Estate Management &Valuation

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Estate Management &Valuation

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Author: search.filters.author.Ojetunde Ismail

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    Community participation in slum upgrading: A key to attainment of inclusive city
    (Community Participation Research Group (COPAREG), Federal University of Technology, Minna, Nigeria, 2018) Popoola Naomi Ijadunola; Ojetunde Ismail; Kemiki Olurotimi Adebowale; Ayoola Adeyosoye Babatunde
    Urban population explosions in the developing world have been attributed to proliferation and formation of slum particularly as a result of disproportionate provision of basic infrastructure. Infrastructure provision and maintenance has remained one of the major challenges facing the cities, most especially the slum settlements in the developing countries of the world. Inadequate financial resources in tackling many urban challenges have led to partial withdrawal of government from providing and maintaining basic neighbourhood infrastructure in the cities. It is therefore very evident that inclusive city cannot be achieved without effective community participation. It is in view of this that this study examined challenges facing slum settlements, benefits and shortcomings of residents’ participation in upgrading projects and framework for sustainable community participation upgrading project. The study concluded that the meagre community resources of slum dwellers in the face of economic recession are not sufficient to meet the development need of the slum, especially in the area of infrastructure refurbishment. The study, amongst others, recommended adoption of community-driven development approaches in upgrading projects in poor urban communities and adequate resource allocation to projects as effective tools for achieving social inclusion and attainment of desired inclusive city.
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    Urbanization and Peri-Urban Development in Minna, Nigeria
    (School of Environmental Technology, Federal University of Technology, Minna, Nigeria, 2017) Popoola Naomi Ijadunola; Ojetunde Ismail; Kemiki Olurotimi Adebowale; Ayoola Adeyosoye Babatunde
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    An Assessment of the Impact of Public Infrastructure on Residential Property Values in Minna
    (Joint International Conference Editorial Committee, 2016) Ayoola Adeyosoye Babatunde; Ojetunde Ismail; Kemiki Olurotimi Adebowale; Popoola Naomi
    This study provides evidence on the value capitalization effect of public infrastructure in Minna. It employs rental transactions and datasets constructed from various secondary sources to provide information on geometric and spatial distribution of 4 groups of public infrastructure. Due to aggregation bias in these data sets, we utilize the quartile procedure to construct aggregate indices which capture the effect of the different infrastructure stock component but not infrastructure quality. The quartiles were used to compute location quotients for 12 a priori neighbourhoods, hence providing the basis for grouping and classifying neighbourhoods into low and high infrastructure neighbourhoods. A tenable statistical justification for this neighbourhood split by infrastructure is the Hodges-Lehman point estimate of shift (Δ) at 95.89 confidence level which is (−3.234,−11.072,−0.339) which revealed that the two classified neighbourhoods (low and high) are different. Findings revealed that geometric and spatial distribution of infrastructure is reasonably uneven across the study area. In addition, marked variability exists in quality of infrastructure between low and high-infrastructure neighbourhoods based on respondents‘ perceptual rating. The conjecture that high-infrastructure neighbourhoods have higher residential property values in contrast with that associated with low-infrastructure neighbourhoods was also found to be plausible. The capitalization effect of public infrastructure is evident in a falling market: high-infrastructure neighbourhoods significantly outperformed low-infrastructure neighbourhoods by N 14470, while in period of soaring property value, high-infrastructure neighbourhoods command N 57305.60 more than the low-infrastructure neighbourhoods. These findings have substantial implications for optimal location of public infrastructure and its capitalization into urban residential property value. To maximize this capitalization effect, policy makers and planners must efficiently allocate public infrastructure across space.
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    Critical Factors Contributing to Rent Arrears in Residential Properties in Minna, Nigeria
    (European University of Lefke, Cyprus, 2018) Kemiki Olurotimi Adebowale; Ayoola Adeyosoye Babatunde; Ojetunde Ismail; Ogunbajo Rukayat Adeola; Kuma Shien Stephen
    Optimum return appears to be a tangible motive of investors of real estate investments. This motive over the years has been bedevilled by rent defaults by renters of properties in the property sector. This situation, to Property Managers and their Principals is worrisome. It is on this basis that this study attempts to assess the factors influencing rent arrears in Minna residential property market. The study employs data on various aggregate factors such as management subsystem, economic factors, tenancy arrangement, dwelling unit features and external household attributes influencing rent payments. Cluster random sampling was used to administer questionnaire to renters of residential properties in Minna while simple random and purposive sampling techniques were used to administer questionnaires to property managers. Kendall Coefficient of Concordance and Chi-Square were statistical tools used. The result revealed that W = 0.601 which indicated a statistical evidence of a fair association in the ranking of the factors responsible for rent in arrears, while the average rank correlation of factors between all possible pairs of the towns rs = 0.521 indicating a weak agreement to the identified factors. There was evidence of variation among the factors responsible for rent arrears across the areas and the study also found there is no relationship between income level of renters and type of residential accommodation occupied. The implication of the study is that renters develop practical habit that discipline their finances and prioritize the scale of preference to live below their income level.