The Project File Details
- Name: THE_EFFECTS_OF_SLUM_ON_RENTAL_PROPERTY_VALUES
- Type: PDF and MS Word (DOC)
- Size: [718 KB]
- Length:  Pages
1.1 BACKGROUND OF THE STUDY
According to historical accounts (Leadership Newspaper), Asata, Coal
camp, New market, Ogui urban including Obiagu areas of the city belongs to
Ogui Nike people. But during the colonial era, the white men started
developing parts of the land owned by the Ogui Nike people. That explains
why Obiagu is presently inhabited by people from almost the five south east
states namely; Abia, Anambra, Ebonyi, Imo and even the present day Enugu
Also a portion of Obiagu was then inhabited by the Hausa community,
who came to the city as either cattle dealers or artisans. But following the
events leading to the outbreak of the Nigeria Biafra war in 1967, a good
number of Hausa men living in the area left for their different states in the
north and never returned to the area, then the community was taken over by
Nigerians from other ethnic groups, particularly Igbo, yet it still answer
“Ama Hausa” [house of Hausa community], but has refused to shed its toga
of a ghetto. When police or other security agencies are looking for suspected
criminals, they usually gear their search light on obiagu, because of the
belief that it is a criminal infested area (Ubani, 2012).
Most housing decay and deterioration comes in various forms and
their existence is more evident in densely populated parts of the city. Some
of the characteristics of slum include inadequate and deficient facilities
obsolete buildings, filthy environment, etc. Much concern was been shown
about the problems of the slum areas particularly on the level of decay
exhibited by such areas and the plight of the low income households which
dwell in them, this put lives and health of the residents in danger.
Obiagu experienced a large rapid population growth because of the
influx of people from different part of the east as a result of the development
from the colonial era, hence houses constructed of hands materials sprang up
all over the settlement. Thus, the area is crowded with poor housing
structures most disorderly located. The settlement has now grown and
developed in an unplanned manner resulting in the deterioration of the
values of the property and social status of the estate environment.
Therefore, the main aim of the study is to examine the effects of slum
on rental property values in Obiagu.
1.2 STATEMENT OF THE PROBLEM
Obiagu is characterized by slum, where the structure are blighted,
high level of occupancy mostly low income group, over crowding, under
supply of public amenities, bad roads, this is the basis for this research work,
trying to examine the effects of slum on the values of property, located their
and also to show or establish that slum development is the major set back in
1.2 AIM AND OBJECTIVES OF THE STUDY
The aim of the study is to examine the effects of slum on rental
property values in Obiagu. To achieve this aim, the following objectives
were raised, they are:
a. To identify the causes and effects of slum on rental property values
in the study area.
b. To establish the negative and positive effects of slum on rental
property values in the study area.
c. To establish whether slum environment makes investment in real
estate and property market transactions, a viable venture.
d. To then recommend the best and possible strategy towards
eradicating the slum of obiagu area and hence create a suitable
environment that will enhance the property value in the areas.
1.4 RESEARCH QUESTION
In spite to identify, the research problem earlier stated, some questions
have been raised by the researcher; it is believed that when right answers are
provided for these questions it will lead to the achievement of the objectives
of the study.
The questions are as follows:
1. What are the causes and effects of slum on rental property values
2. Are there any negative and positive impacts of slum on rental
3. Will investment in real estate and property market transactions in
Obiagu be a viable venture?
1.5 THEORETICAL FOUNDATION OF THE STUDY
This research is based on the theory of the highest and best use of
land. Highest and best use abdicates the application of land in order to gain
maximum benefit not only to their owners but the society at large. Obiagu
area has not been put to its highest and best use and as such resulted to slum
in the area. That is to say, putting land into best use gives room for
development. This calls for significance of their research.
1.6 SIGNIFICANCE OF THE STUDY
The study tends to identify the nature of slum in the study area,
possible causes and effects on rental values of properties in the area in order
to aid relevant authorities to tackle the problem and enhance benefits of real
estate property market in the area.
There are many causes of slum which includes indiscriminate
development of properties, improper disposal of waste etc. The government
and its agencies have not paid much attention to it as a result of insufficient
information available to them. This research will increase the interest of
government officials on the issue and if the recommendations are adhered to,
it will go a long way to eradicate slum in the study area and enhance
development and real estate investment.
1.7 SCOPES OF STUDY
This study is restricted to the development of slum in obiagu. The
investigation will consider the environmental, social, economic
demographic, transportation, infrastructural and housing amenities
conditions relevant to enhance estate settings as well as property values.
1.8 LIMITATIONS OF THE STUDY
Limitations of this study include time, financial constraint, lack of sufficient
relevant data which the research would have used to give a sufficiently new
approach to this form of study.
1.9 OVERVIEW OF THE STUDY
The study starts with an introductory chapter on the research problems
and other related issues. Chapter two dwells on literature review, throwing
more lights on slum, concept of slum, types of slum, attitudes of slum,
causes of blight and factors leading to slum formation types of slum, roles
of slum, history of slum etc.
Chapter three talks about the research methodology research method and
design, sources of data, collection and instrument for data analysis.
Chapter four deals with data presentation and analysis while chapter five
deals with the findings, recommendations and conclusion.
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