University Business Research: Real Estate Market in Lagos, Nigeria

This business research proposal investigates the factors influencing the real estate market in Nigeria, specifically focusing on Lagos. The study examines the impact of attitude, subjective norms, apparent behavior control, and socioeconomics on consumer intention to purchase real estate. The research employs a quantitative approach, distributing questionnaires to gather data and analyze the relationships between these variables. The literature review explores the evolution of real estate business, consumer behavior theories (Theory of Rational Action and Theory of Planned Behavior), and the influence of financial factors. The proposal outlines the research methodology, including sample questionnaires, secondary data extraction, and interview guides to provide a comprehensive analysis of the Nigerian real estate market, offering valuable insights for policymakers, real estate developers, and investors. The study also aims to identify key trends and their implications for the real estate market.

Business research method proposal report 1
Business research method proposal report
Student Name
University Name

Business research method proposal report 2
Contents
Introduction......................................................................................................................................2
Literature Review & Hypothesis Development...............................................................................3
Research Methodology..................................................................................................................10
Hypothesis Development...............................................................................................................11
Sample Questionnaire....................................................................................................................12
Secondary Data Extraction............................................................................................................13
Interview Guide.............................................................................................................................14
References......................................................................................................................................15

Business research method proposal report 3
Introduction
Elements influencing market of real estate are of immense significance around the world.
Various studies will explore the variables affecting Nigerians to buy land or real estate. The
investigation analyze the impact of attitude, apparent behavior control, subjective norms as well
as socioeconomics on the expectation to buy real estate. Considering that socioeconomics as an
arbitrator, an aggregate of 450 surveys were dispersed to respondents in Nigeria. In view of 322
surveys gathered, the outcomes demonstrate that positive critical connection amongst Attitude &
Subjective Standard toward the expectation to buy real estate is always there, while the Apparent
Behavior Control or direct has not. Statistics or demographics were generally found not to
moderately affect the connection amongst independents & client’s expectation or intentions to
buy real estate in Lagos Nigeria (Casey, 2015). Previously customer conduct has prompted
hypotheses, research methods or techniques plus background knowledge about consumer
economy as well as self-benefit ideas. Purchaser behavior or conduct in the year 1950 depended
on the idea of promoting through different optional approaches. Boundless appropriation of the
advertising idea was the impulse for the investigation of buyer conduct. To recognize the
neglected needs of customers, organizations have taken an interest in broad statistical surveying.
In this way, they found that customers are exceptionally intricate, subject to different mental plus
social needs. In this way the idea of marketing has stressed the significance of customer look into
and laid the basis for the execution of the standards of consumer and purchaser behavior in
promoting and marketing techniques or methodologies. It is fascinating to take note of that even
earlier than the assessment of marketing idea, a natural comprehension of consumer or buyer
behavior has been effectively a way for the development of real estate business. Keeping in mind
the end goal to comprehend how customers are affected to buy real estates, it is important to start

Business research method proposal report 4
with having the complete knowledge about how the idea of real estate business has created. It is
additionally critical to consider or think how customer conduct hypotheses can be connected
specifically to real estate business. The focus of this study is generally on Lagos, Nigeria real
estate or land market for various reasons. To start with Lagos, Nigeria is a critical nation with the
biggest real estate or land market. Additionally around forty-seven percent of the populace is of
below 24 years age group (Zhao, 2014). This population ratio and quick urbanization rate
consolidated to expand the development and growth of real estate market in Nigeria. In Lagos,
Nigeria, preceding 1970, the biggest section of the populace was rural. While from the year
1970, a population of Lagos, Nigeria has boomed drastically and encountered a new pattern or
fashion that is, the movement of the populace rural to very urban areas. Particularly the major
urban centers saw unmatched development. In the vicinity of 1950 and 1994, the urbanization
level in Lagos, Nigeria expanded parallel with huge development or growth for the populace for
a similar period (Tuccillo, 2013). All the reports or studies on Lagos, Nigeria real estate or land
market reported that there was an immense demand or stipulation of real estate or property units
mostly in the housing sector that will need an enormous number of real estate units.
Understanding the components impacting buyer's behavior to buy real estate and to invest in real
estate in Lagos, Nigeria market is vital. This will give urgent understanding to leaders as well as
and policy developers in dealing with the lodging requests. As per prior examinations, this sort
of studies may give outcomes that will likewise be of significance for land or real estate
engineers to fulfill the requirements and needs of their clients (Wolski&Załęczna, 2013).
Literature Review & Hypothesis Development
Formal association in lodging in Lagos, Nigeria began in 1951. The government of Lagos,
Nigeria utilized subsidizing to give lodging to its citizens. The administration support called the

Business research method proposal report 5
Real Estate or property development fund offers money loans, compensated in portions for a
long time to citizens, to build or purchase their own particular houses (Chatterjee, 2013). The
main two necessities for this loan procedure is that Nigerian resident must be no less than 21
years of age, in addition, he/she didn't get any previous loan with no confinements to an area.
According to Messah, housing or real estate business development in Lagos has changed totally
from last 50 years (Messah, 2013). Household dream or vision for property or to invest in real
estate is extremely identified with housing decisions which consider changes in monetary and
social elements that influence Lagos's lodging real estate, must be considered in any examination
of the real estate market in Lagos. The real estate sector desires to distinguish these key patterns
and survey their suggestions for the real estate market. A real estate neighborhood and its area in
connection to administrations are critical in real estate markets. Powerless or weak regulations in
a few areas got issues in some regions like streets limit, framework, and usage of normal offices
and social administrations which brought about distress to numerous residents of a few units.
Interest for lodging and real estate expanded from last so many years. Designers necessitate
knowingfew elements or factors which affected the buying intention and consumer behavior is
real estate and property investment and also in the basic leadership procedure of purchasing a
property (Gangai& Agrawal, 2016). As indicated by Lusht, the financial commitment of the land
and real estate development part amid the last thirty years has been extremely noteworthy (Lusht,
2011). In real estate industry, value-added distribution of the building sector had augmented
from 3.5% to 13.4%, enlisting a yearly compound development or growth rate of about 11.2%.
From last five years, property and real estate segment’s contribution in the GDP expanded and
increased from 3.9% to 4.7% (Cooper, 2013). From 2008 until now many developed nations are
having the explosion in the real estate demands regardless of a huge increase in housing or

Business research method proposal report 6
residential houses savings. According to Langviniene, in order to win the market competition,
some factors which influence the buying intention and consumer behavior to buy real estate
necessitate being resolute (Langviniene, 2015). As a result, the main objective of the study or
research is to examine the Nigerian consumer planning and intention to purchase real estate. The
attitude, finance, intention, social factors, a subjective norm of the Nigerian consumer as well as
the location of real estate and housing toward the planning and intention to purchase and invest
in real estate, will be thoroughly studied in this study (Chatterjee, 2013).
Theory of rational action: It’s a common theory to give details about common human behavior.
Kavaliauske & Ubartaitė, have created a hypothetical grounds of speculation of rational action
which simply states that way of life influence attitudes of human being, which prompt to
intentions as well as finally to human behaviors (Kavaliauske & Ubartaitė, 2014). TRA was
gotten from past research that began as the hypothesis of disposition or attitude. It has
notwithstanding prompted the investigation of the state of mind and conduct. The segment of
TRA comprises three general builds: behavioral intention, demeanor and subjective standard.
TRA proposes that a man's behavioral intention relies upon the individual's attitude or state of
mind towards the subjective standard and behavior (Readings in real estate investment analysis,
2012).
Theory of deliberated behavior: This theory as planned by Hung & Glascock is an
augmentation of the Theory of Rational Action to anticipate behavior in true mode (Hung &
Glascock, 2014). Amid the previous decades, this theory has been utilized by numerous analysts
and it indicated that it could foresee intentions and expectations. A man's conduct or behavior
expectation is impacted by a mentality toward the subjective standards and behavior. According
to a research presented by Hua in 2011, this theory is utilized to comprehend the relationship of

Business research method proposal report 7
goals or intentions to playing out and performing a conduct. All these intentions are affected by
dispositions towards the conduct, the social pressure to play out this conduct, which is also
known as subjective standards and control on the personal behavior, which is alluded to as
‘control on behaviors’ (Gangai& Agrawal, 2016). This theory anticipated by Hartzell, Sun &
Titman, 2016 in this research was acknowledged as a hypothesis to clarify and estimate human
conduct (Hartzell, Sun & Titman, 2016). TPB has been utilized to explore the variables
impacting purchasers to purchase their real estate and also to invest in real estate.
Attitude: According to Gholipour Fereidouni & Ariffin Masron, attitude is the individual's
support or disapproval toward an activity (Gholipour Fereidouni & Ariffin Masron, 2013).
Attitude is characterized as a mental inclination that is articulated by assessing a specific
substance with some level of support or disgrace. Attitude is additionally characterized as the
mode people react to and are arranged towards a protest. Previous examinations by (Chen &
Wang) found that a solid and enduring connection amongst attitude as well as repurchase
intentions is present (Chen & Wang, 2015. Clients have the intention to contrast the apparent
administration with the normal administrations of real estate. If clients felt that the administration
is beneath their desire, they would be disappointed. Conversely, if a customer feelings were
equivalent to or surpasses their own desires, they will be definitely dissatisfied. Likewise, they
proposed to purchase from the supplier and sentiments of the purchaser impact buying procedure
of real estate (Pfnuer & Armonat, 2012). Person who has convictions that come out because of
taking part in a constructive conduct and it will have an uplifting attitude toward playing out the
behavior, at the same time as a man who has convictions that come about because of
participating in a negative conduct will surely have a negative disposition toward playing out the
conduct or behavior.

Business research method proposal report 8
Subjective Norm: This subjective norm comes out because of how the individual sees the
pressures put on him/her to effectively perform and not to play out the behavior to purchase real
estate and to invest in real estate. Consumer’s view of social pressures put on him by others to
buy or invest in real estate (Starcevic, 2011). Companions, guardians, political gatherings, and
additionally operator may be engaged with the purchasing decisions (Capozza & Israelsen,
2012). The mentalities of others impact the buying choices. When other people are near to a
client as well as have high negativism toward the item such as real estate and property, clients
will probably change his buy goal and intention (Casey, 2015). What's more, a client's buy
intention will increment in case that other people associated with him have same intentions about
the similar item. Customers are most of the time impacted by friend’s data, required with the
genuine home choices. Social elements assume critical parts in picking a house or real estate to
buy. Subjective standards impact consumer behavior and purchase intention to buy a house or
invest in the property.
Finance: As per Brown, Schwann & Scott finance is a profoundly essential factor for clients to
consider when buying lodging and invest in real estate (Brown, Schwann & Scott, 2015). The
monetary factor needs real estate buyers to acquire a lot of cash as well as to pay premiums for
obtaining (Wood, 2005). This cost and price premium is utilized as a marker of customer
eagerness to buy an item found that money related factors infrequently had the most elevated
impact on consumer behavior and purchase intention to purchase or invest in real estate
especially in Nigeria.
Intention: Intention means that a man's ability to play out the behavior and it is a quick
predecessor of conduct. The aim is the needy variable which is anticipated by a free factor to be
specific state of mind, Subjective Norm as well as Apparent Behavioral Control. Expectation

Business research method proposal report 9
changes every once in a while and as the time interim builds, the lower is the relationship
amongst goal and activity (Asabere & Harvey, 2015). Antczak-Stępniak in 2015 found in their
investigations that expectations and intentions are solid indicators of consumer behavior
(Antczak-Stępniak, 2015). Accordingly, the consumer behavior and purchase intention both are
antecedents to purchase real estate or a property.
In the field of buyer conduct, the social influences most to the purchaser conduct and inside
various sorts of social orders. Supervisors of any organizations must need to consider about
mental and behavioral impacts. Be that as it may, the subculture, social classes are the likewise
vital elements of shopper conduct. Real estate industry must catch the picture of customer’s
needs and recognize their needs by identifying their social orders. What's more, the social is the
standards, customs and conventional among the general public. Ambrose, Diop & Yoshida in
2016 who distinguish that inside socially heterogeneous social orders like the United States, and
the nations of Western Europe, the mental and behavioral results of ethnic gathering enrollment
is of significance (Ambrose, Diop & Yoshida, 2016). It is one sort of focal point through which
individuals can see item and administrations. The purchase decisions can't be distinguished
without taking society setting in which they are made. On the opposite side, there are some social
exercises which are considered to acquire the shopper conduct. For the most part, the way of life
can be partitioned into the three sections to be specific social, sub-social and social class. The
part of sub-social is to distinguish the nationalities, religions and geographic provincial.
Furthermore, it is very imperative to comprehend about sub-social since it serves to the
organizations to give the best administrations and item in the market measure. What's more, all
human social orders display social stratification and some time, it appears as a standing
framework. However, the social class incorporates the pay of individual as well as it

Business research method proposal report 10
demonstrates the level of training and occupation. After the social factors in the investigation of
purchaser conduct, the Social factors additionally influence the buyer conduct. From the early
year, Alfred in 2015 found that socialization which is resolved the method for examples of
conduct or the procedure by which the individual can receive social parts (Alfred, 2015). Where
the family is all the more effective social variables, it influences the customer conduct as
opposed to social standards. Moreover, the social variables incorporate self-idea and identity.
This social factor is influenced by reference gatherings and family and social parts and statuses.
Reference gatherings of an individual which incorporate diverse sorts of gatherings like
companionships gatherings, work and shopping bunch that effects on purchaser conduct. The
buyer conduct likewise relies upon the individual qualities. The method for the shopper conduct
is controlled by purchaser's age and stage in the life cycle, individual occupation, monetary
conditions, and way of life of individual and furthermore conduct is influenced by identity and
self-idea (Addae-Dapaah, Webb, Kim Hin Ho &Hiang Liow, 2012). A purchaser will probably
feel required with the buy, when the item or administration meets certain attributes like
enthusiastic interest, has a place with a class of items that especially intrigue the customer,
involves note-worthy dangers and is related to the standards of a gathering. A wide range of
individual variables has the ability to impact acquiring decision. The showcasing blend is not a
hypothesis of administration that has been gotten from logical examination, yet an applied
structure which features the foremost choices that advertizing supervisor's make in arranging
their offerings to suit client’s needs (AL-Nahdi, Habib & Abbaas Albdour, 2015). The
instruments can be utilized to create both long haul procedures and here and now strategic
projects. It alludes to the experience of utilizing an item or administration. At the point when an

Business research method proposal report 11
administration goes out to the client, it is fundamental that you enable him to perceive what he is
purchasing or not. For instance leaflets, flyers and so forth fill this need.
Research Methodology
This part of the study covers the exploration techniques and tools that effectively be utilized as a
part of the examination. The examination outline, populace and testing plan and inspecting
procedures utilized as a part of the exploration are incorporated into this research. It likewise
covers the examining outline, information accumulation; explore system and information
investigation strategies utilized in the study. For this study, a research design is carefully
considered like a blueprint or proposal for this research on factors influencing purchase intention
and consumer behavior to invest in real estate in Nigeria. This blueprint and proposal deal with
four tribulations such as questions related to study, what type of data is relevant for study, what
type of data is collected for the study, as well as how to examine the results. For this research, a
proper research design is utilized which is basically a descriptive review. In this study main
focus is also onto collect the respondent’s viewpoint on the factors that impact consumer’s
behavior and purchaser’s intention in investing in a real estate. For this research, a simple
arbitrary sampling technique is used to sample purchasers and consumers behavior and attitude
towards real estate investment. These guarantees that the consumers and purchasers are picked
arbitrarily from the three areas and who have distinctive qualities and attitudes, have been
consolidated into this research. Essential information is utilized as a part of this examination and
the overview technique for information accumulation is utilized. For this research primary data is
utilized and the review method of information or data collection is used. Structured on concealed
questionnaires with open-ended as well as closed-ended type of questionnaires are hand to hand-

Business research method proposal report 12
delivered to all the respondents, works together with a conceptual manner that portrays the major
goal of this research.
Hypothesis Development
The solutions to the hypotheses development as well as the main research or survey questions are
tested through various empirical methods or techniques. The Univariate investigation is utilized
for expressive purposes at the same time a multivariate examination technique is utilized for the
explanatory insights. For this research on the factors influencing buying intention or consumer
behavior in property or real estate investment in Lagos, Nigeria secondary data is collected from
syndicated administrations plus published materials for instance journals, online materials, as
well as books are used to extract the data. This research study collected information or data
through a review distributed in Lagos by utilizing a self-administrated feedback form. The
inquiries are tailored from different researchers namely XYZ. What distinguishes this survey
from others is that this survey comprises of two fundamental segments. The main area asks some
information about the respondent's attributes. Information is likewise gathered about consumers
and purchasers attitudes, subjective standards, apparent behavior control as well location of a
property. To survey attitudes, subjective standards, apparent behavior control Likert Scale
technique is utilized. A survey is done to collect data about all consumers and purchasers who
are interested in real estate investments Population in Lagos Nigeria. The sample data is selected
indiscriminately. On the other hand, data that is collected for this research is adapted from
several types of research and questionnaires are distributed straightforwardly to respondents.
Factor analysis as well as reliability is utilized to test purchasers and consumers attitudes towards
real estate.