The Effects Of Slums On The Residential Property Values In Makwala

The Effects Of Slums On The Residential Property Values In Makwala

CHAPTER ONE

1.0            INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The concept of residential property value is a term that is associated with real estate investment. The main motive for these types of investment is for creating financial optimum returns on both and land property.

There exist numerous factors limiting against this types of investment among which is the growth of numerous slums around our planned cities. According to Okoye (1977). He believes that slums area are characterized by separate discrete structures and are mainly occupies by the lowest income group the major urban centers in Nigeria are growing in population and size in a haphazard manner over the years. The over grown and over sized cities are continuously faced with enormous problems of housing, water supply, health and education as a result of planning authorize failing to take the necessary steps to control developments according to new plans.

Simon (2010) defines slums as a group of building or an area characterized by over crowding, deterioration, unsanitary or absence of amenities or facilities such as portable water, drainage system, schools, health facilities, recreational ground, access road etc. these conditions endangers the health, safety and moral of its inhabitants that also affects the value of land negatively.

The above negative impact of slums necessitated this research, which at the end of the study an attempt will be made to provide possible solutions to the numerous problems.

1.2            STATEMENT OF THE PROBLEM

Slums are characteristics of urban sprawl occasioned by leapfrog development. Slums is an area that is characterized by over crowded deteriorating environmental aesthetics, absence of infrastructure and facilities such as portable water, drainage system, schools, health facilities, and recreational ground e.t.c. Makwala in keffi town is a residential unit that has a semblance of these characteristics.

The residential properties are discrete structures that are occupied by lowest income group, Hifa residential occupancy rate and over crowded environment, with poor accessibility. These characteristics of the residential units forms the core of this study.

1.3            AIM AND OBJECTIVES

The aim is to examine The Effects Of Slums On The Residential Property Values In Makwala with a view of recommending the ways forward.

1.     To identify the types of residential properties in the study area.

2.     To examine the factors responsible for slums formation in the study area.

3.     To examine the effects of slums on the residential property rental values in the area.

4.     To proffer solutions to the identified problems.

1.4            RESEARCH QUESTION

1)    What are the causes of slums in the study area?

2)    What are the effects of slums on residential property values in Makwala?

3)    What are the possible solutions to the identified problems?

1.5            JUSTIFICATION OF THE STUDY

This research work is an attempt on the causes and effect of slum on residential rental property values with a view to proffer useful recommendations. The study is expected to form the basic for further research work on the effect of slum on residential property value. The research work will be of immense benefit to the following professionals or persons, the estate surveyors and valuers who are mainly concerned with the development and  management of all kinds of landed properties. Also this research work will go along way to help students, the urban and regional planners also dealing with land use and layout design and environment protection etc.

This project, in addition, will reveal to the general public and even the government of the effect of slum on the dwellers and also on the property values.

1.6            SCOPE AND LIMITATIONS

This study covers the area of Makwola in Keffi, Keffi Local Government Area of Nasarawa state with a particular reference to the effects of slums on the residential property rental values. There is also obvious problem of time constraint and financial problems, the constraints served as an obstacles as a result of combing the research work, with academic work load. There is also uncompromising attitudes of slums dwellers. Some were afraid to respond well due to security reasons.

1.7            DEFINITION OF TERMS

1.     SLUM: Slum according to Simon (2010) defines slums as a group of building or an area characterized by over crowding, deterioration,                    un-sanity or absence of amenities or facilities such as portable water, drainage system, schools, health facilities, recreational ground, access road e.t.c. This condition endangers the health, safety and moral of its inhabitants that also affects the value of land negatively.

According to George (1999), slum can be defined as a group of buildings, or an area characterized by over-crowding and separate discrete structure and mainly occupies by the lowest income group.

2.     BLIGHT: A Blight area may be defined as area where existing structure, facilities and utilities are substantially impaired or arrested, it can also be referred to as physical deterioration of building and properties.

3.     INFRACSTRUTURE : it can be defined as the basic physical and organization structure needed for the operation of a society or enterprise e.g. water supply road , power grids e.t.c

4.     SLUM UPGRADING: this means raising the status avidity , value or condition of a neighborhood or aspects of the city centre or any unwholesome and unsanitary part of an urban area.

5.     RESIDENTIAL: this can be defined as block of flats or bungalow duplex e.t.c in an area of a town suitable for living and consisting of houses rather than factories or office.

6.     PROPERTY  : property in a technical legal term means “a unit or object whether tangible or intangible upon  which interest is created  and over which control or right of ownership is exercised  by the owner of interest.

7.     RETAL VALUE : Is the maximum amount which Is property will let in the open markets at any giving time.

8.     VALUES : The term value means the worth of something or how much something is worth  in money or other goods for which it can be exchanged.

CHARPTER TWO

2.0            THEORETICAL AND CONCEPTION WORK

Historically, human settlement started around lakes, river banks  and at places with adequate fresh water resources. The fact coupled with the search for better opportunities and instinct for living organisms. Proximity to raw material and other available productive resource in the region and uneven distribution of industries have destabilized the population settlement partners. The studies of slum as a social problem have in general tended to follow the theoretical path established by Burgess and his colleagues. In other words urban poverty has caused security problems in the cities of the  world, crime rate are on the increase in many cities of the world. crime rate area on the increase in many cities across the globe (Pokhariyal & Methuri 2003). The evils of political ethnic and religious violence along with arm trafficking and terrorism. Slum are prone to such criminal and anti-social activities. those causes security problem in cities and the overall causes security problem in cities and the overall peace in the region is also affected.

United nation in its millennium declaration spelt out urban poverty as an integral part of over  all  “development and poverty eradication”  and proposed “cities without slums by 2020”, in order to achieve it, there is a need to significantly improve lives of at least 100 million shams dwellers (U N 2000).