A lot of research have been done in examining Nigerian macroeconomic variables but those focusing on their nexus with property development are still scanty. In this study, an investigation has been carried out on the relationship between selected variables of the macro-economy of Nigeria and the development of private housing in Ilorin (a North-central city), from 2010 to 2040 using historical and forecast data. Specifically, three macroeconomic variables—Exchange Rate (EXR), Unemployment Rate (UNEMPR), and Money Supply (MS)—were obtained from the statistical bulletin of the Central Bank of Nigeria (CBN) as well as the online portal of the Nigerian Bureau of Statistics (NBS). The collected data were analyzed using both descriptive and trend analysis as well as the multiple regression. The study revealed some fluctuations in macroeconomic variables over the past, though they were relatively stable between 2010 and 2014. In particular, money supply depicted a significant positive relationship with housing developments, while both the exchange rates and level of unemployment indicated significant negative effects. Trend analysis also indicated that the development or supply of all housing types will decrease through to 2040 with macroeconomic variables exhibiting upward growth over the period. Understanding this relationship between housing development and macroeconomic variables is crucial in providing decision frameworks for private developers and professionals in the housing market. Invariably, there would be need to diversify investments and keep a close eye on macroeconomic indicators as keys to managing the risks and opportunities in the housing sector.
A. et al. (Thu,) studied this question.