Urban market segmentation and house values in metropolitan Lagos

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Periodical article

Title:	Urban market segmentation and house values in metropolitan Lagos
Author:	Aluko, Ola E.
Year:	2000
Periodical:	The Nigerian Geographical Journal
Volume:	3-4
Pages:	148-168
Language:	English
Geographic term:	Nigeria
Subjects:	consumer prices market dwellings capitals
Abstract:	Housing submarkets are clusters of identical households and housing types in urban areas. These clusters constitute distinct housing submarkets in terms of the price of individual housing attributes. This has led to housing being identified as a multidimensional good differentiated into a bundle of attributes that vary in both quantity and quality. This paper, using the classical hedonic price model in metropolitan Lagos (Nigeria), shows that house prices vary by area and highlights the role of changing the spatial scale of investigation in the identification of housing submarkets in cities. That is, using a smaller scale brings out distinct homogeneous areas even within a neighbourhood. The paper also pays attention to the contribution of housing variables - particularly income and number of rooms - to spatial variations in housing submarkets. Bibliogr., sum.