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Comparative Analysis On The Impact Of Infrastructural Facilities On The Value Of Properties
[A case study of Itakudimoh and Fate area]
CHAPTER ONE -- [Total Page(s) 2]
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CHAPTER ONE
INTRODUCTION
The provision of infrastructural facilities In Nigeria is not adequate when compared with that of advanced Countries. It is quite believed that the development of any City or Nation cannot be considered in isolation of infrastructural facilities available in the Country.
Infrastructural facilities were defined according to Donald (1974) as those basic amenities and services essential to both rural and urban societies for economic and social development. These amenities constitute the main fabric of what maybe called urban physical system linked with the property value.
The word “Infrastructure†according to the Webster’s New World Dictionary is defined as a sub-structure or underlying foundation especially the basic installation and facilities on which the continuance and growth of a community, state, country depend on. Such as roads, schools, power plants, transportation, communication system etc.
The availability of infrastructural facilities can enhance more developments and this will directly increase the standard of living of the people residing in such areas. The presence of infrastructural facilities have a great impact on property value, population growth, and also increase investment of commercial venture which could be a source of generating revenue for the local government. Therefore it has been an area of focus especially to Estate Surveyors and Valuers who are usually responsible for information on property and also guide and advice their clients.
This research work therefore examines the various infrastructural facilities which can make real estate to be an alternative means to potential investors. The success in development or purchase of a property by a potential developer depends on the perfect interpretation in terms of their present and future effects on the value and returns to such developer or purchaser.
1.1 STATEMENT OF PROBLEM/ JUSTIFICATION
The decision to undertake this research work stems from numerous problems associated with the value of residential properties.
The infrastructural facilities provided by government are limited to some areas or part of the state or country, which is adversely affecting the worth of properties in the areas where adequate infrastructural facilities is lacking.
Again, the problem associated with properties has been traced to lack of management and infrastructural facilities, which is causing deterioration, functional and economic obsolescence. The problems will be reflected in the case studies and possible solution will be prescribed.
1.2 AIM
The aim of this research work is to analyze the impact of infrastructural facilities on the value of properties in Itakudimoh and Fate area.
1.2.1 OBJECTIVES
1 To identify the infrastructural facilities and residential properties in the study area.
2 To examine the condition of infrastructural facilities in the study area.
3 To examine the values of properties in the study area for the past 10years.
4 To know the impact of the infrastructural facilities and residential properties in the study area.
5 To examine the problem encountered on infrastructural facilities so as to recommend possible solutions for them.
1.3 SIGNIFICANCE OF STUDY
The significances of the study are as follows:
1 To know the importance of infrastructural facilities on property value.
2 Helps to know the trends of properties i.e. lower range, middle range or higher range.
3 To enlighten investors and also to encourage them to invest on real estate business.
4 The study will also be useful for both students and governments to know how infrastructural facilities affect the value of properties.
CHAPTER ONE -- [Total Page(s) 2]
Page 1 of 2
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