Showing posts with label value. Show all posts
Showing posts with label value. Show all posts

Saturday, 1 January 2022

EFFECTS OF NEIGHBOURHOOD ATTRIBUTES ON RESIDENTIAL PROPERTY VALUES IN KAFANCHAN, KADUNA STATE

EFFECTS OF NEIGHBOURHOOD ATTRIBUTES ON RESIDENTIAL PROPERTY VALUES IN KAFANCHAN, KADUNA STATE

ABSTRACT

The aim of this project is to examine the effects of Neighbourhood Attributes on Residential Properties Values in Kafanchan. The specific objectives are as followings: identify the various environmental problems common in residential neighbourhood in Kafanchan, evaluate the relationship between neighbourhood attributes and residential property values and ascertain residents rating of environmental qualities and neighbourhood attributes in Kafanchan, examine the effects of environmental qualities and neighbourhood attributes on residential property values. The research method used was survey The sampling techniques adopted for this study is the random sampling techniques, the techniques give every member of the population the opportunity to be selected without any form of preferential treatment. A total of one hundred (100) copies of questionnaires were administered, and out of these, seventy five (75) copies of the questionnaires were correctly filled and returned.  The researcher make use of statistical tools such as tables, percentage and descriptive methods to presents  and analyzed the data gathered from the field survey which was considered appropriate for the research. The study revealed that the problems common in residential neighbourhood in Kafanchan is inadequate basic services such portable water, constant electricity supply, good and affordable health care etc, substandard housing this is evident in the presence of squatter and slum settlement, irregular and informal settlement, finally poverty and social exclusion contributes tremendously to the environmental problems. Finally, the study revealed that environmental qualities and neighbourhood attributes affects residential property value in Kafanchan. The researcher recommend that the government should make concerted effort in providing the basic social amenities in Kafanchan to reduce the environmental problems encountered and the development control should ensure that development control laws are fully enforced to avert the problem squatter, slum, irregular and informal settlement.

CHAPTER ONE

1.0       INTRODUCTION

  1. BACKGROUND OF THE STUDY

Environmental qualities are largely responsible for neighbourhood attributes on real estate values. Man’s attitude towards the surrounding environment is not neutral because human search for location that deliver a high quality of life (Mchi, 2013). Those expectations particularly concern man’s daily surrounding including residential area or recreation ground. The qualities of that environment largely affect the decision made on real estate market value.

Environmental qualities are numerous and its’ effect are in various ways, such as physical and socio-economic obsolescence and environmental problem and a host of others have their consequence on human. The problem of environmental and efforts directly towards their alleviation command global attention because of the increasing proportion of the world population being affected by such issues whether or not; we have face an environmental crisis “It is the subject of much debate those days some argue that our environmental problem are neither unprecedented nor over-whelming. The role of environment in assimilating waste products and providing life-support amenities will become increasingly important. Protection and conservation of key natural systems and important ecological functions will essentially, not only in terms of their value and in terms of recreation but also because these systems and functions may provide invaluable support and protection for economic activity and human welfare. But little is known about the role of environment in recent years there is growing recognition that efficient and sustainable management of environmental resources is indeed critical to economic development (VanKamp, 2003).

Neighbourhood, on the other hand is important due to its spatial linkage to the housing purchase and real estate in general. Once settled in a location, one is subject to the externalities that neighbourhood effects impose. Neighbourhoods are geographic units within which certain social relationships exist, although the intensity of these relationships and their importance in the lives of residents vary tremendously. Initially the neighbourhood unit was both a social and planning concept. On one hand, it had to provide convenience and comfort and direct, face-to-face contact in order to restore some sense of community that has been disturbed or destroyed by the specialization and segmentation of urban life. On the other hand, it was to constitute a special sub-part of a larger, more complex totality.

Environmental qualities matter to human life as they play role in assimilating waste products and providing life support amenities such as forests provide fresh air, water catchments Areas and prevention of soil erosion (Turner 1995). Despite the essential role played by environment resources in developing countries little is known about the economic development (Turner, 1995). Furthermore little is known about the impacts of markets forces and policy interventions on environmental management and environmental effects of development and programmes. Research in all these areas is proceeding, but progress remains slow given the complexity of the problems and our failure to address them adequately in the past (Turner, 1995). Development of industries and increased human population has greatly led to environment deterioration, which in turn affects the quality and property value of settlements (Turner, 1995). The Nigeria population is growing at the rate of approximately eight percent per annum, it is estimated that about 70 percent of populations live in poor, unplanned settlements (http:web.mit.edu/ urbanupgrading) Until mid- 1990 the overall urban environment had deteriorated to the extent that less than 5 percent of solid and liquid waste was collected (Nkya 2001) Lack of knowledge of the people towards the importance of environmental quality, has lead to deterioration of the environment to such an extent that in some it has decreased property values and rents of houses. 

According to Norman (1982), physical attributes and locational influences can be described as “Fundamental factors” of the property because all users of such property get utility or disutility from these fundamental factors over their expected tenure. While physical attributes include building area, type of structure and all that is attached thereof, locational influences are off-site neighbourhood attributes like healthcare facilities, parks, schools etc. Therefore real estate value will be locational dependent due to the attributes with respect to specific desirable services. Since locational influences on the value of residential property can come up from a number of sources such as accessibility to shopping centre, air quality, drainage system availability, pollution, noise, security, and availability of refuse disposal facilities etc. This research work examined the effect of environmental quality and neighbourhood attributes on real estate value.

1.2.      STATEMENT OF THE PROBLEM

Most Nigeria‘s major cities have been experiencing rapid urbanization and rapid development due to urban-urban or rural urban migration which have resulted in the failure of urban infrastructure and services have failed to keep pace with this growth. In addition to rising urban poverty, there is an increased urban environmental problems. These challenges are poor solid waste management, uncontrolled housing and neighbourhood development, flooding, traffic congestion, poor state of the urban physical environment and rising crime rates have been documented (Ugwuorah, 2002; Mchi, 1997). Obinna, Owei and Mark (2010) have also noted the deplorable housing, inadequate space, and absence of basic services in the informal settlements of the city. This state of affairs triggered the desire to examine the effect of environmental quality and residential property value in Kafanchan, Kaduna State.

1.3       AIM AND OBJECTIVES OF THE STUDY

The aim of this project is to examine the effects of environmental qualities and neighbourhood attributes on residential properties values in Kafanchan.

The specific objectives are as followings:

  1. To identify the various environmental problems common in residential neighbourhood in Kafanchan
  2. To evaluate the relationship between neighbourhood attributes and residential property values.
  3. To ascertain residents rating of environmental qualities and neighbourhood attributes in Kafanchan
  4. To examine the effects of environmental qualities and neighbourhood attributes on residential property values in the study area

1.4       RESEARCH QUESTIONS

  1. What are the various environmental problems common in residential neighbourhood in Kafanchan?
  2. What are the relationship between neighbourhood attributes and residential property value?
  3. How do the residents rate environmental qualities and neighbourhood attributes in Kafanchan?
  4. What are the effects of environmental qualities and neighbourhood attributes on residential property values in the study area?

1.5       HYPOTHESIS

H0: Environmental qualities and neighbourhood attributes have no significant effect on residential property value in Kafanchan

H1: Environmental qualities and neighbourhood attributes have significant effect on residential property value in Kafanchan

1.6       SIGNIFICANCE OF THE STUDY

This study examines the effect of environmental quality and neighourhood attributes on residential property values. The management of the environments and neighbourhood is the collective responsibilities of both the government at all levels and the property owners, thus this study would be utilized by the government at both federal, state and local government through their various ministries or agencies such as the ministry of environment, education, health and information as it will impact on them the relevance of maintaining a good and quality environments. The study will be also be beneficial to these ministries in the area of policy formulation and formulating laws that will promote good environment and neighbourhood which will be beneficial to human health and protect  the environment.

The citizenry, estate valuers and managers and professionals in real estate sector will also benefit greatly from this study, as the study will reveal how a person’s carefree attitude about the environment can be costly not only to himself but to others. Non-governmental organization in the areas of health and environment will also benefit from the result of this study. This study will guide them in the areas production and distribution of educational materials to the public to enlighten them about the effects of environmental quality and neighbourhood attributes with regards to its impact on property rental value.

The information will go along way in helping other research in the field as it will contribute to available literatures on environmental quality and neighbourhood attributes.

1.7       SCOPE AND LIMITATIONS OF THE STUDY

The study is delimited to the examination of the effects of environmental quality and neighbourhood attributes on property rental value. The study intends to investigate the environmental quality and neighbourhood attributes, and the relationship between neighbourhood quality and residential property values. The geographical scope of the study is Kafanchan, Kaduna state.

1.8       OPERATIONAL DEFINITION OF TERMS

Environment: The sum total of all surroundings of a living organism, including natural forces and other living things, which provide conditions for development and growth as well as of danger and damage.

Environmental Quality: Environmental quality is a set of properties and characteristics of the environment, either generalized or local, as they impinge on human beings and other organisms. It is a measure of the condition of an environment relative to the requirements of one or more species, any human need or purpose.

Neighbourhood: A neighbourhood is a geographically localised community within a larger city, town, suburb or rural area. Neighbourhoods are often social communities with considerable face-to-face interaction among members.

Attributes: A characteristic or feature of a product that is thought to appeal to customers.

Property Value: property value according to Millington (2017) is the money obtainable from a person willing and able to purchase property when it is offered for sale by a willing seller, allowing for reasonable time for negotiation and with the full knowledge of the nature and uses which  the property is capable of being put.

1.9       THE STUDY AREA

Kafanchan is a mainly Christian-dominated town in the southern part of Kaduna State, Middle Belt, Nigeria. It is the location of a junction station of the Nigerian Railway Corporation, and it sits on the line connecting Port Harcourt, Enugu, Kafanchan, Kuru, Bauchi, and finally Maiduguri.[2] As of 2007, Kafanchan had an estimated population of 83,092.

The word Kafanchan, according to Ibrahim James, is said to have been derived from the Fantswam (a dialect of Tyap) phrase “kwaFantswam“. The Fantswam indigenous inhabitants of the Kafanchan town and environs added the prefix “kwa” to all names of peoples and places. Hausa immigrant elements who interacted with them found it more convenient to pronounce the two words, “kwa-Fantswam” as Kafanchan. The town developed as a result of British colonial commercial activities, i.e. a railway junction town in the early 20th century. However, there is another claim as to how the name Kafanchan came into existence. It was said that the name originated during the railway construction period in the 1920s, when the railtrack crossbars were being laid, the white man would say in Hausa “kafanchan“, meaning leg there, i.e. ‘put your leg there’, then a crossbar would be laid after the labourer widens his leg, pushing a leg forward. Hence, the name Kafanchan.

Kafanchan was originally inhabited by the Fantswam people, who migrated from Mashan and located on present-day Atyap land, when they saw an elephant around the Ni̱mbyia̱ (Nimby) forest and shot it with a spear, causing it to flee into the forest. Being hunters, they pursued it until they met where it fell within the plains. They finally settled there and became the aboriginal inhabitants of the present day Kafanchan plains. The southern Kaduna indigenous people of the area, under the auspices of the Indigenous People of Jama’a (ICJ) responded to the turbaning by filing a suit against the Kaduna state government at the Kafanchan High Court. The Kaduna clamoured for the scrapping of the emirate system on their soil, as it was an alien institution imposed on them by the British colonialists. A result could not be ascertained until the new democratic regime came into being. However, in the year 2001, the then-governor of Kaduna state, Ahmed Mohammed Makarfi, created the Fantswam and Ninkyob-Nindem’chiefdoms amidst over ten others in the southern Kaduna area, thereby partially ending the 20th century imposition of the Fantswam people and her kins under emirate rule. However, the Jema’a emirate still remains an institution of the Hausa-Fulani inhabitants. Today, Kafanchan is a melting pot of many Nigerians from parts of southern Kaduna such as the Gwong and the Ham, and other parts of Nigeria.

Friday, 31 December 2021

THE EFFECT OF RURAL URBAN MIGRATION ON PROPERTY VALUES IN OSOGBO OSUN STATE

THE EFFECT OF RURAL URBAN MIGRATION ON PROPERTY VALUES IN OSOGBO OSUN STATE

CHAPTER ONE

INTRODUCTION

1.1       Background of the Study

Property is a multi-dimensional product and the number and nature of factors that influence its value are equally of different kinds. Property values tend to increase in areas with expanding transportation networks and population growth (Goldberg, 2017). The movement of people from rural to urban areas is a common occurrence in Nigeria which have greatly impacted on property value in urban centres or cities in Nigeria. Rural urban migration involves the movement of people from their respective rural households to urban centers in search of better living conditions. The movement poses some problems in the rural as well as in the urban centre even though there are benefits derivable from it (Mini, 2000).

Properties have continued to attract the investment interest of real estate developers as a result of population growth mostly due to rural – urban migration. This is because of the increasing demand for properties such as residential and commercial properties in the urban centres (Olujimi and Bello, 2009); and because of the increase in rent (value), which is usually attached to the property (Oduwaye, 2017). Several factors exist that determine value of real properties. According to Britton (2019), determinants of individual property value include location, time, property interest, state of repair, accommodation details, services/facilities and rural urban migration.

Rural-urban migration can be seen as the physical transnational of individuals or group of people from rural areas to urban centers. Rural-urban migration is the most important aspect of labour migration because it affects the structures and composition of the population. The effect of rural urban migration on property value is far more than merely a demographic or quantitative one. Whereas the rural urban migration has result in population growth and urbanization in  developed countries was the result of rapid industrialization, the growth in Nigeria like most other developing nations is a consequence of the “push” of the rural areas and the “pull” of the town (Kehinde, 2010). The majority of African urban centres developed and continues to develop as commercial-administrative and servicing entities. In Nigeria like in most other developing countries, the growth of the tertiary sector is often a symptom of poverty and stagnation rather than economic development. Consequently, population growth in most of the African countries is characterized by a growing gap between employment opportunities and demand, and an ever increasing shortage of urban services and facilities which are accessible to a diminishing share of urban population.

Gross migration refers to the total number of migrants moving into and moving out of a place, region or country, while net migration is the balance between the number of migrants coming into and moving out of a place, region or country. Migration can be considered as a significant feature of livelihoods in developing countries to pursuit better living standards. Central to the understanding of rural urban migration flow is the traditional push-pull factors. “Push factor” refers to circumstances at home that repel; examples include famine, drought, low agricultural productivity, unemployment etc. while “pull factor refers to those conditions found elsewhere (abroad) that attract migrants.  There are many factors that cause voluntary rural-urban migration, such as urban job opportunities, housing conditions, better income opportunities etc. There is no doubt that, apart from these factors, urban areas also offer a chance to enjoy a better lifestyle. Pull factors have predominated- urban environment provides better employment and income opportunities. It is on bases that this study seek to examine the effect of rural urban migration on property values in Osogbo Osun State.

1.2       Statement of Problem

World population has risen to over 6.3 billion people and by 2030 over 60 percent of the world’s population is expected to be living in cities mostly as a result of rural urban migration. There are now over 400 cities with a population of over a million people (UN-Habitat, 2015).  Rural urban migration has resulted in population growth which is an underlying factor for the demand of property, without new supply of dwellings, it pushes up the prices for both renting and purchasing dwellings. The problem is further compounded in many of the large cities with a change in living preferences that has resulted in a fall in household rates, particularly in the western world. Hence, population movement to the city that is rural urban migration and fewer people per household means the supply of more housing is needed. The rural urban in Osogbo Osun State has assumed a geometrical proportion, the provision of urban infrastructure and housing to meet this demand is, not at commensurate level. This has resulted in acute shortage of housing / residential properties to the teeming population. The inadequacies are far-reaching and the deficit is both quantitative and qualitative; even those households with shelter are often subjected to inhabiting woefully deficient structures as demonstrated in the existence of slums and shanties in and around the city of Osogbo. They reside in the slums and squatter settlements scattered around the city and are predominantly engaged in informal economic activities which encompass a wide range of small-scale, largely self-employment activities. This problem can only be brought under control through urban consolidation and/ or development of properties in the urban center. It is on this note that this study seek to examine the effect of rural urban migration on property value in Osogbo Osun State.

1.3       Aim and objectives of the study

            Aim:

The aim of this project is to examine the effect of rural urban migration on property  value in Osogbo – Osun State.

Objectives:

The specific objectives of this study include:

  1. To determine the cause of rural urban migration in the study area
  2. To evaluate the state of properties in Osogbo – Osun state
  3. To determine the effect of rural urban migration on the property value in the study area
  4. To identify other factors affecting property value in the study area.
  5. Assess the impact of population growth on the demand for residential properties in the study area

1.4       Research Questions

  1. What are the causes of rural urban migration in the study area?
  2. What is the state of properties in Osogbo – Osun State?
  3. What are the effects of rural urban migration on property value in the study area?
  4. What are the other factors affecting property value in the study area?
  5. What is the impact of population growth on the demand for residential properties in the study area?

1.5       Significance of the study

The importance of the research is to be appreciated by all since concepts of rural urban migration and its effect on properties value affects everybody irrespective of class, status or occupation.

However, the study will be importance to the following categories of persons.

  1. Government (policy makers): The government will benefit from the study since it will provide the basics for making policy changes and formulating future policies. It helps the economy in planning for development especially in real estate development.
  2. Students: The study is important to students since it will reveal more details and provide more information for those who are interested in finding out rural urban migration trends in Nigeria and its consequences on properties value in Nigeria and also for further studies.
  3. Research: This study will provide more information for further research about the rural urban migration and its effect on property value in Osogbo – Osun state.
  4. Investors in Real Estate: Real estate investors will benefit from the findings of this study as it enlighten on the effects of rural urban migration on property values in Osogbo, it will put them in better position to make inform decision on how to invest their money.

1.6       Scope and limitations of the study

The scope of this study covers only the effect of rural urban migration on residential property value in Osogbo Osun State. Other properties such as commercial properties, industrial or educational properties will not be included in this research. Geographically, the study is limited to Osogbo the Osun state capital.

Limitations

The researcher faced various problems when carrying out this field study. Some of these challenges included:

  1. Some respondents were unwilling to fill the questionnaires since they were suspicious about the study. Many perceived it as sharing very vital information which they were not ready to furnish the researcher with.
  2. Delays were experienced from the respondents who took very long to complete the questionnaires and constant postponement of the picking date proved to be very frustrating to the researcher.
  3. At times some of the respondents did not fill in the questionnaires adequately and ignored certain sections that required the giving of opinions which made it difficult for the researcher to make adequate conclusions.
  1.       Operational definition of terms

Migration:  Migration refers to permanent or semi-permanent change in the place of residence of an individual or a group of individuals from one location to another.

Property: This is the embodiment of tangible ownership right or bundles of right in real estate. It could also be described as a concept of right which can be held separately (Babatunde, 2013)

Population Growth: Population growth is the increase in the number of people that reside within a state or country.

Rental Value: This is the worth or value of property in an open market. It is also the value arising out of the lease or renting out of a property on a periodic basis usually yearly.

Residential Property: it is a building that is used or suitable for dwelling purpose. They are dwelling house such as bungalows, duplex, detached houses, semi-detached houses, etc. (LBTT 4010)

1.8       The study area

The early history of Osogbo is essentially the legendary account of the spirit-world; it is the history of the early people whom we call the spirits and fairies. This is in line with Yoruba traditions, which use mythical stories to explain the origins of the ruling families of an early Yoruba state.

Osogbo according to Yoruba oral history had been founded as early as Oduduwa period. Oso-igbo, the goddess of Osun River, was the Queen and original founder of Osogbo. She was credited with many important achievements, which helped to establish the settlement.

Osogbo the capital of Osun lies on coordinates 7°46′ North 4°34′East with an area of 47kmsq. According to the 2006 Population and Housing Commission Census, the city has a population of 156,694 people. Osogbo shares boundary with Ikirun, Ilesa, Ede, Egbedore and Iragbiji and is easily accessible from any part of the state because of it’s central nature. It is about 48km from Ife, 32km from Ilesa, 46km from Iwo, 48km from Ikire and 46km from Ila-Orangun.

Osogbo is a commercial and industrial centre. This started in 1907, when the British Cotton Growing Association sited an industry for growing and ginning of cotton. The Nigerian Tobacco Company (NTC) built its first factory in Osogbo. In this same year, a major turning point for the city which helped in its industrial and commercial development occurred.  The railway tracks were constructed linking it to other parts of Northern Nigeria.  This attracted people from far and near.

The Ataoja of Osogbo is the traditional title of the King and he is the political and spiritual heads of Obas and Chiefs in Osogbo and Olorunda Local Government Areas.

Osogbo is famous for the annual Osun Osogbo Festival which attracts tourists from different part of the world.

Wednesday, 29 December 2021

THE CONTRIBUTION OF URBAN INFRASTRUCTURE TO RESIDENTIAL REAL ESTATE INVESTMENT IN AWKA, ANAMBRA STATE

THE CONTRIBUTION OF URBAN INFRASTRUCTURE TO RESIDENTIAL REAL ESTATE INVESTMENT IN AWKA, ANAMBRA STATE

ABSTRACT

This project titled “The contribution of Urban Infrastructure on Residential real estate investment in Awka, Anambra State” is aimed at assessing the effects of urban infrastructure on residential real estate investment in the study area, to achieve this aim the following specific objectives shall be pursued:  to identify the types of residential properties, to identify the types of infrastructure available in the study area, to access the adequacy of the infrastructure and to analyze the relationship between infrastructural facilities and property value. The researcher adopted the use questionnaire to collect data from the research population which consists of tenants, landlords, property developers and real estate firms that resides in Awka the capital of Anambra state. The use of tables, percentages and descriptive statistical tools were used to analyze the data. The results of analysis indicates that the availability of urban infrastructure positively affect the rental value of residential property this is shown clearly in the rental values of properties located in rural areas where there are no infrastructures and those found in urban areas where infrastructures such as electricity, portable water, medical centers etc are found.

CHAPTER ONE

1.0       INTRODUCTION

1.1       BACKGROUND OF THE STUDY

An important barometer for measuring an urban areas functionality, liveability and development is its physical infrastructure. The efficiency of any urban area depends largely on the provision of efficient infrastructural facilities and services (Babarinde, 1998). Okusipe (1999) posited that apart from being a major pointer to environmental quality urban infrastructure is a critical agent for the socio-economic development of any urban area. He further asserted that urban infrastructure plays an important and indispensible role in economic, social and environmental aspects of life of an urban setting. It has tremendous impact on the quality of urban life. It is a key developmental asset of any country in that it provides the backbone for industrial concerns located within an urban area to effectively and efficiently drive their production processes.

Urban infrastructure cover a wide spectrum of services and facilities, namely; electricity, water, roads, walkways, waste disposal systems, communication, primary health facilities and services, schools and housing. These are more often provided by the government. Where urban infrastructure is adequately provided and efficiently managed productive and profitable land uses are usually attracted towards the area. These uses out bid/out compete less productive uses through better rent offers. This competition for locations with good urban infrastructure usually results in an increase in land and property values, either sales or rentals (Harvey 1993). This study therefore examines the contribution of urban infrastructure to residential real estate investment in Awka, Anambra state.

1.2       STATEMENT OF THE PROBLEM

The needs and important of urban infrastructural cannot be underestimated since investment in infrastructure is well connected to all factors of economic development. This always includes an increase always offset by increasing opportunities and income to the general vicinity. The closer a residential area, is to new infrastructural projects, the higher the increase in its value. However, the reverse relationship is also true as failing in infrastructural investment is closely related to hold that, decaying or neglecting infrastructure is a major determent of economic decay and recession.

The problem therefore is that, this important and significant relationship between urban infrastructures and property value has not being properly identified thereby resulting in neglect in terms of infrastructural investment especially in the study area.

1.3       AIM AND OBJECTIVES

The aim of this study is to examines the contribution of urban infrastructure to residential real estate investment in Awka, Anambra state. In order to achieve this aim, the following objectives are critical:

  1. To identify the types of infrastructure available in the study area.
  2. To examine the level of urban infrastructure in the study area.
  3. To analyse the effects of urban infrastructure on residential property value in the study area.
  4. To make appropriate recommendation on the way forward.

1.4       RESEARCH QUESTION

            Below are research question derive from the objective listed above.

  1. What are the types of urban infrastructure in the study area?
  2. What is the level of urban infrastructure in the study area?
  3. What are the effects of urban infrastructure on residential property values in the study area?

1.5       JUSTIFICATION OF THE STUDY

Similar studies in the past have revealed the poor state of our urban infrastructure and its consequential effect on property value with much emphasis on the relationship that exist between infrastructure and property value. However the income generation capacity of infrastructural provision to the public authorities through high rental values, rates and taxes has been neglected. This study is therefore necessary to assist public authorities in putting more efforts in infrastructural investment and as well take full advantage of the income that can be generated from such investment.

1.6       SCOPE AND LIMITATION OF THE STUDY

The research work is confined to the study of the contribution of urban infrastructure to residential real estate investment in Awka, Anambra state. It deals with rental value of residential properties such as single room, two bedroom flats and three bedroom flats which are the common types of residential properties found in the study area. The work activities however, will cover the provision of road network within a period of 2010-2015.

1.7       DEFINITION OF TERMS

Some of the key words used in this work and their meaning as contain and used in the research are:

Infrastructure: This is seen as a wide range of economic and social facilities crucial to creating an enabling environment for economic growth and enhances the quality of life, Nubi (2002).

Property: Fraister (1993), stated that properly is the subject matter of ownership that anything which belongs to a person going to exclusive right to enjoy a thing. Example being land and building, real properties, denotes interest and right inherent in the owners of the physical real estate. This cluster of right which could be made the subject of a real activities “title” that signifies the lawful right of possession.

Value: Value is basically the worth of a thing which depend largely on the basis of assessment and unit of measurement.

Property Value: property value according too Millington (1981) is the money obtainable from a person willing and able to purchase property when it is offered for sale by a willing seller, allowing for reasonable time for negotiation and with the full knowledge of the nature and uses which  the property is capable of being put.

1.8       HISTORICAL BACKGROUND OF THE STUDY

Awka (Igbo: Ọka)[2] is the capital city of Anambra State, Nigeria. The city was declared capital on 21 August 1991, after the creation of Anambra and Enugu state, which moved the capital from Enugu to Awka (an administrative center since pre.-colonial times). The city has an estimated population of 301,657 as of the 2006 Nigerian census, and over 2.5 million as of a 2018 estimate. The city is located at199.1 kilometres (123.7 mi), by road, directly north of Port Harcourt in the centre of the densely-populated Igbo heartland in South East Nigeria.[3]

The West-East Federal highway links Lagos, Benin City, Asaba, Onitsha, and Enugu to Awka and several local roads link it to other important towns such as Oko ,Ekwulobia, Agulu, Enugwu-Ukwu, Abagana and Nnewi.

Strategically, Awka is located midway between two major cities in Northern Igboland, Onitsha and Enugu, which has played a significant role in its choice as an administrative center for the colonial authorities and today as a base for the Anambra State government.

Awka has a certain kind of aura about it, because it was the place of the blacksmiths that created implements which made agriculture possible.” – Chinua Achebe

Awka is one of the oldest settlements in Igboland, established at the centre of the Nri civilisation, which produced the earliest documented bronze works in Sub-Saharan Africa, around 800 A.D., and was the cradle of Igbo civilisation at large.

The earliest settlers of Awka were the Ifiteana people, the name Ifiteana roughly translating into ‘people who sprouted from the earth.’ The people, themselves, were renowned as farmers, hunters and adept iron workers, all of whom indigenously inhabited the banks of the Ogwugwu stream, in what is now known as the Nkwelle ward of the city.[citation needed]

The deity of the Ifiteana was known as Ọkịka-na-ube, or the god renowned for the spear, and the Ifiteana were known as Ụmụ-Ọkanube, or “worshippers of Ọkanube,” eventually shortened to both Ụmụ-Ọka and simply Ọka (Awka when written in its anglicised form).

In ancient times, Awka was populated by elephants, insofar that a section of the town was named Ama-enyi, with a corresponding pond, Iyi-Enyi, used for elephants to gather to drink. The elephants were hunted for their prized ivory tusks (okike), which were kept as a symbol to the god Ọkanube in every Awka home, with hunting medicine stored in the hollow of the tusk.

Over time, the town became known for metal working and its blacksmiths were prized throughout the region for making farming implements, dane guns and such ceremonial items as Oji (staff of mystical power) and Ngwuagilija (staff of Ozo men).[5]

During pre.-colonial times, Ọka became famous as the Agbala oracle, specifically a deity that was said to be a daughter of the great long juju shrine of Arochukwu. The oracle, which Chinua Achebe used as inspiration in his book Things Fall Apart [6]), was consulted to whenever disputes (far and wide) occurred, until it was eventually destroyed by colonial authorities, in the early part of the twentieth century.

Before the inception of British rule, Ọka was governed by titled men known formally as Ozo and Ndichie, who were accomplished individuals in the community. They held general meetings, known as Izu-Ọka, at either the residence of the oldest man (Otochal Ọka) or a place specially designated by the titled men. He was the Nne Uzu, or ‘master blacksmith,’ irrespective of whether or not he actually knew the trade, as the only master known to Ọka was the master craftsman, the Nne Uzu.

In modern times, Awka has adopted the republican system and is currently administered by the Awka South Local Government Area. However, it still preserves its traditional systems of governance with the respected Ozo-titled men often consulted for village and community issues and a paramount cultural representative, the Eze Uzu, who is elected by all Ozo-titled men by rotation among different villages to represent the city at state functions.

Awka should not be confused with Awka-Etiti which is a town in Idemili South local government area that is often mistaken for the main capital

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