Exploring the factors inhibiting Residential Property Market Efficiency in Akure, Nigeria

Abstract

This research assessed factors inhibiting residential property market efficiency in Akure, Nigeria. Data were gathered through structured questionnaires administered to (2,668) property owners/tenants selected out of 12,325 (twelve thousand, three hundred and twenty-five) target population. Twenty-six (26) Estate Surveying and Valuation Practicing firms in Akure, as contained in the 2023 register of the head of a firm of the Nigerian Institution of Estate Surveyors and Valuers (NIEVS) Ondo State Branch, were also administered. Data collected were analyzed using the Kruskawalis Test. The study revealed no statistically significant differences in the opinion of the respondents in the three selected residential neighborhoods and the practicing Estate Surveying and Valuation firms on the factors inhibiting residential property market efficiency in Akure. The study recommended that the Government and relevant stakeholders in the property market should develop a workable framework and environment to improve the condition of the market and ensure a robust, efficient property market. Also, the Nigeria Institution of Estate Surveyors and Valuers should help provide adequate market information to ensure transparency and efficiency in the property market. Keywords: Market Efficiency, Residential Property Market, Estate Surveyors and Valuers