The Challenges of International Real Estate Investment in the Emerging Economy as results of the restriction of movement due to Omicron Variants

References

[1] Agu, O. C. (2015). Determinants of Private Investment in Nigeria an Econometric Analysis. International Journal of Economics, Commerce.

[2] Allen-Coghlan, M., & McQuinn, K. M. (2021). The potential impact of Covid-19 on the Irish housing sector. International Journal of Housing Markets and Analysis, 14(4), 636-651.

[3] Allen-Coghlan, M., McQuinn, K., & O’Toole, C. (2020). Assessing the impacts of COVID-19 on the Irish property market: An overview of the issues. In K. McQuinn, C. O’Toole, M. Allen-Coghlan & C. Coffey (Eds.), Quarterly Economic Commentary (pp. 93-112). Dublin: The Economic and Social Research Institute.

[4] Arcaya, M. C., Nidam, Y., Binet, A., Gibson, R., & Gavin, V. (2020). Rising home values and Covid-19 case rates in Massachusetts. Social Science & Medicine, 265, 113290.

[5] Baldwin, R., & di Mauro, B. W. (2020). Economics in the time of COVID-19. London: CEPR Press. (Eds.).

[6] Bandt, O., Knetsch, T., Peñalosa, J., & Zollino, F. (2010). Housing markets in Europe: A macroeconomic perspective. Heidelberg: Springer. (Eds.).

[7] Bunel, M., Gorohouna, S., L’Horty, Y., Petit, P., & Ris, C. (2019). Ethnic discrimination in the rental housing market: An experiment in New Caledonia. International Regional Science Review, 42(1), 65-97.

[8] Cadman, D., & Topping, R. (1995). Property development. London: Spon Press. (4th Ed.).

[9] Carson, S., Nanda, A., Thanos, S., Valtonen, E., & Xu, Y. (2021). Imagining a post-COVID-19 world of real estate (Viewpoint). Town Planning Review, 92(3), 371- 376.

[10] Chauhan, S. (2020). Comprehensive review of coronavirus disease 2019 (COVID-19), Biomedical Journal, https:// doi.org/10.1016/j.bj.2020.05.023. In press. 

[11] Cheung, R., Wetherell, D., & Whitaker, S. (2018). Induced earthquakes and housing markets: Evidence from Oklahoma. Regional Science and Urban Economics, 69, 153-166.

[12] Closson, K., Lee, M., Gibbs, A., & Kaida, A. (2020). When home is not a safe place: Impacts of social distancing directives on women living with HIV. AIDS and Behavior, 24(11), 3017-3019.

[13] Delgado, A., & Katafuchi, Y. (2020). COVID-19, state of emergency, and housing market (MPRA Paper No. 102475). Retrieved from https://mpra.ub.uni- muenchen.de/102475/1/MPRA_paper_102456.pdf

[14] Eerola, E., & Määttänen, N. (2018). Borrowing constraints and housing market liquidity. Review of Economic Dynamics, 27, 184-204.

[15] Ellis, L. (2008). The housing meltdown: Why did it happen in the United States? (BIS Working Paper No. 259). Basel: Bank for International Settlements.

[16] Emiedafe, W. (2015). 10 issues-affecting Nigeria real estate industry. Retrieved January 10, 2022, from sapientvendors.com.ng: http://www.sapientvendors.

[17] Fang, H., Gu, Q., Xiong, W., & Zhou, L.-A. (2016). Demystifying the Chinese housing boom. NBER Macroeconomics Annual, 30, 105-166.

[18] Fields, D. J., & Hodkinson, S. N. (2018). Housing policy in crisis: An international perspective [Guest editors’ introduction]. Housing Policy Debate, 28(1),

[19] Flage, A. (2018). Ethnic and gender discrimination in the rental housing market: Evidence from a meta-analysis of correspondence tests, 2006–2017. Journal of Housing Economics, 41, 251-273.

[20] Ganster, M. (2007). Opportunities and challenges in investing in emerging Markets: A case study of Panama. An unpublished M.SC dissertation, Department of urban studies and planning, Massachusetts Institute of Technology.

[21] Gurran, N., & Bramley, G. (2017). Urban planning and the housing market: International perspectives for policy and practice. London: Palgrave Macmillan.

[22] He, X., Cai, X.-J., & Hamori, S. (2018). Bank credit and housing prices in China: Evidence from a TVP-VAR model with stochastic volatility. Journal of Risk and Financial Management, 11(4), 90.

[23] Huang, W.-L., Lin, W.-Y., & Ning, S.-L. (2020). The effect of economic policy uncertainty on China’s housing market. The North American Journal of Economics and Finance, 54, 100850.

[24] Hui, E., Yu, C., & Ip, W.-C. (2010). Jump point detection for real estate investment success. Physica A: Statistical Mechanics and its Applications, 389(5), 1055–1064. doi: 10.1016/j.physa.2009.11.022

[25] John, N., Casey, S. E., Carino, G., & McGovern, T. (2020). Lessons never learned: Crisis and gender‐based violence. Developing World Bioethics, 20(2), 65-68.

[26] Jung, E., & Yoon, H. (2018). Is flood risk capitalized into real estate market value? A Mahalanobis-metric matching approach to the housing market in Gyeonggi, South Korea. Sustainability, 10(11), 4008.

[27] Keke, O. V., Okafor, J. I., & Sado, R. O. (2020). Influence of the novel coronavirus disease on Nigerian real estate sector and the way forward. International Journal of Real Estate Studies, 14(S2), 206-212.

[28] Kuang, W., & Wang, Q. (2018). Cultural similarities and housing market linkage: Evidence from OECD countries. Frontiers of Business Research in China, 12(2), 10.

[29] Kulander, M., & Wilhelmsson, M. (2020). What determines the supply of housing for the elderly, and how is it related to the spread of Covid-19 and future demographic changes? (Working Paper No. 2020:18). Stockholm: KTH Royal Institute of Technology. Retrieved from https://www.diva-portal.org/smash/get/ diva2:1512836/FULLTEXT02

[30] Lai J, Simeng Ma, Ying Wang, Zhongxiang Cai, Jianbo Hu, Ning Wei, Jiang Wu, Hui Du, Tingting Chen, Ruiting Li, Huawei Tan, Lijun Kang, Lihua Yao, Manli Huang, Huafen Wang, Gaohua Wang, Zhongchun Liu, Shaohua Hu (2020). Factors Associated With Mental Health Outcomes among Health Care Workers Exposed to Coronavirus Disease 2019. JAMA Network Open. 2020; 3(3):e203976. doi:10.1001/jamanetworkopen.2020.3976

[31] Land Use Act, 1978 (cap 202 L.F.N 1990) of federal Republic of Nigeria.

[32] Lovells, H. (2013). Foreign Investment in Nigeria - preliminary legal issues www.lexology.com/ library/ detail. aspx?g=. Retrieved January 10, 2022 and Management, 111(4).

[33] Makarova, E. P. (2013). Basis of Management of the Real Estate. Moscow. Russia: People Friendship University of Russia.

[34] Marona, B., & Tomal, M. (2020). The COVID-19 pandemic impact upon housing brokers’ workflow and their clients’ attitude: Real estate market in Krakow. Entrepreneurial Business and Economics Review, 8(4), 221–232.

[35] Meen, G. (2001). Modelling spatial housing markets: Theory, analysis and policy. Norwell, MA: Kluwer Academic Publisher.

[36] Mogaji, E. (2020). Impact of COVID-19 on transportation in Lagos, Nigeria. Transportation Research Interdisciplinary Perspectives, 6, 100154.

[37] Mohammed, J. K., & Sulyman, A. O. (2019). Conventional approaches and mechanism to housing market analysis. In L. T. Ajibade, N. B. Tanimowo, G. Amuda-Yusuf, & N. A. Bello (Eds.), ICES 2019. Proceedings of the International Conference of Environmental Sciences (pp. 255-263). Ilorin: University of Ilorin.

[38] Okafor, J. I. & Keke, O. (2020). Influence of novel coronavirus disease on Nigeria real estate sector and way forward. International Journal of Real Estate Studies.

[39] Omisore, T. (2012). Real Estate Investment in Nigeria is promising Lagos, Nigeria: Vanguard Newspaper.

[40] Razali, M. N., Zulkarnain, S. H., Tarmidi, Z., Maimun, N. H. A., Adnan, Y. M., & Yuzir, M. A. (2020). Property market price response to flood-hazard. Natural Hazards, 104, 1955

[41] Sulyman, A. O. (2015). Introduction to housing: Basic concepts and applications (Revised edition). Minna: King James Publishing House.

[42] Taub, A. (2020). A new Covid-19 crisis: Domestic abuse rises worldwide. The New York Times. Retrieved from https://www.nytimes.com/2022/01/06/world/ coronavirus-domestic-violence.html

[43] Uchehara, I., Hamma-adama, M., Obiri, K. A., Jafarifar, N., & Moore, D. (2020). Impacts and risk management of COVID-19 pandemic on real estate supply chain. International Journal of Real Estate Studies, 14(S1), 41-53.

[44] Udobi, Kalu & Elekwachi (2016). Challenges of International Real Estate Investment in an Emerging Economy: The Nigerian Experience. Civil and Environmental Research www.iiste.org ISSN 2224-5790 (Paper) ISSN 2225-0514 (Online) Vol.8, No.3, 2016.

[45] Udobi, Otty & Nwosu (2021). Challenges of International Real Estate Investment amidst COVID -19 Pandemic: Nigeria Perspective. IJESC. Volume 11 Issue No.06

[46] Verhaeghe, P.-P., & Ghekiere, A. (2021). The impact of the Covid-19 pandemic on ethnic discrimination on the housing market. European Societies, 23(Supplement 1), S384-S399.

[47] Yang, M., & Zhou, J. (2021). The impact of COVID-19 on the housing market: Evidence from the Yangtze River delta region in China. Applied Economics Letters. Advance online publication. doi:10.1080/13504851.2020.1869159

[48] Yap, J. B. H., & Ng, X. H. (2018). Housing affordability in Malaysia: Perception, price range, influencing factors and policies. International Journal of Housing Markets and Analysis, 11(3), 476-497.

[49] Zhao, Y. (2020). US housing market during COVID-19: Aggregate and distributional evidence (IMF Working Paper WP/20/212). Washington, DC: International Monetary Fund. Retrieved from https://www.elibrary.imf.org/view/journals/001/2020/212/article-A001-en.xml

[50] Zhu N, Zhang D, Wang W, Li X, Yang B, Song J, Zhao X, Huang B, Shi W, Lu R, Niu P, Zhan F, Ma X, Wang D, Xu W, Wu G, Gao GF, Tan W (2020). A novel coronavirus from patients with pneumonia in China, 2019. N Engl J Med 382: 727- 733. https://doi.org/10.1056/NEJMoa2001017. 

[51] Zivin, J. S. G., Liao, Y., & Panassié, Y. (2020). How hurricanes sweep up housing markets: Evidence from Florida [NBER Working Paper No. 27542]. Retrieved from https://www.nber.org/system/files/working_papers/w27542/w27542.pdf

[52] Žižek, S. (2020). Pandemic! Covid-19 shakes the world. New York, NY: OR Books.

@article{1703186,
      author = {Asiegbu Ogechukwu Sandra, Udobi Alexander Nnamdi},
      title = {The Challenges of International Real Estate Investment in the Emerging Economy as results of the restriction of movement due to Omicron Variants},
      journal = {Iconic Research And Engineering Journals},
      year = {2022},
      volume = {5},
      number = {8},
      pages = {35-44},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1703186.pdf},
      abstract = {The ownership and control of real estate is very much a fundamental part of our lives. We depend on real property to feed and clothe us and to provide us with shelter. The real estate market over the years has been impacted by various factors in different ways. The Covid-19 pandemic is causing many radical changes in the free movement and interactions of people around the world and it represents an unprecedented emergency with a grave societal threat. The protection of public health has become a priority making governments, policy and decision makers, and the global community to introduce such actions as travel restrictions, social distancing, self-isolation, quarantine, furlough, palliatives as an attempt to mitigate the current and potential negative impacts of the pandemic on major sectors that contribute to shelter, food security and livelihoods The study concentrated on the challenges of international real estate investment in the emerging economy as results of the restriction of movement due to omicron variants. Relevant challenges surveyed from related literatures were subjected to review. Relative Importance Index (RII) was used to determine the significance of each challenges based on the respondents? rating. From the study, property market transparency, political risk, land registration process, financing risk were ranked as the most significant challenges with RII of 4.54, 4.46, 4.42 and 4.15 respectively and they are most significant challenges facing international real estate investment due to restriction of movement from Omicron Variant in Nigeria. These challenges would be surmounted with political will being showed by the government and be transparent to all in the conduct of business activities. The paper recommends that government should ensure the stability of the political climate and the economy through the stabilization of exchange rate, interest rate and review the process and cost of land registration.},
      keywords = {Challenges, International Real Estate, Investment, Omicron Variants, COVID-19, Nigeria},
      month = {February},
  }