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The Effects Of Slum On Rental Property Values
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1.2 AIM AND OBJECTIVES OF THE STUDY
The aim of the study is to
examine the effects of slum on rental property values in Obiagu. To
achieve this aim, the following objectives were raised, they are:
a. To identify the causes and effects of slum on rental property values in the study area.
b. To establish the negative and positive effects of slum on rental property values in the study area.
c. To establish whether slum environment makes investment in real estate and property market transactions, a viable venture.
d.
To then recommend the best and possible strategy towards eradicating
the slum of obiagu area and hence create a suitable environment that
will enhance the property value in the areas.
1.4 RESEARCH QUESTION
In
spite to identify, the research problem earlier stated, some questions
have been raised by the researcher; it is believed that when right
answers are provided for these questions it will lead to the achievement
of the objectives of the study.
The questions are as follows:
1. What are the causes and effects of slum on rental property values in Obiagu?
2. Are there any negative and positive impacts of slum on rental property values?
3. Will investment in real estate and property market transactions in Obiagu be a viable venture?
1.5 THEORETICAL FOUNDATION OF THE STUDY
This
research is based on the theory of the highest and best use of land.
Highest and best use abdicates the application of land in order to gain
maximum benefit not only to their owners but the society at large.
Obiagu area has not been put to its highest and best use and as such
resulted to slum in the area. That is to say, putting land into best use
gives room for development. This calls for significance of their
research.
1.6 SIGNIFICANCE OF THE STUDY
The study tends to
identify the nature of slum in the study area, possible causes and
effects on rental values of properties in the area in order to aid
relevant authorities to tackle the problem and enhance benefits of real
estate property market in the area.
There are many causes of slum
which includes indiscriminate development of properties, improper
disposal of waste etc. The government and its agencies have not paid
much attention to it as a result of insufficient information available
to them. This research will increase the interest of government
officials on the issue and if the recommendations are adhered to, it
will go a long way to eradicate slum in the study area and enhance
development and real estate investment.
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