The Challenges of International Real Estate Investment in the Emerging Economy as results of the restriction of movement due to Omicron Variants

• Author(s): Asiegbu Ogechukwu Sandra ; Udobi Alexander Nnamdi
• Paper ID: 1703186
• Page: 35-44
• Published Date: 09-02-2022
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 5 Issue 8 February-2022

Abstract

The ownership and control of real estate is very much a fundamental part of our lives. We depend on real property to feed and clothe us and to provide us with shelter. The real estate market over the years has been impacted by various factors in different ways. The Covid-19 pandemic is causing many radical changes in the free movement and interactions of people around the world and it represents an unprecedented emergency with a grave societal threat. The protection of public health has become a priority making governments, policy and decision makers, and the global community to introduce such actions as travel restrictions, social distancing, self-isolation, quarantine, furlough, palliatives as an attempt to mitigate the current and potential negative impacts of the pandemic on major sectors that contribute to shelter, food security and livelihoods The study concentrated on the challenges of international real estate investment in the emerging economy as results of the restriction of movement due to omicron variants. Relevant challenges surveyed from related literatures were subjected to review. Relative Importance Index (RII) was used to determine the significance of each challenges based on the respondents’ rating. From the study, property market transparency, political risk, land registration process, financing risk were ranked as the most significant challenges with RII of 4.54, 4.46, 4.42 and 4.15 respectively and they are most significant challenges facing international real estate investment due to restriction of movement from Omicron Variant in Nigeria. These challenges would be surmounted with political will being showed by the government and be transparent to all in the conduct of business activities. The paper recommends that government should ensure the stability of the political climate and the economy through the stabilization of exchange rate, interest rate and review the process and cost of land registration.

Keywords

Challenges, International Real Estate, Investment, Omicron Variants, COVID-19, Nigeria

Citations

IRE Journals:
Asiegbu Ogechukwu Sandra , Udobi Alexander Nnamdi "The Challenges of International Real Estate Investment in the Emerging Economy as results of the restriction of movement due to Omicron Variants" Iconic Research And Engineering Journals Volume 5 Issue 8 2022 Page 35-44

IEEE:
Asiegbu Ogechukwu Sandra , Udobi Alexander Nnamdi "The Challenges of International Real Estate Investment in the Emerging Economy as results of the restriction of movement due to Omicron Variants" Iconic Research And Engineering Journals, 5(8)