Oseni, Waheed (2026) Energy infrastructure as a driver of real estate value in Nigeria: an econometric and policy analysis. In: 56th Nigerian Institution of Estate Surveyors and Valuers (NIESV) Annual Conference,, 13-18 April, Umuahia, Nigeria.

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Abstract

The importance of energy infrastructure has become widely recognized for its role in determining the value of real estate in emerging economies with unreliable electricity systems. In Nigeria, the chronic unreliability of the national electrical grid, widespread use of generators, and increasing cost of electricity create several barriers to residential and commercial real estate development and property pricing. Therefore, this research investigates the relationship between energy system reliability and real estate value (both residential and commercial) in the larger cities of Nigeria (i.e., Lagos, Abuja and Port Harcourt). This research employs a hedonic pricing model and a comparative case approach to determine how much increased reliability of the energy system can increase rental income (premiums), reduce vacancy rates and enhance capital appreciation. Additionally, based on empirical evidence, we find that developments that are supported by their own generating capacity, renewable energy sources, or independent power project demonstrate statistically superior performance characteristics compared to those reliant upon the national grid. These results indicate that energy reliability acts as a form of locational asset, a risk management tool and a form of sustainable differentiation for real estate. Finally, the study concludes with several policy recommendations related to improving the availability of decentralized power, incorporating energy metrics into professional appraisal practices and supporting public private partnerships to improve the financing of infrastructure development.

Item Type:	Conference or Workshop Item (Paper)
Additional Information:	NIESV) Annual Conference - Corridors, Connectivity and Capital: Rethinking Real Estate Development along Renewed Hope Infrastructure Investments
Keywords:	Energy infrastructure, hedonic pricing, property value, infrastructure economics, Nigeria, urban development, embedded generation.
Subjects:	Construction and engineering > Civil and environmental engineering
Date Deposited:	23 Jun 2026
Dates:	Date Publication status 21 March 2026 Accepted 18 April 2026 Presented
School, department or research centre:	School of Computing and Engineering
Keywords:	Energy infrastructure, hedonic pricing, property value, infrastructure economics, Nigeria, urban development, embedded generation.
URI:	https://repository.uwl.ac.uk/id/eprint/15054

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