Background of the Study
The real estate market in Abuja, Nigeria’s capital, is heavily influenced by the broader economic conditions of the country. Rental prices in the city, particularly for residential properties, are subject to fluctuations that are often linked to changes in the national and local economy. Economic downturns, such as inflation, recession, and currency depreciation, typically result in decreased purchasing power, reduced investments, and ultimately, a shift in demand for both commercial and residential properties (Ogunleye & Uche, 2024). During periods of economic contraction, households and businesses may reduce their spending on rent, causing a decline in rental prices. Conversely, economic growth can lead to an increase in demand for housing, driving rental prices upward.
Abuja, as a political, commercial, and administrative hub, faces unique challenges and opportunities during economic downturns. The city experiences both national-level economic shifts and localized issues, such as fluctuating government budgets and the influx of expatriates, which add complexity to the rental market dynamics (Zubairu & Yusuf, 2024). Given the dependence of the real estate market on both domestic and international economic conditions, it is crucial to investigate how rental price fluctuations interact with broader economic cycles. This study aims to explore how economic downturns influence rental price fluctuations in Abuja's real estate market and to identify patterns and causes of such changes.
Statement of the Problem
Rental prices in Abuja, like many other urban centers, are subject to significant fluctuations due to the country’s economic cycles. These fluctuations often pose challenges for tenants, property owners, and investors alike. While some studies have explored the impact of economic downturns on the property market in general, few have focused specifically on the rental market in Abuja. This research will explore how economic downturns affect rental price fluctuations and assess the consequences for the real estate market, tenants, and investors in Abuja.
Objectives of the Study
Research Questions
Research Hypotheses
Scope and Limitations of the Study
This study will focus on residential rental properties in Abuja, particularly in central and high-demand districts. It will analyze rental price trends during periods of economic downturn and explore the impact of these fluctuations on tenants, landlords, and investors. Limitations may include difficulty accessing detailed data on private rental transactions and potential biases in tenant and landlord responses.
Definitions of Terms
Background of the Study
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