THE IMPACT OF THE PROLIFERATION OF FRONTAGE SHOPS ON PROPERTY DEVELOPMENT IN TAMMAH NASARAWA

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THE IMPACT OF THE PROLIFERATION OF FRONTAGE SHOPS ON PROPERTY DEVELOPMENT IN TAMMAH NASARAWA

CHAPTER ONE

INTRODUCTION

1.1       Background Of The Study

Properties either commercial or residential property in form of housing is an essential and fundamental component of the overall land use activities in both rural and urban areas. It has been universally acknowledged as one of the basic needs for man’s survival as it goes a long way to determine not only the social standard of a man but also that of a nation and a community (Ezirim, 2005).

Generally, the supply and the demand for properties take place in a housing market. According to Bourne (1981), the housing market is a set of institutions and procedures for bringing together housing supply and demand, that is, buyers and sellers, renters and landlords, builders and consumers, for the purpose of exchanging houses and housing services as resources. It examined in detail the present and future trends in the supply of and demand for housing within a given area. Basically, housing market analysis identifies supply and demand factors and needs and establishes procedures and processes for meeting the needs. Unlike other types of market, the housing market had a number of distinctive characteristics. It deals with the exchange of rights and property and is, for all intents and purposes, immobile. The housing market had no specific market place where exchanges between buyers and sellers were done.

The process of urbanization had taken a new turn over the last few decades and population explosion had placed urban areas in a situation where the available facilities including housing and commercial properties in form of shops were below margin in terms of meeting its equivalent demand. Considering the environmental nature of frontage shops which depicts deteriorating housing facilities, environmental degradation, poor sanitary environment, bad roads and access, overcrowding, high crime rate, delinquents, etc. had tremendous negative influence on the health, safety and economic and social welfare of residents of any urban centre or community.

In recent times studies have shown that inadequate commercial properties such as shops and offices in urban areas of developing countries have lead to the development of frontage shops (Rojas, 2000). Ooi and Phua (2007) have observed that most cities in developing world have been overwhelmed with the development of frontage and corner shops in an attempt to meet the gap for commercial properties development, thereby constituting hindrance to property development.

Property development comprises a significant component of total Australian economic output. The property development process involves the continual combination of significant factors of production (land, labour, capital and enterprise). In addition, property development in Australia has been characterized by some significant cyclical influences as the process involves significant risk. It is in the interests of capital markets, market participants and the public sector that property development processes are better understood so as to ensure efficient allocation of physical resources, human resources and capital(Cadman, 1995).

The pattern of property development within the context of metropolitan growth and development has been the subject of an extensive literature. Among the streams of literature have been monocentric and polycentric models, rent gradients and population density, and spatial mismatch and jobs/housing balance. Less examined have been the factors that determine the specific location of residential development from among the number of potentially suitable sites available. Miles (2002) of opined that site selection suggest that factors that are important in locating a residential development include: physical suitability for development, slopes, soils, hydrology, land availability, legal restrictions, government regulations (zoning and other land use controls), existing land use patterns and location of other property development, access, including proximity to interstate highways, distance to employment sources, distance to shopping, availability of amenities (water, restaurants and shopping, golf, parks), neighborhood factors such as age of surrounding housing stock, schools, crime etc (McMillan, 2000).

Property or real estate development is the process of developing buildings or land into a higher use value. It is a multi-faceted business which encompasses any of the following; buying land and building property on it, renovating, extending or improving property and or converting property from one use type to another. The proliferation of frontage shops has significantly affected the quality of urban environment as it negates the effectiveness of property development and development control in Nigeria urban centers (    ). Property development control forms an integral part of the planning practice. It is the basic means by which the state intervenes to regulate the use and development of land in order to implement local and national planning policies. Most significantly, it is the part of the planning process in which members of the public come into contact with local planning authorities.

Originally, the rationale for the introduction of state control on private development was to achieve objectives of safety and better health in order to create an improved environment for the benefit of the community. However, as the role of the state expanded and the extent of its intervention increased the definition of the ‘environment’ subject to planning control has changed. From being wholly concerned with the physical form and content of development it now embraces the social and economic consequences of development. As a result, development control has been used to implement planning strategies for different purposes; for example to minimize the negative effect of urban growth, to check the menace of market forces and ensure social equity, as well as to control property development in the urban centers as to ensure compliance with development standard. (Litchfield & Darin Drabkin, 1980). It is against this background that this study seeks to examine the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

1.2       Statement of the Problem

Like every other developing country, the problems associated with frontage shops, corner shops and property development in general had been a predominant issue in urban centres. These problems were seen around both residential settlements and other uses. In Nasarawa town, Tammah in particularly, every most residential property or shops along major streets and roads are characterized with frontage shop which pose serious problems to the environment and property development in particular. These problems observed include obstruction to drainage system as most frontage shops are built across drainage systems, littering of wastes, distortion to the atheistic beauty of the town, overcrowding, conversion of residential building to commercial without due consideration to development standard among others. Frontage shops are mostly constructed without the approval of development control authority as owners of such properties did not have the right of either develop or occupying such properties. Frontage shops or structures were mostly erected arbitrary and construction is carried out with weak and short-lived materials which were vulnerable to potential environmental consequences. Buildings were not well planned or designed, no pre-concerned layouts and complete absence of development control. For this study, the problems mentioned above would be the focus of this study as it would examine the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

1.3       Aim and Objectives of the Study

The aim of this study is to examine the proliferation of frontage shops on property development in Tammah Nasarawa.

The specific objectives of the study include:

• Examine the types of frontage shops
• To examine the rules and regulation on development control in Nasarawa town
• To examine the development control authority
• To examine how the establishment or sitting of frontage shops abide to rules and regulations of development control
• To examine the challenges of the enforcement of development control in Nasarawa town.

1.4       Research Questions

• What are the types of frontage shops?
• What are the rules and regulation on development control in Nasarawa town?
• What the concept of development control authority
• Does the establishment or sitting of frontage shops abide by the rules and regulations of development control?
• What are the challenges of the enforcement of development control in Nasarawa town?

1.5       Significance of the study

The role of property development and development control in management of urban areas cannot be underestimated. The crucial relevance of property development makes studies about it important to national development. This study examined the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

The study is particularly important as contributes to existing works on
property development and the numerous factors that affects it, particularly the uncontrolled numbers of frontage or corner shops in Nigeria urban centers. This will contribute to knowledge by discovering new challenges stakeholders faces in controlling and housing development in urban centers in growing cities and also serves as a reference material for future research.

The findings of this study will help contribute to good management practice in the public
institutions charged with the responsibility of controlling property developments in the
country. This is because the study attempts to explore the problems associated with
proliferation of frontage shops and how it affects property development and recommends actions to be taken for its effectiveness.

Furthermore, the findings will create awareness of stakeholders on the current state of
proliferation of frontage shops and their effect on the urban environment and people. This will ensure adequate measures are put in place to prevent further developments of the
situations where buildings in urban areas uncontrolled. The implementation of findings of
this research will also lead to improvement in urban housing development and
management as well as related issues in Nigeria as a whole.

The study will extend literature and broaden the frontiers of knowledge in property development and development control and serve as input into related works in future. The findings could contribute to tackling issues for consideration in the study district as well as national policies on ensuring effective developments in the urban areas and beyond.

1.6       Scope and Limitations of the Study 

This project mainly concern on the examination of the impact of proliferation of frontage shops on property development in Tammah Nasarawa. The study will only be limited to properties with frontage shops which are not originally part of the building plan, which includes Kiosk, makeshift shops, etc.   

In the course of carrying out this study several problems were encountered among which are:

Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

Uncooperative attitude of Respondents: Some respondents were very reluctant in responding to the research questions which tried to affect the research but the researcher make concerted effort to convinced them. 

1.8     DEFINITION & OPERATIONAL OF TERMS

• Property development: Property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others (Wikipedia, 2017).
• 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).
• Development:  used here means an event constituting a new stage in a changing situation i.e. process development or being developed.
• Control:  implies the power to influence or checking direct result of a survey or experiment of an intelligence of organization. 
• Impact: these means to have a strong effect on something either positive or negative.

SOLD BY: Enems Project| ATTRIBUTES: Title, Abstract, Chapter 1-5 and Appendices|FORMAT: Microsoft Word| PRICE: N3000| BUY NOW |DELIVERY TIME: Within 24hrs

THE IMPACT OF THE PROLIFERATION OF FRONTAGE SHOPS ON PROPERTY DEVELOPMENT IN TAMMAH NASARAWA

THE IMPACT OF THE PROLIFERATION OF FRONTAGE SHOPS ON PROPERTY DEVELOPMENT IN TAMMAH NASARAWA

CHAPTER ONE

INTRODUCTION

1.1       Background Of The Study

Properties either commercial or residential property in form of housing is an essential and fundamental component of the overall land use activities in both rural and urban areas. It has been universally acknowledged as one of the basic needs for man’s survival as it goes a long way to determine not only the social standard of a man but also that of a nation and a community (Ezirim, 2005).

Generally, the supply and the demand for properties take place in a housing market. According to Bourne (1981), the housing market is a set of institutions and procedures for bringing together housing supply and demand, that is, buyers and sellers, renters and landlords, builders and consumers, for the purpose of exchanging houses and housing services as resources. It examined in detail the present and future trends in the supply of and demand for housing within a given area. Basically, housing market analysis identifies supply and demand factors and needs and establishes procedures and processes for meeting the needs. Unlike other types of market, the housing market had a number of distinctive characteristics. It deals with the exchange of rights and property and is, for all intents and purposes, immobile. The housing market had no specific market place where exchanges between buyers and sellers were done.

The process of urbanization had taken a new turn over the last few decades and population explosion had placed urban areas in a situation where the available facilities including housing and commercial properties in form of shops were below margin in terms of meeting its equivalent demand. Considering the environmental nature of frontage shops which depicts deteriorating housing facilities, environmental degradation, poor sanitary environment, bad roads and access, overcrowding, high crime rate, delinquents, etc. had tremendous negative influence on the health, safety and economic and social welfare of residents of any urban centre or community.

In recent times studies have shown that inadequate commercial properties such as shops and offices in urban areas of developing countries have lead to the development of frontage shops (Rojas, 2000). Ooi and Phua (2007) have observed that most cities in developing world have been overwhelmed with the development of frontage and corner shops in an attempt to meet the gap for commercial properties development, thereby constituting hindrance to property development.

Property development comprises a significant component of total Australian economic output. The property development process involves the continual combination of significant factors of production (land, labour, capital and enterprise). In addition, property development in Australia has been characterized by some significant cyclical influences as the process involves significant risk. It is in the interests of capital markets, market participants and the public sector that property development processes are better understood so as to ensure efficient allocation of physical resources, human resources and capital(Cadman, 1995).

The pattern of property development within the context of metropolitan growth and development has been the subject of an extensive literature. Among the streams of literature have been monocentric and polycentric models, rent gradients and population density, and spatial mismatch and jobs/housing balance. Less examined have been the factors that determine the specific location of residential development from among the number of potentially suitable sites available. Miles (2002) of opined that site selection suggest that factors that are important in locating a residential development include: physical suitability for development, slopes, soils, hydrology, land availability, legal restrictions, government regulations (zoning and other land use controls), existing land use patterns and location of other property development, access, including proximity to interstate highways, distance to employment sources, distance to shopping, availability of amenities (water, restaurants and shopping, golf, parks), neighborhood factors such as age of surrounding housing stock, schools, crime etc (McMillan, 2000).

Property or real estate development is the process of developing buildings or land into a higher use value. It is a multi-faceted business which encompasses any of the following; buying land and building property on it, renovating, extending or improving property and or converting property from one use type to another. The proliferation of frontage shops has significantly affected the quality of urban environment as it negates the effectiveness of property development and development control in Nigeria urban centers (    ). Property development control forms an integral part of the planning practice. It is the basic means by which the state intervenes to regulate the use and development of land in order to implement local and national planning policies. Most significantly, it is the part of the planning process in which members of the public come into contact with local planning authorities.

Originally, the rationale for the introduction of state control on private development was to achieve objectives of safety and better health in order to create an improved environment for the benefit of the community. However, as the role of the state expanded and the extent of its intervention increased the definition of the ‘environment’ subject to planning control has changed. From being wholly concerned with the physical form and content of development it now embraces the social and economic consequences of development. As a result, development control has been used to implement planning strategies for different purposes; for example to minimize the negative effect of urban growth, to check the menace of market forces and ensure social equity, as well as to control property development in the urban centers as to ensure compliance with development standard. (Litchfield & Darin Drabkin, 1980). It is against this background that this study seeks to examine the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

1.2       Statement of the Problem

Like every other developing country, the problems associated with frontage shops, corner shops and property development in general had been a predominant issue in urban centres. These problems were seen around both residential settlements and other uses. In Nasarawa town, Tammah in particularly, every most residential property or shops along major streets and roads are characterized with frontage shop which pose serious problems to the environment and property development in particular. These problems observed include obstruction to drainage system as most frontage shops are built across drainage systems, littering of wastes, distortion to the atheistic beauty of the town, overcrowding, conversion of residential building to commercial without due consideration to development standard among others. Frontage shops are mostly constructed without the approval of development control authority as owners of such properties did not have the right of either develop or occupying such properties. Frontage shops or structures were mostly erected arbitrary and construction is carried out with weak and short-lived materials which were vulnerable to potential environmental consequences. Buildings were not well planned or designed, no pre-concerned layouts and complete absence of development control. For this study, the problems mentioned above would be the focus of this study as it would examine the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

1.3       Aim and Objectives of the Study

The aim of this study is to examine the proliferation of frontage shops on property development in Tammah Nasarawa.

The specific objectives of the study include:

• Examine the types of frontage shops
• To examine the rules and regulation on development control in Nasarawa town
• To examine the development control authority
• To examine how the establishment or sitting of frontage shops abide to rules and regulations of development control
• To examine the challenges of the enforcement of development control in Nasarawa town.

1.4       Research Questions

• What are the types of frontage shops?
• What are the rules and regulation on development control in Nasarawa town?
• What the concept of development control authority
• Does the establishment or sitting of frontage shops abide by the rules and regulations of development control?
• What are the challenges of the enforcement of development control in Nasarawa town?

1.5       Significance of the study

The role of property development and development control in management of urban areas cannot be underestimated. The crucial relevance of property development makes studies about it important to national development. This study examined the impact of the proliferation of frontage shops on property development in Tammah Nasarawa.

The study is particularly important as contributes to existing works on
property development and the numerous factors that affects it, particularly the uncontrolled numbers of frontage or corner shops in Nigeria urban centers. This will contribute to knowledge by discovering new challenges stakeholders faces in controlling and housing development in urban centers in growing cities and also serves as a reference material for future research.

The findings of this study will help contribute to good management practice in the public
institutions charged with the responsibility of controlling property developments in the
country. This is because the study attempts to explore the problems associated with
proliferation of frontage shops and how it affects property development and recommends actions to be taken for its effectiveness.

Furthermore, the findings will create awareness of stakeholders on the current state of
proliferation of frontage shops and their effect on the urban environment and people. This will ensure adequate measures are put in place to prevent further developments of the
situations where buildings in urban areas uncontrolled. The implementation of findings of
this research will also lead to improvement in urban housing development and
management as well as related issues in Nigeria as a whole.

The study will extend literature and broaden the frontiers of knowledge in property development and development control and serve as input into related works in future. The findings could contribute to tackling issues for consideration in the study district as well as national policies on ensuring effective developments in the urban areas and beyond.

1.6       Scope and Limitations of the Study 

This project mainly concern on the examination of the impact of proliferation of frontage shops on property development in Tammah Nasarawa. The study will only be limited to properties with frontage shops which are not originally part of the building plan, which includes Kiosk, makeshift shops, etc.   

In the course of carrying out this study several problems were encountered among which are:

Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

Uncooperative attitude of Respondents: Some respondents were very reluctant in responding to the research questions which tried to affect the research but the researcher make concerted effort to convinced them. 

1.8     DEFINITION & OPERATIONAL OF TERMS

• Property development: Property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others (Wikipedia, 2017).
• 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).
• Development:  used here means an event constituting a new stage in a changing situation i.e. process development or being developed.
• Control:  implies the power to influence or checking direct result of a survey or experiment of an intelligence of organization. 
• Impact: these means to have a strong effect on something either positive or negative.

ASSESSMENT OF THE FACTORS THAT AFFECT PROPERTY DEVELOPMENT AND RENTAL VALUE IN DUTSE ALHAJI, ABUJA FCT

 

ASSESSMENT OF THE FACTORS THAT AFFECT PROPERTY DEVELOPMENT AND RENTAL VALUE IN DUTSE ALHAJI, ABUJA FCT

ABSTRACT

This study assess the factors that affect property development pattern and rental value in Dutse Alhaji, Abuja FCT, to achieve this aim the researcher evaluate the patterns of property development, identify the various factors affecting property development pattern and rental value of properties and evaluate the effects of such factors on property investment in Dutse Alhaji. The research adopted survey designs which allow the gathering of relevant information using questionnaire, observations, and oral interviews of stakeholders. The data gathered were presented and analyzed using the descriptive statistics. The research reveals that property location, and infrastructural facilities have a very significant impact on residential property rental value in Dutse Alhaji. Finally, it is recommended that the government harness development potential within the study area to create enabling environment for property development and urban infrastructures that will enhance property value in Dutse Alhaji.

CHAPTER ONE

INTRODUCTION

1.0       Background of the Study

Residential property refers to building that is developed for people to live or undeveloped land that is designated for residential use. Residential properties could be a consumption goods, or investment goods (Sratton, 2008). As a consumption goods, it is acquired for owners occupation while as investment goods it is acquired for the purpose of deriving optimum return from outright sale or letting of the property. If this is the case, the price or rent of the residential property becomes very important to the seller and buyer or landlord and the tenant. Hence investment in this type of property is regarded as a considerable source of wealth for many investors.

Property development comprises a significant component of total Australian economic output. The property development process involves the continual combination of significant factors of production (land, labour, capital and enterprise). In addition, property development in Australia has been characterised by some significant cyclical influences as the process involves significant risk. It is in the interests of capital markets, market participants and the public sector that property development processes are better understood so as to ensure efficient allocation of physical resources, human resources and capital (Cadman, 1995).

The pattern of property development within the context of metropolitan growth and development has been the subject of an extensive literature. Among the streams of literature have been monocentric and policentric models, rent gradients and population density, and spatial mismatch and jobs/housing balance. Less examined have been the factors that determine the specific location of residential development from among the number of potentially suitable sites available. Miles (2002) of opined that site selection suggest that factors that are important in locating a residential development include: physical suitability for development, slopes, soils, hydrology, land availability, legal restrictions, government regulations (zoning and other land use controls), existing land use patterns and location of other property development, access, including proximity to interstate highways, distance to employment sources, distance to shopping, availability of amenities (water, restaurants and shopping, golf, parks), neighborhood factors such as age of surrounding housing stock, schools, crime etc (McMillan, 2000).

The price or rent derivable from properties varies as different property command different rent and price (Oni, 2007). Rent and price are yardsticks for determining the value of a property. Since property with high value command high rent or price and properties with low value command low rent or price vice versa. The value of residential properties are influenced by several factors among which are physical features of a building such as numbers of  room, facilities available, size, age, location factors for instance; proximity to work place, market, school, hospital etc, accessibility to various amenities and services, population density of the location of the property and availability of property title (Oni, 2007). Therefore, any investigation in to the nature and behavior of property price must recognize that property as a commodity is not a single goods but a complex bundle of services or potential services which operate in many dimension. (Oyebanji,  2003). Nigeria has a large real estate market that has not attain its climax due to limited circulation of information on properties transaction as it relates to properties feature, their actual value and  impact on market value, organizations available properties and professional services available in various locations nationwide. These has made it necessary that as real estate developers market their properties they must recognize that in order to achieve success, reliable  information of properties market must be documented and made available to property buyers, sellers and tenants.

The value of access is capitalized into the land value and access is measured through market participants’ willingness to pay. Essentially, this view suggests that accessibility measures may be inferred from land prices. The relationship among accessibility, property values and land use patterns has been the pre-occupation of earliest theorists with indication that travel costs were traded off against property rents and population densities from Central Business District (CBD) to suburbs of a mono-centric city (Oni, 2009).

Quality of the environment is also another factor that affects the rental values of property. Property value does not only depend on the physical characteristics of a building but also the environment that surrounds the building. Developments of various transportation modes have become pivotal to physical and economic developments. Access to major roads provides relative advantages to residential users (Rosen, 2014).

The capital intensive nature of property development has resulted huge gap between demand and supply for properties especially residential properties due to the ever increasing population in many major cities in Nigeria of which Abuja is not an exception in view of this development. This study is carried out to assess the factors that affect property development pattern and rental value in Dutse Alhaji in order to provide guide to prospective real estate developers and tenants on residential property transaction.

1.1       Statement of Problem

The capital expenditure in housing project, high property demand due to ever increasing population and limited supply of properties has made properties developers to source for funds from different financial institutions to engage in the provision of residential houses to meet the high demand. Due to the high demand and good returns on property investment, more investors are showing interest in properties but with little or no knowledge of the factors that determine the property development pattern and rental value have encountered problem in maximizing their returns. This has made it necessary to assist the property developers and landlords with information on factors that affect property development pattern and rental value to enable them make informed decision on property development project

1.3       Aim and Objectives

The aim of the research work is to assess the factors that affect property development pattern and rental value in Dutse Alhaji, FCT Abuja.

To achieve this aim, the listed objectives shall be pursued:

1. To evaluate the patterns of property development in the study area
2. To identify the various factors affecting property development pattern and rental value of properties in the study area
3. To evaluate the effects of such factors on property investment in the study area.

1.4       Research Questions

1. What are the patterns of property development in Dutse Alhaji?
2. What are the various factors affecting property development pattern and rental value of properties in the study area?
3. What are the effects of such factors on rental value of real estate investment in the study area?

1.5       Significance of the Study

This study will contribute to the body of knowledge that is available in public document, literatures, book, magazines and journals. Also it will serve as a reference material for students, scholars and other researchers. In addition, it will help individuals, professionals, investors, communities, change agents, and the society at large on what to look out for when venturing in to property market. Also, this study will help researchers, scholars, and investors to identify various property development pattern and residential properties characteristic that have relatively strong impact on their rental values and to an extent influence the sales or purchase decisions of sellers and buyers in Nigeria.  

1.6        Scope and Limitation of the study

The scope of the study is limited to the assessment of the factors affecting property development pattern and rental value in Dutse Alhaji. The research is also limited to both commercial and residential properties within the town.

Limitations

The researcher faced various problems when carrying out this field study. Some of these challenges included:

1. 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.
2. Delays were experienced from the respondents who took very long to complete the questionnaires and constant postponement of the picking date proved to be very frustrating to the researcher.
3. 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       Definition of Term

Property development: Property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others (Wikipedia, 2017).

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.

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. (LBTT 4010)

Value: This is the monetary worth of a thing. It is expressed as the value of a goods or services measured by the amount of other goods and services for which it will exchange. It is a determination or quality of an object, which involves any sort of appreciation or interests. Such appreciation involves feeling and ultimate desire or tendencies. Value is basically the worth of a thing (Olayonwa 2006).

Pattern: according to Collins English Dictionary defined  pattern is the repeated or regular way in which something happens or is done or is an arrangement of lines or shapes, especially a design in which the same shape is repeated at regular intervals over a surface.

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Pattern: according to Collins English Dictionary defined  pattern is the repeated or regular way in which something happens or is done or is an arrangement of lines or shapes, especially a design in which the same shape is repeated at regular intervals over a surface.

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