The significance of real estate development process analysis to residential property investment appraisal in Abuja, Nigeria

Arising from the lack of consensus as to development process that is being used by the real estate developers, this study examined the real estate development process analysis to residential property investment with a view to determining significant stages that affect real estate investment appraisal in Nigeria. Close ended questionnaire was used to obtain information from real estate developers in Abuja. The respondents were asked to score on the Likert scale their level of involvement with the development process and its effect on residential development process analysis. The data were then computed using mean scores and relative importance indices. Results showed that the development phases above the mean value of 3.63 were considered as the significant stages in the development process. Also, the effect on development phases to successful residential property development appraisal was ranked as an increased in the final cost of the project (3.38), followed by the changed in time frame (3.33). The findings revealed that the study is one of the few attempts that investigated the development process being adopted in residential property development and this provides an insight into the real estate development decision-making process.