Oni, A. O.
Developing Predictive Models of Commercial Property Values in Emerging Economy: Case Study of Ikeja, Nigeria.
In: African Real Estate International Conference, 20th - 23rd October, 2009, Lagos Oriental Hotels, Lekki, Nigeria.
In Ikeja Nigeria, commercial properties usually compete to locate along arterial roads and values of such properties tend to increase from time to time. The rate of increase has become unpredictable leading to inability of Estate Surveyors and Valuers to accurately predict such trend. This study focused on commercial properties in Ikeja with a view to determining spatial distribution and deriving models for predicting the trend of the values. In doing so, data were analyzed using polynomial regression models and spatial distribution of commercial property values along the arterial roads were depicted on a Value Map. Models were also derived to assist Estate Surveyors and Valuers, real estate developers and financiers in predicting accurately future values of commercial properties along the arterial roads in the study area.
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