An Assessment of Real Estate Investment Viability in Northern Nigeria’s Emerging Cities: A Case of Makurdi, Benue State
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Background of the Study
The real estate sector in Nigeria has seen significant development in major cities, particularly in Lagos, Abuja, and Port Harcourt. However, emerging cities, particularly in Northern Nigeria, are gaining increasing attention from investors due to their growing populations, infrastructural development, and urbanization. Among these emerging cities, Makurdi, the capital of Benue State, is poised to become a significant hub for real estate investment. The city has witnessed a gradual increase in population, with new infrastructural projects and improved access to basic amenities such as roads, water, and electricity, making it an attractive option for real estate investors. Additionally, the agricultural and commercial activities in the region provide a solid economic base, which further enhances the city’s potential for growth in the real estate market.
However, despite the potential for real estate investment in Makurdi, challenges remain, including access to financing, infrastructure constraints, and local regulatory issues. A critical assessment of the viability of real estate investment in Makurdi is necessary to understand the key drivers and barriers affecting investment decisions in the city. This study aims to evaluate the real estate investment landscape in Makurdi and provide insights into how investors can assess the risks and opportunities in this emerging market.
Statement of the Problem
While Makurdi presents significant potential for real estate investment, investors often face challenges in assessing the viability of investments due to a lack of reliable data, inadequate infrastructure, and the relatively underdeveloped real estate market. Additionally, many investors may not fully understand the local dynamics and market conditions that affect property values and returns on investment. This research seeks to assess the viability of real estate investments in Makurdi by examining factors such as market demand, property values, infrastructure, and socio-economic trends in the city.
Objectives of the Study
- To evaluate the factors that influence real estate investment viability in Makurdi, Benue State.
- To assess the market trends in Makurdi’s real estate sector, including demand and supply dynamics.
- To identify the challenges and opportunities for real estate investors in Makurdi, Benue State.
Research Questions
- What are the key factors influencing real estate investment viability in Makurdi, Benue State?
- What are the current trends in real estate demand and supply in Makurdi?
- What challenges and opportunities exist for real estate investors in Makurdi, Benue State?
Research Hypotheses
- Socio-economic factors, infrastructure, and local market dynamics significantly affect the viability of real estate investments in Makurdi.
- There is a growing demand for residential and commercial properties in Makurdi, which presents an opportunity for real estate investors.
- Real estate investors in Makurdi face significant challenges related to financing, regulation, and infrastructure, which hinder investment growth.
Scope and Limitations of the Study
This study will focus on assessing real estate investment viability in Makurdi, with an emphasis on residential and commercial property markets. Limitations include potential difficulty in obtaining comprehensive data from local real estate developers and market players due to the informal nature of some transactions in emerging cities.
Definitions of Terms
- Real Estate Investment Viability: The likelihood that an investment in real estate will generate favorable returns based on market demand, property values, infrastructure, and socio-economic conditions.
- Market Trends: The patterns of property demand and supply, including changes in pricing, investment patterns, and the types of properties in demand.
- Socio-Economic Factors: The social and economic conditions that impact the real estate market, including income levels, population growth, employment opportunities, and economic stability.
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