A STUDY ON THE PROSPECTS TO SUSTAINABLE URBAN REAL ESTATE DEVELOPMENT IN FREETOWN, SIERRA LEONE

This research addressed the prospects to sustainable urban real estate development in Freetown, Sierra Leone. The study primarily focused on the following objectives: To identify the sources of accessing finance for real estate development by real estate firms. To learn how the land code of practice and population affect real estate development and to investigate technical constraints in providing real estate projects in Freetown. Data for this study were collected using a primary source, from which a semi-structured questionnaire was used for collecting the quantitative data. The study uses a case study design to achieve the study objectives. A non-probability purposively sampling was used to identify the respondents based on their experience after a line listing process of real estate firms and their employees in Freetown. For the quantitative data, a sample frame of 130 participants was drawn, of which 100 were chosen purposively based on their experience and understanding of real estate development, and 98 participated in the study. Data analysis for this study was done using descriptive (percentage, mean, and standard deviation) and inferential (Pearson correlation and regression analysis) statistical analytical methods. The study established that sources of finance, population impact, and technical constraints in real estate delivery have a positive significant association with urban real estate development, while land code of practice has a positive insignificant association with urban real estate development. The study recommends that, the country's financial institutions popularize a scheme that is of low interest to real estate firms so as to increase the source of income for real estate firms to expand their business; that the national land policy should be reviewed so as to create an avenue for access to land for real estate firms who are willing to provide affordable housing to the country; both the government and real estate firms should work accordingly in order to provide affordable housing for the population, and effective institutional capacity strengthening and enhanced collaboration between government parastatals and private real estate firms should be popularized and implemented. For further research, it is recommended that similar wider study should be done, which will be used for a broader generalization.