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TRENDS IN
RENTAL VALUE OF RESIDENTIAL PROPERTY IN AN EMERGING STATE CAPITAL
ABSTRACT
This study
examined the fluctuation and prospects of values appreciation on properties,
which is due to population increases urbanization. This has shown that there are many factors that
determined trends in rental value of residential properties. These factors
include location of the property, changes in building costs, the national
situation change, change in population.
These examine the study area of the trends in rental value of
residential property in Osogbo increased tremendously and this has brought
about a great improvement on the socio economic life of the people at Osogbo.
Chapter one, contains a detailed an broad information of the study and its background.
The aim and objective, significance of the study, scope of the study, research
methodology and limitation were also discussed. Chapter two is based on the
literate review in which the conception frame works of the trend in residential
property value was really discussed. Chapter three, these based on research
methodology of the study area. Chapter four, discussed about the presentation
of the data and the analysis of data
using questionnaire and personal interview as a source of collecting data or
information. Chapter five discussed summary of findings, Recommendation,
conclusion and References.
TABLE OF
CONTENT
CHAPTER ONE
1.0 Introduction
1.1 Background of the study
1.2 Aim of study
1.3 Objective of study
1.4 Significance of the study
1.5 Scope of the study
1.6 Research Methodology
1.7 Limitation of the study
CHAPTER TWO
2.0 Conceptual framework
2.1 Concept of value
2.2 Types of value
2.3 Residential property
2.4 Types of residential property
2.5 Rent
2.6 Types of rent
2.7 Real Estate and market
2.8 The real property market
2.9 Characteristics of real property
2.10 Determination of rental value of property
2.11 Price determination in property market
2.12 Factors affecting property values.
CHAPTER
THREE
3.0 Research Methodology
3.1 Sources of data
3.2 Method of gathering data
3.3 Research instruments
3.4 Method of data presentation and analysis
CHAPTER FOUR
4.0 Data presentation and analysis
4.1 Factors that responsible for the trends
in rental value
CHAPTER FIVE
5.0 Summary of findings, recommendation, and
conclusion.
5.1 Summary of findings
5.2 Implications of findings
5.3 Recommendation
5.4 Conclusion
References
Appendix
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
As far a
real estate is concerned, value goes with the same economic laws as values of
other goods and services. Therefore, value of real estate relates its basis to
the law of demand and supply just as price of commodity in the market. The
other underlining factors that guide residential property market in the study
shall also be highlighted. Value is the worth of and article in exchange. The
money worth that will accrue to the lesser will be and inverse function of the
value of demand, long time age especially in the days of oil boom, the property
market of the area was dull because people prefer to build than to let or lease
because building cost was cheap. But, in the decade the property market of the
study area has experienced gradual changes in rental value.
The nature
of this change is the focus of this project, the concept of values of property
factors affecting property values and some other related topics will be treated
Various
factors that can being about changes in residential property values and a
graphical representation was made which showed a monumental changes in their
rental values when compared the present year.
Osun became
state in August 27th 1991 in the sixth year anniversary broadcasting of
President Ibrahim Babaginda. The state was one of the Nigeria new states
created in 1991 others are Abia state, Kebbi state, Kogi state, Delta state,
Jigawa state, Enugu state, Yobe state and Taraba state. Before this time, the
state was part of old western Region and later became part of the Old Oyo state
before it finally became a state today. Most of the towns and villages in Osun
State of today are as the country itself
The state
capital is Osogbo with a total number of thirty local government councils.
Among the major towns in Osun state are Osogbo, Ilesah, Ile-Ife, Ede,
Ilaorangun and Egigbo among others. The state has a total land of 86002 square
kilometers and share boundary with Kwara in the North. Oyo in the west, Ogun
and Ondo in the South and Ekiti in the East.
The national
figure of 1991 put the state population as 1,144,907 Male and 1,193,663 Female.
With the population density of 233 and in 2006, the total population is
3,423,535 with the population density of 379 and the current population density
is 4,000,000.
Before the
inception as the state capital does not harbor much number of people but since
the inception as the state capital the number of people increased and many
environment, economics and development changes occurred hence, the introduction
of banks and industries spring up which lead to the growth and expansion of the
state, the rental value increases to a great change to the physical and
economic activities in Osun State. The state was blessed with abundant
deposited of natural resources such as Gold, Clay, Limestone and Granite.
The state
expansion of tropical climate while the local natural vegetation is the lowland
rainforest types.
Owa Laorooye
(Laro) and Oguntimehin (Timehin) both co-founders came from Ipole, the original
homestead of the earliest settlers, around 1650 and 1700.
Timehin was
a great hunter. He had mad e several expeditions to the Osun forest during
which he discovered Osun River whose water never dried throughout the year. The
presence of Osun River and other physical features of the area impressed
Timehin. Back at Ipole (located some 12 kilometers from Osun River and which
had been experiencing acute water shortage), he informed Owa Laorroye of his
adventure, discovery and conviction that if they shifted their abode to the area,
the problem of water shortage would be solved. After due consideration, Laro,
Timehin and their people left Ipole to settle along Osun River.
Legend has
it that when a tree fell into the historic River, a voice complained and
pleaded. Spirit of the forest you have broken all my dyeing pois move power
from here so that you may prosper. Aro and Timehin were said to have replied in
fear Osogobo ode o, which translate into the spirit of the forest sorry. The
two men believed the voice to be that of the Osun goddess. From that day, the
settlers called their abode Osogbo which was perfected to OSOGBO. The spot
where Osun River is worshipped today was where Osogbo people first settled.
Following the Osun goddess complaint and Advice, the first settlers Oba Larooye
and Timehin and their people moved upwards as directed to where the first
historic palace in Osogbo is now situated.
1.2 AIM OF THE STUDY
The aim of
study is to examine the trends in the rental value of residential properties
since the creation of Osun state.
1.3 OBJECTIVES OF THE STUDY
To identify
various factors that responsible for trends in rental value of residential
properties
To examine
the rental value of residential properties in the study area.
to identify
various problems militating against the performance of residential properties in the study area.
To make
recommendations and conclusion.
1.4 JUSTIFICATION OF THE STUDY
In ascribing
any rental value to any set of property the future level of productivity of the
property have became a thing of significance. So one of the things to which the
developers are most sensitive is the feature level of rental. A small amount of
the balance in prediction can have great effect in the success or failure of a
project. This as a guide to viability of a development scheme, it is important
that feature levels of income generated from the property must be highly
granted.
In doing
this, decision which affects the feature has to be taken into consideration.
But before this can be done, it is necessary to make allowance for condition
that would show ahead. Since current rental on investment as mainly aims at
meeting feature needs of the owner.
Residential
property in its nature is more or less dynamic thus a study of past trends of
the property in the market would serve as a useful guidelines to the whole
state be it investors. This enable public as well as private developer know how
their scheme fit into future development of the sub-growing urban area as a
whole.
The study of
trends of property values most especially residential property is of great
importance to the estate management profession. An understanding of trends on
property value is great importance for their being assessment purpose or
valuation.
This is
because it provides a good guide and it can be used for projecting such things
as revenue generation, either for the state or local government. An
understanding of the trends in rental value of a property, particularly
residential property, in most cases it can also be used to determines the
capital value of the property in the nearest future and also the actual rent to
be taken by the landlord, could be determined if an accurate trend can be got.
1.5 SCOPE OF THE STUDY
Basically,
the project propose to examine the trends in rental value of residential
property within the state. Although the estate belongs to the Government which
ahs vested interest into the individuals who developed the respective property.
The respective landlords who pay the corporation an annual ground rent now lets
out their property for over years
In this
project a critical examination will being made on the responsible factors and
forces causing changes in rental value of residential properties.
1.6 RESEARCH METHODOLOGY
During the
course of this study, data and other important materials were collected in the
following ways,
Reference to
relevant books and journals
Oral
interview in connection with the study was carried out within the study area.
Field survey
of the study area.
1.7 LIMITATION OF THE STUDY
The major
problem we encountered was that Osogbo is a large area with many estate
surveyor and value firm, location at relating short distance from each other as
had to result to trekking from one firm to another and also some of the estate
surveyors and values were not willing to answer the oral interview conducted
because of their tight schedules.
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