%0 Journal Article
%T The Relationship between Residential Land Prices and House Prices in Lagos State, Nigeria
%A Gambo
%A Y. L.
%A Nubi
%A T. G.
%J International Journal of Economic Development Research and Investment
%D 2011
%I International Centre for Integrated Development Research
%X This study focused on the relationship between residential land prices and house prices in Lagos State, Nigeria. It examined whether high land prices in urban areas cause high property prices or whether high property prices leads to high land prices. Lagos was considered in the study as one of the cities in Nigeria with glaring high land and landed property transactions. The hypotheses are based on neoclassical theory of land rent and Ricardiant rent theory. The study was an applied research to establish relationships and test existing theories in practical setting. Land and house prices were collected from records of land and house sales in 19 different locations from published records of professional estate surveying and valuation firms and property development companies in the study area. The prices of house (dependent variables) were regressed against land prices (independent variables) using correlation regression model and one sample t-test was used to test the hypotheses. It was found that land prices influenced house prices significantly but there was no relationship to show that high house prices influence land prices. This shows a significant departure from Ricardiant rent theory. The study therefore recommends that government should facilitate ease of access to land so as to enhance housing affordability to the citizenry as a social commodity by deregulating land market.
%K Land prices
%K house prices
%K price relationship.
%U http://www.icidr.org/ijedri_vol2%20nos3_dec2011/The%20Relationship%20between%20Residential%20Land%20Prices%20and%20House%20Prices%20in%20Lagos%20State,%20Nigeria.pdf