Risks Associated with Real Estate Project Delivery in Southwest Nigeria
1*Odeyomi, E. S., 2Lawal, A. F., 3Ojo, O. J. and 4Adeosun J. O.
1Department of Estate Management, Osun State College of Technology, Esa-Oke, Osun State, Nigeria
2,3Department of Project Management Technology, Federal University of Technology, Akure, Ondo State Nigeria
4Department of Building, Osun State University, Osogbo, Osun State, Nigeria.
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DOI: 10.36108/laujoces/3202.01.0170
Abstract
Real estate project has many factors that affect successful delivery. Among such factors is risk. This is responsible for the failure of many real estate project in Nigeria. However, this study is focused on the risks associated with real estate project delivery. The study adopted multi-stage sampling design among the professionals in Estate Surveying and Valuation Firms registered by the Nigerian Institution of Estate Surveyors and Valuers in Southwest Nigeria. A set of questionnaires was administered on 476 respondents with 88% response rate. Both descriptive and inferential statistical tools were used to analyse the data. The descriptive tools include mean, percentage, tables and charts. The inferential statistical tool was factor analysis which was carried out with the aid of Statistical Package for Social Science (SPSS). The study assessed the various risks that affect real estate projects and classified them into two components. Suggestions were given on how to manage them to promote successful delivery of real estate projects in Southwest Nigeria.
Keywords: Estate, Project, Delivery, Micro Risks, and Macro Risks