ETHNO - RELIGIOUS RESIDENTIAL SEGREGATION AND PROPERTY INVESTMENT PERFORMANCE: EVIDENCE FROM KADUNA, NIGERIA

This research primarily focused on the performance of real estate investment in the ethnoreligiouslysegregatedresidential property markets of Kaduna State, Nigeria. It conducted acomparative analysis of the performance of residential property investment in Northern andSouthern areas of Kaduna metropolis for a period of 10years (2011-2020), focusing on rentaland capital values appreciation, average return and risk adjusted return.The property typesconsidered include 2-bedrooms, 3-bedrooms and 4-bedroom semi-detached bungalows. Fromthe findings of the study residential properties in Barnawa shows a greater annual mean returnof 23.55% compared to 21.72% for residential properties in UngwanRimi. On the basis of riskprofile, residential properties in Barnawa have a standard deviation (risk) of 8.57% which isslightly better than 8.70% for residential properties in UngwanRimi. Applying the coefficient ofvariation also known as risk-to-reward ratio, residential property investment in Barnawa stilloutperforms residential property investment in UngwanRimi with coefficients of variation of0.36 and 0.41 respectively, the study concludes that the results are not unconnected to themigration of people and businesses southward, resulting from the ethno-religious crisisbedevilling the area for the last four decades. The study recommends that government at alllevels should provide enabling environment for investments to thrive and ensure the protectionof lives and properties to attract investors.