The Impacts of Property Features on Time on Market of Real Estate Assets in Lagos Metropolis, Nigeria

Abstract

It has been observed that real estate assets stay for a reasonably long period of time in the market before it was actually sold. This study therefore, examined the impacts of property features on time-on-market (TOM) of real estate assets in Lagos Metropolis, Nigeria. The study administered 65 questionnaires on estate firms actively involved in the sales of real estate assets in the study area. Information on property features and TOM of completed sales transactions were collected from 149 transactions. Data were collected and analysed using cross tabulation and regression analysis. The study revealed that there is a strong significant (0.05 level) relationship between TOM of real estate asset and title document, location condition and asset class while there is no significant relationship between TOM and repair condition, level of finishing, property description and property location. However, the result of regression analysis revealed that repair condition, asset class and title document are the only property features that have positive impacts on TOM. The study recommends that property developers should take notice of the identified property features that influence TOM of real estate assets which could improve the marketability of their assets and decrease the TOM of real estate asset..