Trend of Macroeconomic Factors Influencing Commercial Property in Abuja, Nigeria

Jibrin, Yusuf and Ufere, Joseph Kalu and Mohammed, Mohammed Ishaq and Toro, Halima Saleh (2024) Trend of Macroeconomic Factors Influencing Commercial Property in Abuja, Nigeria. International Journal of Civil Engineering, Construction and Estate Management, 12 (2). pp. 44-70. ISSN 2055-6578(Print), 2055-6586(online)

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Abstract

In recent time changes in rent invariably affect every type of real estate although in varying degrees. The aimed of this paper is to investigate the trend of macroeconomic factors influencing commercial property in Abuja. The study adopted quantitative design and questionnaire survey was used for data collection. The study adopted simple random sampling technique and SPSS software version 22 was used for data analysis and the results were presented in tables. Commercial properties under the management of Estate Surveyors and Valuation in Abuja metropolis was served as target population. The study indicates that the macroeconomic indicators considered in the study, namely gross domestic product (GDP), inflation rate, interest rate and exchange rate are all increasing, but at different rates. This suggests that the economy is growing, but that there are also some inflationary pressures and that the central bank is tightening monetary policy in an attempt to bring inflation under control. The rising exchange rate suggests that the domestic currency is becoming more valuable relative to other currencies, which can make exports more expensive and imports cheaper. However, the fact that the indicators are rising at different rates suggests that the growth is not uniform and that there are some challenges that need to be addressed. For example, the rising inflation rate suggests that there is some pressure on prices. This could be due to a number of factors, such as increased demand for goods and services, supply chain disruptions, or rising energy costs. The central bank may need to take steps to address inflation, such as raising interest rates. Macroeconomic indicators significantly influence rental value of commercial properties causing about 73.7% change in rental value of commercial properties. Central banks should monitor inflation closely and take steps to bring it under control if necessary. This could involve raising interest rates or other monetary policy tools. Policymakers should work to address the underlying causes of inflation and unemployment. This could involve measures such as increasing competition in the economy, improving education and training programs, or investing in research and development.

Item Type:	Article
Subjects:	T Technology > TA Engineering (General). Civil engineering (General)
Depositing User:	Professor Mark T. Owen
Date Deposited:	29 Aug 2024 13:44
Last Modified:	29 Aug 2024 13:44
URI:	https://tudr.org/id/eprint/3340

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