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A COMPARATIVE
ANALYSIS OF RENTAL VARIATION IN RESIDENTIAL AND COMMERCIAL PROPERTIES IN
NIGERIA
(A CASE STUDY OF OGUI
NEW LAYOUT ENUGU)
ABSTRACT
This research has investigated in to a comparative analysis of rental variation
in residential and commercial properties in Ogui New Layout, Enugu Nigeria.
The researcher used
both questionnaires, interview and self observation as method of data
collection. The data was collected among some landlords, Estate agents of the
selected properties.
The data collected
was analyzed based on interpretation and conclusion made.
Chapter one treats
the introduction of the project work, chapter two Literature Review, chapter
three. Research methodology, chapter four data presentation, analysis and
interpretation and chapter five finding, recommendation and conclusion.
Finally, rental
variation in commercial and residential properties have been discovered to be
influenced by certain factors affecting the rents passing on these properties.
Table of contents
CHAPTER ONE
1.0
Introduction
1.1
Background of the Study
1.2
Statement of Problem
1.3
Purpose of the Study
1.4
Significance of Study
1.5
Scope of the Study
1.6
Limitation of the Study
CHAPTER TWO
2.0
Literature Review
2.1
Property
21.1
What is Property?
21.2
Meaning of Property for Appraisal
21.3
Nature of Property
21.4
Classification Property for Valuation Purpose
21.5
Economic of Rent
21.6
Theory of Rent
21.7
Concepts of Rent
21.8
Determinate of Rent
2.2
Commercial Properties and Rents
2.3
Residential Properties
2.4
Definition of Relevant Terms
CHAPTER THREE
3.0
Research Methodology
3.1
Sources of Data
3.2
Primary Data
3.3
Secondary Data
3.4
Study Population and Sample
CHAPTER FOUR
4.0
Data Presentation, Analysis and Introduction
4.1
Presentation of Basic Data
4.2
Presentation and Analysis of Data
4.3
The Average Rent in N/M2 on Commercial and Residential Properties
CHAPTER FIVE
5.0
Findings, Recommendation and Conclusions
5.1
Finding
5.2
Recommendation
5.3
Conclusion
Bibliography
Appendix
List of Figures/Tables
CHAPTER ONE
1.0
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Shelter is a basic necessity in life. An individual can satisfy this need by
either occupying his own (owner’s occupier) property or renting another persons
property. In our traditional society, the need for shelter is mainly met
through the first alternative, that is owner occupation. With the emergency of
urban centres, the situation has changed. Many people are no longer about to
own property because of the difficulty in the acquisition of land and the high
cost of building construction. Therefore, they are left with the alternative of
renting other people’s properties in order to satisfy their need for shelter.
Consequently two classes of urban resident have emerged, the landlord and the
tenant under this arrangement the tenant pays to the landlord a certain amount
of money in consideration for his use of the landlord’s house. This amount is
popularly known as rent.
During the civil war
the Nigeria that is 1966 to 1970 many landed properties in the urban areas of
the former Eastern Region of Nigeria, including Enugu, were destroyed.
Consequently, there was a sharp decline in the supply of landed properties
after the war. Furthermore, the post – civil war period witnessed an
unprecedented number of the rural population trooping into the urban centres
due to the conspicuous prosperity brought about in the urban area by the oil
boom. This resulted to high demand for the existing limited supply of landed
properties. Consequent upon these, rent for landed properties increased
considerably.
This trend has
continued with the effect that “the average worker is paying between 30% to 40%
of his salary as rent ” (Oshadiya, 1985). Thus the increase in rents on the
properties has led to the variation of rent on properties.
In urban area due to
location advantage (for example prime location) which some properties offer
above others for commercial and residential uses, rent tend to very on account
of the type of use which a property can offer.
1.2
STATEMENT OF PROBLEM
Location of economic
properties has been a difficult concept to understand. Although the primary
objective of commercial properties is the derivation of financial gains, while
that of residential properties is for habitation, shelter and comfort, the demand
for land is a refection of the profitability or utility derivable from it use.
The greater the benefit to be obtained from a particular use, the higher the
rent that the user will be willing to pay for it.
There appear to be
wide ranging differences in the levels of rent passing on residential and
commercial properties in Enugu and Nigeria generally.
This research is
seeking among other things to find out the causes of rental variation in
commercial and residential properties in Nigeria, Ogui New Layout as a case
study.
1.3
PURPOSE OF THE STUDY
The main purpose of
this research is to examine the reasons for rental variation in commercial and
residential properties with a view to provide tool to be used in catching
issues related to rent on these properties in Enugu and Nigeria generally.
In order to achieve
the standard goals, the following objective are to be undertaken;
i)
To identify the current level of rents for commercial and residential
properties in the study area.
ii)
To ascertain and examine the factors influencing the rents being commanded by
these properties.
iii)
To specify the implications of rental variation on decisions to acquire those
properties.
iv)
To determine the trend in rental values for residential and commercial
properties in the study area.
1.4
SIGNIFICANCE OF THE STUDY
The finding of this
study will be of benefit to the following;
Firstly, tenants who
are charged rents based on different reasons, especially when the properties
are of the same nature (physically). This will again enable the investors not
only to understand how occupier thinks, but also why and the things they
consider before acquiring properties for certain uses. For example residential
and commercial use.
Secondly, the
generality of the public can now understand the reason why the rents being
commanded by these properties have to differ.
Lastly, this research
work will help to determine the factors influencing, commercial and residential
properties which is an essential pre-requisite to successful development as
well as stimulating interest in the students to carryout out further research
on the topic.
1.5
SCOPE OF THE STUDY
The study covers a
period of three years (2002 to 2004) and it is restricted to selected
properties (Residential and commercial) comprising blocks of flat and tenements
in Ogui New Layout, Enugu.
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