Also, the
housing good (property) may be to maximize optimum return from outright sale or
letting. If this is the case, the price of the residential property becomes
very important to the landlord and the occupants. There are various value
accrued to residential property, but the focus of this work is on rental value.
The focus of this study is to examine the rental variations
of residential property values in Bariga area of Lagos State from year 2000 to
2014.
The set objectives were to identify
the type of residential properties in the neighborhood, to identify the factors
that affect property value in the study area, to identify the tenant reaction
towards the rent review and lastly to identify the features of residential
property that has significant influence on property market value.
The research method applied was
survey research through questionnaire administration. Questionnaires were
administered to residents and estate surveyors in Bariga area of Lagos State.
TABLES OF CONTENT
Title page
Certification
Dedication
Acknowledgement
Table of content
List of Tables
List of Figures
Abstract
CHAPTER ONE
Introduction
1.1
Background
of study
1.2
Statement
of problem
1.3
Aim and
objectives
1.4
Scope of
study
1.5
Significance
of study
1.6
Limitation
of study
1.7
Definition
of terms
CHAPTER TWO
Literature Review
2.1 INTRODUCTION
2.2 Theoretical framework
2.2.1 Concept of residential property and Rental value
2.3 Conceptual framework
2.3.1 Residential
property
2.3.2 Types of
residential properties
2.3.3 Forms of
residential properties ownership
2 .3.4 Benefits
of investing in residential property
2.3.6 Socio-economic importance of residential
properties
2.2.7 Residential
property value determinants
2.3.8 Features
of residential properties
2.4 Rental value
2.4.1 Types
of rental value
CHAPTER THREE
Research Methodology
3.1 Introduction
3.2 RESTATEMENT OF RESEARCH HYPOTHESIS
3.3 STUDY AREA
CHAPTER FOUR: DATA ANALYSIS AND
INTERPRETATION
4.1 INTRODUCTORY REVIEW
4.2 PROFILE OF OBSERVED FREQUENCIES
4.3 ANALYSIS ON INTERPRETATION OF DATA
CHAPTER
FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 SUMMARY
5.2 CONCLUSION
5.3 RECOMMENDATIONS
PROJECT QUESTIONNAIRE
CHAPTER ONE
1.0
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Residential property refers to
building that is developed or able to be developed for living. Using
residential property for commercial purposes is generally prohibited. There are
many types of dwellings that may be placed on residential property. These
include mobile homes, single family houses, and apartments. Condominiums and
townhouses may also be placed on residential land.
Also, the
housing good (property) may be to maximize optimum return from outright sale or
letting. If this is the case, the price of the residential property becomes
very important to the landlord and the occupants. There are various value
accrued to residential property, but the focus of this work is on rental value.
In recent
past, investor has diverted their funds into real property development because
of the security of returns and the profitability of the market (Kauko, 2003).
In addition, because of the high competition
in the residential property market, there has been expansion and improvement in
the quality of residential properties provided by the investors to meet demand.
1.2
STATEMENT OF PROBLEM
The focus of this study is to examine the rental variations
of residential property values in Bariga area of Lagos State from year 2000 to
2014
Residential property has contributed to the growth and
development of the Nigeria economy despite the sector facing challenges such as
poor funding, poor infrastructure, high cost of building materials, lack of
government policies and unethical standards. This study will also determine if
location is a major factor in residential property valuation in Nigeria and the
cumbersome bureaucratic delay associated with obtaining title document and
government approval in relation to property development.
1.3
AIM AND OBJECTIVES
The aim of this study is to examine and document the
performance of the rental value of residential properties in Bariga area of
Lagos State from 2000 to 2014. To identify and recommend reforms required to
lessen the burden on accommodation and the undue advantage taken by landlords
in increasing rents in Nigeria. It also examined the various property
characteristics that have relatively strong impact on market values (prices)
and to an extent influence the rent, sales and purchase decisions of accommodation
seekers, sellers and buyers in Nigeria.
In order to achieve, the following are the objectives:
1. To identify the types of residential properties in the neighbourhood.
2. To identify the factors that affect
property value in the study area.
3. To evaluate the tenant response to
the rent review.
4. To identify the features of
residential property that has significant influence on property market values.
1.4 SCOPE OF STUDY
This project is limited to Bariga area of Lagos State. The reason is that, Bariga Local Council
Development Area is a populated place in Lagos, Nigeria and home to a large
number of residential properties. Also the research work will focus on rental
value of residential property in Bariga area of Lagos state
Bariga shares north boundary with Oworoshoki to Anthony junction
on Ikorodu Road. Bariga community shares south boundary with Bajulaiye canal,
shares east boundary with the Lagos Lagoon and shares west boundary with Somolu
Local Government at Ikorodu road through Pedro down to Bajulaiye.
1.5 SIGNIFICANCE OF
STUDY
This study will aid the government on the area of providing
basic amenities to the residence of this area and also help individuals,
professionals, investors, communities, change agents, media professionals and
the society at large on how to identify residential property characteristics
and how they determine property values in Nigeria.
In addition,
it will contribute to the body of knowledge that are available in public
documents, literatures, books, magazines and journals. Also, it will serve as a
reference material for students, scholars and other researchers.
Also, this study will help researchers, scholars and
investors to identify various residential property characteristics that have
relatively strong impact on market values (prices) and to an extent influence
the sales and purchase decisions of sellers and buyers in Nigeria.
Aside contributing to the body of knowledge and serving as a
reference material, the recommendations of this study should enable Real Estate
Professionals and investors to make fair estimates of the market values of
residential real estate properties given the features of such housing units.
This would aid rapid valuation, help to improve housing quality and make
possible mass evaluation of properties.
1.6 LIMITATATIONS OF
STUDY
The estate
surveyors and valuers were reluctant to
provide the information required for the research work and the researcher took
time to reduce the fear of occupiers by enlightening them regarding the essence
of the research, that they would not be subjected to imposition of levies or
charges
In addition, this study is limited by time and finance. It
will be limited by time because being an academic work; it must be completed
within a specified space of time.
In terms of finance,
the researcher is a student and cannot afford the enormous amount that is
usually involved in carrying out this kind of project.
However, effort will be made to ensure relevant and
sufficient data is gathered to arrive at a reliable conclusion.
1.7 DEFINITIONS OF TERMS
RESIDENTIAL PROPERTY: The classes
of dwelling units which provide shelter. It is also the building used
substantially as living accommodation.
PROPERTY: anything,
tangible or intangible whereby legal relationship exist between a person and
the State enforces a possessory interest or legal title in that thing
RENTAL VALUE: The amount which would be paid for rental of similar
property in the same condition in the same area.
PROPERTY MARKET: Is a medium where bundle of
right encompassed in the property being exchanged. It could also be a system of
transaction between land owners, land users and estate.
LOCATION: This is an economic characteristic
of real estate composed of immobility, constant change and element of special
distribution.
LAND: This can be defined as the
uppermost layer of the earth crust that can be developed to generate income and
interests.
VALUE: The present value or worth of
future benefits. It is also the money obtainable from a person willing and able
to purchase an article when offered for sale by a willing seller during a
reasonable time of negotiation.
FOR THE FULL PROJECT:
PLEASE CALL OR WHATSAPP ME: 08023882330
EMAIL: agunbiadeolumide@gmail.com
NO OF PAGES: 58
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