IDEAS home Printed from https://ideas.repec.org/a/rre/publsh/v27y1996i3p351-365.html
   My bibliography  Save this article

Housing Attributes And The Cost Of Private Rental Buildings In Lagos Nigeria: A Hedonic Price Analysis

Author

Listed:
  • Uchenna N. Akpom

    (University of West Alabama)

Abstract

While the hedonic analysis has been used extensively to analyze the housing markets in developed countries, it has relatively few applications to African housing markets. The need to study housing markets in Africa cannot be overemphasized. This paper presents the results of a hedonic price analysis of the Lagos, Nigeria, housing market. A Box-Cox transformation technique was employed for the analysis. Implicit prices for housing attributes were estimated to determine their impacts on rental rates in Lagos. The results indicate that both structural and environmental characteristics of a house affect its rent in Lagos. Further, structural characteristics appear to be more important than environmental characteristics in the market studied. These results are generally similar to the results obtained for developed countries, except that environmental attributes seem to be more important in developed countries than this study shows. Some policy implications of the hedonic analysis are briefly discussed.

Suggested Citation

  • Uchenna N. Akpom, 1996. "Housing Attributes And The Cost Of Private Rental Buildings In Lagos Nigeria: A Hedonic Price Analysis," The Review of Regional Studies, Southern Regional Science Association, vol. 26(3), pages 351-365, Winter.
    • Handle: RePEc:rre:publsh:v:27:y:1996:i:3:p:351-365
    as

    Download full text from publisher

    File URL: http://journal.srsa.org/ojs/index.php/RRS/article/view/26.3.7/pdf
    File Function: To View On Journal Page
    Download Restriction: no
    File URL: http://journal.srsa.org/ojs/index.php/RRS/article/download/26.3.7/408
    File Function: To Download Article
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:ant:wpaper:1987001 is not listed on IDEAS
    2. Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July.
    3. Miranowski, John & Dinan, T., 1989. "Estimating the Implicit Price of Energy Efficiency Improvement in the Residential Housing Market: A Hedonic Approach," Staff General Research Papers Archive 10698, Iowa State University, Department of Economics.
    4. Palmquist, Raymond B, 1984. "Estimating the Demand for the Characteristics of Housing," The Review of Economics and Statistics, MIT Press, vol. 66(3), pages 394-404, August.
    5. Glenn Blomquist, 1988. "Valuing Urban Lakeview Amenities Using Implicit and Contingent Markets," Urban Studies, Urban Studies Journal Limited, vol. 25(4), pages 333-340, August.
    6. Dinan, Terry M. & Miranowski, John A., 1989. "Estimating the implicit price of energy efficiency improvements in the residential housing market: A hedonic approach," Journal of Urban Economics, Elsevier, vol. 25(1), pages 52-67, January.
    7. Dubin, Robin A. & Sung, Chein-Hsing, 1990. "Specification of hedonic regressions: Non-nested tests on measures of neighborhood quality," Journal of Urban Economics, Elsevier, vol. 27(1), pages 97-110, January.
    8. Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
    9. Follain, James & Lim, Gill-Chin & Renaud, Bertrand, 1980. "The demand for housing in developing countries: The case of Korea," Journal of Urban Economics, Elsevier, vol. 7(3), pages 315-336, May.
    10. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    11. De Borger, Bruno, 1987. "Composite commodities, housing characteristics and the Hicksian surplus measures of welfare change," Regional Science and Urban Economics, Elsevier, vol. 17(4), pages 475-494, November.
    12. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    13. Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September.
    14. Mingche M. Li & H. James Brown, 1980. "Micro-Neighborhood Externalities and Hedonic Housing Prices," Land Economics, University of Wisconsin Press, vol. 56(2), pages 125-141.
    15. Goodman, Allen C. & Kawai, Masahiro, 1986. "Functional form, sample selection, and housing demand," Journal of Urban Economics, Elsevier, vol. 20(2), pages 155-167, September.
    16. repec:bla:econom:v:49:y:1982:i:194:p:183-200 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
    2. Potrawa, Tomasz & Tetereva, Anastasija, 2022. "How much is the view from the window worth? Machine learning-driven hedonic pricing model of the real estate market," Journal of Business Research, Elsevier, vol. 144(C), pages 50-65.
    3. Arguea, Nestor M. & Hsiao, Cheng, 2000. "Market Values of Environmental Amenities: A Latent Variable Approach," Journal of Housing Economics, Elsevier, vol. 9(1-2), pages 104-126, March.
    4. Celia Bilbao-Terol, 2009. "Impacts of an Iron and Steel Plant on Residential Property Values," European Planning Studies, Taylor & Francis Journals, vol. 17(9), pages 1421-1436, September.
    5. Taruttis, Lisa & Weber, Christoph, 2022. "Estimating the impact of energy efficiency on housing prices in Germany: Does regional disparity matter?," Energy Economics, Elsevier, vol. 105(C).
    6. Ginsburgh, Victor & Waelbroeck, Patrick, 1998. "The EC and real estate rents in Brussels," Regional Science and Urban Economics, Elsevier, vol. 28(4), pages 497-511, July.
    7. Felipe Encinas & Carlos Aguirre & Carlos Marmolejo-Duarte, 2018. "Sustainability Attributes in Real Estate Development: Private Perspectives on Advancing Energy Regulation in a Liberalized Market," Sustainability, MDPI, vol. 10(1), pages 1-26, January.
    8. Koirala, Bishwa S. & Bohara, Alok K. & Berrens, Robert P., 2014. "Estimating the net implicit price of energy efficient building codes on U.S. households," Energy Policy, Elsevier, vol. 73(C), pages 667-675.
    9. Isaac F. Megbolugbe, 1989. "A Hedonic Index Model: The Housing Market of Jos, Nigeria," Urban Studies, Urban Studies Journal Limited, vol. 26(5), pages 486-494, October.
    10. Donald Haurin & David Brasington, 1996. "The Impact of School Quality on Real House Prices: Interjurisdictional Effects," Working Papers 010, Ohio State University, Department of Economics.
    11. Chugunov, D., 2013. "Impact of School Quality and Neighborhoods on Housing Prices in Moscow," Journal of the New Economic Association, New Economic Association, vol. 17(1), pages 87-112.
    12. Taruttis, Lisa & Weber, Christoph, 2020. "Estimating the impact of energy efficiency on housing prices in Germany: Does regional disparity matter?," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224582, Verein für Socialpolitik / German Economic Association.
    13. Ansgar Belke & Jonas Keil, 2018. "Fundamental Determinants of Real Estate Prices: A Panel Study of German Regions," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 24(1), pages 25-45, February.
    14. Wilhelmsson, Mats, 2002. "Household Expenditure Patterns for Housing Attributes: A Linear Expenditure System with Hedonic Prices," Journal of Housing Economics, Elsevier, vol. 11(1), pages 75-93, March.
    15. de Ayala, Amaia & Galarraga, Ibon & Spadaro, Joseph V., 2016. "The price of energy efficiency in the Spanish housing market," Energy Policy, Elsevier, vol. 94(C), pages 16-24.
    16. Sudip Chattopadhyay, 2003. "A Repeated Sampling Technique in Assessing the Validity of Benefit Transfer in Valuing Non-Market Goods," Land Economics, University of Wisconsin Press, vol. 79(4), pages 576-596.
    17. Tao Zhou & Rui Zhao & Yulin Zhou, 2017. "Factors Influencing Land Development and Redevelopment during China’s Rapid Urbanization: Evidence from Haikou City, 2003–2016," Sustainability, MDPI, vol. 9(11), pages 1-17, November.
    18. Edwards, Steven F. & Anderson, Glen D., 1984. "Land Use Conflicts in the Coastal Zone: An Approach for the Analysis of the Opportunity Costs of Protecting Coastal Resources," Journal of the Northeastern Agricultural Economics Council, Northeastern Agricultural and Resource Economics Association, vol. 13(1), pages 1-9, April.
    19. Edwards, Steven F. & Anderson, Glen D., 1984. "Land Use Conflicts in the Coastal Zone: An Approach for the Analysis of the Opportunity Costs of Protecting Coastal Resources," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-9, April.
    20. Olivier Marchand & Eric Skhiri, 1995. "Prix hédoniques et estimation d'un modèle structurel d'offre et de demande de caractéristiques [Une application au marché de la location de logements en France ]," Économie et Prévision, Programme National Persée, vol. 121(5), pages 127-140.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rre:publsh:v:27:y:1996:i:3:p:351-365. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tammy Leonard & Lei Zhang (email available below). General contact details of provider: http://www.srsa.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.