ABSTRACT

There are many factors that contribute to property value, among them is colour preference of buyers or users of the properties. Colour preferences of residential properties were scarcely emphasized as an addendum to property value by Estate Surveyors and Valuers in research for real estate market attraction. This study focused on the effect of colour predilection of painted residential apartments in the property market in Uyo. The perception of Estate Surveyors on the influence of colour preference to price of properties was observed. The study used survey research design to collect data through questionnaires from the respondents. The research philosophy was interpretivism which is epistemological. Four categories of respondents were observed: The property users (132); Property developers (24); Estate Surveyors (44); and Colour experts (27). A total of two hundred and sixty (260) questionnaires were administered to the respondents and two hundred and twenty (227) questionnaires which were 87% of the returned instruments were used for the survey. The finding shows that colour preferences of residential properties were determinants to both their prices and demands in real property market. The study revealed that the residential properties with the colours of green and blue were mostly priced highest (80%) than other colours when compared with similar properties in the same location. The study therefore, concludes that the colours of residential properties were important factor for estimating the values of properties especially, residential apartments for marketability. The study recommends that colour preferences should not be neglected as it adds value to the properties thereby increasing the demand and the price for the properties.

Key Words: Colour preferences, Property values, Real estate market, Estate surveyors, Aesthetics

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Volume 3 No 2 (2019)