An Appraisal Of The Role Of Private Investors In Housing Supply In Nigeria

An Appraisal Of The Role Of Private Investors In Housing Supply In Nigeria (Case Study Of Enugu State)

          CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Shelter has been ranked among the basic needs of man in addition to clothing and the need of social security. Property development is a means of creating conducive accommodation to serve the need of protecting man and his possession from weather and other adverse climate conditions. In doing this, Continue reading An Appraisal Of The Role Of Private Investors In Housing Supply In Nigeria

Impact Of Road Network On Property Value

The Impact Of Road Network On Property Value (A Case Study Of Enugu Urban)

ABSTRACT

          The impact of road network on property values was not obvious in the years immediately after the colonial period. With the advert of oil boom in the early seventies, the different national development rolling plan which to some extent was vigorously pursued in the Easter states by the constructions of road brought about tremendous significance in the value of property.

These obvious characteristics could not actually hide its tendency, but it has remained a surprise that many scholars have not really focused their attention on this development unit recently when people began to realize that a lot of mistakes had been made during the previous years owing to lack of proper planning of layout and road network in our major cities.

Now that most of the major cities like Abuja and many others have been brought under such influence concerning road designs pattern, those mistakes have started coming into focus to scholars, and government who are policy makers and executor of projects. Despite the prevailing economic circumstance that is not encouraging, it was found during the course of the research study that it would be better to make a long lasting investment on road transportation network and maintenance than taking unnecessary short-term alternatives that will jeopardize both the economic and social life of the people thereby creating drastic impact on property values.

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

          The value of any landed property be it developed or undeveloped is dependent on the activities surrounded by four main factors namely, economic factor environmental factor, social factor and political factor.  Each of these factors plays a prominent role on the enhancement of property value, but their joint activity determines to a very large extent the quantum of value attached to the property. In this study however, the author will particularize or lay emphasis particularly on the impact created by the environment  factor on which road transport is  founded, this is aimed at enhancing a better analysis and understanding of the study.

The earliest civilization started with the development of transport routes which enabled the movement of people and  subsequently increased the exchange of goods and services. It is as a result of transportation that the country side was opened up, populated and developed. Forest lands be become farm lands, natural resources could easily be exploited as a result of transportation gaining access to the rural areas.

The function of transportation according to  Faulk (1957) is to convey people from where they are to where they wish to be or to convey merchandise from where it is to where its owner  wants it to be sent at times convenient to the customer and at reasonable cost. This therefore means that a well- planned road network will not only increase or promote accessibility but also will increase population fluidity and reduce transport cost. This population fluidity will cause changes in the effective demand for properties thereby resulting in positive change in property values of the areas concerned.

However, the accessibility of any site determines the profitability and utility thereon, hence the desire to maximize profit in respect of property market users determine the location of any economic activity to be characterized on the use of land. In other words, the greater the accessibility the greater the comparative increase on property value at that location. This is the reason why in recent time, investors on real property are being attracted to properties in areas with adequate road transport network. Sequel to this effect, purchasers or real property developers have discovered in these areas the advantages of good road network as a positive impact of a well planned layout and property maintained roads and facilities affordable at reasonable cost. These positive factors will enhance the property values in the neighbourhood.          Again, road transport development also has  some negative impact on property value, this result from traffic congestion, poor drainage facilities, poor road condition, population from either air or wind etc. this factors affect property value drastically in the urban areas.

1.2     STATEMENT OF THE PROBLEM.

          In Enugu urban, the main problem of road network design was unplanned. This was as a result of the early development of the town without master plan, to provide for appropriate location and development of economic activities because of the unplanned road network, the property value was affected.

1.3     AIM/OBJECTIVE OF THE STUDY

          Aim of the research work.  The aim of this study is to examine the positive and negative impact of road network on property value in Enugu urban.

OBJECTIVES OF THE STUDY

          The objectives of the study are as follows:

  1. To ascertain the relationship between road transportation network and urban property values
  2. To compare the impact created by the various categories of road.
  3. To identify the various problems associated with road transport development in Enugu Urban
  4. To show how road maintenance will affect property values.
  5. To proffer possible suggestions on the measure that could be taken to forestall the problem identifies

1.4     RESEARCH QUESTIONS

                 The division to research on the impact of road network on property values was a result of division into areas  of higher concentration of economic and social activities and areas of low concentration due to the impact created by environment factors on which road transport is found in Enugu urban. This impact however caused a higher demand and redevelopment of some landed property mostly from residential to commercial in the areas of higher concentration, which encouraged increased in property values in such areas.

The research questions for this study that readily comes in mind are thus:-

  1. Did road network affect property values?
  2. Did higher and better road network improve or increase property values?
  3. Did poor road network affects values of property?
  4. Did the improvement of road transportation in Enugu urban enhance the development of commercial activities?
  5. Did improved road network pattern in an area brings about population growth?
  6. Did good road network attracts investment in an area?

1.5            SIGNIFICANCE OF THE STUDY

              This research is envisaged to be generally to property managers and investor who are usually interested in property business, such that they would not invest without due consideration of this aspect to road development to determine the   choice of site and business to attain its higher and best use.

Again the planning authority will also benefit tremendously from this research, it will help them to understand better the essence  of  uniform development in their planning. They should  have at the back of their mind while planning the importance of road network to the economic well being in the areas they plan for.

The rating authority will benefit from this research in that it will enable then understand how an improved or deteriorating state of road or an unplanned road network will affect property value which will in turn affect the revenue derived from the property.

1.6     SCOPE OF THE STUDY

          For the purpose of easy collection and collation of   data, this research work will be centered in Enugu urban area, choice areas within the surrounding towns to be made reference to would be randomly selected and critically examine n other to reduce the margin of errors. Enugu was considered appropriate for this study due to its central location and good road network system thereby giving room for better assessment and analysis of data to obtain a high degree of accuracy.

1.7     LIMITATION OF THE STUDY

This study was limited by some constraints. Most data available on the study were difficult to be accessed. This was because relevant materials needed for this study could not be accessed, especially from the ministry of works and transport as well as ministry of lands and survey and, hence the unavailability of current data.

The value of property increase every now and then and usually at will by the property owners with out the government effecting its changes. This problem made the researcher not to get accurate data on the trend in rented value on the abutting properties as affected by road network.

Another great constraint that was experienced in the cause of this work was distance between school and the study area, this had the effect of limiting the number of visit   paid to the study area.

Furthermore, a study to the consequences to property values is bound to be highly technical owing to the nature of the problem. To this effect, some aspect road transportation study was omitted. By and large, it is generally noted that data collection for research these days are finance driven inadequate finance was a constraint to data reviewed considered to be disclosed. These and other limitations affected the reliability of information available for the study.

1.8     OVERVIEW OF THE STUDY

This research work has been meticulously carried out to ascertain the effects created by road network to the value of property in the study area. The author has tried to simplity the effect to which the various categories of roads affect properties in their surrounding location.

However, the content of this work has been methodically split into five chapters while chapter one emphasizes on the environmental framework   of road transportation in the study area, chapter two describes different opinion by some authors by examining their views concerning this topic of discussion , it was from these  opinion of value that relevant facts were scrutinized  for relevant data needed to analyze road network and urban development in Enugu. This chapter further describes the various category of road as arterial road, sub-arterial roads and the local roads.

Again chapter three discusses on the methodology of the research study. Information was collected through primary and secondary sources. Data from primary sources   comprises oral structural interview and property inspection to achieve the objective of the study. The secondary source of data encompasses the use of related literature of both published and unpublished material. information collected from ministry of works and transport, textbook, professional journal as well were used with effect to how the data will analyzed         finally, chapter four described the presentation and analysis of data while chapter five stipulates the recommendation, findings and the conclusion.

CHAPTER TWO

LITERATURE REVIEW

2.0     INTRODUCTION

In this chapter, review of literature relevant to the research topic has been organized under the following sub-headings.

–        Conceptual Frame Work

–        Summary of review literature

2.1     CONCEPTUAL FRAME WORK

The importance of road transport is founded on its economic and social activities which are concerned with increasing human satisfaction by changing the geographical position of goods and people. It may bring raw material to places where they can be manufactured or finished goods to place where the consumer can make best use of them.

On the contrary, Onakomanja (1981) in his contribution to the book tiled transportation in the Nigeria national economy hold the fact that there is nothing that can produce more confusion and social cost to a developed  region than the existence of inadequately planned road transport system and lack of  changes in land use activity pattern and control mobility and  access according to him are the cornerstone of urban economic activity and transportation is the bedrock on which these cornerstones must  be built many a times, transportation not only ignores this importance aspect but also plan deliberately to subvert the socio-economic activities or the community.

Tegucipalpa, Honduras, wheller et al (1973) acknowledge transportation technology as a factor in spatial distribution of urban population and economic activities. Decisions on the location of economic  activities are closely inter related with these of business sector in seeking to derive maximum advantage from the external “economic” associated with household agglomeration along economic, social and educational class line. The net result of such a decision is a pattern of activity which is reflected in the location segregation of the major components of road transportation network in the urban areas. Economically speaking, no single state or country is self sufficient producing all. it required for a sustainable livelihood.  As a result of this every nations economy is dependent on transportation and the level of economic development concomitant to the means of exchange available to it.

According to good all (1966), intra-city and inter-city transport facilities which harbours the urban developers and the urban area will not grow to a area will not grow to a great size unless transport facilities make  it possible to amass raw materials and distributes products for a field.

However, the improvement of transportation in Enugu has enhanced the development of commercial activities to enjoy external economics from traders from all over the country. This is manifested from the way traders from other states like Sokoto, Lagos, Kano Maduguri, Abuja, Kaduna can conveniently visit Enugu on business trip. This is as a result of good transportation network pattern which create positive impact on their property values. Road transportation has been described as the life wire on which the economic activity of any town or country depends. Hence for an urban activity to function most efficiently and economically there must be an improved inter-city and intra-city transport facility, so as  to ensure an efficient population flow.

Roads have dual function as traffic roads and as means of access on dwellings, this is the view of Keeble (1969 P.178). According to him roads are of great activity, roads originally had pedestrian track before the invention of motorcars, but as human civilization progressed, motorcars were invented  necessitating the development of the tarred roads. in the developing countries like ours     (Nigeria) road development  has  been a sporadic process which is influenced by politics and rapid expansion of the urban towns. They are seen generally as the skeleton of any town plan and arteries of the organism through which the life blood of communication flows. This description is born out of the understanding that urban roads are the integral part of transportation network that connects all urban activities, without which life in the urban areas would not be efficient and systematic. This otherwise proves that the  greater the degree of specialization and growth in the society, the  greater  the degree of dependence among urban activities or land user and the greater the extent of movement between them.

According to Alker Tripp (1956, urban roads fall into three main classes comprising arterial roads, sub-arterial roads and local roads. he postulated that the arterial or parts of the town. the sub-arterial roads like local roads and then gives access to the residential areas. John Noble (1966) as his own opinion states that the relationship between district and residential roads in an urban road network can be classified into three main classes namely primary distributor, district distributor and local distributors.

Primary Distributor

          They form the primary or major road network in the town as a whole and from them all other roads originate. In the study area, primary distributor roads are all roads from which the streets and local roads originate and these roads carry heavy traffic are all times.

District Distributor

These are the roads which distribute traffic without in the residential, industries, commercial and principal business district of the town, they form the link between the primary network and the roads with in the  environment. they are all in a state of good repair along the primary distributors, they have a width of about 10metres.

ESTATE MANAGEMENT PROJECT TOPICS

Estate Management Project Topics and Materials

Bravoprojecthelp has lots of high quality project materials on Estate Management. Click to view any of the topics below:

The comparative analysis of agency practice in Enugu urban

The influence of location on property values in onitsha urban

Problems of housing development in rural areas

Property rating taxation”as an efficient internal revenue generation by government

The effect of infrastructural development on rental values in owerri urban

An evaluation of hotel properties as an investment option

The role of estate surveyors and valuer in the banking industry

The procurement and revocation of certificate of occupancy in lagos state

 

 

THE COMPARATIVE ANALYSIS OF AGENCY PRACTICE IN ENUGU URBAN

THE COMPARATIVE ANALYSIS OF AGENCY PRACTICE IN ENUGU URBAN (CASE STUDY OF ENUGU STATE)

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 INTRODUCTION/RESEARCH DESIGN

THE COMPARATIVE ANALYSIS OF AGENCY PRACTICE IN ENUGU URBAN (CASE STUDY OF ENUGU STATE) Research design is a strategy or approach to be used for conducting a scientific enquiring, a research design is a plan or blue print that specifies how data relating to a particular problem should be collected and analyzed.agency Continue reading THE COMPARATIVE ANALYSIS OF AGENCY PRACTICE IN ENUGU URBAN

THE INFLUENCE OF LOCATION ON PROPERTY VALUES IN ONITSHA URBAN

THE INFLUENCE OF LOCATION ON PROPERTY VALUES IN ONITSHA URBAN OF ANAMBRA STATE

ABSTRACT

The purpose of this work is to identify the influence of location on property values. Attention is being focused to Anambra State, Onitsha as a case study. There are many ways by which location can influence property values. These ways can be seen as the factors affecting property values. These factors are being Continue reading THE INFLUENCE OF LOCATION ON PROPERTY VALUES IN ONITSHA URBAN

PROBLEMS OF HOUSING DEVELOPMENT IN RURAL AREAS

PROBLEMS OF HOUSING DEVELOPMENT IN RURAL  AREA OF IKWUANO UMUAHIA

ABSTRACT

This research work, study the problems of housing development in rural area of Oboro in Ikwuano Umuahia. It has examined the nature condition, requirement and problems militating against housing development in Oboro and how best these problems could be solved how to facilitate the use of the made policy in Continue reading PROBLEMS OF HOUSING DEVELOPMENT IN RURAL AREAS

PROPERTY RATING TAXATION”AS AN EFFICIENT INTERNAL REVENUE GENERATION

PROPERTY RATING TAXATION”AN EFFICIENT INTERNAL                             GENERATION BY LOCAL GOVERNMENT IN EKWUSIGO OF ANAMBRA STATE

ABSTRACT

More often than not, estate surveyors and valuers are requested to carryout rating exercise for properties which are located within a particular local governments areas, most especially in Anambra state for taxation ,generating adequate revenue internally for bailing out the local government system, from Continue reading PROPERTY RATING TAXATION”AS AN EFFICIENT INTERNAL REVENUE GENERATION

THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUES IN OWERRI URBAN

THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUES IN OWERRI URBAN OF IMO STATE

ABSTRACT

This project was conducted to determine the effects of infrastructural development on rental values in Owerri urban of Imo state. A simple random sampling method was used and 50 samples was drawn from a population of 500 from the study area. Descriptive research design was used because it gives a Continue reading THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUES IN OWERRI URBAN

THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUE IN UYO URBAN OF AKWA IBOM STATE

THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUE IN UYO URBAN OF  AKWA IBOM STATE

ABSTRACT

Poor infrastructure resources available for the development of required infrastructural facilities are grossly inadequate. This project sets to finding problems; the impact infrastructure availability has on rental value with the view of recommending ways of improving funding situation so that the status of Continue reading THE EFFECT OF INFRASTRUCTURAL DEVELOPMENT ON RENTAL VALUE IN UYO URBAN OF AKWA IBOM STATE

AN EVALUATION OF HOTEL PROPERTIES AS AN INVESTMENT OPTION

AN EVALUATION OF HOTEL PROPERTIES AS AN INVESTMENT OPTION IN ISELLE UKWU,DELTA STATE

ABSTRACT

Recent studies have shown that the general causes of how return concerns on Hotel properties as a source of investment is creating much concern on individual and policy implementers. And these problems are due to inadequate publication of information as a guide to procedure for setting out hotel Continue reading AN EVALUATION OF HOTEL PROPERTIES AS AN INVESTMENT OPTION