Abstract
This study aims at investigating the relationship between inflation and commercial real estate’ investment returns with a view to determining the inflation-hedging characteristics of commercial property investments in Akure metropolis, Nigeria. Questionnaire survey was conducted to obtain primary data on rental and capital values of commercial properties from branch managers of Estate Surveying and Valuation Firms in the study area. This was subsequently translated to the income, capital and total returns. Similarly, secondary data with respect to the Nigerian Consumer Price Index (CPI) which was used as a proxy for actual inflation and the 90-day Treasury bill rates (used as proxy for unexpected inflation) for the period between 2002 and 2012 were also collected from the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN), respectively. The unexpected inflation was calculated as the difference between the actual and expected inflation. The 3 groups of data sets obtained for the study were subjected to the Phillip-Perron unit root test as well as the Odinary Least Square Regression analysis. The
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