Modelling Real Estate Investment Decision in Nigeria Urban Cities

Rezumat

The demand for residential, commercial, and industrial real estate varies, making major cities like Lagos, Abuja, and Port Harcourt hubs for real estate development. The study modelled the predictors of real estate investment decisions with a focus on three major cities in Nigeria (Lagos, Abuja, and Port Harcourt). The study used a sample of 350 comprising valuers, registered estate surveyors, and real estate investors who had previously invested in or intended to invest in real estate within the next six months in flats, apartments, bungalows, and commercial rental purposes. Five variables (attitude towards real estate, financial self-efficacy, social influence, financial knowledge, and government policies) were modelled as the predictors of real estate investment decisions based on the modified theory of planned behaviour. The findings showed that all five predictors were statistically significant with real estate investment decisions in Nigeria. It is anticipated that the inclusion of three additional variables—financial self-efficacy, financial knowledge, and government policies will increase the explanatory capacity of the current theory in the particular situation.