EVALUATION OF LAND USE AND DEVELOPMENT CONTROL IN NIGERIA
(A case study of Area Council Bwari, Abuja)
ABSTRACT
The aim of this project is to evaluate land development control. In other words, the important of land to mankind and its various uses, which are residential, commercial, recreational, industrial, education, communication land etc. this calls for the control of various development purpose. The government promulgated various laws to regulate the land use planning, building by law and zoning regulation for an important research. Several forms of data collection methods and analysis are bound to be used therefore, this project work have comprehensively three sections which can be ascertain in this project work.
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
In ordinary language, the term land refers to the physical surface of the earth or in everyday use in the part of the earth’s terrain on which man plant and animals live on. Land in its totality is more than the earth’s outer surface that gives sustenance to plants and animals.
Conceptually land has various meaning, the term “land” suggest different things to different people depending upon their outlook and their interest at that moment. According to Balowa (1985) “land” could apply a nation an ordinary person or political division of the earth surface. Legal concept of land as in section 205 of law of property act 1925 define it to include, “land to tenure and mine and minerals whether or not held apart from the building, other incorporated here determent benefit right, privilege in or over or deprived from land”.
To this end, town and cities are precious possession, of mankind. A town or city does not know its own grow to become efficient, but like a child, its master plan or comprehensive development plant to ensure the orderly grow and land down guide line for development of our cities, town and villages cannot be over logged (the master plan serves as a frame work and provide guide lines for development or developing a city or town in a planned and orderly) it is therefore, the mean to achieve the goals and aspiration of the community at large. The need for evaluation of land use and development of land development control is very vital or important. In other to ensure that real estate developers and owners of landed property use their land and building in conformity with approval scheme as contained in the master plan of the town.
Thus, the government enforces law and regulations guiding land use and development control in order to regulate the growth of towns in a planned and orderly manner, for the purpose of functional efficient and visually attractive physical environment.
1.1 STATEMENT OF PROBLEM
Despite the effect of the planning development in Federal Capital development Authority (FCDA) to ensure and efficient control use in Bwari Satellite town, they keep on deteriorating.
This is compounded by:
Land use
Inadequate social amenities facilities.
Poor housing quality.
Poor accessibility of houses.
Sanitation.
Congestion and
Lack/inadequate control of development.
It is in view of these noticeable problems that promoted this study so as to uncivil, to constrains and proffer possible and useful suggestions.
1.2 AIM AND OBJECTIVES
To evaluate the existing method of controlling development and land use in Bwari Abuja with view to ascertain problems associated with the method.
OBJECTIVE
Review literature on control land use and development control.
Examine method adopted controlling.
Examine the part term of development and land use in the study area.
Identify problem militating against effective control of land use and development of Bwari.
Suggest possible solution to the identified problem.
1.3 SCOPE AND LIMITATION
This project concerns the evaluation of land use and development control at Bwari, Abuja. The researcher consider it fit and efficient to narrow the study to only Bwari satellite town in the Federal Capital Territory Abuja to allow a defiled and through activities and provide for these activities would eventually be a higher room for the emergency of a city .
The city and its environs is expected to grow gradually to pa balanced community within the frame work of other world communities. To realize such dream there must be control and monitoring overall development and component part that are to take place.
To this end the expectation are Nigeria and indeed that of the world of capital city that will be developed to standards almost equal to those of development cities such as England, Japan, United State of America, Portland, Brasilia in Brazil, in other words Abuja as a new to has a lot of opportunities for planners, estate surveyor land space designer etc. I exhibit their require to lapse as to avoid over concentration of people and economic/social activities.
Constant control and monitoring of development is essential for the city the use of land can afford the public health, safety and welfare. The project word therefore does not cover other satellite town within the FCT areas TES not easy to gather the data use for reluctantly is always there when it comes to give vital information that will be useful to the research work. There was also inadequate and time factor.
1.4 METHODOLOGY
These are obtained through administering of questionnaires. Formal and informal interview and discussion with some selected people who are not able to fill the questionnaire.
QUESTIONNAIRE
The question was designed to assist in the writing or project. The questions were asked to get individual contribution from the development control, land use control, engineering department operation (demolition) logistic (tiles) all in the development control and settlement division zone 6 Abuja among other surveyors, architect and builders in Bwari Area Council of Abuja tenants in the study area.
PERSONAL DISCUSSION AND INTERVIEWS
This involved oral interview with some staff of development control who refused to receive the questionnaire, estate surveyor and valuers, tenants and also the private and public developers within the Bwari council of Abuja on land development control in Bwari, their response was remarkable.
PAMPHLET/JOURNAL/TEXT BOOK
Data were collected through pamphlet, journals and past project relating to the information needed for this project these include published and unpublished books which are relevant to the topic to enhance a good presentation of the project.
POPULATION SAMPLE
One hundred questionnaire were printed consisting of the set. Sets contain 30 question directed to the building industry (Values 20 question to the Bwari area council, 30 were allocated to set c which to development control zone 6 Abuja under the umbrella of (FCDA) Abuja. For the purpose of analyzing data, table would be used to enhance better understanding of the collection also description method presenting and analyzing the data too.
FACTORS
RESPONSIBLE FOR INADEQUATE INFRASTRUCTURAL FACILITIES
WITHIN ANESTATE
There are many
factors that led to the problems of inadequate infrastructural facilities
within the estate and some of these are as follows:
1.Inadequate Finance: Sufficient
funds are not made available for the provision of the infrastructural
facilities. For instance, the provision of good road network, restructuring and
replacement of the drainage system were not properly financed by the authority
which led to deplorable condition of the facilities within the estate.
2.Lack of Maintenance Culture: The
inadequacy of maintenance culture causes the problem of infrastructural
facilities within the estate. Some pipes may be laid underground and when such
pipe got damaged, it is likely to cause heavy leakage of water and can equally
damage the road surface. The need to maintain the infrastructure like this is necessary
in order to achieve a favourable improvement within the estate. Any
infrastructure that will be put in place in the estate has to be considered
alongside with the effective maintenance.
3.Inadequate Security: The
inadequate security of the occupants of the estate is insufficiency whereby
affecting the effective maintenance of the infrastructural facilities within
the estate. For instance, stealing of electrical cables and some other items, contributes
to the cause of irregular supply of power to the occupants. Therefore, the idea
of more security needs to be adopted and the existing ones reinforced by government.
4.Inadequate/incompetence Manpower: Lack
of adequate manpower is also affecting the use of infrastructural facilities.
Like some parts of the drainage system which were damaged and the people that
are incharged of the repair are not enough to make proper repairs which is likely
to result into great problems at the long run.
First the basic
problem that has contributed to the inadequate infrastructure facilities within
the estate is lack of finance. The government has neglected the proper funding for
improvement of the infrastructure facilities that has now made the enjoyment
the facilities restrictive within the estate.
THE PROLIFERATION OF UNREGISTERED ESTATE AGENT IN REAL ESTATE MARKET
ABSTRACT
This study, assessment of the proliferation of unregistered estate agent in real estate market is aimed at examining the activities of the increasing numbers of unregistered estate agents in Nigeria with particular interest in Abuja the Federal capital territory. To achieve this the following specific objectives were pursued: To examine the concept of real estate agency in Nigeria; To examine the activities of unregistered estate agent in Nigeria real estate market; To assess the impact of the proliferation of unregistered estate agent on the real estate market and to identify the challenges affecting real estate agency in Nigeria real estate market. The researcher adopt the use of questionnaire, observation and personal interview to gathered relevant data from the respondents while tables, simple percentage and descriptive statistics were used for data presentation and analysis. The study reveals that there have been increases in the number of unregistered estate agent in the real estate market which is majorly due to rising number of unemployment and regulated / poor supervision of the activities of real estate agency in the study area. The researcher therefore recommend that the capacity of the Estate Agents Registration Board should be enhanced to enable it better regulate the profession, unregistered and quack agents currently practicing should be tracked down and made to either go for training in the diploma or degree of Real Estate, work under a registered estate agent for a period of not less than one year or face having their offices closed and prosecution.
CHAPTER ONE
INTRODUCTION
Background Of The Study
Real estate agents obviously perform a middleman function in that they bring buyers and sellers together. They build the bridges between people in search of landed properties and estate owners. Real estate is a special type of asset that almost everyone desire to own.
Real estate agency was introduced by the British during the colonial era, although before then, there were middlemen in land transactions. Estate agency grew from the old auctioneers who were chattlemen attracted by the exciting prospects of selling large estates. These auctioneers were mainly the lawyers who had easy access to the available properties in the market and kept the lists of estates for sale and prospective purchasers. These real estate practices became visibly lucrative during England’s Industrial Revolution of the nineteenth century. During this period, new wealth and employments were created. The desires for homeownership were largely satisfied. New lands were explored and built-upon or bought and developed. The market for property development widened considerably and the property markets grew exponentially. Then as more lands were developed, more properties enlarged the market base, and property experts were needed as people began to realise the complications that arose from marketing or buying properties.
Notwithstanding, more self-styled estate agents also emerged, and over time, the real estate business became marred by incompetence and unwholesome behaviors. Due to lack of control over the self-styled estate agents, there were many victims of obtaining and fraud. To safeguard public interests against unscrupulous practice of estate agency by unregistered estate agents and rogues in the 1970s and eagerly 1980s, the Nigeria government and the professional bodies governing estate practices have enacted the guidelines and laws guiding the practice of estate agency in Nigeria.
The law establishing the profession of estate surveying and valuation in Nigeria included the estate agency as part of the functions of estate surveyors and valuers in Nigeria. Notwithstanding, presently in Nigeria it is all comers affair and there is an association of estate agents. Entering the real estate market is easy, and requires neither qualification nor previous experience, this gives every rank and files opportunities to practice or become estate agent with the requisite educational qualification and registration with the right professional bodies.
Real estate market is not dominates with one particular profession, although there can be no doubt that some of practicing estate agents are members of the Nigerian Institution of Estate Surveyors and Valuers, there have been increase in the number of unregistered estate agent with or without requisite educational background. One needs to comment on the cut-price estate agent. Many believing that estate agency was a way to make easy 1money and believing that existing charges were too high in which perhaps they were encouraged by the media and such bodies sought to set up business charging in a variety of ways, but at a level significantly below the charges by the established agents in the area. Some charged lower rates of commission, others set fee for a specific service.
1.2 Statement of the Problem
Estate agency should be conducted by men and women with a background of professional knowledge who acknowledge and follow ethical standards prescribed by the leading professional bodies of the land (The Nigerian Institution of Estate Surveyors and Valuers NIESV) and the regulatory board the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). The fundamental problem is that the term – Estate Agent is not statutorily defined in the context of real estate agency practice in Nigeria. The Nigeria real estate market is overwhelm with increasing number of unregistered estate agent (quacks) who are victims of circumstances and have to change their careers informally, they neither have formal training, educational qualifications, nor professional expertise in the art and science of real estate agency, and have taken advantage of an apparent lax in the system to encroach into the landed profession. Due to their numerical strength and lack of awareness on the part of the people, they are widely consulted and fall victims of several fraudulent practices and cheats which end up given the profession a bad image in the eyes of the public.
1.3 Aim and Objectives of the Study
The aim of this project is the assessment of the proliferation of unregistered estate agent in real estate market.
To achieve this aim, the following specific objectives shall be pursued:
To examine the concept of real estate agency in Nigeria.
To examine the activities of unregistered estate agent in Nigeria real estate market
To assess the impact of the proliferation of unregistered estate agent on the real estate market.
To identify the challenges affecting real estate agency in Nigeria real estate market.
1.4 Research Questions
This study arose from the need to answer the following research questions:
What is the concept of real estate agency?
What are the activities of unregistered estate agent in Nigeria real estate market
What are impacts of the proliferation of unregistered estate agent on the real estate market?
What are the challenges affecting real estate agency in Nigeria real estate market?
1.5 Significance of the Study
The need for this study arose because estate agency as a profession in this country has seen an influx of numerous unqualified persons because there exists a conflict between professionalism and commercialism in the practice. These people come in to provide agency services in the real estate market yet they have no knowledge of either real estate or the market within which it is traded. As a result, the real estate market and particularly in Nigeria, is plagued by inefficiency and a lack of transparency. Transactions involving great sums of money are carried out in secret which keeps shrouding real estate in mystery and prevents many people from getting into such investments for fear of being defrauded.
In addition, the real estate market in Nigeria has seen a sky rocketing of prices of land and buildings as a result of speculation by investors. Valuers, who have as their basic role the determination of an estimate in monetary terms of the value of property, have played a major role in directing the prices in the Nigeria real estate market resulting in very high values for property. Although some valuers operate as both valuers and estate agents, there are those who have specialized in valuation and in most times these do not work hand in hand with their professional counterparts; the estate agents who are actively involved in the exchange of property. Without the involvement of professional estate agents to provide advisory services, property in the country has become too costly and these prices have ceased to represent the value of property which in turn has distorted the market and locked out potential investors.
The study therefore seeks to serve the needs of investors who may want to venture into the real estate market in Nigeria and particularly in Abuja the Federal capital Territory. The needs of the professionals in the practice of estate agency will be addressed therefore contributing to the practice of real estate agency professionally and if the research findings are implemented, estate agents will understand better their job descriptions and cope with the changing needs of a more vibrant real estate market.
Developers/landlords and tenants will also benefit from this study since it will be brought to their attention why they should only do business with professional estate agents and therefore protecting them from fraudulent practices.
1.6 Scope and Limitation of the Study
This research is undertaken to carry out an indepth assessment of the proliferation of unregistered estate agent in real estate market in Nigeria. The study limited to Abuja the federal capital territory as particularly, the study seeks to understand how estate agency in Abuja can be made more professional and make the real estate market more accessible to investors by reducing the activities of the increasing number of unregistered estate agency in the study area.
Limitation
The researcher faced various problems when carrying out this field study. Some of these challenges included:
Some respondents were unwilling to fill the questionnaires since they were suspicious about the study. Many perceived it as sharing very vital information which they were not ready to furnish the researcher with.
Delays were experienced from the respondents who took very long to complete filling the questionnaires and constant postponement of the picking date proved to be very frustrating to the researcher. This could be attributed to busy schedules and had both cost and time implications on the researcher since the set timelines had to be changed and many follow-up calls and visits had to be made which was quite expensive.
Landlords were hostile and very suspicious of the research.
At times some of the respondents did not fill in the questionnaires adequately and ignored certain sections that required the giving of opinions which made it difficult for the researcher to make adequate conclusions.
1.7 Operational Definition of Terms
Sole Agent: This is where a single firm is briefed and authorized to let, purchase or sell a property.
Joint Agent: A situation may arise whereby the sale, letting or purchase of a given property or group of properties is given to a number of firms to work under one umbrella, even through a coordinator may be appointed among the participating firms, no firm is superior to the other.
Multiple Agent
SUB- ESTATE AGENTS: These are estate agents who are appointed by another estate agent to assist them in carrying out and fulfilling the instruction and mandate of the client on a particular real estate transaction.
CONTRACT/VENDOR ESTATE AGENTS: These are those types of estate agents that are registered real estate contractors/vendors with a particular company or organization in offering their estate agency services.
OWNER – ESTATE AGENTS: They are referred to as owners of residential and/or commercial properties to be let out while also acting as estate agents in marketing and finding suitable tenants to the same property. They usually don’t appoint estate agents to act on their behalf on the property to be let out or sale, but rather, they act on their own selves.
Estate: This referred to as large piece of land owned by an individual or group of persons. It is also described to mean a piece or large piece of land with different types of buildings/structures been developed on it.
Agent: An Agent is referred to as the person or business entity authorized and/or instructed to act on behalf of another person – client – in a business transaction with third parties based on an agency relationship they have created.
Estate Agent: Estate agent on the other hand is regarded to mean the person who carries out business activities in estate agency practice and whose duty is to sell, acquire, lease and manage various classes of land and landed properties on behalf of the client in consideration for monetary compensation usually referred to as commission.
1.8 Background of the Study Area
It was in 1976 that Federal Military Government led by Late General Murtala Mohammed enacted Federal Capital Territory Act (FCT) established Abuja after it has been chosen to be the administrative capital of Nigeria and with solely administrative functions. This was after the failure of Lagos due to the problems of inadequate land space for future expansion, terrible traffic congestion, poor drainage, acute housing shortage and associated costs, unbearable ethnic influence etc. The planned period for the transfer was to be completed in 1986. However, it was on 12th December, 1991, that the final movement of Federal capital to Abuja became a reality. Abuja is located in the geographical centre of Nigeria (Figure 1.1) and lying between latitudes 6o 45’ and longitudes 7o 39’ north of the equator. The land of approximately 8,000 square kilometres was carved out from the then neighbouring states of Kwara, Niger and Plateau to serve as the FCT and the Federal Capital City (FCC) to constitutes about 250 square metres. From its designed capacity the FCC will contain 3.2 million people when the development of the city is completed, however, the Abuja population has exploded to 6 million with less than 50% of development attained. The government vested all the land in FCT in the Federal Government of Nigeria. The government also created Federal Capital Development Authority (FCDA), as its agency responsible for the spatial planning and development of the FCT.
INFLUENCE OF ENVIRONMENTAL EXTERNALITIES ON VALUE OF RESIDENTIAL PROPERTIES IN NASARAWA
ABSTRACT
The study examined the influence of environmental externalities on value of residential properties in Nasarawa town. To accomplish the above aim, the study identifies the types of environmental externalities in Nasarawa town; assess the current condition of residential properties and environmental externalities, evaluate the locational characteristics of the various residential areas that affect rental values of residential properties create profile a of annual rental values of residential properties relative to environmental externalities within the neighbourhood and evaluate the impact of environmental externalities on values of residential properties. The researcher makes use of the survey design which enables the researcher to take close study of the research population and obtain all the relevant information needed from respondents through the use of questionnaire, interview, and personal observation. Statistical tools such as tables, percentage and descriptive methods were used to presents and analyzed the data. The study found that environmental externalities such as neighborhood security, road condition whether tarred or untarred, availability and condition of drainage system, influences, residents habitability. The study also discovered that bad environmental externalities depresses value of residential properties in the study areas. Based on these it is recommended that residents should be encourage to promote the development of positive externalities within their residential environment with minimal governmental support.
CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study
Increased environmental awareness in the recent years has increased the demand for specific housing preferences, such as good accessibility and close proximity to green areas, water, and other physical attractions. Such features offer a variety of amenities in densely populated residential areas, including recreation, aesthetic attraction and access to clean air, creating a price premium on housing prices which is often omitted or underestimated by housing agencies. Urbanization and increased environmental awareness of the recent years in most developed economies has created a major trend in the residential market: A growth in the interaction between socio-economic and ecological factors, which created an increasing demand for specific housing preferences such as good accessibility and close proximity to green areas, water, and other physical attractions (Riggins, 2011). The presence of such features offers a variety of amenities in densely populated areas including aesthetic attraction, recreational activity areas and access to clean air. Such amenities could provide a price premium on residences which is often omitted or underestimated by urban developers. As a result, a general underinvestment can be observed for the development of natural areas within urban regions, which could otherwise provide a variety of private and social positive externalities.
Externalities are unintentional side effects of an activity affecting people other than those directly involved in the activity. A negative externality is one that creates side effects that could be harmful to either the general public directly or through the environment. An example would be a factory that pollutes as a result of its production process. This pollution may pose health risks for nearby residents or degrade the quality of the air or water. Either way, the owner of the factory does not directly pay the additional cost to address any health issues or to help maintain the cleanliness of the air or water.
A positive externality, on the other hand, is an unpaid benefit that extends beyond those directly initiating the activity. One example would be a neighborhood resident who creates a private garden, the aesthetic beauty of which benefits other people in the community. Also, when a group voluntarily chooses to create a benefit, such as a community park, others may benefit without contributing to the project. Traditionally, both negative and positive externalities are considered to be forms of market failure – when a free market does not allocate resources efficiently. Arthur Pigou, a British economist best known for his work in welfare economics, argued that the existence of externalities justified government intervention through legislation or regulation. Pigou supported taxes to discourage activities that created harmful effects and subsidies for those creating benefits to further encourage those activities. These are now known as Pigovian taxes and subsidies.
Residential property according to Golubchikov and Badyina (2012) is one of the basic social conditions that defines the quality of life and welfare of the people and places. Residential property is globally accepted as second most important human need after food and is considered as one of the most valuable economic asset of every nation (Jiboye, 2013). It is indeed a complex goods which consist of many different aspects including structures which comprises all the physical characteristics of the dwelling, accessibility and facilities that constitute a bundle of services related to Residential property as well as neighbourhood attributes which include the environment and the society in which the dwelling exist (Edward, 1997). Residential property being an essential ingredient that stimulate the growth of Gross Domestic Product (GDP) of any nation, encompasses various attributes which jointly function to determine the market value of the commodity.
However, since the middle of the 20th century, house owners, Residential property investors and house users have struggled to identify the basic factors that influences residential property prices in the global Residential property market (Fernandez et al., 2011). This problem has attracted a lot of interest from researchers, real estate surveyors and other relevant stakeholders concern with residential property development, investment and management. For instance, rental values of a residential properties in a particular residential neighbourhood in most cases differs significantly with rental values of similar residential properties in another residential neighbourhood within the same metropolis. Similarly rental values of similar houses within the same residential neighbourhood also differs due to environmental externalities.
Quality of the environment is also another factor that affects the values of land. Land value does not only depend on the physical characteristics of a building but also the environment that surrounds the building, it is against this background that this seek to examine the influence of environmental externalities on value of residential properties.
1.2 Statement of the problem
The increasing rate of variations on rental values of residential properties among varying residential neighbourhoods in many towns and cities in Nigeria in recent time has continue to dominate discussions within the spheres of practicing estate surveyors and valuers, property; owners, investors, users, estate brokers, as well as policy makers on housing investment and management in Nigeria. Although various studies on housing and environmental externalities have been carried out globally, identified condition of dwelling characteristics, attributes of residential location and neighbourhood attributes as the leading factors that causes housing prices variations (MacDonald & MacMillan, 2007; Kiel & Zabel, 2008; Anthony, 2012), however, most of these studies are foreign base with only a handful of them conducted in some part of Nigeria. This implies that the impact of environmental externalities on value of residential properties in many Nigerian towns and cities including Nasarawa, the study area, are yet to be investigated and thus, account for the negligible attention being given to condition of residential dwellings and neighbourhood attributes by homeowners, housing investors and the policy makers.
Thus, by examining the impact of environmental externalities on rental values of residential properties, not only the homeowners and housing investors in the area that could benefit from the findings but also the real estate surveyors and valuers and the policy makers would as well benefit from it. Since the influence of the housing attributes on house rental value will be established, all the relevant stakeholders can better understand the causal factors for the variation of rental values of residential properties in the area.
1.3 Aim and Objectives of the Study
The aim of this study is to examine the influence of environmental externalities on value of residential properties.
To accomplish the above aim, the following research specific objectives shall be pursued:
To identify the types of environmental externalities in Nasarawa town
To assess the current condition of residential properties and environmental externalities in Nasarawa
To evaluate the locational characteristics of the various residential areas that affect rental values of residential properties in the study area.
To create profile of annual rental values of residential properties relative to environmental externalities within the neighbourhood
To evaluate the impact of environmental externalities on values of residential properties.
1.4 Research Questions
What are the types of environmental externalities in Nasarawa town?
What is the current condition of residential properties and environmental externalities in Nasarawa town?
What are the locational characteristics of the various residential areas in Nasarawa town?
What is the current annual rental value of residential properties in Nasarawa town?
Do housing and environmental externalities have any influence on values of Residential properties in Nasarawa town?
1.5 Scope of the Study
For the reason of interest and available resources at researcher’s disposal, the study is limited to the examination of the influence of environmental externalities on value of residential properties in Nasarawa. The scope of the study is further limited to Abdulrazak street and living faith road Tammah area of Nasarawa town and residential properties such tenement building, self-contain and flats shall be the focus of this study.
1.6 Significance of the Study
The study of environmental externalities as it affect values of properties became imperative as it will go a long way in addressing many un answered questions related to house prices, house quality and environmental externalities. Establishing the relationship that exists between values of property and the various components of neighbourhood is very crucial to Estate Surveyors and Valuers, Urban Planners and policy makers alike.
The study apparently may provide a useful and significant guide to practicing estate surveyors and valuers in ascribing and determining rental values of properties in the study area. The study is also necessary as it is expected to bring to light the social and economic consequences of mixing incompatible land uses which could adversely affect the potential rental values of properties. Urban Planners may be guided in this direction when designing a layout or Master plan for an area.
The findings of this study may also assist in drawing the attention of the government and other relevant bodies concerned with housing and environmental health in realizing the need to enforce quality housing provision and decent environment as the health and economic implication of poor quality housing and environment will be exposed. Investors may also find the study useful as it will assist them in making crucial investment decisions with respect to the type and quality of houses and residential location that could yield maximum returns.
1.7 Definition of Terms
Property: This is the embodiment of tangible ownership right or bundles of right in real estate. It could also be described as a concept of right which can be held separately (Babatunde, 2003)
Rental Value: This is the worth or value of property in an open market. It is also the value arising out of the lease or renting out of a property on a periodic basis usually yearly (Omole, 2001)
Residential Property: it is a building that is used or suitable for dwelling purpose. They are dwelling house such as bungalows, duplex, detached houses, semi-detached houses, etc (Ogbodo, 2012).
Residential: this can be defined as block of flats or bungalow duplex e.t.c in an area of a town suitable for living and consisting of houses rather than factories or office.
Values: The term value means the worth of something or how much something is worth in money or other goods for which it can be exchanged.
1.8 The Study Area
Nasarawa Emirate in Nasarawa State is located in the Central region of Nigeria. It is flanked by Keffi and the Federal Capital to the North. To the South, it is bounded by Benue River and to the west; it bordered the present Gadabuka and Toto Local government area which are of course, part of the Emirate. To the East, it is bordered by Doma, Lafia and Keana Local Government Areas all of Nasarawa State.
Physical Characteristics
The major things considered under physical characteristics of Nasarawa are, geographical location, temperature, rainfall, geology, wind, vegetation, humidity, soil.
Temperature: The temperatures are generally high during the day, particularly between the months of March and April. The main monthly temperatures in the state range between 200C and 340C with the hottest months being March/April and the coolest months being December/January.
Rainfall: The study area experience dry season without or little’s rainfall from November to March of about 95mm, which is wet season is from April to October of about 1.30mm,
Geology: From the Jos Plateau, this comprises of basement complex metamorphic rocks, granite and basalt of two or more ages. The basement complex is covered by shadow soil.
Wind: Nasarawa local government is determined by the seasonal movement on inter-tropical convergence zone [ITCZ], which represents the moving frontier between the moist Atlantic air from the south and the dry air from the north. In the dry season from November till March the north east wind are dominant. For the remaining of the year, the south-western winds are prevailing. Generally, the wind velocity is relatively low.
Vegetation: Nasarawa is situated in the Benue valley between the Benue river and Jos Plateau. This area lies within the part of southern guinea savannah. The vegetation of Nasarawa has, to a large extent resulted from extensive agricultural use of the land, the predominant vegetation type is partly savannah which is characterized by a discontinuous canopy, shrubs and grasses many areas are affected by man through bush burning during the dry season. Among the common trees are oil bean trees, locust bean free and isoberline trees.
Relative Humidity: The relative humidity is the measurement of deepness of the atmosphere which varies from place to place and different time of the day. The level of humidity in Nasarawa state in January is quite less that 40% which rises as from February to July to about 88%. By April when the steady rain commences it will be about 75% by August when the inter-tropical discontinuity is at it northern part, most position of the entire state will experience tropical marine wind and continues till December.
Soil: The major soil units of Nasarawa belong to the category of oxisols or tropical ferruginous soils. The soils are derived mainly from the basement complex and old sedimentary rocks. Lateritic crust occurs in extensive areas on the plains while hydro orphic soils (limbic incept sols) occur along the flood plains of major rivers (Nyangba, 1995).
Socio-Economic Characteristics: Nasarawa main economic activity is agriculture; cash crop, such as yam, cassava and egusi (melon). Production of minerals such as salt is also another main economic activity of people in the state; Nasarawa produces a large proportion of the salt consumed in the country.
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An estate is a legal entity denoting the character and quality of rights that an individual or individuals possess in a property. Property can be defined as the interest, which can be acquired in an object or thing. The key words from the above definition are “Rights” and “Interest”. The concise oxford dictionary defines them as follows;
Interest: “a legal concern, title or right”
Right: “a thing one may legally or morally claim”
Thus an estate can be described as the interests and/or rights, which can be held over any object. Various rights and interest may exist at one and the same time over the same object and can be held by different individuals. Each of these rights and interest represent an “ESTATE”. For instance, in a multi tenanted office block of eight (8) floors, the owner of the block has an estate in it; each of the tenants occupying separate area also has estate in the same property. However, the rights and interest in these estates are in different degrees viz:
·
The Right of Ownership, which is an absolute right and confers a freehold interest on the holder.
·The Right of Use, which is a limited right and confers a leasehold interest on the holder.
FREEHOLD ESTATE
The freehold interest (estate) is the highest form of ownership one can have over property.
LEASEHOLD ESTATE
The leasehold interest (estate) is an estate less than the freehold and it exists for a certain period i.e. it is a terminable interest.
It is pertinent to note that Ownership rights and interests in property are rarely absolute. Some restrictions and limitations usually exist over ownership rights to safeguard the overriding public interest. Such restrictions fall under three broad categories viz;
i)Tenure (duration of ownership)
ii)Covenant (leases, licences, easements)
iii)State legislation (rent control, land use act)
As a result of the above-mentioned restrictions one can conclude that property ownership is made up of a collection of rights thus property is usually described as “A BUNDLE OF RIGHTS”.
CHARACTERISTICS OF AN ESTATE
The characteristics of an estate can be summarized under the following;
i)Physical Identity: An estates must be a tangible thing, which can be described in terms of size, shape and location.
ii)Economic Identity: Whether an estates is held for occupation or for investment purposes, it represents a financial investment, which is capable of yielding economic returns.
iii)Legal Identity: An estates presumes certain rights are enforceable at law and it is the character of these rights that determine the degree and quality of control, which the owner has over the estate.
iv)Management Character: Each estates (interest) in a property represents a separate unit of control,
REFERENCES
Kuye G.O (2000) Property Valuation principles and Practice in Nigeria”. Nigeria National Library Cataloguing in Publication data.
Darlow C. (1983) Valuation and Investment Appraisal. Estate Gazette.
Chik E.U (2006) Introduction to Estate Management. Treem Nigeria Limited.
Ahmed A.A. Dogora M.V and Akeh G.I. (2012) Introduction to Property Valuation Principles and Practice. Tossy Print, Nigeria.
Ola A. (ed) (2001): Introduction course in Environmental Sciences. Ibadan Odun Print and Packs, Nigeria.
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