Estate Management &Valuation

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Estate Management &Valuation

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Start date: 2010End date: 2019

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    CRITICAL FACTORS CONTRIBUTING TO RENT ARREARS IN RESIDENTIAL PROPERTIES IN MINNA, NIGERIA
    (European University of Lefke, 2018) Olurotimi Adebowale KEMIKI; Adeyosoye Babatunde AYOOLA; Ismail OJETUNDE; Rukayat Adeola OGUNBAJO; Shien Stephen KUMA
    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.
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    SPATIAL VARIATIONS IN RESIDENTIAL PROPERTY DEVELOPMENT IN BIRNINKEBBI, NIGERIA
    (BAHIR DAR UNIVERSITY, ETHIOPIA, 2015) OGUNBAJO, R. A.; AJAYI, M. T. A.; USMAN B. S.; WALI R. I
    Shelter is a basic necessity of man. The location and spatial distribution of residential accommodation across towns and cities are however subject to a variety of factors. This study aimed at analysing spatial variations in residential property development across BirninKebbi. The relevant population comprised housing units in three (3) major areas. Primary data were obtained through interactions and interviews conducted with residents of the study area as well as questionnaire administered. A comprehensive survey of the area was also carried out and observations were noted. Analysis of data was done using simple descriptive statistics. The study revealed that household level of income is the most prominent factor considered by 53% of residents of Patrick Aziza when choosing areas for residential property development, while proximity to work place is the most influential factor for 50% of Gesse residents. In Badariya, residential location choices are most influenced by religious and ethnic affiliations (30%), security of eighbourhood (29%), and cost of land (27%). The study further revealed varied intensities in residential property development across the three sampled areas and explained reasons for these variations. In addition, the implications of residential expansion in the study area was thoroughly examined, while emphasizing the need for appropriate measures to ensure that the health, safety and wellbeing of inhabitants are not compromised in an attempt to fulfill the housing needs of the people.
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    Housing Affordability by Federal Civil Servants in Minna, Nigeria: Emerging Issues.
    (Canadian Centre of Science and Education, 2015) Ogunbajo A. Rukaiyat; Suleiman Yakubu; Fabunmi O. Foluke; Ojetunde Ismail
    In Nigeria, the 1999 constitution recognises housing as a fundamental human right; hence it is imperative that Nigerians have access to decent and comfortable accommodation at affordable costs. This study examined housing affordability by Federal Civil Servants in Minna by analysing the average annual emoluments of federal civil servants and the annual rental values of houses occupied by them, and subsequently established the percentage of annual income spent on rent. A total of 200 federal civil servants spread across all grade levels were sampled. Simple descriptive statistic, likert scale, relative index and pearson product moment correlation were used to analyse collected data. Findings showed that federal civil servants in the study area spend between 7.3% and 23.8% of their annual income on rents. The study also revealed that civil servants’ level of income having a relative index of 0.96 is the major factor influencing the choice of residential accommodation by federal civil servants in the study area. It further revealed a strong positive correlation between their annual income and rental values of residential properties occupied by them. The sampled respondents expressed varied levels of satisfaction with the houses they occupy, with as much as 59% being unsatisfied with their rented housing units; these were attributed to poor housing quality, small sizes of housing units and densely populated neighbourhoods, among others. Housing Affordability Index was also adopted and used to determine housing affordability levels in the study area. The study recommended a home ownership scheme to enable federal civil servants purchase or build their own houses and pay conveniently because all respondents desired to own their own houses.
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    The Relationship between Residential Property Development and Property Tax generation in Ibadan North, Oyo State
    (Canadian Centre of Science and Education., 2014) Ajayi M. T. A.; Ogunbajo A. Rukaiyat; Sule I. Abass; Abdulkareem Sekinat
    This paper examined the relationship between residential property development and property tax generation in Ibadan North Local Government, Oyo State- Nigeria. Data on residential properties within the Local Government for an eleven year period (1999 – 2010) was obtained from the appropriate planning authority, while records of property taxes generated within the same eleven year period was sourced from the taxing authority within the local government. Regression analysis was used to examine the degree and nature of relationship that a change in the number of residential properties will have on the generation of property taxes. Results showed that the actual property tax paid in Ibadan North Local Government Council is being influenced by the number of residential buildings within the council at about 59.3% variation. This implies that a positive variation in the number of residential buildings within the council will lead to a positive variation in the actual property tax generated. Investigation further revealed that this revenue option is however not fully utilized as payments of these taxes are not fully enforced by the taxing authority. It is therefore paramount that the local government seeks for means of improving its tax base through effective property taxation, thus increasing funds available for community development projects such as electrification, road construction, drainages and other essential utilities.
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    Generating Revenue through Property Tax: The Implication on the Attitude of Commercial Property Occupiers in Jos North Local Government
    (Elixer Publishers, 2013) Ajayi M.T.A; Ighalo J.I; Ogunbajo R.A
    Property tax is gradually becoming a major source of revenue for local councils in Nigeria. However, in generating revenue through property tax there is the need for local councils to consider the attitude of the residents within their jurisdiction to payment of the property tax in order to encourage public participation in the usage and the collection of the property tax. The methodology of study therefore is based on the questionaire distribution of 0.00035% of the population of the study and analysed with multivariate analysis. The multivariate analysis examined the payment of property tax as an independent variable against three dependent variables which are Awareness of Property tax, willingness to pay if property tax is splited into forms and willingness to reside or shift location if the property tax is reviewed upward. The result of the study suggest that with a calculated alpha level of 0.024 which is less than 0.05, commercial property occupants in this local government will shift location if the property tax is reviewed upward. It is the recommendation of the study therefore, that there will be the need for local government to set up a machinery to monitor the attitude of the residents as this findings may be different in other local government areas.
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    The Spatial Nature of Retail Property: Evidence from Minna, Nigeria
    (FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, 2019) Ojetunde, I; Sule, A.I; Ogunbajo, R.A; Ndawuya, L; Lucky, E
    This study examines the nature of retail property by providing empirical evidence from Minna, Nigeria. Spatial data on 278 retail establishments transcending the major roads in the innercity neighbourhoods of the study area, socio-demography of their respective occupiers and the nature of retail services provided were collected by employing a mobile data collection software known as kobotool. This data allowed an overview of the composition of these retail spaces to be presented and compared across space. The analyses were conducted using GIS technologies, cross-tabulation, nearest neigbour analysis and descriptive analysis. A major finding from this study is the actuality of spatial differentiation in the distribution of the retail shops, with more retail establishments spatially clustered in the northern part of the study area. In view of this clustering tendency in the retail shops distribution, the study recommends that efforts on future urban planning and development as well as public policy should be directed towards the south part of the study area, so as promote balanced development of urban retail space in the study.
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    Assessment of Urban Infrastructure Quality and User Satisfaction in Low Income Residential Neighbourhoods in Minna, Nigeria
    (ABYBAKAR TAFAWA BALEWA UNIVERSITY, BAUCHI, 2016) R. A. Ogunbajo; M. O. Bello; M. A. Adebayo
    This study assessed urban infrastructure quality and the level of user satisfaction with urban infrastructure in low income residential neighbourhoods in Minna, Nigeria. Five (5) neighbourhoods were selected for the study, and a total of 250 housing units were sampled. Questionnaire was administered on households that fell within the sample and used to retrieve relevant data. This was followed with an observatory study of the entire study area. Simple descriptive statistic, frequency distribution, Kruskal wallis (H) test, Pearson's correlation, and Relative satisfaction index (RSI) were used to analyse collected data at different levels in the research. Analyse-it ® v4.5 statistical software for Microsoft excel was used to carry out all statistical analysis. Seven (7) components of urban infrastructure were identified to sustain residential properties in the study area and the varied conditions of each of these infrastructure was presented. The overall quality of urban infrastructure was established based on cumulative weighted scores of respondents rating of urban infrastructure quality in their respective neighbourhoods. Total weighted scores of 600 and below signified a general poor quality of urban infrastructure in the affected areas. A correlation coefficient of 0.853 indicates a strong positive relationship between drainage conditions and the condition of access roads, among others, while low RSI for access roads (1.972), drainage systems (1.456), waste disposal (1.712), security (2.632), water supply (1.372), electricity supply (1.52), and neighbourhood cleanliness (1.688) indicate a very low level of user satisfaction with urban infrastructure in the study area. Over 50% of respondents described the management of urban infrastructure in their neighbourhoods as being poor. The study recommend that efforts by the concerned authorities should be intensified towards the provision and proper management of urban infrastructure in urban areas.
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    An Assessment of Housing Maintenance and Management in Federal Housing Estates in Abuja, Nigeria.
    (Nigerian Institution of Estate Surveyors and Valuers, 2013) OGUNBAJO R. A.
    This research examined the the management and maintenance of federal housing estates in Abuja with a view to establishing the etent of housing management in ensuring sustainable housing. It focused on selected federal housing estates to assess how well the eisting housing stock were managed. A sample size of 400 housing units was adopted in each of the sampled estates from a total population of 3,415and 3,494 using stratified random sampling technique. Questionnaire were administered on households that fell within the sample group, and centered on the condition of buildings, management responsibility, frequency of maintenance, availability and access to neighbourhood facilities and services, and general management approach among others. A responce rate of 92.75% and 91% was recorded in both estates. Surveys were also carried out to assess the condition of access roads, drainages, street lights and other neighbourhood facilities. Collected data were analyzed using frequency distribution and percentages. The study revealed that housing units and infrastructure presents varying conditions ranging from very good, good. fair, bad and very bad. It also revealed the extent of housing management and maintenance which is responsible for the preent outlook of the estates. The study reccommended that minimum maintenance standards be set for residents to ensure that houses are maintained in good and decorative states of repair, while also emphasizing the need for residents to adopt good maintenance culture.
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    THE PROFESSIONAL VALUTION OF TRADITIONAL BUILDINGS FOR COMPENSATION IN SELECTED RURAL AREAS, NIGER STATE.
    (Centre for Human Settlements and Urban Development, Federal University of Technology, Minna., 2013) Nuhu, M. B.; Ogunbajo, R.A.
    The adequacy of Compensation payable for Properties acquired by government for overriding public interest is a subject of contention in many circles, particularly among the affected parties and in developing countries. This paper examined the valuation of traditional buildings for payment of compensation in selected rural areas in Niger State. It carefully examined the type of structures in the study area, the procedure and methodology of assessment to establish the adequacy of compensation payable, and the challenges in valuing these class of properties. Particular emphasis is placed on the uniqueness of the valuation of this class of properties. Principal data were derived from, physical inspections and field surveys, and interviews conducted with the affected property owners and participating estate surveyors. Among other discoveries, it was discovered that the compensation payable so far are inadequate and no plan to resettle the claims being farmers as the amount payable cannot purchase another similar land for their habitation and economic activities. It is therefore paramount that valuation for compensation be properly carried out such that it reflects the value under the circumstance to the person forced to sale.
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    Assessment of Residential Building conditions and Property Management Strategies in Minna, Nigeria
    (UNIVERSITY OF LAGOS, 2016) Rukaiyat Adeola Ogunbajo
    This study assessed the conditions of leasehold dwelling units and property management strategies in Minna, Nigeria. It sampled 328 dwelling units spread across selected neighbourhoods. Questionnaire were administered and used to solicit relevant data for the study. Simple percentages, total weighted scores, weighted mean, contingency table, chi square distribution, and phi coefficient were used to analyse collated data at various levels of the research. Findings revealed poor conditions of 55.2% of leasehold dwelling units. A computed chi square value (X2 = 48.965) indicated no statistical significant difference in the overall condition of dwelling units across the sampled neighbourhoods. Findings also showed that only 31% of dwelling units are managed by professional estate surveyors, periodic general renovations by property managers were not carried out in any of the sampled units, while 41% of respondents linked the management and maintenance of ancillary facilities in their neighbourhoods to community efforts and contributions. It further revealed that 51% of respondents were not satisfied with the management of their dwelling units, while 84% of residents were not satisfied with the management of ancillary facilities in their neighbourhoods. A chi square value (X2 = 14.965) and phi coefficient (φ = 0.209) revealed a weak, but positive and statistically significant relationship between building conditions and management type in the study area. The study emphasized the significance of effective and efficient management practices as key players in ensuring that residential buildings remain in good and decorative states or repair.