Determinants of Residential Property Value in Nigeria - A Neural Network Approach (Pp. 152-168)

This study investigated, by means of artificial intelligent system, the influence of residential real estate property characteristics on property values (prices) in Nigeria, using two major cities (Benin and Lagos) as examples. It revealed a high positive linear correlation between property characteristics and the property market values; an indication that these characteristics reasonably predict property market values. The study demonstrated that although several property characteristics can be identified with residential real estate properties, only are few important ones have significant impact on the market values of such properties. It identified nine (9) property characteristics that have relatively strong impact on market values (prices) and to that extent influence the sales and purchase decisions of sellers and buyers in Nigeria. The results of the study should enable Real Estate Professionals to make fair estimates of the market values of residential real estate properties given the