A Decade of Rent and Price Movement in Port Harcourt Metropolis

Abstract: Residential properties are basic needs to humans as people must desire a place to rest after the days’ job and also to carry out other activities needed for survival. The need for investors in real estate in Port Harcourt metropolis to make informed decision on residential property investment necessitated this study. The study examined the rental value trends and sale prices of 1, 2 and 3 bedroom flats in Ogbunabali and Rumuepirikom towns both in Port Harcourt metropolis from 2010 to 2019. The study gathered data on rental values and sale prices from Estate Surveying and Valuation firms practicing in Port Harcourt metropolis. The data collected were analysed using descriptive and inferential statistics such as tables, trend analysis and Pearson correlation analysis to analyse the relationship between rental values and sale prices of the property types under study in the study areas for the period. The study revealed that 3 bedroom flats had the highest growth rates in Ogbunabali with average growth rates of 100% for the ten year period under study, and also revealed that 1 and 2 bedroom flats had their highest growth rates in Rumuepirikom with average growth rates of 108% and 150% respectively. From the Pearson correlation analysis carried out to ascertain if there exists a relationship between rental values of residential properties and their sale/ purchase value, the study established from the analysis that the relationship is statistically significant at 0.01 level. This study has revealed how rental incomes from a particular location can impact on the rental growth rates and also the relationship between rental values and sales/ purchase prices in the study areas for the residential properties under study which will aid informed decision making as regards real property development.

Keywords: Decade, Metropolis, Rental value, Residential properties, Sale price, Trends.

Title: A Decade of Rent and Price Movement in Port Harcourt Metropolis

Author: ELENWO, E., AKUJURU, V. A

International Journal of Novel Research in Marketing Management and Economics

ISSN 2394-7322

Vol. 10, Issue 2, May 2023 - August 2023

Page No: 1-9

Novelty Journals

Website: www.noveltyjournals.com

Published Date: 08-May-2023

DOI: https://doi.org/10.5281/zenodo.7907107

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