AN EXAMINATION OF RESIDENTIAL VALUE IN BARIGA, LAGOS STATE (2000- 2014)

ABSTRACT

This study set out to examine and document the performance of rental value of residential properties in Bariga area of Lagos State from 2000 – 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. 100 questionnaires were administered to residents and estate surveyors in Bariga area of Lagos State.

 1.0         INTRODUCTION

 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.

Hence investment in this type of property is regarded as a considerable source of wealth for many individuals.  The physical characteristics of the property such as number of bedrooms, age, size, various amenities and services have been noted to help determine the rental price for landlords as they set rental prices for residential properties.

1.2                      AIM AND OBJECTIVES

 The   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 

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