Assessing the Difference in Returns of Agricultural and Recreational Real Estate Investments in Uyo, Akwa Ibom State, Nigeria
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Abstract
This research examined the difference in returns of agricultural and recreational real estate investments in Uyo, Akwa Ibom State of Nigeria. In order to achieve the stated aim, the objectives were to evaluate the returns of recreational real estate investment and agricultural real estate investment in Uyo and to determine the difference between the returns of recreational real estate investment and agricultural real estate investment in Uyo. A hypothesis was set to prove whether there was a significant difference between the returns of recreational real estate and returns of agricultural real estate in Uyo. The research work adopted the cross-sectional survey type of design. The research population comprised Estate Surveyors and Valuers in the study area and the researchers adopted a sample size of 103, using the simple random sampling technique. Data was obtained through questionnaire survey. Descriptive statistics and non-parametric tests were carried out on the data obtained in the study area. Findings from the study revealed that returns from agricultural real estate investment was lower than the returns of the recreational real estate investment in Uyo, thus implying that the overall performance of the recreational real estate was better with a mean return of 32%. Moreover, results from the Wilcoxon rank test showed that there existed a difference between the returns of agricultural real estate investment and that of recreational real estate investment. This research therefore, concluded that recreational real estate investment in Uyo performs better that agricultural real estate investment. The investment information provided in this study has significant implications for both local and foreign investors desiring to invest in the Nigerian property market, especially in the Uyo property market and it is a useful resource for development in this era.
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