THE EFFECT OF ECONOMIC RECESSION ON RESIDENTIAL REAL ESTATE INVESTMENT IN BAUCHI METROPOLIS
Abstract
ABSTRACT
This study investigated the impact of the economic recession on residential real estate investment in Bauchi metropolis, with a focus on factors influencing real estate value, the performance of the residential property market, market trends, and the recession's specific effects. Utilizing a quantitative research approach, data was collected via structured questionnaires from a sample size of 43 respondents, including registered estate surveyors,valuers, and property developers. Descriptive and inferential statistical methods were employed for data analysis, with responses evaluated on a 5-point Likert scale. The study identified that proximity to essential amenities, security, infrastructure quality,property management, economic status, and government policies significantly influence residential real estate values. Performance analysis revealed a high demand and satisfactory return on investment for residential properties, with consistent property value appreciation. Market trend analysis indicated a steady rise in property prices, increased rental demand, and a reduction in time to rent or sell properties. However, the economic recession negatively impacted the market by reducing property values, increasing rental demand while decreasing rental rates, leading to property vacancies and maintenance challenges. The findings highlight the critical need for policy interventions to mitigate the adverse effects of economic downturns on the real estate sector and promote sustainable growth in the residential property market in Bauchi metropolis.
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