of the property, although the market value should also be reported in the valuation. A case study is used to demonstrate the valuation. It further contends that since the inputs for determining the MLV of a commercial property must be derived from long-term trends in the property and financial markets, it is more stable than MV when used to determine the maximum amount of mortgage loan to be granted by a lender. It concludes that the stability of the MLV makes it more reliable than the MV in achieving commercial prudence in mortgage lending as it fits into the long-term nature of mortgage loan repayment.

Land is a major factor of production and a vital asset in the socio-economic development of any country or society. Due to the continuous increase in urban population, resulting in rapid urbanisation, access to urban land has become a challenge in Minna. This paper examines the factors that influence access to urban land for private housing development in the city. The study adopted descriptive and causal research designs. Data for the study were obtained from field survey through structured questionnaire administered to private housing developers in the study area using simple random sampling technique. Descriptive and inferential statistical techniques were used to analyse the data. The study found that titling and locational factors, socio-economic factors, procedural bottlenecks, land condition and accessibility are the significant factors that drive access to land for private housing development in the city. It recommends that stakeholders in land administration and management in the city should consider these factors in the land administration system to facilitate private developers’ access to land for private housing development in the city.

The goal of any real estate investor is to maximize return. This can be achieved through the generation of rental income. Thus, it is pertinent that the nature and characteristics of rental value are understood by investors to enhance real estate market penetration. This study examined commercial real estate rental variation in Ilorin, Nigeria, with specific focus on commercial complexes. For data collection, the study area was delineated into three commercial zones. Primary data for the study were collected from occupiers of commercial complexes and property valuers operating within these areas through structured questionnaire, based on purposive sampling technique. The study utilised an analysis of variance (ANOVA) technique to analyse the variation in rental values of commercial complexes in the study area. Results of data analysis revealed a statistically significant variation in rental values of commercial complexes in the study area (F ꞊ 16.70809, p ≤ 0.05) and an increasing trend of the rental values over the years under study as indicated by the rental index. This variation is perceived to be caused by the safety and quality of location, building visibility and lease term (RII ꞊ 0.97, 0.93 and 0.88, respectively). The study recommends that real estate investors should consider these factors when investing in commercial complexes across the commercial zones in Ilorin.