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

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After payment, text the name of the project, email address and your names to 08064502337 infrastructure in Akwa Ibom Urban will be upgraded. This project work also discussed at length calluses of such infrastructural under development and effective measure to employ in tracking such infrastructural development problems. Such measures includes among others, the needs for government subsidies, the state as the second tier of government need revenue to provide basic social amenities to the people, the effect of available infrastructure in residential property on the rental value in Akwa Ibom, the provision of such infrastructure such as water, electricity, good access road. The project writer concluded that the improved quality of infrastructural contributed to the increase in the rental value and the needs in enhancing infrastructure in the state by the government will help in providing good infrastructure development which will help in upgrading the state economy and the rental value in properties for the Akwa Ibom people.

CHAPTER ONE

1.0  INTRODUCTION

Infrastructure comprises the basic physical and organization structure needed for the operation of a society or economy to function. Infrastructure is the basic physical system and structure that support everyday life and operation of a nation or community at the individual, home, business and institutional levels.

Infrastructure generally refers to facilities that are offered for public use as against those of a private nature. The may be physical infrastructure such as roads, airport, public water and electricity or social infrastructure such as school and public health care facilities. Infrastructure plays such an important role in the development and well being of a society such that the level and standard of living of a society can be reached.

1.1 BACKGROUND OF THE STUDY

The historical background of infrastructural development dates back to the creation of Akwa Ibom state. According to Kim (2006), infrastructure of too important to achieve, the main development target. In developing countries such as urbanization industrialization, export promotion sustainable economic development. The lack of infrastructure is the major obstacle to economic growth in any developing countries.

The state of infrastructure in Akwa Ibom state is quite poor. According to UNP survey in 2010 Akwa Ibom has the third (3d) highest poverty rate of 27.1% in the south-south zone. Akwa Ibom state is located within the latitude 500 north and longitude 75◦ east. It covers an area of 6,772. 1 square kilometers. It has population of 3,902,051 (2006 census figure) and a population density of 568 people per square kilometer. The state account for 2.8% of Nigeria’s total population density of current of over 5 million people and more than 10million people in Diaspora has been facing a lot of infrastructure challenges since it’s creation in 1987. Most roads are in bad states poorly constructed and poorly maintained.

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The drainage system in Akwa Ibom is so bad that many areas of the town are easily flooded after any heavy rainfall. According to Akwa Ibom state statistical year book 2007, by 2006, there were 32 functional public boreholes in Akwa Ibom state. Many citizens depend on polluted rivers and streams for their water supply. Public power supply is epileptic, many citizens now depends on small private electricity generator with attendant health and environmental hazards, these have been reported cases of death as a result of the inhalation of poisonous exhaust fumes from those generators for some years now, there have infrastructural development in Akwa Ibom urban.

It is for this reason that this work is being carried out in the view of finding the causes and thereby bringing about recommendation that will promote infrastructural development in Akwa Ibom and achieve a successful upgrade in rental values.

1.2   STATEMENT OF THE STUDY

There has been consistent poor or low rental value in Akwa Ibom urban compared to make urban centers as a result of lack of both social and physical infrastructure development in the state which will naturally boost rental value.

This work sets out to find ways and means of improving finding so that a significant improvement in the provision and maintenance of infrastructure can be achieved.

1.3 AIM/OBJECTIVES OF THE STUDY

The aim of this study is the effect of infrastructural development on rental value.

  1. The main objectives of infrastructural development in the circulation is to attempt to stimulate demand, taking advantage of high infrastructural encage value inherent in real estate development.
  2. Examine the spectral pattern and trend of demand supply and values of commercial properties in the study area.
  3. Determine the rental value and road network in the presence or absence of other variables.
  4. An efficient infrastructure network will have the effect of generating new instrument in other sectors and is key to stimulating economic growth and development in rental properties.

1.4   DELIMITATION OF THE STUDY

Akwa Ibom state was created in 1987 from the former Cross   River state. The state capital is Uyo with over 5,000,000 inhabitants; the region of the state was created out of Cross River state on September 23, 1987.

Akwa Ibom is geographically located in the coastal south-southern geographically zone of Nigeria, Akwa Ibom Lying between latitude 4321 and 5331 North and longitude 7251 and 251 east. The state is bordered on the east by Cross River on the west by River state and Abia state, and on the south by the Atlantic Ocean and the southern most tip of Cross River state.

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Akwa Ibom is density populated and occupied by mainly the Ibibio race and predominantly occupied by the Ibibio’s who speak Akwa Ibom dialect (i.e. Ikot Ibibio).

1.5 SCOPE OF THE STUDY

This research book intends to cover the following areas:

  1. The important of infrastructure development in rental value in Akwa Ibom.
  2. The area of improvement in real state infrastructure development in Akwa-Ibom.
  3. It will also examine how rural values are affected by infrastructural development in Akwa-Ibom.
  4. The provision of infrastructure in residential properties which will consequently prospective tenants.
  5. How the quality of the infrastructural facilities in the residential property will be improved upon and maintained in a sustainable manner to boost rental value.

1.6 LIMITATION OF THE STUDY

The study focused on analysis of the rental value in Akwa Ibom, it simply analyzed accessibility, distance to most central place in the study area. Some challenges were encouraged during the study such limitation are as follows.

  1. TIME CONSTRAINTS: This also limited the data during the study as one combined, take home assignment and the research all together.
  2. UNCOOPERATIVE ATTITUDE: The uncooperative attitudes of some tenants, caretaker, and landlords also contributed. In limiting factors during this study, it was one of the factors that delay in getting data for this study.
  3. FINANCIAL CONSTRAINTS: In trying to gather data for this study a lot of finances were put in, in other to be able to get more data. A lot of finances were greatly required in money and in the grate capital in gathering data for the research work which was a constraint.

1.7 ORGANIZATION OF THE STUDY

This research work is organized in six parts where one first is the preliminaries which composes of little page, approval page, dedication, acknowledgement, abstract and table of content.

The second part is chapter one with introduction background of the study, significant of the study etc.

The third part is chapter two which is the main body of the study and it includes literature review, types of infrastructure, and sources of infrastructural development and so on.

In the fourth part which is chapter three consist mainly on methods employed in sourcing and gathering data and information. And include research methodology, source of data method of data collection and analysis.

The fifth part which is chapter four contains data presentation and analysis and discussion of findings.

The last part which is chapter five contains conclusion and recommendations, summary of finding etc.

1.8 DEFINITION OF INFRASTRUCTURE

Infrastructure refers to the basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function it can be generally defined as the set of inter connected structural elements that provide a frame work supporting an entire structure of development. It is an important term for judging a country or regions development.

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The term typically refers to the technical structures that support a society, such as road, bridge, water supply, sewers, electrical grid, telecommunication and so forth, and can be defined as the physical component of inter related systems providing commodities and services essential to enable, sustain or enhance societal living condition, viewed functionally infrastructure facilities the production of goods and services, and also the distribution of finished products to markets, as well as basic social services such as schools and hospitals for example, roads enable the transport of raw materials to a factory.

According to Oxford advanced learner dictionary defined infrastructure as the basic system and service that are necessary for a country or an organization to run smoothly for example buildings, transport and water and power supplies.

1.8.1 DEFINITION OF VALUE

Value means the regards that something is held to deserve the importance, worth, or usefulness of something. It also the principles of standards of behavior, one’s judgments of what is important in life.

The monetary worth of an assets, business entity, and good sold service rendered, or liability or obligation acquired.

The extent to which a goods or services is perceived by it customer to meet his or her needs or what, measured by customers willingness to pay for it. It commonly depends more on the customers’ perception of the worth of the product than on its intrinsic value.

1.8.2 DEFINITION OF RENTALS

Rental can be defined as an item that is leased out for a specific amount of time and is governed by either a verbal or written agreement. The most common terms of rentals are homes, cars and equipment. Most rentals commencement of the leasing period or during the scheduled leasing period.

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