Trends in Residential Property Markets in Nigeria Empirical Evidence in
Abuja
Basil MAKAMA and David ISHAYA, Nigeria
Key words: market, property, rental values,housing
SUMMARY
Nigeria, as a developing nation with an economy in transition, has experienced reforms in
both her economic and political terrain, which has caused changes in the residential property
sector. This paper discussed the cyclical dynamics that took place in the Abuja property
market from 1976 – 2006; in terms of property type demand, its availability, and rental values
within those years and related them to presents day realities. Stochastic methods (time
series), was used to analyze the data collected to forecast future patterns of the property
markets. The paper concludes by identifying the major issues that affected demand and
supply of residential properties and its likely influence on the Abuja Property Markets.
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
1/14
Trends in Residential Property Markets in Nigeria Empirical Evidence in
Abuja
Basil MAKAMA and David ISHAYA, Nigeria
1. INTRODUCTION
Abuja the Federal Capital of Nigeria, has grown from a mere town thirty years ago to a model
city. The city has experience the influx of people daily into the city for one activity or the
other, which has led to demand for housing or residential property. Hence it has led to
changes in the rental trends. Hence this paper studied the patterns of the residential property
market and identified the drivers of the rental values and the cycles the rental value and
capital value of residential property markets have experience in build.
Trend: is a series of related charges brought about by a chain of causes and effects. Trends
are forecasted through economic base analysis, statistical analysis, market analysis and
analysis of economic indicators and surveys. (Dictionary of Real Estate Appraisal 2003).
The property market is one of the first markets to be affected by rising interest rates (Reed
and Pettit 2001 citing Barrett and Blair 1988). Property market activities such as occupation,
investment, and development are affected by changes in interest rate. Since a tight monetary
policy – that is, high interest rates – normally slows down the economic growth and reduces
demand, interest rates not only influence the demand for occupation, but also the supply of
properties. Along with material and labour costs, high interest rates increase the cost of
development because most developers borrow to build. Consequently, interest rates affect
both the occupation and development of property markets. The investment property market
emphasizes the capital values yield rate or discount rate, which is closely related to interest
rates. Interest rate then affects investment property markets as well. This, interest rates affect
the occupation, investment, and development markets in the property market to changes in
the pattern of the rental values.
Land is the bedrock of all forms of human activity from it we obtain our daily food, the
shelter we need, the space we work and the room we rest. (UN Adhoc Committee). A
property is defined as “all interests, benefits, and rights inherent in the ownership of physical
real estate. The property market is one of the first markets to be affected by rising interest
rates (Reed and Pettit 2001, Citing Barrett and Blair 1988). Property market activities such as
occupation, investment, and development are affected by changes in interest rate. Since a
tight monetary policy – that is, high interest rates – normally slows down the economic
growth and reduces demand, interest rates not only influence the demand for occupation, but
also the supply of properties. Along with material and labour costs, high interest rates
increase the costs of development of property market.
Though a property may be fixed within its location we are of the opinion that the information
about the same property is borderless; it is not tied down to its location. Hence the residential
property market could be said to be international market.
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
2/14
2. LITERATURE REVIEW
Property is defined as “ all interests, benefits, and rights inherent in the ownership of physical
real estate; the bundle of rights with which the ownership of the real estate is endowed
(Dictionary of Real Estate Appraisal 2002).
2.1 Market
A market is defined as: – A set of arrangements in which many buyers and sellers are brought together through
price mechanism;
– A gathering of people for the buying and selling of things; by extension, the people
gathered for this purpose.(The Dictionary of Real Estate Appraisal2002)
The market means an environment in which buyers and sellers come together to exchange
and determine the prices of goods and services. A market is a set of arrangements in which
buyers and sellers are brought together through price mechanism. A market may be defined
in terms of geographic products or products features, the number of available buyers and
sellers or some other arrangement of circumstances.
(Smith and (Corgel 1992) defined a market as “ a setting or environment in which buyers
and sellers come together to exchange and determine prices of goods and services.
The real property market is defined by K. Olusegun (2003), as any medium where bundle of
cluster of rights is being exchanged. It could also be a system of interaction between
landowners, land users and estate agents.
The property market is the sum total of all the smaller and larger markets operating within a
locality.
2.1 Real Estate Market
“The interaction of individuals who exchange real property rights for other assets such as
money; and group of individuals or firms that are in contact with one another for the purpose
of conducting real estate transactions (The Appraisal of Real Estate 2002)
Real Estate Market: is the interaction of individuals who exchange real property rights for
other assets such as money. The real estate markets are divided into categories based on
property types and their appeal to different market participants. All real estate markets are
influence by the attitudes, motivations, and interaction of buyers and seller of real property,
which in turn are subject to many social, economic and governmental influences. Specific
real estate markets are defined on the basis of various attributes: -
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
3/14
–
–
–
–
–
–
-property type
-location
-income-producing potential
-typical investor characteristics
-typical tenant
-Other attributes recognized by those participating in the exchange of real property.
Residential housing markets form an integral part of society as the whole and are of interest
to governments, housing providers, owner-occupiers. Investors and tenants, it has been
argued that a satisfactory theory of residential location and city structure still remain elusive
(Reed and Pettit 2001 Citing Dear and flusty, 1998; Phe and Wakely, 2000). In contrast to
other economic goods and alternative forms of investment such as shares, cash and bonds, the
heterogeneous nature of residential housing markets provides a unique challenge when
seeking to identify the supply and demand characteristics (Reed and Pettit 2001 Citing
Rosenburg and Watkins, 1998). Since each property is unique, based on its location, the
price/rent of residential property though having a bench mark depending on the location can
be intrinsic. The residential housing market is important. There is no central market place;
buyers and sellers are relatively in experienced and largely uninformed; process are
negotiated and there is no uniform ‘product’ since the product differs from unit to unit and
within the mind of each buyer and seller. This makes the task of discovering the value of
housing much more difficult than those markets (Reed and Pettit 2001). The real estate
market as an information sustain the intrinsic characteristics of real estate in terms of its legal
and physical attributes create significant problems of information on a number of levels
ranging from comparable price information to product information. Real estate is both a
special and a private market and as a result has no central market place. This directly
generates extensive problems of both collecting and communicating price and product
information. The real estate product is heterogeneous relating the fact that it has a unique
physical location and as a result its values are unique, thus requiring individual valuation.
(The nature of the housing stock can be analyzed in terms of many different criteria; age;
condition, occupancy/tenure, and is subject to changes due to economic, demographic and
political factors which affect both the existing stocks and the net annual flow M.T. Stapleton
1981.)
2.3 Functions of Real Estate Markets
–
–
–
Allocate existing space among those who demand space
Expand or contract space to meet changing conditions
Determine new uses for land.
2.4 Estate Cycle
Real estate cycle is the successive periods of expansion, peak, contraction, and through that
characterize the activity of the real estate market. (The Dictionary of Real Estate Appraisal
2002)
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
4/14
2.5 Rent
Rent: “amount paid for the use of land, improvement, or a capital good’. (The Dictionary of
Real Estate Appraisal 2002)
2.6 Value
–
–
The monetary worth of a property, good, or service to buyers and sellers at a given
time.
The present worth of the future benefits that accrue to real property ownership.
2.7 Market Value
The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in
other precisely revealed terms, for which the specified property rights should sell after
reasonable exposure in a competitive market under all conditions requisite to the fair sale,
with the buyers and seller each acting prudently, knowledgeable, and for self interest and
assuming that neither is under undue duress. (Appraisal Institute 2001).
(IVSC 2000) defined Market value as the estimated amount for which a property should
exchange on the date of valuation between a willing buyer and a willing seller in an arm’slength transaction after proper marketing wherein the parties had each acted knowledgeably,
prudently, and without compulsion.
2.8 Market Rent
Market rent is defined as:” the most probable rent that a property should bring in competitive
and open market reflecting all conditions and restriction of the specified lease agreements.”
2.9 Residential Property
Residential property is defined as: “a vacant or improved parcel of land devoted to or
dividable for us as an abode, e.g. single-family homes, departments, rooming houses.”
3. METHODOLOGY
We designed and administered 120 semi- structured questionnaire on Estate Surveyors and
Valuers /Estate Agents and those who are in involved in the running of residential property in
Abuja ;those who are in active practice within the six major Districts of Abuja namely: Wuse
Zone, Garki, Maitama, Asokoro, Utako and Wuse 2. In which 57 questionnaires were filled
and returned representing 47.5% of the total number of questionnaire administered.
Data received/gotten were analyzed with the aid of statistical methods; time series analysis,
mean and standard deviation aimed at finding out the causes of the changes that occurred in
the Abuja residential property markets; in terms of rental values and capital values, and the
effects of such changes.
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
5/14
Table 1.0 showing five years moving total and five years moving average of the rental values for
2 bedrooms in Abuja
Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Rental value for 2
bedroom (N)
300,000
300,000
400,000
400,000
500,000
500,000
600,000
600,000
650,000
650,000
5 year moving
total
5 year moving
average
1,900,00
2,100,000
2,400,000
2,600,000
2,850,000
3,000,000
380,000
420,000
480,000
520,000
570,000
600,000
Table 1.1 showing five years moving total and five years moving average of the rental values for
3 bedrooms in Abuja
Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Rental value for 3
bedroom (N)
400,000
450,000
400,000
450,000
650,000
650,000
750,000
800,000
850,000
1,000,000
5 year moving
total
5 year moving
average
2,350,000
2,600,000
2,900,000
3,300,000
3,700,000
4,050,000
470,000
520,000
580,000
660,000
740,000
810,000
Table 1.2 showing five years moving total and five years moving average of the rental values for
4 bedrooms in Abuja
Year
1998
1999
2000
2001
2002
2003
2004
Rental value for 4
bedroom (N)
450,000
500,000
550,000
650,000
750,000
800,000
800,000
5 year moving
total
5 year moving
average
2,900,000
2,250,000
3,550,000
3,850,000
4,600,000
580,000
650,000
710,000
770,000
920,000
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
6/14
2005
2006
2007
850,000
1,400,000
1,500,000
5,350,000
1,070,000
Table 1.3 showing five years moving total and five years moving average of the rental values for
5 bedrooms duplex in Abuja
Year
5 year moving total
5 year moving
average
1998
1999
2000
2001
2002
2003
2004
Rental Value
for 5 bedroom
500,000
850,000
1,200,000
1,200,000
1,500,000
1,800,000
2,000,000
5,250,000
6,550,000
7,700,000
8,700,000
10,000,00
1,050,000
1,310,000
1,540,000
1,740,000
2,000,000
2005
2006
2007
2,200,000
2,500,000
2,500,000
11,000,000
2,200,000
Estimation of seasonal trends: the seasonal index under-the method of semi-average was used to
obtain the trend values for the data.
Type of
Accommodation
2 BEDROOM
3BEDROOM
4 BEDROOM
5 BEDROOM
Type of
accommodation
2 BEDROOM
3BEDROOM
4 BEDROOM
5 BEDROOM
1998
1999
2000
2001
2002
300,000
300,000
400,000
500,000
300,000
300,000
450,000
700,000
400,000
400,000
400,000
1,200,000
400,000
400,000
450,000
1,200,000
500,000
500,000
650,000
1,500,000
2003
2004
2005
2006
2007
Yearly Avera
600,000
650,000
800,000
1,800,000
600,000
750,000
800,000
1,800,000
600,000
800,000
850,000
2,000,000
650,000
8500,000
1,400,000
2,500,000
650,000
1,000,000
1,500,000
2,500,000
490,000
640,000
825,000
1,570,000
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
7/14
Graph Representing the Yearly Rental values of accomodation types in Abuja
3,000,000
2,500,000
Amount
2,000,000
2 Bedroom Flat
3 Bedroom Flat
4 Bedroom Flat
5 Bedroom Duplex
1,500,000
1,000,000
500,000
0
1
2
3
4
5
6
7
8
9
10
Year
Using the methods of semi averages the trends value for the data were obtained by
taking the average as (a) the mean (b) the median. The data is divided into two equal
parts as shown below
Table 1.0
1998
300,000
1999
300,000
2000
400,000
2001
400,000
2002
500,000
Mean =
380.000
The (2000, 380,000)
Y – 380,000 = 0.5333 (x-2000)
2
2003
2004
2005
2006
2007
500,000
600,000
600,000
650,000
650,000
Mean = 600,000
(2005, 600,000)
x = year
Y = Rental value
BEDROOM
Table 1.1 showing the annual trends for 2 bedrooms in Abuja
Year
Trend
value
1998
379,998.9
1999
379,999.5
2000
380,000
20001
20002
20003
20004
20005
380,000.5 380,000.1 380,001.5 380,002.1 380,00
2.6
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
8/14
2006
380,003.2
The data is divided into two equal parts as shown below
Table 1.2
1998
1999
2000
2001
2002
400,000
450,000
400,000
450,000
650,000
2003
2004
2005
2006
2007
650,000
780,000
800,000
850,000
1,000,000
MEAN = 470,000
(2000, 4700,000)
(2005, 800,000)
Y – 470,000 = 0.5333 (X-2000)
Y- 380,000 = 0.5333 (1998-2000)
Y – 470,000 = 0.5333(X-2000)
Y - 470,000
3
BEDROOMS
Table 1.3 showing the annual trends for 3 bedrooms in Abuja
Year
1998
1999
2000
2001
Trend value
469,908.9
469,999.5
470,000
470,000.5
Year
2002
2003
2004
2005
2006
2007
Trend Value
470.001.0
470.001.5
470.002.1
470,002.6
470,003.
470,003.7
The data is divided into two equal parts as shown below
Table 1.4
1998
450,000
2003
800,000
1999
500,000
2004
800,000
2000
550,000
2005
850,000
2001
650,000
2006
1,400,000
2002
750,000
2007
1500,000
MEAN = 580,000
MEAN = 1,070,000
Y- 580,000 = 0.5333 (X-2000)
4 BEDROOMS
Table 1.5 showing the annual trends for 4 bedrooms in Abuja
Year
1998
1999
2000
2001
Trend Value
579.998.9
579,999.5
558,000
558,000.5
Year
2003
2004
2005
2006
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
Trend Value
558,0001.6
558,0002.2
558,0002.6
558,0003.2
9/14
2002
558,000.1
2007
Table 1.6 the data is divided into two equal parts
YEAR
1998
1999
2000
2001
2002
Mean = 1,020,000
500,000
700,000
1,200,000
1,200,000
1,500,000
2003
2004
2005
2006
2007
558,0003.7
1,800,000
1,800,000
2,000,000
2,500,000
2,5000,00
Mean = 2,120,000
Y – 1,020,000 = 0.5333 (x – 2000)
5 BEDROOMS DUPLEX
Table 1.7 showing the annual trends for 5 bedrooms in Abuja
Year
1998
1999
2000
2001
2002
Trend Value
1,019,998.9
1,014,667
1,020,000
1,020,000.5
1,020,001.1
Year
2003
2004
2005
2006
2007
Trend Value
1,020,001.6
1,020,002.1
1,020,002.6
1,020,003.2
1,020,003.7
4. RESULTS
–
–
–
The findings from the research carried out revealed that the Abuja property market
actually experienced two major stages as it pertain demand and supply of residential
property market. The first being the pro-relocation stage experience which started
from 1976-1990 and the post-relocation experience which began immediately when the
military government under General Ibrahim Babangide directed all Ministries,
Parastatals, Government Agencies and Diplomatic Corps to relocate to Abuja.
Between 1976-1986, Abuja was a sort of Mecca to major building contractors because
of government patronage; the government was the infrastructure base on the city. At
the same time construction activities were going hand in hand with the sale of land by
an agency of the government charged with that responsibility Federal Capital
Development Authority ( FCDA), in a bid to woo people to Abuja.
The property market demand-supply factor within that period was almost non-existent
or vibrant because residential housing accommodation supply was low. Reasons being
that the then Military Government acquired the land and the natives were resettled
elsewhere another reason for the low supply and demand of residential property
between the period (1976-1986), was that the Federal Capital City was yet to fully start
as a new capital city. Although construction rate within the period under review was
considerably high because the Federal Government was constructing infrastructures
base of the new city and also offices for paratatals and agencies with residential
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
10/14
–
–
–
–
–
–
–
accommodation to house the Federal Civil Servants.
-The turning point for the presidential property market in the federal capital took place
between 1986-1996. When the then Military Government of General Ibrahim
Babangida ordered the relocation of all Government Ministry Agencies and Parastatals
in 1991. The Abuja property market became active with massive constructed work by
the Federal Capital Development Authority (FCDA) to meet the accommodation needs
of civil servants. Between 1991-1996, very high and the supply was low compared
despite the massive construction going on them this made rental values to got so high
because the government was the major consumer/buyer residential property in order to
house the ten of thousands of her staffs. While the rental values of residential was
astronomically high, the level of supply of property within the period could not meet
the demand; many civil servants were simply paired to share rooms and some slept in
their offices because of the dart of housing accommodation.
It should be noted her that the value of the residential property were not truly the
reflection of the market forces that determine value. Rather, rental value was
deliberately fixed or topped up by some agents to oil the palms of their cohorts in the
government. The government lost so much money through the medium.
The vacancy rates between the period 1986 – 1996 was slow; especially from 1991 –
1996, because the property was barely completed that it was taken over. 98% of the
Estate Firms and Property Management Companies interviewed through our semistructured questionnaire agreed that vacancy rate was so low because the residential
property supply was low compared to the demand for such.
Another issue that affected demand and supply of residential property in Abuja was the
influx of politicians and other job seekers into Abuja. The failed third republic
experience of the Babangida era further jerked the residential property market;
politicians who were elected moved into Abuja and further increased the level of
demand for residential accommodation. Some of the politicians moved to Abuja with
their families and needed housing for them.
Also the Moribund Mortgage sector of Nigeria has actually dampened the residential
property because individuals cannot borrow money to build their personal houses.
This agrees with (Reed and Pettit 2001 Citing Barrett and Blair 1988) that the property
market is one of the first markets to be affected by rising interest rates. Property market
activities such as occupation, investment and development are affected by changes in
interest rate… Since high interest rates – normally slows down the economic growth
and reduces demand, interest rates not only influence the demand for occupation but
also the supply of properties.
The structural adjustment programme of the General Ibrahim Babangida Government
led to the devaluation of the naira and this caused inflation, which affected the cost of
building material that invariably affected the supply of residential properties.
The residential property market within the last decade 1996 – 2006 experience some
cycles due to certain factors: From 1996 – 2001, the value of residential properties
continued on the geometric ratio while the supply of the properties continued on an
arithmetic progression rate. Supply could not meet the demand. A considerable number
of the civil servants were still commuting from the satellite towns, because of the
shortages in accommodation.
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
11/14
–
–
–
–
The democratic experience of 1999, again brought about the influx of politicians, their
cronies and families into the Federal Capital Territory led to higher demand for
residential properties. Making the rent to still remain high. Supply in real residential
properties improved when some property developers and banks started investing in real
estate.
The value of property still remained high due to inflation and high cost of borrowed
funds. However, the Abuja residential property experienced a dip when the Federal
Government announced it will start the monetization policy: a policy where
government no longer paid for residential accommodation for majority of its workforce
and the selling of her existing properties to the civil servants. Since government was
no longer buying or leasing properties for her workforce; rather government was
selling what she had (properties). This led the market to slow down because the supply
of property was more than the demand. Hence, rental values crashed and vacancy rates
increased because the major consumer of residential property was no longer
demanding for properties rather government was willing to sell. This made the Abuja
market to become the buyers’ market.
Also the laid recertification exercise brought in some level of check in the property
market. The land re-certification exercise slowed down the pace of construction of
properties because investors were scared to buy plot of land to develop due to
uncertainty of the land titles.
However, the residential market is on the upbeat again: because the current elected
lawmakers are demanding for residential properties because the demand is high the
rental value are raising again.
5. CONCLUSION
We determine the trends value using time series, the results show that the time series
movement is random, this means the sporadic motions of time series was due to chance
events such as elections (democracy), relocation, resettlements and demolition. Although it is
ordinarily assumed that such events produce variation lasting only a short time is
conceivable that they maybe so intense as to result in new cyclic or other movements.
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TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
12/14
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BIOGRAPHICAL NOTES
David Ayock Ishaya holds a B.Tech (Hons) in Estate Management from the Federal
University of Technology, Minna, Nigeria, a Post Graduate Diploma in Land Administration,
Bayero University Kano and is presently pursuing his M.Sc in GIS and Remote Sensing at
the famous Obafemi Awolowo University, (OAU) Ile-Ife Nigeria. He is presently a Lecturer
in the Department of Estate Management, School of Environmental Studies, Nuhu Bamalli
Polytechnic, Zaria, Kaduna State were he teaches Property Rating and Taxation, Land
Economics and Principles of Estate Management in the Department. He is a graduate member
of the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Before moving into the
academics he has worked in the private sector in the firm of Messrs D’ Lord Maselli and
Partners Abuja as Head of Management Department and was also a Coordinator of the Fixed
Assets Valuation of Unipetrol Nigeria Limited in readiness for its take over by Oando
Petroleum Limited.
Basil Makama obtained Higher National Diploma (HND) Estate Management at the Federal
Polytechnic Bauchi in the year 2001. He also holds a Post Graduate Diploma in Land
Administration (PGDLA) from Bayero University Kano (BUK) 2006. He is a lecturer with
the Department of Estate Management, Nuhu Bamalli Polytechnic Zaria. He teaches
Principles of Estate Management and Property Development and Management.
Before joining the academics, he was in Private Practice with Messrs Diran Adetunji and
Associates in Abuja and was the Head of Valuation unit where he carried out valuations for a
number of Banks and Net worth individuals.
Basil is a Probationer member of the Nigeria Institution of Estate Surveyors and Valuers
(NIESV) currently working on his thesis for final membership of the body (NIESV).
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
13/14
CONTACTS
Mr Basil Makama
Nuhu Bamalli Polytechnic,
Department of Estate Management,
PMB 1061, Zaria.
Kaduna State
NIGERIA
Tel. + 234 802 901 6160; + 234 805 358 2305
E-mail: makbascn@yahoo.co. uk
Mr David Ayock Ishaya
Department of Estate Management, School of Environmental Studies,
Nuhu Bamalli Polytechnic
U.P.E – P.M.B. 1061
Zaria Kaduna State
NIGERIA
Tel. + 234 080 39681628
E-mail – davidayock@yahoo.com
TS 18 –Land Development
B. Makama and D. Ishaya
Trends in Residential Property Markets in Nigeria Empirical Evidence in Abuja
Coastal Areas and Land Administration – Building the Capacity
6th FIG Regional Conference
San José, Costa Rica 12–15 November 2007
14/14