A COMPARATIVE ANALYSIS OF RENTAL VARIATION IN RESIDENTIAL AND COMMERCIAL PROPERTIES IN NIGERIA (A CASE STUDY OF OGUI NEW LAYOUT ENUGU)
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A
COMPARATIVE ANALYSIS OF RENTAL VARIATION IN RESIDENTIAL AND COMMERCIAL
PROPERTIES IN NIGERIA (A CASE STUDY OF OGUI NEW LAYOUT ENUGU)
ABSTRACT
This research has investigated in
to a comparative analysis of rental variation in residential and commercial
properties in Ogui New Layout, Enugu Nigeria.
The
researcher used both questionnaires, interview and self observation as method
of data collection. The data was collected among some landlords, Estate agents
of the selected properties.
The data
collected was analyzed based on interpretation and conclusion made.
Chapter one
treats the introduction of the project work, chapter two Literature Review,
chapter three. Research methodology, chapter four data presentation, analysis
and interpretation and chapter five finding, recommendation and conclusion.
Finally,
rental variation in commercial and residential properties have been discovered
to be influenced by certain factors affecting the rents passing on these
properties.
Table of
contents
CHAPTER ONE
1.0 Introduction
1.1 Background of the Study
1.2 Statement of Problem
1.3 Purpose of the Study
1.4 Significance of Study
1.5 Scope of the Study
1.6 Limitation of the Study
CHAPTER TWO
2.0 Literature Review
2.1 Property
21.1 What is Property?
21.2 Meaning of Property for Appraisal
21.3 Nature of Property
21.4 Classification Property for
Valuation Purpose
21.5 Economic of Rent
21.6 Theory of Rent
21.7 Concepts of Rent
21.8 Determinate of Rent
2.2 Commercial Properties and Rents
2.3 Residential Properties
2.4 Definition of Relevant Terms
CHAPTER
THREE
3.0 Research Methodology
3.1 Sources of Data
3.2 Primary Data
3.3 Secondary Data
3.4 Study Population and Sample
CHAPTER FOUR
4.0 Data Presentation, Analysis and
Introduction
4.1 Presentation of Basic Data
4.2 Presentation and Analysis of Data
4.3 The Average Rent in N/M2 on
Commercial and Residential Properties
CHAPTER FIVE
5.0 Findings, Recommendation and
Conclusions
5.1 Finding
5.2 Recommendation
5.3 Conclusion
Bibliography
Appendix
List of
Figures/Tables
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Shelter is a basic necessity in
life. An individual can satisfy this need by either occupying his own (owner’s
occupier) property or renting another persons property. In our traditional
society, the need for shelter is mainly met through the first alternative, that
is owner occupation. With the emergency of urban centres, the situation has
changed. Many people are no longer about to own property because of the
difficulty in the acquisition of land and the high cost of building
construction. Therefore, they are left with the alternative of renting other
people’s properties in order to satisfy their need for shelter. Consequently
two classes of urban resident have emerged, the landlord and the tenant under
this arrangement the tenant pays to the landlord a certain amount of money in
consideration for his use of the landlord’s house. This amount is popularly
known as rent.
During the
civil war the Nigeria that is 1966 to 1970 many landed properties in the urban
areas of the former Eastern Region of Nigeria, including Enugu, were destroyed.
Consequently, there was a sharp decline in the supply of landed properties
after the war. Furthermore, the post – civil war period witnessed an
unprecedented number of the rural population trooping into the urban centres
due to the conspicuous prosperity brought about in the urban area by the oil
boom. This resulted to high demand for the existing limited supply of landed
properties. Consequent upon these, rent for landed properties increased
considerably.
This trend
has continued with the effect that “the average worker is paying between 30% to
40% of his salary as rent ” (Oshadiya, 1985). Thus the increase in rents on the
properties has led to the variation of rent on properties.
In urban
area due to location advantage (for example prime location) which some
properties offer above others for commercial and residential uses, rent tend to
very on account of the type of use which a property can offer.
1.2 STATEMENT OF PROBLEM
Location of
economic properties has been a difficult concept to understand. Although the
primary objective of commercial properties is the derivation of financial
gains, while that of residential properties is for habitation, shelter and
comfort, the demand for land is a refection of the profitability or utility
derivable from it use. The greater the benefit to be obtained from a particular
use, the higher the rent that the user will be willing to pay for it.
There appear
to be wide ranging differences in the levels of rent passing on residential and
commercial properties in Enugu and Nigeria generally.
This
research is seeking among other things to find out the causes of rental
variation in commercial and residential properties in Nigeria, Ogui New Layout
as a case study.
1.3 PURPOSE OF THE STUDY
The main
purpose of this research is to examine the reasons for rental variation in
commercial and residential properties with a view to provide tool to be used in
catching issues related to rent on these properties in Enugu and Nigeria
generally.
In order to
achieve the standard goals, the following objective are to be undertaken;
i) To identify the current
level of rents for commercial and residential properties in the study area.
ii) To ascertain and examine the
factors influencing the rents being commanded by these properties.
iii) To specify the implications of
rental variation on decisions to acquire those properties.
iv) To determine the trend in
rental values for residential and commercial properties in the study area.
1.4 SIGNIFICANCE OF THE STUDY
The finding
of this study will be of benefit to the following;
Firstly,
tenants who are charged rents based on different reasons, especially when the
properties are of the same nature (physically). This will again enable the
investors not only to understand how occupier thinks, but also why and the
things they consider before acquiring properties for certain uses. For example
residential and commercial use.
Secondly,
the generality of the public can now understand the reason why the rents being
commanded by these properties have to differ.
Lastly, this
research work will help to determine the factors influencing, commercial and
residential properties which is an essential pre-requisite to successful
development as well as stimulating interest in the students to carryout out
further research on the topic.
1.5 SCOPE OF THE STUDY
The study
covers a period of three years (2002 to 2004) and it is restricted to selected
properties (Residential and commercial) comprising blocks of flat and tenements
in Ogui New Layout, Enugu
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