The relevance of inter-market research to knowledge accessibility in property markets: lessons for Nigeria from the UK : The relevance of inter-market research

Onwuanyi, Ndubisi and Oyetunji, Abiodun Kolawole (2021) The relevance of inter-market research to knowledge accessibility in property markets: lessons for Nigeria from the UK : The relevance of inter-market research. Property Management, 39 (5). pp. 702-725. ISSN 0263-7472

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Abstract

Purpose – This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria’s emergent property market which JLL (2018) suggests is information challenged. Given the country’s lack of property data management, it is posited that inter-market studies can help to improve information supply and market knowledge. Inter-market research in Nigeria is compared with the UK’s established market where such research is a key information source. Design/methodology/approach – An online database search was used to collate published intra-market and inter-market research on Nigeria’s property market between 2009 and 2019. The inter-market research were thereafter examined as to volume and scope (geographical and thematic) and compared with the UK’s. Findings – Relative to the UK, the volume as well as scope (geographical and thematic) of inter-market research in Nigeria are respectively far lower and narrower, thereby producing less information overall. Only a few Nigerian studies provide insights of two or more local markets. There is little or no research on many important market issues and other urban markets in the system. This suggests that inter-market research is relatively undeveloped in Nigeria. Research limitations/implications – The online search approach used to assemble extant research in the absence of a research repository may have resulted in the omission of some inter-market research undertaken between 2009 and 2019 if these were not published online. Practical implications – The dearth of inter-market research in Nigeria suggests an inadequately researched market. This limits market information, market knowledge, suggests a low market competitiveness with implications for development in view of the role of property in the modern economy. Originality/value – In view of the little attention given to inter-market research in Nigeria, this study draws attention to its potential for improving market knowledge by the production of information which has a wider market relevance.