AN ANALYSIS OF HOUSING MARKET IN KUJE ABUJA
ABSTRACT
This study examines the supply and demand of housing in Wullu neighbourhood of Kuje. The aim of this is to examine the housing market in Kuje Area Council, with a view to understand the dynamics of the property market. In attempt to achieve this aim the researcher attempt to identify the principal actors in the housing market and assess their contributions to housing delivery and the problems that affects the housing market in Kuje. The research design adopted for this study is the survey design which offers the researcher the opportunity to gather information through the use of questionnaires, personal interview and observation. A structured questionnaire was administered to the respondents which comprise the tenants, landlords and real estate professional such as estate valuers and managers, quantity surveyors and town planners. Data were organized and presented using simple statistical tools like table, percentage and descriptive analysis of data. The study reveals that Nigeria housing sector remains underdeveloped and faces series of problems such as land acquisition, overpriced houses by private developers which prevents ordinary workers from owing decent house, prolonged land title and registration process, lack of access to credit facilities and mortgage financing. Finally the researcher recommends a well-defined and integrated system of housing finance which is needed to fund the construction of new structures and to facilitate the trading of existing properties and a strong legal and regulatory framework which comprises consistent and holistic set of laws and government policies to enhance the provision of affordable housing delivery in Kuje and Nigeria at large.
CHAPTER ONE
- INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Introduction housing market is neither a public place nor open space for trading in houses like a literal market where goods and commodities are bought. it can described as a market where housing goods and services are sold and bought by virtue of their being demanded and supplied. Housing markets are dotted all over a nation’s landscape, it is a system or phenomenon or even an industry. Those who trade in the housing market know where and how to locate themselves in order to buy and sell housing goods and services.
The housing market in Nigeria as compared with other nations of the world is still at its fundamental stage. This is accounted for by a number of factors. The first of this factors is that Nigeria still a developing nation and thus has not attained the stage of the developed nations of the world in the commercialization of its economy. There is therefore a weak operation in the housing market were resources are left to the forces of the market based on demand and supply.
Secondly, the government housing policy and practices particularly relating to land affects the housing market. This is as a result of the cumbersome nature and delay associated with land acquisition through the ministry of land and survey.
Housing demand and supply influence and determine the housing market. Thus there is need to study the demand and supply which serves as the mechanism of force that influences housing. The housing market is not a market like the stock or commodity exchange in which there is a long and short side, and a quotable dib and ask. Functions of compares and sub-situation are difficult and less perfect in housing than in other markets. This is as a result of the fact that no two building are identical. Each has its own factors of location, convenience, utilities and neighborhood. Usually, the housing market is composed of many small buyers and sellers, each trying to create their own terms. The typical buyer enters the market only once or twice in life time and thus has little knowledge or experience in which to base his or her decisions.
Nigeria needed a Federal Capital Territory since Lagos the then federal capital city could no longer serve the role of state capital as well as the federal. Again Lagos as chief seaport and main industrial and commercial Centre because a thing of concern not only to Nigerians but also to the federal government of Nigeria. Therefore on Murtala Mohammed recommended the setting up of a panel decide which of the two functions of Lagos as a state capital or federal capital of the two functions of Lagos should be removed was made, and Abuja was chosen because it is centrally located and easily accessible from all parts of the nation, the healthy climate condition, physical planning convenient and ethic accord. Abuja being the being the federal capital territory with all government ministries, agencies board and parastatals of which most of the government offices are located in the city Centre which is part of the Abuja Kuje area council have in flock of people who are in search of greener % increase in the population of Abuja city (for 1994).
The work force needs to be housed, and closeness of their houses to places of work made demand of houses in Kuje to be on the increase making people staying there to pay higher rents than people staying in other parts of Abuja, like Rubochi, Kuje-kwa, lug be Etc. With demand being so high, supply have to be in place too so that those that have the income will get and pay the accommodation as soon as the need arises.
1.2 STATEMENT OF PROBLEM
Abuja Being the city Centre which have most of the headquarters of federal ministries and parastatals have a high of in flock of people who are looking for greener pasture on the high side, and then supply which goes a long way to determine the housing market and prices.
As a result of the high rents in places like Kuje and all the other zones in districts and most of the people who work in the Kuje i.e. Kuje prefers to stay in places like Rubochi, Gudun-Karya because of low rents. There is always traffic congestion during rush hours in the morning and after close of work.
1.3 AIM AND OBJECTIVES
The aim of this is to examine the housing market in Kuje Area Council, with a view to understand the dynamics of the property market.
Objectives are:
- To review related literatures on housing market
- To examine factors that determines housing market dynamics in the study area.
- To identify the actors and assess it contributions to housing delivery in the study area.
- To identify the problems that affects the housing market of Kuje town.
1 .4 RESEARCH QUESTIONS
- How would you classify the related literature on housing market?
- What are the factors that determine housing market dynamics in the study area?
- What are the key actors and what contributions have they rendered to housing delivery in the study area?
- What are the problems that affect the housing market of Kuje?
1.5 SIGNIFICANCE OF THE STUDY
There is no doubt a project of this nature is very important as it is meant to evaluate how the forces of demand and supply determine prices in the housing market. It will help all those who come across it to know the plight of urban dwellers as regards housing and also trends in demand and supply in Kuje.
This study will also contribute to the body of knowledge in the field, and as well reference material to other researchers.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
This research work is limited to the analysis of housing market in Abuja and most especially focus on Kuje.
LIMITATION
Some of the problems encountered doing the study includes time constraints, lack of finance, and lack of access to required data and also respond from some of the respondent.
1.7 DEFINITION OF TERMS
Housing is defined as the process of providing functional shelter in a proper setting in a neighborhood supported by sustainable maintenance of the built environment for the day to day living and activities of individual and families within the community (N H P
2006).
MARKET: An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.
HOUSING MARKET: Housing market is the physical area in which all dwelling units are linked together in a chain of substitution, where each can be considered as a substitute for other.
HOUSING DEMAND AND SUPPLY: Housing demand is the number of dwelling unit that are actually by the people at a particular point in time, while housing supply is the number of residential unit that are provided by the key players in the accommodation provision.
HOUSING STOCK: Housing stock can be defined as the total number of housing units in a given hosing system. It includes all habitable houses whether of low or high quality. Housing stock can be increased through supply factors such as renovations, conversion, rehabilitation, change of use, upgrading etc.
HOUSING UNIT: A housing a unit of accommodation or housing designed for and occupied by a single household.
1.8 BACKGROUND OF THE STUDY AREA
The present federal capital territory, Abuja came in to existence through the report of justice abiola Aguda committee which was inaugurated in 1979 by then head of state, law General Murtala Mohammed. The committee recommended that the new capital should be centrally located and accessed from all parts of the country. As a result, a land area of approximately 8,000 square kilometers lying between latitude 25N to 29 and longitude 645 to 739E was carved out from then kwara, Niger and plateau state to form the present federal capital territory. This was later given a legal backing with the act of 1979 with which also established the federal capital development authority (FCDA). Abuja according to the master plan is expected to be developed in phases with satellites towns to serve the city center. Thus, the city center comprises of phase 1, 2, 3, and 4. Satellites town in the federal capital territory are located not too far from the city center and these include Rubochi and Gudun-Karya, etc. which offers residential accommodations for the terming population most o of whom work in the city Centre. Administratively, the federal capital territory is structured into six (6) area councils which are: Abuja municipal, Kuje, Kwali, Bwari, Abaji and Gwagwada. Each of the area council is administered as a local government under the general supervision of the FCT minister. The infrastructure planning and development of Abuja is handled by FCDA which among others central the various development and maintenance units. From 1992, when the federal government officially moved to Abuja, the development has been so rapid, and FCDA had to increase its manpower to meet the demand of housing, offices and in fractural development required for the civil service workforce that were directed to relocate to the city. From a population of less than 200,000 in 1991, the city believed to have an estimated population in the range of 2.5 million as at 2004 and it is believed that an average of 100,000 people migrate to Abuja monthly in search of employment opportunities. The indigenes of’ Abuja are mainly garish, they speak Gbagi and their main occupation is farming. The crops they include yam, maize, cowpeas, groundnuts etc.
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