ANALYSIS OF FACTORS INFLUENCING RESIDENTIAL PROPERTY VALUES IN MAITAMA AND MARABA, FCT ABUJA, NIGERIA
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Abstract
The study examines the factors influencing residential property values in Maitama and Maraba Abuja Nigeria, as the capital city has experienced rapid urbanization and population growth, leading to increased demand for housing and fluctuations in property values.Using a mixed-methods approach, including quantitative analysis of property sales data and qualitative investigation through a questionnaire, this research aims to identify the key trends and drivers shaping residential property values in Abuja. Factors such as location, infrastructure development, socio-economic characteristics, and government policies will be explored to understand their impact on residential property values in the study area. The findings of this study are expected to provide valuable insights for policymakers, real estate developers, and investors in navigating the Abuja residential property market and making informed decisions. The findings of the study have indicated that variables that mainly influence the value of residential property in the study area are: location, cost of construction; type of structure/quality of facilities; the average number of rooms; change in maintenance cost; title/size of the land; neighborhood attributes and characteristics; inflation impact; size and structural characteristics and state of supply in the property market. The study concludes that location remains paramount. Properties near essential amenities, business districts, and transportation hubs command premium prices. The state of the economy significantly influences property values. Economic stability fosters investor confidence and stimulates demand. Quality construction materials and finishes justify higher prices, emphasizing the importance of well-built homes.
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