IMPACT OF URBAN GROWTH ON COMMERCIAL PROPERTY INVESTMENT
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TITLE PAGE
IMPACT OF URBAN GROWTH ON COMMERCIAL PROPERTY INVESTMENT
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "impact of urban growth on commercial property investment" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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The purpose of this paper is to assess the effect of urban regeneration and renewal activities initiated by the Offa Metropolis, Ilorin in Nigeria on the rental values of commercial properties, the state capital between 2008, before the urban renewal programme through 2017, after the urban renewal programme had been completed. Design/methodology/approach Primary data utilised for this study were collected from all the Estate Surveying and Valuation firms involved in the formal management of commercial properties in Offa Metropolis, Ilorin, Nigeria. Information on the types of urban infrastructure renewed and rental values of 63 commercial properties from 2008 to 2017 were obtained from the sampled estate surveying and valuation firms practicing in the study area. Data were analysed using descriptive statistics, analysis of variance and Duncan post hoc test. Findings The findings showed that physical urban infrastructure such as roads, drainages, water supply and wastes disposal have been upgraded in the study area. Also, the study established that the urban regeneration programme had significant impact on the rental values of commercial properties Offa Metropolis, Ilorin. arising from the statistically significant difference (F(7, 600) = 22.264, p <0.000) between and within annual rental values of commercial properties in the study area. The annual rental values of the commercial properties also exhibited considerable variation based on the Duncan post hoc test. Practical implications The findings from this study indicate that urban regeneration programme by the Offa Metropolis, Ilorin Government has significantly increased the investment performance of commercial properties in the study area. Hence, while investors could achieve higher returns on investment by venturing into commercial property investment, revenue could also be generated for government through the collection of property taxes in the study area. Originality/value This study is one of the few studies that have analysed the effect of urban regeneration programme on commercial property values from the perspective of an emerging African economy, using data from Offa Metropolis, Ilorin.
TABLE OF CONTENTS
Title page
Approval page
Certification
Dedication
Acknowledgement
Synopsis
Table of content
CHAPTER ONE
- Introduction
- Statement of the problem
- Aim and objectives of the study
- Significant of the study
- Scope of the study
- Limitation of the study
- Geographical setting
- Historical background
- Definition of term
CHAPTER TWO
- Literature review
- Theories of Urban Growth
- Current factors behind urban growth
- Property as an investment
- Urban growth an property investment
- Factors that affects the determined commercial
- Property investment
CHAPTER THREE
- Research methodology
- Research design
- Method of data collection
- Limitation of data Collection
CHAPTER ONE
- INTRODUCTION
Urban areas are very much human invention which main has evolved as a means of organizing his existence.
In course of time, settlement grew in size and complexity thus, it was observed by “learn and Goodall” (2002) that “the development or urban areas and the increasing proportion of man’s ability to fashion the physical, economic and social world in which he lives”.
However, distinction must be making between factors bringing about a general growth in urban population and urban areas throughout a nation and those which cause the growth of a particular urban area. Thus, these are those by economic and non-economic factors.
In essence the nature of existing economic activities in Offa metropolis i.e. shops, offices, filling station, small scale industries, poultry gardens, garages, shop building converted to nursery and primary school, market, filling station federal polytechnic, private college of education, school of navy etc have brought a guide the size and character of their respective income; and their population-number brings a guide to their consumption and land use pattern because the seeds for urban growth are very much contained in their urbanization itself. Also with an increase in real income
Couple with the limits growth of urbanization in Offa Metropolis, in relation to their economic activities especially in Offa Metropolis has additional people from different place to settle down there. With this increase in population it has brought an additional supply of foodstuff in needed to support the percentage of their total population area.
1.1 STATEMENT OF THE PROBLEM
National prosperity as explained by Jackson (2003) depends on considerable extent upon adequate functioning of the economic accomplishment and the social achievement of its urban area.
Thus, with the presence of quietness and some other noticeable activities as mentioned above have brought an unprecedented in dome other states. So this rapid growth on the Offa Township has brought about lots of pressure on the demand for landed property and commercial properties if compared with other sub-urban areas with the state.
In the light of this, that this study is designed to examine the effect of urban growth on commercial property investment in Offa Metropolis.
1.2 AIM AND OBJECTIVES OF THE STUDY
The topic aim to examining the causes and the impacts of urban growth on the commercial property investment in Offa Metropolis, Ilorin. The following objectives are to be considered.
- To examine what brought about urban growth in Offa Metropolis
- To examine the rate of urban growth in Offa Metropolis
- To examine to what extent has the urban growth favour commercial property investment in Offa Metropolis (Kwara State).
- To examine other influence and problems caused by the urban growth.
- To suggest possible solutions to the problems identified.
1.3 SCOPE AND LIMITATIONS OF THE STUDY
The scope is to highlight the impact of the urban growth on commercial property investment in Offa Metropolis. [1] The difficulties encountered during this research were basically on data collection; thus, this has been described as the most tedious, pain and in some area cases frustration so to say [2]. Also inability to obtained the data at the material time contribute to the researcher’s problem which is the back borne for the success of this project [3]. In addition, is the difficulty encountered in tracking down the corners in Offa Metropolis (Kwara State).
In fact, for any research of this nature as a relatively long period of sustained concentration is very vital.
In a nutshell, the researcher’s has rather suffered much interrupted due to above listed reason.
However, despite all odds, the various information collected have been critically synthesis and analyzed to make the research more meaningful and useful.
1.4 GEOGRAPHICAL SETTING
Offa local government Area was creating in 1991both the head quarter of Offa.
The local government has the 10 (ten) wards district Offa, Road distance from the state capital to Offa local government area is 56km.
Population 74, 924 (Male 36, 727 and Female 38, 197) 2006 census
ii. Major towns; Idi Ogun, Igbo Oran, Owode Oja Market
iii. Natural resources: Maize, Sweet potatoes
iv. Major Language: Yoruba
- Gronite
- Major festival: Egungun, Agere, Yan festival
Tourist attraction: Onimokasshrine of Olofa Palace
1.5 DEFINITION OF TERMS
Investment: The money that people or organizations have put into a company, business or bank in order to get a profit or to make a business activity successful. Willing made a number of high risk investments in the property market during the late 80’s.
Urbanization: the development of town or city areas and the increasing proportion of man’s ability to fashion the physical, economic and social world in which he lives. Urban areas are thus very much a human invention which man has evolved as a mean of organizing his existence. There are many problem involved in defining the term urban area. Depending upon the point of view from which a study is being made the urban area may refer to the physical and geographical thinks of an urban area one has in a limited area and are separated form other such centers by a much greater area of thinly settled land. Also the residents of such places are normally, although not wholly, engaged in non-agricultural occupations. Thus urban areas have important functions connected with those manufacturing and services activities which are performed from centralized locations. This would cover the case of an urban area whose functions were primarily the provision of services for the surrounding agricultural area. Furthermore, through out this and the following part of the book other terms urban area, city and town are used to mean the same thing.
Property: The thing or things that someone owns a word meaning a building, a piece of lands, or both together used especially lawyers or Estate agent.
1.6 HISTORICAL BACKGROUND
Offa is a major town in South West of the Niger in Nigeria. It is location in the South Easter part of the Kwara State.
The town was founded by hunter Obalomi Olofagangun, sometimes in the 14th century the people of Offa are descendants of Oduduwa and speak Yoruba, one of the three major languages in Nigeria history has it that Olofagangun left Oyo and settle in several palace until be finally arrived at the present of Offa.
Olofagangun was hunter and has first settlement was near a river called “Maika” as a hunter town in the old Oyo empire, Offa features in an intra and wider tribal wars and defended itself against the Nupe and Fulani, Olofagangun died a Offa Esun in the recurs course of his migration. Offa as a town as eventually named, was hunting activities. The weapon is a bow and arrow called Olofa in Yoruba Language. Ibolo dialet speak comprises of people of the surrounding town and village within the state of Kwara State the neighboring Osun state.
The people of Offa celebrate a host of arrived festival including Orumoka, the most famous of these festival is celebrated by Offa gathered at the town square, to witness a blind folded man slices a yam tuber into two equal part, with miraculous provisions, in high point during festival is ceremonial wresting when the Offa and Essa-one of he chiefs another important aspect of the Onimoka a festival is the celebration of “Moremi” deity legend has it that Moremi was married to the dove of life from peace and prosperity. Perform rituals ad make offering to the spirit of Moremi Egungun (masquerades) festival is celebrated with youth in colorful mask and robes entertaining the people by making round at various locations in the town they are rewarded with cash gift, for the performance, the Egungun also offer prayer and blessing to their benefactors and the town in general
1.7 PLAN OF THE STUDY
This project work is basically divided into five (5) chapters.
CHAPTER ONE: Takes on the introduction of the subject matter. If consists of the super significance and definition of terms of the study.
CHAPTER TWO: This is the literature review this entails the works that had been done on this particular topic which was done by other researchers.
CHAPTER THREE: Will talk about the Methodist that the researcher adopted in getting necessary materials or information that will facilitate the success of the research work.
CHAPTER FOUR: Explain how the researcher was able to analysis and present the data he got for his work while the chapter:
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "impact of urban growth on commercial property investment" is also available. Order full work to download. Chapter two of "impact of urban growth on commercial property investment" consists of the literature review. In this chapter all the related work on "impact of urban growth on commercial property investment" was reviewed.
CHAPTER THREE: The complete chapter three of "impact of urban growth on commercial property investment" is available. Order full work to download. Chapter three of "impact of urban growth on commercial property investment" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "impact of urban growth on commercial property investment" is available. Order full work to download. Chapter four of "impact of urban growth on commercial property investment" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "impact of urban growth on commercial property investment" is available. Order full work to download. Chapter five of "impact of urban growth on commercial property investment" consist of conclusion, recommendation and references.
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