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A Critical Analysis Of The Effects Of Economic Variations On Real Property Management
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1.3 PURPOSE OF STUDY
Nigerian
economy has been unstable since her independence in 1960 due to some
factors. Instability in the economy has been provoking some changes in
every sector. It is the purpose of this study to critically analyze the
effects of economic changes on real property management with focus on
Onitsha property market.
It is also the intention of the study to
guide Estate Surveyors operating in a variable economy on the possible
ways to cope with the situation to achieve positive results.
1.4 OBJECTIVES OF STUDY
The specific objectives of this research are:
To investigate the major cause of economic problems in Ontsha as they affect property market;
To suggest possible ways to revamp Onitsha real property market;
To establish the relationship between the real estate economy and the general business economy;
To ascertain the effects of economic variations on real property management in Onitsha;
To encourage Estate Surveyors to always analyze the real property market to enable them manage economic fluctuations and crises;
To
emphasize the need for employing professional Estate Surveyors in both
private and public sectors to offer advise and render property
management services in order to make the life of the real property to
last longer especially, at this time of economic problems.
1.5 HYPOTHESIS FORMULATION
For the purpose of verification and possible confirmation, this hypothesis is formulated and postulated as follows:
HO: Economic Variations do not have impact on real property management.
HI: Economic Variations have impact on real property management.
1.6 RELEVANCE OF STUDY
Having identified the major causes of economic problems in the study area, recommendations were made to boom the economy.
The
study shall encourage the Estate Surveyors and Valuers in the study
area to be conversant with the market to enable them manage the effects
of economic changes on real property management.
The study shall also
enlighten the public to appreciate and patronize the professional
services of Estate Surveyors and Valuers which are not very well known.
1.7 SCOPE OF STUDY
The
study traced the origin of the economic problems in Nigeria and
suggested possible solutions. The policies of the government to revamp
the economy led to economic changes. The effects of these economic
variations on real property management especially, in Onitsha property
market, are vividly emphasized. The relationship between the real estate
economy and the general business economy was critically examined. The
work reviewed the functions and responsibilities of a property manager;
and also, the real property management procedures were demonstrated
practically.
1.8 LIMITATIONS OF STUDY
Some factors militated
against the success of this work, though the researcher endeavoured to
accommodate them. Thus, some of the constraints inherent in the course
of carrying out the research include, among others, the peculiar nature
of real property market. It is not like commercial markets where one can
easily come
face to face with both the buyers and sellers to get
information he wants. In real property market, information are not
easily circulated among Estate Surveyors. Vital information required
by the researcher from some respondent Estate Surveyors were not
collected due to pressure of work and other commitments facing them
during the time the researcher required those information.
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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---
