Role of actors in informal settlements real estate market

Journal of Social Research & Policy, Volume: 9, Issue: 1, pp. 55-68

Date: July 2018

ISSN: 2067-2640 (print), 2068-9861 (electronic)

Abstract: Literature suggests that majority of the urban housing in cities of many developing countries is provided in informal settlements through informal housing delivery systems. Due to their clandestine nature, their activities and modes of operation are often not well understood. This paper examines the role played by both the government agencies and other market actors in the functioning and regulation of informal real estate land markets, especially in Lagos, Nigeria. A survey was carried out with the use of questionnaires and interviews. The analysis of the data reveals that there is a thriving property market, which appears to have some form of social regulation. The role of each of the actors, varying from informants, buyers, sellers, financiers, witnesses and government, are discussed. The paper concludes that the thriving informal real estate market needs to be strengthened to effectively cater for the housing needs of urban residents.This paper contributes to discussions on informal real estate markets in developing countries by examining the structure and mechanisms that govern urban real estate markets in informal settlements through a case study of Ayobo community in Lagos, Nigeria, an area where empirical work has been sparse.

Keywords: Developing Countries; Informal Settlements; Land Market Actors, Nigeria; Real Estate Market.