CHALLENGES ASSOCIATED WITH OFF-PLAN REAL ESTATE INVESTMENT IN NIGERIA: A CASE STUDY OF LEKKI-AJAH AXIS OF LAGOS STATE

Abstract

This paper aims to investigate those factors influencing off-plan real estate investment strategy with a view to proffering solutions to the hindrances of the strategy. Hence, this paper explores the factors driving and hindering off-plan real estate investment in Lagos, focusing on the Lekki-Ajah axis of the state, with a view to proffering solutions to the identified factors hindering off-plan real estate investment in the study area. To achieve this purpose, the study ascertained the prevalence of off-plan sales in the study area; assessed the factors influencing off-plan real estate investment in the study area and examined the factors hindering off-plan real estate investment in the study area. The results were expected to provide valuable insights to investors, developers, policymakers and other stakeholders in the real estate industry, which is to help them make informed investment decisions, devise effective strategies, and create an environment conducive to sustainable and responsible off-plan real estate investment. Data was collected from Estate Surveyors and Valuers within Lagos who are involved in real estate investment. Information was also sought from private real estate developers and stakeholders in real estate development industry. Personal visit and interview was also conducted on most of these developers and stakeholders so as to gather relevant information. However, secondary data was also collected from textbooks, past theses, past journal papers and other academic work.