THE APPLICATION OF ECONOMETRIC MODELLING TO REAL ESTATE INVESTMENT DECISIONS IN THE ECONOMIC GROWTH OF IKOT EKPENE, NIGERIA
Nissi Chicheta F. &2Mbosowo Ebong Ekpo
Department of Estate Management, University of Uyo, Uyo.Akwa Ibom State
Department of Estate Management, Akwa Ibom State Polytechnic, Ikot Osurua
E-mail: nissiestate22@gmail.com; mbosowoebong@gmail.com
ABSTRACT:
Most public and private wealth lies in landed property and the fortitude of its value is indispensable to the economic well-being of Nigeria. The professional opinion of the valuer is very necessary when a healthy property market and stable economy of a country is to be achieved. The aim of this paper is to examine the application of econometric modeling to real estate decisions in the economic growth of Ikot Ekpene Local Government Area of Akwa Ibom State of Nigeria. This paper focuses on the relationship
between regression analysis and property valuation. This study combines a variety of methodological approaches with emphasis on descriptive survey and case study. Residential estates were studied in Ikot Osurua, Ikot Ekpene Local Government Area of Akwa Ibom State. Out of the 97 residential units found in the study area, 19 properties with varying characteristics were sampled from the neighbourhood. The sampled properties were selected, data collected from them using structured questionnaires and the results
analyzed. It was found out that econometric models can be used for measuring the attractiveness and the performance of properties with multiple characteristics.The implication of this statement is that properties
that are with much varying characteristics can easily be valued through the application of multiple regression models.
Keywords: Econometric modelling, Real estate, Investment, Economic growth, Ikot Ekpene
