INCENTIVIZING LAND SALES IN PERIPHERAL GATED COMMUNITIES IN IBADAN: A CRITICAL REVIEW

Abstract

This study explores the incentives driving land sales in peripheral gated communities in Ibadan, Nigeria, employing a mixed-methods approach. The research surveyed 68 private estate developers selected through a purposive sampling method to gain insights into their strategies for enhancing marketability. The findings indicate a significant preference for flexible payment options, with 77.6% of respondents favoring installment payment plans, compared to 20.9% who preferred lump-sum payments, while 1.5% remained neutral. Beyond financial arrangements, developers emphasized the importance of security and sustainability, promoting eco-friendly communities. Additional incentives identified include material offerings such as household items and staple goods, which enhance the appeal of new developments. Developers also provide perks such as free plots for early buyers, complimentary land purchase documentation, and specified quantities of construction materials like concrete blocks and cement bags. These strategies not only facilitate immediate construction efforts by buyers but also create a more attractive proposition for potential homeowners. The results highlight developers’ multifaceted approach to navigate market challenges and effectively meet consumer needs. This research contributes to understanding the dynamics of real estate development in emerging markets and underscores the significance of tailored incentives in driving sales to peripheral regions. Ultimately, the study offers valuable insights for developers, policymakers and stakeholders interested in enhancing housing accessibility and promoting sustainable community development in Ibadan and similar urban contexts