Processes and Performance Evaluation of Off-Plan Property Development Financing Strategy in Lagos State, Nigeria

This study evaluates the processes and performance of the off-plan property development financing strategy in Lagos State, Nigeria, with a focus on REDAN-certified developers and ESVARBON-registered estate surveyors and valuers. Using a descriptive survey design, data were collected via 140 and 156 distributed questionnaires to developers and estate surveyors respectively, yielding response rates of 67.9% and 66%. Descriptive statistics and the Relative Importance Index (RII) were employed to analyze the responses. Findings reveal a maledominated respondent pool (73.7% developers; 83.5% surveyors) with a majority aged above 47 years. A large proportion (66.3% developers; 54.4% surveyors) held bachelor's degrees, and over half of both groups reported more than 20 years of experience in property development. In terms of specialization, developers predominantly focused on industrial properties (61.1%), while surveyors emphasized residential (56.3%). Equity financing was the most commonly adopted strategy (47.4% developers; 36.9% surveyors), with contingency planning emerging as the leading risk mitigation measure. For estate surveyors, staggered payment plan implementation (mean = 2.41), exit clauses (mean = 2.30), and valuation/revaluation (mean = 2.08) were the most engaged processes. For developers, exit clauses (mean = 2.41), postcompletion services (mean = 1.88), and valuation/revaluation (mean = 2.15) were ranked highest. Performance indicators ranked financial performance as the top benefit of the off-plan model (mean = 4.78 for surveyors; 4.60 for developers), followed by project delivery (4.52; 4.37) and customer satisfaction (4.53; 4.00). However, government oversight (4.09; 3.23) and the use of escrow accounts (3.74; 3.64) were rated among the least effective. The study concludes that while off-plan financing demonstrates strong financial and delivery advantages, it is constrained by weak regulatory enforcement, underutilized buyer protection tools, and inconsistent process execution, requiring urgent policy and professional intervention to ensure long-term viability.