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The Effects
Of Slum On Rental Property Values
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
According to
historical accounts (Leadership Newspaper), Asata, Coal
camp, New
market, Ogui urban including Obiagu areas of the city belongs to Ogui Nike
people. But during the colonial era, the white men started developing parts of
the land owned by the Ogui Nike people. That explains why Obiagu is presently
inhabited by people from almost the five south east states namely; Abia,
Anambra, Ebonyi, Imo and even the present day Enugu state.
Also a
portion of Obiagu was then inhabited by the Hausa community, who came to the
city as either cattle dealers or artisans. But following the events leading to
the outbreak of the Nigeria Biafra war in 1967, a good number of Hausa men
living in the area left for their different states in the north and never
returned to the area, then the community was taken over by Nigerians from other
ethnic groups, particularly Igbo, yet it still answer
“Ama Hausa”
[house of Hausa community of a ghetto. When police or other security agencies
are looking for suspected
criminals,
they usually gear their search light on obiagu, because of the belief that it
is a criminal infested area (Ubani, 2012).
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Most housing
decay and deterioration comes in various forms and their existence is more
evident in densely populated parts of the city. Some of the characteristics of
slum include inadequate and deficient facilities obsolete buildings, filthy
environment, etc. Much concern was been shown about the problems of the slum
areas particularly on the level of decay exhibited by such areas and the plight
of the low income households which dwell in them, this put lives and health of
the residents in danger.
Obiagu experienced
a large rapid population growth because of the influx of people from different
part of the east as a result of the development from the colonial era, hence
houses constructed of hands materials sprang up all over the settlement. Thus,
the area is crowded with poor housing structures most disorderly located. The
settlement has now grown and developed in an unplanned manner resulting in the
deterioration of the values of the property and social status of the estate
environment.
Therefore,
the main aim of the study is to examine the effects of slum on rental property
values in Obiagu.
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1.2 STATEMENT OF THE PROBLEM
Obiagu is
characterized by slum, where the structure are blighted,
high level
of occupancy mostly low income group, over crowding, under supply of public
amenities, bad roads, this is the basis for this research work, trying to
examine the effects of slum on the values of property, located their and also
to show or establish that slum development is the major set back in urban
growth/development.
1.2 AIM AND OBJECTIVES OF THE STUDY
The aim of
the study is to examine the effects of slum on rental
property
values in Obiagu. To achieve this aim, the following objectives
were raised,
they are:
a. To identify the causes and
effects of slum on rental property values in the study area.
b. To establish the negative and
positive effects of slum on rental property values in the study area.
c. To establish whether slum environment
makes investment in real estate and property market transactions, a viable
venture.
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d. To then recommend the best and
possible strategy towards eradicating the slum of obiagu area and hence create
a suitable environment that will enhance the property value in the areas.
1.4 RESEARCH QUESTION
In spite to
identify, the research problem earlier stated, some questions
have been
raised by the researcher; it is believed that when right answers are provided
for these questions it will lead to the achievement of the objectives of the
study.
The
questions are as follows:
1. What are the causes and
effects of slum on rental property values in Obiagu?
2. Are there any negative and
positive impacts of slum on rental property values?
3. Will investment in real
estate and property market transactions in Obiagu be a viable venture?
1.5 THEORETICAL FOUNDATION OF THE STUDY
This
research is based on the theory of the highest and best use of
land.
Highest and best use abdicates the application of land in order to gain maximum
benefit not only to their owners but the society at large. Obiagu
4
area has not
been put to its highest and best use and as such resulted to slum in the area.
That is to say, putting land into best use gives room for development. This
calls for significance of their research.
1.6 SIGNIFICANCE OF THE STUDY
The study
tends to identify the nature of slum in
the study area,
possible
causes and effects on rental values of properties in the area in order to aid
relevant authorities to tackle the problem and enhance benefits of real estate
property market in the area.
There are
many causes of slum which includes indiscriminate development of properties,
improper disposal of waste etc. The government and its agencies have not paid
much attention to it as a result of insufficient information available to them.
This research will increase the interest of government officials on the issue
and if the recommendations are adhered to, it will go a long way to eradicate
slum in the study area and enhance development and real estate investment.
1.7 SCOPES OF STUDY
This study
is restricted to the development of slum in obiagu. The
investigation will
consider the environmental, social,
economic
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demographic,
transportation, infrastructural and housing amenities conditions relevant to
enhance estate settings as well as property values.
1.8 LIMITATIONS OF THE STUDY
Limitations
of this study include time, financial constraint, lack of sufficient relevant
data which the research would have used to give a sufficiently new approach to
this form of study.
1.9 OVERVIEW OF THE STUDY
The study
starts with an introductory chapter on the research problems
and other
related issues. Chapter two dwells on literature review, throwing more lights
on slum, concept of slum, types of slum, attitudes of slum, causes of blight
and factors leading to slum formation types of slum, roles of slum, history of
slum etc.
Chapter
three talks about the research methodology research method and design, sources
of data, collection and instrument for data analysis.
Chapter four
deals with data presentation and analysis while chapter five deals with the
findings, recommendations and conclusion.
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