The Property Market Maturity Framework and its Application to a Developing Country: The Case of Nigeria

In this paper, we explore the concept of property market maturity as it relates to the residential property market in Nigeria. It builds on the market maturity framework, which was primarily developed to compare office property markets in European countries. We adapt the market maturity criteria to incorporate a checklist of characteristics applicable to a developing country. It recognizes the priority of place occupied by information in the determination of property market maturity in European office markets but argues that this stems from a sophisticated land registration system. The level of compliance with planning is an important criterion affecting the state of market maturity missing from the original elaboration.