An Assessment of Parallel Foreign Exchange Market as a Veritable Source of Low Income Residential Real Estate Development Finance in Enugu Urban Area, Nigeria January - December, 2017

Sourcing real estate development finance remains one of most difficult problems facing real estate development in Nigeria. This paper therefore investigates the parallel foreign exchange market as a veritable source of low income residential real estate finance in Enugu, Nigeria. The study tries to determine the volume of transactions that took place in Enugu Parallel Foreign Exchange Market from January - December, 2017, to make projection upto 2022 and to determine the percentage of the transactions that could be made available to real estate development. Survey research method was adapted and data was collected through primary and secondary sources. The study reveals that the market has potential for raising between N6.837B and N12.23B within the period studied. Also about 34 of these funds could be made available for Real Estate Development finance in Enugu. Again the study shows that between 259 and 463 three bedrooms low income residential housing units could be raised from the Parallel Foreign Exchange Market annually. The study recommended among other things that the Nigerian Institution of Estate Surveyors and Valuers should embark on collaborative research aimed at understanding how real estate development finance could be raised and sustained through the parallel foreign exchange markets in Nigeria. Onwuka Nnenna Egbe | Aniagolu Celestine Obinna | Iyi Edmund Amuezuoke "An Assessment of Parallel Foreign Exchange Market as a Veritable Source of Low Income Residential Real Estate Development Finance in Enugu Urban Area, Nigeria (January - December, 2017)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21453.pdf