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Purpose– The paper examined the long-run relationship between real estate equity (property listed stock) and non-real estate equity (common stock) in the Nigerian capital market and established the integration between the investments. The paper aims to discuss these issues.Design/methodology/approach– The data collected comprised quarterly returns on property listed stock and All Share Index for the period of January 1999-December 2011. The calculated quarterly returns of the investments were subjected to the Philip-Person unit root test after which the integration between the investments was analysed using the Johansson integration test.Findings– The results showed that real estate equity performed better the non-real estate equity but with corresponding higher risk level. Also, real estate equity had a slightly lower performance when compared with non-real estate equity on return/risk ratio basis. The findings showed that property listed stock (real estate equity) was integrated with common stock or non-real estate equity and suggest that the Nigerian listed property stock, by nature, was similar to REITs. This result negates the belief that property listed stock's returns are integrated with direct real estate market and are often influenced by the returns of the underlying direct real estate assets.Practical implications– The paper implied that while investors could consider investing in real estate equity and earn better return than investing in common equity in the Nigerian capital market, the inclusion of both in a domestic portfolio could be expected to bring little or no diversification benefit.Originality/value– The paper is one of the few attempts at assessing the long-run relationship between property listed stock as a form of real estate equity and non-real estate equity and especially from African emerging market perspective.

PurposeThe purpose of this paper is to re-examine the framework for determining property market maturity by including the economic characteristics of a country in the measure.Design/methodology/approachThe examination was done in Lagos property market, which was stratified into Mainland and Island markets. A total of 181 estate surveying and valuation firms and 87 property development companies, as represented by top-level managers, participated in the survey. Data were collected on their perception of property market maturity attributes that included market openness, presence of professionals, level of transparency and state of the economy, among others. The data were analyzed using mean rating and mean deviation.FindingsThe result showed that "diversity of real estate products and forms" was ranked highly and had reached a mature stage in Lagos Mainland, Island and the aggregated Lagos market. Contrarily, the state of the economy was still at immature stage in Lagos and its sub-markets. Overall, the results showed that the Lagos property market was emerging and that the inclusion of economic features in the maturity framework reduced the level of maturity of the market when compared with previous studies.Practical implicationsThe study implied that the assessment of the state of economy of a country, as part of the attributes for measuring property market maturity, will impact on the result and should be taken into consideration.Originality/valueThe study adds to the previous studies on property market maturity by assessing the impact of the economic characteristics of a country on the measure.

Purpose
With a focus on Lagos, Nigeria property market, the purpose of this paper is to examine the willingness of property practitioners towards property data sharing and assemblage with a view to improving accessibility to commercial property data in Nigerian property market.


Design/methodology/approach
Primary data were sourced through the use of questionnaire administered on property practitioners (referred as estate surveying and valuation (ESV) firms) in Lagos property market. In total, 190 ESV firms were selected using stratified random sampling based on their geographical location, frequency distribution, percentage, and cross-tabulation were employed for data analysis.


Findings
The results showed that majority of the practitioners (68.1 per cent) were willing to share property data among themselves while 52.6 per cent of the practitioners were in support of data assemblage. The result also revealed the higher the experience of the practitioners, the more they are averse to data sharing. It was also revealed that the bigger firm are more averse to data assemblage than the smaller firms. Meanwhile, majority of the practitioners (93.3 per cent) were in support of creation of a central database.


Practical implications
The study concluded that without the willingness of practitioners to support data assemblage, the data debacle in property market might not be resolved.


Originality/value
The paper is an attempt towards the possibility of creating database of concluded transactions, which will improve accessibility to property data in opaque property market.

PurposeEarlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that the purpose of this paper is to examine the perception of potential users of centralised property database on the consideration for the design and management of such database.Design/methodology/approachQuestionnaires were administered on 190 property practitioners (referred as estate surveying and valuation firms) in Lagos property market. Frequency index, frequency distribution and percentage were employed for data analysis.FindingsThe result showed that respondents preferred a web-based databank and free access to the information in the databank by those who recorded their market data in it. They also preferred uniform recording standard in the databank, an interface that must be user friendly and secure to prevent unauthorised user from gaining access, amongst others. The practitioners also preferred that their professional body manage the databank when it is created.Practical implicationsThe paper provides useful insights into creating a property database that will improve accessibility to property data in opaque markets.Originality/valueThere is still little or no empirical research on framework/end-users' requirements for the creation of property transaction database in emerging property markets.

PurposeThe purpose of this paper is to examine the of characteristics of Lagos, Nigeria property market and its submarkets on the prism of the market practitioners' characteristics, market transaction structure and market maturity. This is done with a view to provide information capable of improving the flow of foreign real estate investment to the Lagos property market.Design/methodology/approachPrimary data were sourced through questionnaire administered on firms of property practitioners in the market. A total of 190 firms were selected using the stratified random sampling technique based on their geographical location. Descriptive statistics and Mann−Whitney U Test were employed for data analysis.FindingsThe results showed that the Lagos property market was characterised by practitioners whose highest level of education was majorly first degree, and with a mean computer literacy ranking of 3.38 on a five-point Likert scale. Also, major transactions in the market included letting and sales. The market maturity index of the market was 2.95 and therefore adjudged as an emerging market. The analysis also revealed that there was no significant difference in the characteristics of the submarkets.Practical implicationsThe results of the study are capable of enhancing investment decision in the market.Originality/valueThe study differentiates itself from and adds to the previous studies on market characteristics through an examination of the property market on the prism of the market transaction structure, market practitioners' characteristics and maturity of the market holistically in the context of an African emerging market.