Relationships and Potentials of Proximate Property Markets: The Case of Aba and Port Harcourt in Nigeria
Abstract
Unavoidably, geographical proximity of urban spaces creates relationships which impact their development. One such relationship is economic in nature and this is reflected by production, investment and market activities. Since these activities have implications for development in the property sector, this paper examines the relationships between the proximate property markets of Aba and Port Harcourt. For the purpose of contextualising the influence of proximity on these markets, a survey of property practitioners within the study location was carried out. A 5-point Likert-scale questionnaire was deployed for the data collection. The analysis was done using the weighted mean score statistical approach. The results reveal Port Harcourt is a larger and more resilient property market; also a larger economy which supplies input to Aba whilst receiving the latter?s output. But Aba?s manufacturing economy surprisingly demonstrates a per capita GDP parity with Port Harcourt?s oil-driven economy. Lastly, proximity of the two cities? would have impacted the environs to a greater extent had the seaport been in productive use over the years. The study recommends the strengthening of these property markets and economies by optimisation of the advantages of proximity.
Keywords
AbaGeographical proximityNigeriaPort HarcourtProperty marketsReal estate
References
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