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A Critical Analysis Of The Effects Of Economic Variations On Real Property Management
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
The
Nigerian civil war which took place between 1967 and 1970, disorganized
all sectors of the economy. According to Okongwu (1986, p.11) if we
exclude the civil war experience, cyclical swings in oil receipts
exerted marked influence from 1974. The petroleum sector exhibited an
increasing and dominant influence as regards contributions to government
revenue, rising from 1% in 1960 to over
80% as of now. At the same
time, partly because of the vagaries of oil, we have now forcefully
rediscovered what we had really known all along: that this excessive
reliance on crude petroleum exports, this essential replacement of the
previous composite vector of “traditional†primary exports with the
single, though more lucrative, crude oil vector, does not provide secure
foundations for prosecuting deliberate development policy.
Much
reliance placed on petroleum and its allied products was the main cause
of our economic problems. Moreover, the gains from oil boom were not
wisely utilized owing to lack of foresight. At a point in time, our
economy became import and consumption oriented. So, when the oil glut
hit, we were caught napping. The oil glut is a situation in the oil
market where the oil supply substantially exceeds its demand. We became a
debtor nation; fell from boom to recession and from grace to grass. The
mismanagement of our foreign reserves and public funds and excessive
government recurrent expenditure also contributed to our economic
problems.
Government economic recovery policies in the short time
worsened the situation in the market. Such policies include the
Austerity Measure of 1982; Economic Emergency Programme of 1985; the
Structural Adjustment Programme of 1986;
Second Tier Foreign Exchange
Market; increase in Local Fuel Price to get more revenue for the
government, Banning of some imported goods without giving a reasonable
period of time to adjust, etc. These policies resulted to serious
variations in every sector of the economy.
The study considered the
effects of these changes on real property management with a special
focus on the Onitsha property market.
1.2 RESEARCH QUESTIONS
The researcher intends to examine the following questions:
What is the origin of economic problems in Onitsha as they affect real property management?
What are the major causes of economic changes in Onitsha?
Is there any relationship between the real estate economy and the general business economy?
What are the effects of economic changes on real property management in
Onitsha?
Is there specialist in real property management?
What are the major functions and roles of this specialist?
What measures are to be taken by Estate Surveyors operating in a variable economy to achieve positive results?
What procedures should be followed in real property management practice?
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ABSRACT - [ Total Page(s): 1 ]The real property market constitutes an integral part of the general business economy. The two sectors are so closely related that trends in the business economy may come from or result in changes in the real property market. This work is an attempt to gain an insight into the nature and conditions of the property market under the prevailing economic changes in Nigeria. The resulting problems which have contributed greatly to making real property management a difficult task are highlighted in th ... Continue reading---
