Factors Influencing the Performance Level of Off-Plan Property Development Financing Strategy in Lagos State, Nigeria

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@article{1710084,
      author = {Igho Fayomi, Aro Adenike},
      title = {Factors Influencing the Performance Level of Off-Plan Property Development Financing Strategy in Lagos State, Nigeria},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {9},
      number = {2},
      pages = {570-583},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1710084.pdf},
      abstract = {This study investigates factors influencing the performance of Off-plan property development financing strategy in Lagos State, Nigeria. Using a quantitative research approach, data were collected through the administration of 140 structured questionnaires, with 95 valid responses (a 67.9% response rate). A purposive sampling technique targeted experienced REDAN-certified developers. Analytical tools included descriptive statistics (mean, standard deviation, ranking) and inferential methods such as Principal Component Analysis (PCA). Demographically, the findings revealed 73.7% of respondents were male, 64.2% were aged 47?57, and 52.6% had over 20 years of experience, indicating a mature and experienced workforce. Industrial property developments dominated at 61.1%, while equity financing was most common (47.4%). Risk mitigation strategies favored contingency planning (46.3%). Also from the findings, it was revealed that the most influential factor affecting off-plan financing performance is the existence and enforcement of property laws (Mean = 4.53), followed by developer financial strength (Mean = 4.46), and approval efficiency (Mean = 4.43). PCA further grouped performance determinants into four key components: (1) developer credibility and location attractiveness; (2) institutional and regulatory frameworks; (3) financial and economic risks; and (4) risk mitigation and project security. The study concludes that the success of off-plan financing is shaped not only by developer competence and project characteristics but also by legal certainty, financial resilience, and transparency. It recommends strengthening legal frameworks, enhancing developer credibility, institutionalizing buyer education, improving infrastructure, expanding access to finance, and adopting structured risk management mechanisms. These measures are essential to foster a transparent and sustainable off-plan financing ecosystem in Lagos State and beyond.},
      keywords = {Performance, Off-plan, Property Development, Financing Strategy, Lagos},
      month = {August},
  }